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2024-07-24 12:39:40
It is not possible to bail out a central bank in a fiat currency system with a floating exchange rate, because the central bank ledger is the highest form of settlement possible. Although the EU has many national central bank (NCB) nodes, there is no ledger above an NCB. [Link]
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2024-07-29 17:27:34
The money supply used for transactions consists of commercial bank deposits, and is controlled by private banks. The gov creates whatever amount of reserve deposits requested by the private banks to settle their transactions. [Link]
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2024-08-04 17:02:43
Government deficits are required if the private sector wishes to save. [Link]
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2024-08-07 17:18:02
The UK government does not fund itself with tax revenue. Government spending occurs before taxation. [Link]
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2024-08-12 12:46:22
Governments must spend in their currency before they can tax that currency. Taxation is not required for a government to spend in its own currency. [Link]
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