@ApostateEnglishman@mastodon.world
2026-09-20 06:24 UTC
@Hex@kolektiva.social A nice idea which unfortunately wouldn't defund the federal government, as it's entirely self-funding through money creation. It isn't a currency user, but the monopoly currency 👉🏼issuer👈🏼 - the source of all money in the first place. Taxes never fund national spending in a country that has its own currency and central bank.
If everyone stopped paying taxes the result would not be a government shutdown or sovereign default. It would however almost certainly trigger disastrous hyperinflation.
Replies (1)
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@Hex@kolektiva.social 2026-09-20 08:18
@ApostateEnglishman@mastodon.world it's a "yes, and" situation. Yes, the government can print money. Yes, the USD has value because it's the reserve currency backed by oil. But yeah, also hyperinflation would probably be enough to trigger a revolution at this point. Even though money doesn't work like people think it does officially, all governments are just gods that exist so long as people have faith in them. Money can break just by people losing faith. And sure, they can print as much money as they want but it doesn't have value if people don't believe it does. ... And also that was mostly a shit post.