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Both Republicans and Democrats have been explaining that "There Is No Alternative," we need public policies promoting austerity because government is "out of money." The question seems to be not "do we need austerity?" but "will we be austere sooner or austere later?" Meanwhile, the bipartisan consensus is that the government is definitely out of money. But these assertions are at odds with the common knowledge that the U.S. government literally creates its own money. Unlike the euro, the dollar is a sovereign, fiat currency, unconstrained by exchange rates or treaties. And since Nixon closed the gold window, government can issue dollars without waiting for gold or silver mines to provide any backing for them. So we can't possibly be "out of money," any more than the Bureau of Weights and Measures can be "out of inches."

"The Illusion of Money Liberation from subservience to Wall Street begins with a recognition that money is just a number of no intrinsic value. "

"By understanding that money is simply credit, we unleash it as a powerful tool for our communities. "

"Get Free From Wall Street: An Interview With David Korten How to avoid money games and create real wealth. "

"Is using debt to create money a bad idea? It depends on where the money goes. "

"We the people have given away our sovereign money-creating power to private, for-profit lending institutions, which have used it to siphon wealth from the productive economy. Some states are moving to take that power back. "

"Through their accounting slight of hand, Wall Street illusionists convince even themselves that they are enriching society rather than preying on it. "

"Pollin, Robert "Roots of Capitalist Stability and Instability," a review of The Value of Money by Prabhat Patnaik Publication Date: 10/20/2009"

Thomas Jefferson declared his hope to "crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country."

RT @Emperor_Bob: Austeridiocy: Budget Cuts Take Money Out Of The Economy http://t.co/2MSPmKU

A new aristocracy is reaping huge unearned gains from our collective intellectual wealth. Our celebrated entrepreneurs and money men are hoisting a cherry to the top of an already existing sundae-and then laying claim to the entire ice cream parlor. Knowledge is the primary source of our national wealth, with or without the elites at the top who claim the lion's share.

money finance economics finances justice economic fraud corruption financial industry banking system ponzi

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