They fundamentally do not understand how money and debt work in reality. They basically think of it like digging dirt out of a hole:
A loan is digging a hole, and you put the dirt (money) somewhere else. Paying back the loan is putting dirt back in the hole. So to cancel the debt and get rid of the hole, the dirt has to come from somewhere! Is it going to come from my dirt pile???
But obviously that’s not remotely how it works because unlike dirt, money can be infinitely created or destroyed at will by the government. So they can just snap their fingers and fill the hole without changing any of the piles.
They fundamentally do not understand how money and debt work in reality. They basically think of it like digging dirt out of a hole:
A loan is digging a hole, and you put the dirt (money) somewhere else. Paying back the loan is putting dirt back in the hole. So to cancel the debt and get rid of the hole, the dirt has to come from somewhere! Is it going to come from my dirt pile???
But obviously that’s not remotely how it works because unlike dirt, money can be infinitely created or destroyed at will by the government. So they can just snap their fingers and fill the hole without changing any of the piles.
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