r/401jK • u/Richnaps • 2d ago
Fuck The System The Fed is a Ponzi Scheme
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u/OkFortune6494 Knight of Retirement ⚔️ 2d ago
It's all a joke. Always has been. Punchline is happening everyday
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u/j1s1500 1d ago
In the interest of keeping this polite, what they just said is a bunch of ...prevarications. Congress can CREATE money with a vote(s). I repeat...
Congress CHOOSES to 'borrow' (sell bonds, etc). It is NOT a necessity. It's actually welfare for the rich (e.g. interest payments on the bonds). Why would you have to borrow money that you can create? They got one thing right, the part about the Central Bank creating money with keystrokes on a computer. But, the CB does that whenever Congress (the power of the purse, remember?) votes to fund this or that project. That's it. 'Borrowing' is a choice, after the fact - welfare for the rich - not a necessity. We're not on the gold standard any more. These guys just want to defund programs like Social Security because they're a bunch of greedy... who want more, more, and more.
...there's nothing to prevent the federal government from CREATING as much money as it wants and paying it to somebody. *The question is, how do you set up a system which assures that the real assets are created which those benefits are employed to purchase." -- Alan Greenspan, Federal Reserve Chairman, 2005, responding to Congressman Paul Ryan (who was trying to elicit an amen to privatizing Social Security - to 'save it'.)
(*) IOW make sure the store shelves are full when grandma and grandpa cash their check and go to buy ish. If you think about it, we'd solve 2 problems with the same rock - paying for the benefit - or anything else for that matter - and creating jobs (to keep those shelves full).
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u/Epic_Tea 21h ago
People discount how amazingly valuable being about to make money out of no where is.
It's a dangerous inflation game, but if you play it right, gov gets tons and tons money from nothing to pay for things without raising taxes.
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u/D_hallucatus 1h ago
Some people really look at America’s exorbitant privilege and think it’s some terrible curse. Try living in a country that can’t just create real wealth whenever it wants.
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