[thechat] State of Union Address

[David Wagner]

Madhu wrote:

> At 03:34 PM 29-01-03, Martin Burns wrote:
> >And if you're not going to pay it from surplus,
> >where are you going to find it from? Someone else's country?
>
> Shhhh! Don't give him any ideas, dammit.


Actually, the great thing about the modern US economy is: we don't have to
rob anyone! It's all a big hoax!

Once US currency transformed from paper that represented gold into paper
that represented... ummm... paper, everything changed. Now, if we really
want to, we can print some more money to pay off deficits. Or sell savings
bonds. Or whatever. It's just a game of trust and confidence-building
between the government and the people. All you have to do is be willing to
accept the psychological consequences.

Adam Smith made it possible for economics to become a magical dark art,
rather than a science, simply because people believe in it.

Of course, modern governments have taken the ideas he presented, reversed
them, and turned them into policy.

Money freaks me out. I'm teaching myself how to grow food and make tools.

--

David Wagner
dave at worlddomination.net