“The difficulty lies not so much in developing new ideas as in escaping from old ones, which ramify, for those brought up as most of us have been, into every corner of our minds.”
– John Maynard Keynes, The General Theory of Employment, Interest and Money, Feb. 1936
“… the United States is a currency issuer. Currency issuers are completely different than currency users. This is a really big deal. Cities, businesses and households like yours and mine are all currency users. Our federal government is not. Currency issuers are unique; they should not behave like currency users. If you can grasp that, you’re already further along than most of our politicians.
– Geoff Coventry, Modern Money Basics Video It’s the People’s Money, June 1, 2017
Government debt is better thought of as money. Government debt never has to be paid back. Government debt is not a burden on future generations, even when held by foreign investors.
– Steven Hail, Government debt versus household debt: ‘Good’ and ‘bad’ debt explained, Independent Australia, May 2017
“Whoa, cowboy! Are you telling me that the government can just make money appear out of nowhere, like magic?”
– Stephanie Kelton, Congress can give every American a pony (if it breeds enough ponies), LA Times op-ed, Sept. 29, 2017
“Anything that is technologically feasible is financially affordable for the sovereign issuer of the currency. It comes down to technology, resources, and political will. We’ve got the technology to take care of our own. We’ve got the resources to take care of our own. All that is missing is the political will.”
– L. Randall Wray, An Alternative Meme for Money, Part 5: A Spending Meme, New Economic Perspectives, Dec. 10, 2012