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Nathan Becker
Lived in San Jose
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Nathan Becker

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United States Government created the laws that created the dollar. Thus, the federal government is the monopoly issuer of US dollars. All other forms of money are credits and debits represented in terms of dollars.
US Federal Government SPENDS US Dollars into existence, whereas private bankers LENDS credit denominated in dollars into existence. 
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Pretty silly stuff.
Of course Congress created the Fed by passing the FRA a hundred years ago.
You, and others, MISS the important point which is that the Congress did abnegate its money creation powers to the Member banks of the federal reserve system, which is from where the money is created and from where profits from creation accrue to the one-percent private bankers.
THAT is the money power.
Dithering on about Congressional power and that the banks actually work for the public is meaningless MMT drivel...
It s because the private money creation and issuance power was originated within Congress that reformers demand its recurrence back to the public money power inherent in the Constitution.
See HR 2990 of the 112th Congress.
https://www.govtrack.us/congress/bills/112/hr2990/text
If readers don't understand the Money Power, they might think that the Congress controls the bankers, like you seem to think, and not that the Money Power controls the Congress, which it does. 
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"How Banking Actually Works In Fiat World, Part 2" 
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After all, banks remain closed in Cyprus, which means a euro in a Cypriot bank has very little value. If you can't spend it, is it really a euro? 
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A quick and dirty diagram of how the Fed creates money.

The operation that's outside the bounding box is the creation of money. At the end of that operation, the private sector has $X+$Y in savings.

The problem people run into is that the creation of money does not show up on a balance sheet anywhere. And if you think about it, how could it!? There's nothing to BALANCE. Creation of money out of thin air is a one-sided operation that does not have another side to balance out.

The money first appears on a balance sheet as a government account 'losing' money and a private account gaining it.

But the government account didn't lose any money in any real terms, it just created the money and credited the account of the bond holder.

So, there you go. Government 'debt' is your savings account. If you want the government to be debt free, you are making the equivalent claim that you want your savings account to be lowered by that amount.

Cool, huh?
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Think about this, virtually every dollar lent to students is federally guaranteed.  That means that whoever lent the money (banks) is on the hook for ZERO dollars.  In fact, every dollar of interest the banks earn on student loans is almost pure profit. 
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Have him in circles
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Nathan Becker

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Here's an avowed "gold bug" who actually understands banking operations post 1933.
http://www.dailypaul.com/279537/how-banking-actually-works-in-fiat-world
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Indentured Servitude, privatized prisons and corrupt lawmakers make for a very, very bad combination.
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Have him in circles
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Storage Architect; Stock Market & Macroeconomics Enthusiast
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Interested in Network Storage, Stock Market and the Economy.  These are fun times to be living in.
Currently learning about how the modern monetary system works. It's an eyeopener when you learn that even though the world is not on a gold standard, we still operate as if we are on one. This is causing the most damage to the 99% of the people, the elites who have understood this have taken advantage of the new paradigm and left the rest of us behind to fight over the little pieces of scrap they leave behind with their so called trickle-down economics.
The true job creators are the consumers, who are the bottom 47% of the population, who have to spend all that they earn to just to survive.
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