Last month, Federal Reserve Chair Janet Yellen acknowledged Fed power to create debt-free money for direct payment of public goods and services. This would create money as a “positive number” rather than current practice of only and always creating what is used for money as debt, a negative number, with obvious implications of increasing aggregate debt that will never be repaid and will only increase as negative numbers pile on forever.
This week, President and CEO of the Federal Reserve Bank of Cleveland confirmed this power to create debt-free money at a University of Sydney conference, going so far as to consider it a “next step.”
In a world history of empire, the Emperor’s New Clothes facts for anyone who cares to raise their head and look is that this game-changing power transforms economics almost instantly, and with easily documented benefits of literally a million dollars per US household.
See for yourself. With apparent $1,000,000 benefits per US household of objective and independently verifiable data, you literally have nothing more valuable to do.
Simply, this is as easy to understand as a coin having two sides with current showing/use of just one side of the coin: creating what we use for money as debt. An obvious response for responsible citizens is to demand professional, independent, and multiple economic cost-benefit studies to best understand the public benefits available with this power. The prima facie data described below demonstrate breakthrough and revolutionary power.
From my report of last month’s admission from Fed Chair Yellen:
Federal Reserve Chair Janet Yellen affirmed last Wednesday in a press conference that the power to create debt-free money for direct payment of public goods and services is a legitimate consideration.
In a statement parsed with …