According to MMT, which most don’t agree with.
One more time for those in the back
Also last line of the definition “ According to the quantity theory of inflation, excessive issuance of fiat money can lead to its depreciation in value.”
Quantity theory is at least as valid (likely more so) as MMT.
Hell of an assumption and ad hominem attack you just made. Usual fall back for internet posters whose argument sucks.
Small history lesson
16th amendment allowed congress to impose income taxes.
Ratified in 1913 when the dollar was still backed by the gold standard.
And from the site you referenced earlier:
And from the Britannica article above, the gold standard existed until 1971 so really fiat currency in the US was not the first currency to pay income taxes.
There is a lag time between wholesale gasoline price change, before there is a corresponding price change at the pump. Always has been.
Not talking about Crowder…
Since I referenced taxes and you responded to my post with this where is the part where it describes what satisfies a tax liability? Read most of the article and didn’t see it if it’s there.
I noticed you failed to answer the question. Why?
And none of these articles answer my question. Where did money come from to initially pay taxes?
And you do. Just an indoctrinated fool, who isn’t aware of his brainwashing. Try reading some heterodox material.
You didn’t read.
No dumbass, you referenced that the only thing that gives a dollar value is it’s ability to be used to pay US taxes.
Read the definition of fiat currency posted. It has value because people believe in the entity that issued it. Nothing more nothing less. The threat of violence (I.e. incarceration for failure to pay taxes) does not give anything value.
You also have mentioned (in other posts) that issuing money doesn’t cause inflation according to MMT. I presented an alternative theory that printing money does indeed lead to inflation.
Witches. Then we burned them.
There. You happy now?
The Bilderberger group should be by any time now to collect you and protect The Secret.
Wow, how alternative. A mainstream point of view.
And try paying your taxes in Bitcoin or gold. Can’t do it.
Another non-answer, but I’d expect nothing less from you.
The united states was economically viable and active prior to becoming its own country.
There was a variety of goods and currency used to facilitate trade.
The dollar was established based on the value of the Spanish silver dollar.
@castoli your responses are mostly ad hominem at this point. This is a sign of a losing opinion, but to be fair: your opinion was worth it’s weight in MMT currency to start with.
“You’ve been smoking too much crypto-crack and buying bullshit from people with a vested interest in emptying your pockets, you fucking idiot.”.
There. I had to get that off my chest. Things just stay there too long sometimes and come off at the wrong time and with the wrong people.
Hahahahahahahahahaha
That’s just, like, your opinion man.
Again, you have no clue how this works.
You realize there is a lag in price fluctuation correct? Product is not made instantaneously and then teleported to all the gas stations for immediate price reduction.