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@Coho29415979@barua_82 QE doesn’t create spendable money. It creates interbank reserve liquidity by swapping long-duration bonds for overnight reserve balances.
@joerg_go_navy Again US became the greatest economy in the history of the world with taxation.
Sorry your emotional economics doesn't support your claims.
@xcsler@jbhearn@fiat_money Calling reserves "conjured from thin air" doesn't explain where the extra wealth came from, because it didn't.
Keep banging your head up against the wall. 1/1=1 not 2
@xcsler@jbhearn@fiat_money No. Treasuries are not "toxic" bc someone sold them. That’s repricing, not impairment. Toxic means repayment is doubtful. Treasuries trade daily, pay principal/interest, and were already funded. QE changed duration and liquidity. It didn’t turn bonds into garbage.
@xcsler@jbhearn@fiat_money Treasuries bought in QE are not “toxic.” They are already-funded claims by the private sector.
QE swaps duration-bearing gov debt for overnight reserve balances. It changes liquidity and duration risk, not real wealth.
@Handre All currency payment systems like today.
Barley first. Silver improved the system. Accounting recorded the claims. It did not create the grain.
“Voluntary adoption” is ideological framing.
Temples, palaces, law codes, scribes, and administrative systems were deeply involved.