Crazy uncle Ron is right-as-rain as usual on economic matters.
We should not be borrowing to fund gov’t spending. Spending in excess of revenue has roughly the same devaluation impact whether bonds are created or not. Inflation is partly a function of monetary supply which could easily be controlled without bonds. Why should we pay interest on top of taking the devaluation for the privilege of using our own money? If we’re going to run on fiat currency, we may as well use one of the inherent advantages, which is that it should cost nothing besides paper and ink to increase supply.
Taxes are another thing that are technically unnecessary in a fiat system. All gov’t spending could be paid for by simply firing up the presses. Everybody pays ‘their fair share’ through currency devaluation. Taxes are only necessary under an asset-backed currency where real wealth transfer must occur in order for the government to fund itself.
>>Everybody pays ‘their fair share’ through currency devaluation. <<
That’s the hidden tax they NEVER talk about.
Sales Tax
School Tax
Liquor Tax
Luxury Tax
Excise Taxes
Property Tax
Cigarette Tax
Medicare Tax
Inventory Tax
Real Estate Tax
Well Permit Tax
Fuel Permit Tax
Inheritance Tax
Road Usage Tax
CDL license Tax
Dog License Tax
State Income Tax
Food License Tax
Vehicle Sales Tax
Gross Receipts Tax
Social Security Tax
Service Charge Tax
Fishing License Tax
Federal Income Tax
Building Permit Tax
IRS Interest Charges
Hunting License Tax
Marriage License Tax
Corporate Income Tax
Personal Property Tax
Accounts Receivable Tax
Recreational Vehicle Tax
Workers Compensation Tax
Watercraft Registration Tax
Telephone Usage Charge Tax
Telephone Federal Excise Tax
Telephone State and Local Tax
IRS Penalties (tax on top of tax)
State Unemployment Tax (SUTA)
Federal Unemployment Tax (FUTA)
Telephone Minimum Usage Surcharge Tax
Telephone Federal Universal Service Fee Tax
Gasoline Tax (currently 44.75 cents per gallon)
Utility Taxes Vehicle License Registration Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Recurring and Nonrecurring Charges Tax
Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world.
We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids.
Brilliant.
Everyone read CowboyJay’s post #9.
Not sure I want to do it that way, because it puts control in the government (as controlled by voting, etc.) rather than the more direct and granular free market, but your post makes it really clear what is going on.
(And those who would resist this suggestion the most, even to the point of violence (carefully obscured in their usual manner they have perfected over the years), are the same people presently benefitting from “the interest.”)