The only disagreement I have with your comments, Glenn, is that they are not printing money. There are not enough presses capable of printing as much money as we are talking about. The Weimar Republic was printing deutschmarks but that was in the 20's and few countries had a money balance in excess of a billion dollars. We are not talki…
The only disagreement I have with your comments, Glenn, is that they are not printing money. There are not enough presses capable of printing as much money as we are talking about. The Weimar Republic was printing deutschmarks but that was in the 20's and few countries had a money balance in excess of a billion dollars. We are not talking about even billions today we are talking about staggering numbers that most of us cannot even grasp. I just read a comment somewhere else that if we paid off the national debt at one billion dollars a day it would take us something like 3200 years to pay off the debt we have so far, not counting any gigantic leaps into the unknown with Biden's plan for infrastructure improvements to add trillions more to the debt. I can't do the math involved to dispute the number I quoted above. Nothing I have will handle one trillion most of my devices zero out at 9 billion. Mere pocket change these days.
So my point of contention is saying "printing money" There isn't enough currency to handle the piddling amount of money in individual hands let along the government's enormous debt. Those trillions are just zeros and ones in a computer program. If people went down to their local bank to draw out just what they have in checking and savings accounts there isn't enough paper currency to cover that insignificant amount of money.
In my view the situation is darker and more dangerous than you think. I consider your warnings happy-go-lucky, unbridled enthusiasm. Someone's thinking in the post from April 15 2020 seems tortuous and confused. I don't know what he is trying to say.
It's more accurate to say "money creation" than "printing money", but I use both terms interchangeably. Nowadays they don't even have to print money, they just create it as digits on a computer. For some reason though, I think the term "printing money" conveys the concept better. But I may have to rethink this.
The only disagreement I have with your comments, Glenn, is that they are not printing money. There are not enough presses capable of printing as much money as we are talking about. The Weimar Republic was printing deutschmarks but that was in the 20's and few countries had a money balance in excess of a billion dollars. We are not talking about even billions today we are talking about staggering numbers that most of us cannot even grasp. I just read a comment somewhere else that if we paid off the national debt at one billion dollars a day it would take us something like 3200 years to pay off the debt we have so far, not counting any gigantic leaps into the unknown with Biden's plan for infrastructure improvements to add trillions more to the debt. I can't do the math involved to dispute the number I quoted above. Nothing I have will handle one trillion most of my devices zero out at 9 billion. Mere pocket change these days.
So my point of contention is saying "printing money" There isn't enough currency to handle the piddling amount of money in individual hands let along the government's enormous debt. Those trillions are just zeros and ones in a computer program. If people went down to their local bank to draw out just what they have in checking and savings accounts there isn't enough paper currency to cover that insignificant amount of money.
In my view the situation is darker and more dangerous than you think. I consider your warnings happy-go-lucky, unbridled enthusiasm. Someone's thinking in the post from April 15 2020 seems tortuous and confused. I don't know what he is trying to say.
It's more accurate to say "money creation" than "printing money", but I use both terms interchangeably. Nowadays they don't even have to print money, they just create it as digits on a computer. For some reason though, I think the term "printing money" conveys the concept better. But I may have to rethink this.