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The US government paying off the national debt by borrowing more money, and/or printing more US bonds and selling them. This is an over simplification, but when these existing US bonds come due, the US government redeems these bonds with US dollars that are raised by selling more freshly printed new...
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[quote user="limitgov"] Q1: In essence Bank of America has its own notes as does chase and now markets have to pay for the overhead in maintaining such a number of different currencies and prices of goods have to be constantly changed per the currency you hold as in buying a can of beans may...
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[quote user="Okooka"]But isn't the problem with FRB as well? Banks give out multiplied ammount of credit based on deposits, so when a crisis hits and people start to default, the money supply contracts. Do I have anything wrong with seeing it like that? Admittedly I still don't quite...