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View Diary: Millions live on $2 a day in America. The problem isn't just the safety net, it's the whole economy. (97 comments)

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  •  First is to realize how a new dollar gets put into (1+ / 0-)
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    kyril

    circulation.

    What the deficit actually is.  Cuz it's not a household debt.

    Then demand direct fiscal action into the real economy.

    That's what happened in the thirties, and what type of money thing would be best was much talked about.

    So FDR took us off the gold standard for national accounting.

    Nixon took us off in 1972.

    Now we have a fiat currency.

    And this means the deficit does not signal a debt.

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