One who intends to leave others better off for his having existed.


On Taxation, Debt and the Government of the United States of America

…the earth belongs to each of these generations during its course,
fully and in its own right.

The second generation receives it clear
of the debts and incumbrances of the first, the third of the second, and so on.

For if the first could charge it with a debt,
then the earth would belong to the dead and not to the living generation.

Then, no generation can contract debts greater than may be paid
during the course of its own existence.

Thomas Jefferson to James Madison, 1789

Is increasing the amount of money really taxation without representation?

If the US Constitution says

All bills for raising Revenue shall originate in the House of Representatives
and the Federal Reserve announces

Purchases will be financed through the creation of additional bank reserves
to buy Treasury securities,
is creating money out of nothingness raising revenue?

For imposing Taxes on us without our Consent

The unanimous Declaration of the thirteen united States of America

Have American legislators and the Federal Reserve
been abusing the dollar’s status as a reserve currency
to avoid overtly raising domestic taxation,
by covertly taxing US dollar denominated assets like oil,
by over-printing money?
Are taxes rising or falling if workers, savers and investors
are exposed to inflationary capital confiscation?
Did the leaders of most emerging economies
essentially steal their citizens’ savings,
by lending money to developed economies
to keep currency exchange rates relatively low,
to encourage more sales of manufactured goods?
Ponzi finance units must increase its outstanding debt
in order to meet its financial obligations.

A transition occurs over the course of an expansion,
as increasingly risky positions are validated by the booming economy,
that renders the built in margins of error superfluous,
encouraging adoption of riskier positions.

Eventually, either financing costs rise
or income comes in below expectations,
leading to defaults on payment commitments.

Hyman Minsky

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