Interesting analysis, especially when history has proven that the ‘Fiat Currency System’ has been a failure since the time of the Romans. It hasn’t been any different here in today’s use of the same financial structure, to the point that today’s dollars are no different than the continentals issued during the Revolutionary War. The only aspect of fiat currencies that have stood the test of time is the inability of political systems to prevent the devaluation and debasement of this ‘toilet paper’ money by letting the printing presses run wild.
“Why would it need payroll taxes, or any other form of revenue/income to spend when it can issue all the currency it needs whenever it needs?” That is an interesting statement in view of the fact if it were that simple we would not be suffering the current economic downturn. Printing/issuing currency ‘as needed’ only serves to devalue it even more by creating an inflationary status because currency is nothing more than just a piece of paper that represents something of value. Increasing the amount of currency without increasing the value it represents just makes the currency worth less than when you started.
Bottom line, Fiat or not, taxes are a part of the system and they are not going away. As long as the Federal Government requires citizens to pay these taxes under the premise that they [the taxes] are being used to pay for benefits there remains the need to properly manage said funds.
About Republicans
Read the Article at HuffingtonPost
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