This is exactly what Trump told his followers about HIGH GAS PRICES:
We’re making money like we’ve never made before. They’ll say: President Trump is bragging about all the money they’re making while people are suffering at the pump. I don’t give a damn. We’re making a freaking fortune.”
OK, I know that the general public doesn’t understand Monetary Sovereignty, but the President of the United States and his advisors should know that the U.S. federal government has the infinite ability to create dollars. The government doesn’t need any dollars from overseas while people are suffering.
And for sure, the oil companies don’t need more money.
But for once, Trump told the truth when he said, “I don’t give a damn.” He never has and he never will.
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Alan Greenspan, Former Federal Reserve Chairman: “A government cannot become insolvent with respect to obligations in its own currency. There is nothing to prevent the federal government from creating as much money as it wants and paying it to somebody. The United States can pay any debt it has because we can always print the money to do that.”
Ben Bernanke, Former Federal Reserve Chairman: “The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. It’s not tax money… We simply use the computer to mark up the size of the account.”
Beardsley Ruml, former Chairman of the Federal Reserve Bank of New York . “The necessity for a government to tax in order to maintain both its independence and its solvency is true for state and local governments, but it is not true for a national government. All federal taxes must meet the test of public policy and practical effect. The public purpose which is served should never be obscured in a tax program under the mask of raising revenue.”
Federal Reserve Chairman, Jerome Powell: “As a central bank, we have the ability to create money digitally.”: There’s an infinite amount of cash in the Federal Reserve. We will do whatever we need to do to make sure there’s enough cash in the banking system.”
Statement from the St. Louis Fed: “As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.”
Paul O’Neill, “I come to you as a managing trustee of Social Security. Today we have no assets in the trust fund. We have promises of the good faith and credit of the United States government that benefits will flow.”
Paul Krugman, Nobel Prize–winning economist: “The U.S. government is not like a household. It literally prints money, and it can’t run out.” “The government can always finance its spending by creating money.”
Eric Tymoigne (Economist) “A sovereign government does not need to collect taxes or issue bonds to finance spending. It finances directly through money creation.”
Don’t tell this to a MAGA. They won’t understand it.
Rodger Malcolm Mitchell
