The US government does not print dollars. It sells debt.
Money is created when a promissory note is signed - promising claims on the future labor of the debtor - or claims on the future labor of others that the debtor happens to own.
The US government is the debtor when it comes to US Treasury securities. That becomes money at auction when the debt is sold.
In other words, US debt is bought with existing claims on the future labor of others.
It's when individuals and corporations take out loans (promissory notes) that money is created and the money supply increased.
The US government does not print dollars. It sells debt
I hear you and this sounds workwise.
But what about the deficit spending money that is given away in all the many many social gives me that programs?
Are these debts too and of so when do we get something back labor wise?
That trillion dollar platinum coin syndrome or just a money printing press?
Another way to look at it: money is an abstract representation of energy. All economic activity requires energy consumption. The way to get rich in a free market is by figuring out how to use the least amount of energy. Economics is really an indirect study of energy consumption. The gold standard in money is gold. The price of gold in any currency is on average about the total cost of energy to mine it. The price of labor also reflects the total energy cost over 18 to 25 years to develop it. As energy costs go up, quality of life goes down. The biggest energy consumer and least energy efficient sector of the economy is government. The real way to “go green” is by unleashing Elon Musk style management, laying off 80% of Demonrat-voting government workers on day one.
Your definition is accurate but it also admits that our monetary system is a house of cards really. Another inconvenient truth. Actually, gold or any other monetary instrument is constructed no less than sticks with notches. Just something someone has attached value to. Recall the tulip craze?
“The guys an absolute blithering idiot when it comes to economics.”
Im met Bernstein at a conference about ten years ago. He’s a complete political hack.