this post was submitted on 22 Mar 2024
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Take your FICO and shove it! (lemmy.world)
submitted 7 months ago by [email protected] to c/[email protected]
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[–] [email protected] 12 points 7 months ago* (last edited 7 months ago)

This is Modern Monetary Theory (MMT). I recommend "The Deficit Myth" by Stephanie Kelton

It helped me to realize that a federal government that's in control of their own money doesn't use or even have money, and basic terms that we take for granted mean something different in that context. A federal government creates money through spending and destroys money through taxes. It is necessary for a federal government to spend money in order for money to exist in the economy. So a national debt just means that the federal government is creating more money that is destroying