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View Diary: David Stockman calls bullshit (21 comments)

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  •  Printing money AND GIVE IT TO PEOPLE (0+ / 0-)

    The problem we have right now is the fed keeps printing money (increasing the money supply) but then giving it to people (banksters) that take it to Wall Street for more gambling.

    Send every american $10K especially if we tell folks they can't put it in the bank...

    •  The problem is that we are printing money and (0+ / 0-)

      not getting anything for it.  If you give it to the people, they will spend it on cheap Chinese shit.  If you create jobs with it and those jobs give us something real, it educates our children, it improves our infrastructure, it lowers our dependence on fossil fuels, then the deficits don't matter.  If we waste it on the stock market or printing money to save the worthless banks and investment houses then it is a dangerous deficit.  All deficits are not created equal.  

      •  Sure someone should do something smart, (0+ / 0-)

        in the absence of that, just give people free money. It really doesn't matter, at this point in time, whether the stuff people buy is made in China or down the street. To get an economy moving, you have to start the economy moving. People buying things, putting money in motion, is what creates demand, that creates jobs, that puts more money in motion.

        So SHOULD the government spend more on building roads, fixing bridges, and water systems, installing broadband everywhere, sure. Will they, of course not, because that makes sense.

        •  Then just giving people money does not have any (0+ / 0-)

          long term benefit except in China but it does create a deficit which we will have no long term way of paying for.  Give people jobs that matter and it will  create long term demand and heal the economy.  

          •  Ahh, the "paying for it" worry (0+ / 0-)

            If the Fed prints money and gives it to you, what's to pay back? The Fed makes money, that's their job.

            As for $ going to China, thats just plain wrong. Most economic activity in the United States is, not surpringly, in the United States. The beneficiaries of US economic well-being are primarily Americans.

            In 2012 the US GDP was ~$16T, our trade deficit was ~$540B.

            •  Then all deficits are fictitious in your (0+ / 0-)

              estimation so why bother to keep track, why bother to tax, just let the FED print money and see if our creditors will accept our currency without a serious fiscal policy.  Better yet, instead of the FED printing money just give everyone a printing press and let them go to town since it doesn't matter(in your universe).

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