If we need $10 trillion more to fund some foolish whim of Congress, then the money simply appears, and no additional economic activity is necessary.
No, it's borrowed, it doesn't simply appear. Period. And it's foolish to call crypto an asset, it's no more an asset than an expired lotto ticket that didn't have the right numbers. A Beanie Baby isn't an asset, it's a collectible.
“No, it’s borrowed, it doesn’t simply appear. Period.”
Borrowed from whom? And where do those we borrow from obtain trillions on demand?
Punting the act of money conjuration a step or two up the line doesn’t remove the act of conjuration, nor does it remove the effects.
“And it’s foolish to call crypto an asset, it’s no more an asset than an expired lotto ticket that didn’t have the right numbers. A Beanie Baby isn’t an asset, it’s a collectible.”
Collectibles ARE assets. Certainly the IRS rules can confirm that to you, so you don’t need to accept my opinion on the matter.
And if you want to say crypto isn’t an asset, then what section of the balance sheet do you think they should be listed in?