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Old 07-15-2016, 07:42 PM   #1
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Default Federal Reserve: creating debt-free money out of nothing for Americans is ‘next step.’

Last month, Federal Reserve Chair Janet Yellen acknowledged Fed power to create debt-free money for direct payment of public goods and services. This would create money as a “positive number” rather than current practice of only and always creating what is used for money as debt, a negative number, with obvious implications of increasing aggregate debt that will never be repaid and will only increase as negative numbers pile on forever. This week, President and CEO of the Federal Reserve Bank of Cleveland confirmed this power to create debt-free money at a University of Sydney conference, going so far as to consider it a “next step.”

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