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"This Manifesto (Paul Krugman's) fails to inform Americans that the Federal Government is not constrained by revenue to spend since it must issue all the dollars, it needs no revenue from taxation/borrowing.
Before 1971, the federal government needed to obtain money from outside sources, because it did not have the unlimited ability to create money. It’s ability to create money (actually, to credit accounts), was limited by its supply of gold. In August, 1971, the federal government gave itself the unlimited ability to credit accounts. It became Monetarily Sovereign.
