L. Randall Wray

Well, so I can say a lot about the government's money, but first, you can create money. You can take a piece of paper and write, I owe you $5. You have just created money. Money is the record of a debt. You have just put yourself in debt. I owe you $5. Now, can you find someone to accept it? If so, you really have created money. And probably your mom would take it.

Maybe some of your good friends would take it. So the problem is, for you, the acceptability of your IOU is pretty narrow. When a bank writes IOU $5, that's going to be accepted almost everywhere, in part because We've got the government standing behind it in several different ways. Your checking account is the bank's IOU. The bank creates this, we could say, out of thin air.

Maybe some of your good friends would take it. So the problem is, for you, the acceptability of your IOU is pretty narrow. When a bank writes IOU $5, that's going to be accepted almost everywhere, in part because We've got the government standing behind it in several different ways. Your checking account is the bank's IOU. The bank creates this, we could say, out of thin air.

Maybe some of your good friends would take it. So the problem is, for you, the acceptability of your IOU is pretty narrow. When a bank writes IOU $5, that's going to be accepted almost everywhere, in part because We've got the government standing behind it in several different ways. Your checking account is the bank's IOU. The bank creates this, we could say, out of thin air.

It is just a keystroke credit to your deposit account. They can create money.

It is just a keystroke credit to your deposit account. They can create money.

It is just a keystroke credit to your deposit account. They can create money.

Yeah, there are three misunderstandings in that statement. First, we cannot run out of money, period. Impossible. Money is a keystroke credit to an account. It's just a credit. It is a keystroke. You cannot run out of keystrokes. As long as there is one person left at the Fed with one finger, they can keystroke some more credits. Okay? So that is just simply false. It's propaganda, really.

Yeah, there are three misunderstandings in that statement. First, we cannot run out of money, period. Impossible. Money is a keystroke credit to an account. It's just a credit. It is a keystroke. You cannot run out of keystrokes. As long as there is one person left at the Fed with one finger, they can keystroke some more credits. Okay? So that is just simply false. It's propaganda, really.

Yeah, there are three misunderstandings in that statement. First, we cannot run out of money, period. Impossible. Money is a keystroke credit to an account. It's just a credit. It is a keystroke. You cannot run out of keystrokes. As long as there is one person left at the Fed with one finger, they can keystroke some more credits. Okay? So that is just simply false. It's propaganda, really.

Trying to scare people. We cannot run out of money. A bank can't run out of money. And the central bank can't run out of money. The treasury cannot run out of money. They can always make all payments as they come due. Now, Can the government or the private sector spend too much and cause inflation, which will reduce the value of the money? Yes, that can happen. Okay.

Trying to scare people. We cannot run out of money. A bank can't run out of money. And the central bank can't run out of money. The treasury cannot run out of money. They can always make all payments as they come due. Now, Can the government or the private sector spend too much and cause inflation, which will reduce the value of the money? Yes, that can happen. Okay.

Trying to scare people. We cannot run out of money. A bank can't run out of money. And the central bank can't run out of money. The treasury cannot run out of money. They can always make all payments as they come due. Now, Can the government or the private sector spend too much and cause inflation, which will reduce the value of the money? Yes, that can happen. Okay.

If we create too much money and spend too much so that we're trying to buy more goods and services than our economy can produce or that we could import, then prices can be pushed up. You can get inflation. So that could be a danger. When we look, say, 10 years into the future, 20 years into the future, we are an aging society. That means we will have relatively more old people

If we create too much money and spend too much so that we're trying to buy more goods and services than our economy can produce or that we could import, then prices can be pushed up. You can get inflation. So that could be a danger. When we look, say, 10 years into the future, 20 years into the future, we are an aging society. That means we will have relatively more old people

If we create too much money and spend too much so that we're trying to buy more goods and services than our economy can produce or that we could import, then prices can be pushed up. You can get inflation. So that could be a danger. When we look, say, 10 years into the future, 20 years into the future, we are an aging society. That means we will have relatively more old people

on Social Security compared to young people who are workers or children of workers who will become workers. So the question will be 10, 20, 30 years out in the future, will we be able to produce enough real goods and services to take care of all the retirees, plus the people of working age, plus the children.

on Social Security compared to young people who are workers or children of workers who will become workers. So the question will be 10, 20, 30 years out in the future, will we be able to produce enough real goods and services to take care of all the retirees, plus the people of working age, plus the children.

on Social Security compared to young people who are workers or children of workers who will become workers. So the question will be 10, 20, 30 years out in the future, will we be able to produce enough real goods and services to take care of all the retirees, plus the people of working age, plus the children.

Now on all reasonable projections of what we think the nation's productive capacity will be, I can assure you that the estimates are we will be able to do that. We're going to be productive enough to take care of All the young, all the old, and everybody in between. And since we can't run out of money, we'll be able to afford it.