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From: Larry Kazdan http://www.sott.net/
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To: Letters Editor Cc: adb@cp.org
Subject: Re: At mid-mandate and with extra cash, Liberals to chart fiscal course toward 2019, Andy Blatchford, October 22, 2017
- http://business.financialpost.com/pmn/business-pmn/at-mid-mandate-and-with-extra-cash-liberals-to-chart-fiscal-course-toward-2019
- Finance Minister Bill Morneau intends to reduce the government's debt-to-GDP ratio. But this measure, based on gold standard days when national governments could run out of bullion and fail to repay their borrowings, is today irrelevant. The gold standard era ended more than 45 years ago, and sovereign governments like Canada, the U.S. and Japan can always create fiat money at will, and can always service any debts denominated in their own currencies.
- The only meaningful way to appraise the fiscal position of a monetary sovereign like Canada is to assess the state of the economy in real terms: do we have sufficient job opportunities, a healthy environment and first-class services? Currently Canada has 1.3 million unemployed, many unused resources, and few signs of inflation. Public purpose today demands a robust program of infrastructure renewal and poverty reduction within the framework of a full employment policy. Shackling the economy with arbitrary restraints is foolish.
- Footnotes:
- 1. Warren Mosler is an American economist and co-founder of the Center for Full Employment And Price Stability at University of Missouri-Kansas City
- Fiat money is a tax credit not backed by any tangible asset.
- http://www.correntewire.com/myths_scares_lies_and_deadly_innocent_frauds_part_one
- In 1971 the Nixon administration abandoned the gold standard and adopted a fiat monetary system, substantially altering what looked like the same currency. Under a fiat monetary system, money is an accepted medium of exchange only because the government requires it for tax payments. Government fiat money necessarily means that federal spending need not be based on revenue. The federal government has no more money at its disposal when the federal budget is in surplus, than when the budget is in deficit. Total federal expense is whatever the federal government chooses it to be. There is no inherent financial limit. The amount of federal spending, taxing and borrowing influence inflation, interest rates, capital formation, and other real economic phenomena, but the amount of money available to the federal government is independent of tax revenues and independent of federal debt.
- In 1971 the Nixon administration abandoned the gold standard and adopted a fiat monetary system, substantially altering what looked like the same currency. Under a fiat monetary system, money is an accepted medium of exchange only because the government requires it for tax payments. Government fiat money necessarily means that federal spending need not be based on revenue. The federal government has no more money at its disposal when the federal budget is in surplus, than when the budget is in deficit. Total federal expense is whatever the federal government chooses it to be. There is no inherent financial limit. The amount of federal spending, taxing and borrowing influence inflation, interest rates, capital formation, and other real economic phenomena, but the amount of money available to the federal government is independent of tax revenues and independent of federal debt.
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