[ExI] lotta splainin to do

[spike at rainier66.com]

-----Original Message-----
From: spike at rainier66.com <spike at rainier66.com> 
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>...So as I understand it, FTX is a company which (perhaps among other services) changes money from fiat currency to digital currency and back?  ...spike


BillK et al, this thread has important implications for USians and another interesting twist for Californians such as Adrian and me.

The current US government is operating under the apparent understanding that debt just doesn't matter.  People will say almost in these terms: the US government cannot go broke or fail to honor its debts for two reasons: it never has, and it owns a printing press.  It can create money out of paper.

OK, so... why do we still need to pay taxes?  Why does anyone need to work for money if we can just vote for people who will pay us in fiat currency?  

That logical contradiction appears to be an inherent flaw in the theory that the US government cannot go broke.  In the US system, the House of Representatives is in charge of controlling the debt.  However the house has repeatedly shown itself unable to control that debt, as any attempt to do so is punished by the voters.  

Now there is a bill being debated which would take the power to control the debt (through the debt ceiling) completely out of the hands of congress.  Then, if congress cannot control the debt, it is not responsible for it.  Then, there is no incentive to control spending.  The incentive is to spend as fast as possible, for under that theory, congress gets power without accountability.

spike