@NoahRem@cboyack Believe me when I say that your fee-fees driven arguments bring a tear to my eye.
But you didn't really address my points.
Ownership.
Non-ownership.
Gutter, starving in.
@NoahRem@cboyack Nobody appreciates a load of sanctimony more than me.
But you are not describing the capitalist system, which is predicated on a pool of non-owners, needing to create value for the owners lest they starve in the gutter.
@DanielPriestley Capitalists also own the resources.
Resources are not mere concepts one can "set up".
Capitalism is predicated on there being non-owners who need to work for owners, lest they starve in the gutter.
@NoahRem@cboyack In capitalism, the owners own the resources.
That is why the non-owners need to work for them.
Of course, one could drop capitalism, as you seem to suggest.
@roberthorrocks@barua_82 Incorrect.
Tax liabilities are settled by debiting reserve balances.
And commercial bank credit does not add to reserve balances.
@wbmosler@wgoggin In the UK it is widely reported that hedge funds are large leveraged buyers of Gilts, that use bank deposits created for them by commercial banks for that purpose. Not only do these sales have no effect on aggregate demand and spending, they have little net effect on broad money