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Owed or Owned : Intriguing Approach from Kansas Economists

If these economists from Kansas are right Irish citizens must also own a lot of wealth.  They have a completely unique and different perspective from the conventional.   Randall Wray writes in response to a senator railing against high US government debt..

I presume the Senator has got his math correct, but there is a glaring error in his English that can be corrected by substituting an “n” for an “e”: If you divided the debt equally among all Americans, every man, woman and child living in the United States today would own more than $39,000. Government debt is a private asset. You and I do not owe government debt, we own it. Indeed, the only source of net dollar-denominated financial wealth is federal government debt.

(Link to article) and read their introductory posts to understand the logic.

Posted in Money Systems, News.

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