This entry is a part of our larger series … “There is no ‘Debt Doomsday’ Approaching“. The first entry in this series can be found here at this link.
We continue the discussion from the last entry.
For a portion of this series, we are first referring to Edward J. Delzio’s work on “The National Deb(i)t“. Mr. Delzio is qualified to speak on this subject. He worked for almost 30 years as a US Treasury bond broker at RMJ, split between branch-office locations in New York City, and Tokyo.
Our last entry detailed the fact that the United States economic structure no longer relies on the United States consuming a commodity, like Gold in order to issue Dollars. When the United States was on the Gold Standard, it needed to obtain Gold. Since 1971 however, the United States no longer obtains “money” so to speak from an outside source. It simply issues money, in the form of U.S. Dollars. Something it was doing anyways. It simply eliminated the need for Gold to act as a place-holder behind those dollars.
Now part of our point with this series, is to illustrate the story that so many believe, that the United States has been “issuing debt” and is somehow ‘beholden’ to discover sources of revenue to pay this debt? That one day, the “debt collector” will come calling, and the United States will be “bankrupt”?
That story is completely false.
But first, we have have to explain exactly who is issuing dollars and who is multiplying dollars. Two entities are involved in this process ..
(After the following video, you can find the next video in this series at the following link …)