Sunday, February 26, 2012

Ezra Klein: Government Gets Money from the Non-Government

This from a recent Klein post here:



paul meli said...

Most people are caught in an endless loop of money creation where causality runs opposite reality.

"Some things are so simple they repel the mind".

Economists should be required to get degrees in engineering before economics so they can learn how to define a problem. Math isn't enough.

Journalists should not make any claims of basic truth based on what someone else said. Credentialism at it's worst.

Seems at one point in history most people knew that the earth wasn't flat. Then some "authority" (the church maybe) issued the decree that it was flat and you were ostracized (or imprisoned) if you disagreed.

dave said...

what came first, the chicken or the egg?

PeterP said...


Egg came first, eggs existed hundreds of millions of years before first chickens appeared :)

In case of money it is obvious: the government didn't happen to adopt dollars someone else had been using, it imposed a tax paid in arbitrary unit called dollars and then issued first dollars.

This sequence happened numerous times in history since at least 4000 years ago.

Read here, start at "Hypothetical governor".