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I have been writing up stuff that I thought was interesting and related to the current economic mess. It has gotten a bit long but I really think it has many interesting things that I did not understand a year ago. I think other Austrian economist types will agree with most of it and still find new stuff...
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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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I think that President Obama plans to borrow more US dollars back from the Foreigners that earned the US dollars manufacturing US consumable products and then provide temporary jobs for unemployed US citizens to construct "Pork Barrel" projects, or rake leaves, or dig a hole today and then...
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I've spent considerable time and effort to try and understand precisely how banks can currently create money. One issue that arises--if banks have such a good deal, why doesn't everyone with a few million dollars to invest go out and start one? I would appreciate it if those with intimate knowledge...