OK, So Stop Selling Bonds If You Don’t Want Debt

Easy answer. Stop selling bonds. The Fed does not need to sell bonds when it creates money. The myths in this video are hidden in the explanations. Antony Davies conclusion, that we apply austerity to the United States, is 180 degrees off the mark. Austerity is what causes this type of situation and austerity is most definitely not the answer. Taxing the rich and forgoing the entire bond give-a-way are better solutions. (Yes, we do need to stop wasting money on needless wars and the military industrial complex, so he is right about cutting some things, but I would go for a 90% number on those programs…) One thing he completely ignores is who owns the debt?Jeff Bezos certainly owns a share of it. China? Yes a share of it. The main thing the government needs to do is obey the economic speed limit and the real problem is that since 1980 the economy has been going going between 55 and 75 while the fed has been driving 35 in the fast lane. That is actually where the debt comes from. The reason for this is a type of voodoo math practiced by supply-side economist that was popularized by Reaganomics. This video is a tired old re-fabrication for the disproved ideologies behind Reaganomics. Read up on MMT.