Government Debt and Deficits Are Not the Problem - Private Debt Is
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- เผยแพร่เมื่อ 23 มี.ค. 2013
- Michael Hudson: Why do they call for governments to balance the budget by pushing the economy at large deeper into debt, while trying to save the banks from taking a loss? m
Michael Hudson for Secretary of the Treasury, Richard Wolff for head of the FED,
Bill Black for Attorney General and Brian Becker for President.
I am not very familiar with Becker, but the others are precisely the case.
@@absoluterefusal
Richard Wolf... Richard Wolf you're a lunatic!!!!
The Fed should be abolished not handed to a Marxist. Shear foolishness.
Thank you!!!
There exists sanity within the human population after all!!!!
We need to get Michael Hudson on the BBC.
Michael would kick some butt.
9 years on from this, this is so true as interest rates rise.
Minimum wage does not cause unemployment. Lack of demand does. Notice when the hosing bubble popped, we lost a ton of annual demand, and jobs were lost.
And about interest rates, well we have estimates about were it will be. Assuming no bubbles (like the housing bubble) burst, and assuming we continue with more or less the same economic policies we're following, our interest payments-to-GDP will only get to about 3-4% in about 10-12 years from now. That's not crippling at all.
When other currencies fall FASTER than the dollar, doesn't mean the dollar is rising.....
us solvency was no longer an issue after 1934. all nixon did was get rid of exchange or convertibility of foreigners trading their us dollars for gold.
US Govt was already printing money around Nixon, that's why there was so much us dollars in the world, which was why the world wanted to trade in their dollars for gold. So now if you went to uncle sam and wanted gold for your dollars, uncle sam can tell you to take a hike thanks to Nixon. It was to prevent any more gold leaving USA.
The main issue lies with governments who prioritize appeasing the elites that own the banks. They work hand in hand to serve their interests.
great interview.one of the best .
Thanks. i've been looking for that graph.
So..the US had a gold standard till 71...Well, glad you figured that out.
That's right. It was a severe warning sign. You could either sell high & get a long-term home that didn't cost much, humble yet sustainable, or you could think about renting out a property if you could afford that much. Sadly as prices go up taxes go up yet this house isn't making more money for you & the taxes are paid to stay not to sell & leave so rising prices aren't helping at all in that respect.
Michael Hudson is mostly right, however banks do not lend as private demand for debt creates money(credit), difference, there is no fractional reserve lending.
This is a good source of news with real journalists. :-)
Margaret Thatcher "There is no Public Money" Well Marge if there is no Public Money, how can there be Public Debt? "There is nothing to prevent the Federal Government from printing as much money as it wants and giving it to someone, the problem is are the Goods and Services available which those funds would be used to purchase. The Cash is there which is nice, but it has to be in balance with the resources to purchase." ~Alan Greenspan Under Oath refuting Paul Ryan's attempts to Justify privatizing Social Security.
You only have to worry about *hyper-inflation* when you are close to a 100% FULL employment. And with the working class now trying to get by working two and three jobs since the 2008 crash, this is NOT real 100% FULL employment. We haven't had real full-time employment in over 10 years now. The U.S. federal government needs to do some real full on F.D.R. New Deal DEFICIT spending in order to stimulate our economy and get the working class functioning again, otherwise thing will keep getting worse for the working class 99% in the coming years.
Furthermore, the U.S. FEDERAL government IS NOT RESTRICTED to amount of funds it can mint for the programs it wants to pay for, because the U.S. federal government is a sovereign government with its own sovereign fiat currency. The U.S. monetary system HAS NOT been tethered to the *gold standard* since 1971. A lot of Americans still don't know this fact. F.D.R. also took us off the gold standard in 1933. That is a good thing, because who wants our U.S. monetary system to be tied to a *finite metal,* which only gets it value from gold-buggers trying to sell it; let alone the damage extracting gold from the earth does to the environment and the people who and enslaved to remove it under very inhumane conditions. The U.S. federal government doesn't need to "barrow money from itself" or anywhere else. The U.S. federal government IS the *sole creator,* *copyright holder,* *issuer,* *patent holder* and *OWNER* of the *U.S. dollar.*
Federal government "debt" is NOT the same as *personal debt.* Unlike *personal household debt* or individual *state government budgets and debt* or *banks* or *Wall Street,* which CANNOT *mint* its own money (that would be counterfeiting), The U.S.FEDERAL government can NOT go broke, because the U.S. federal government is *sole issuer/copyright holder* of our sovereign currency. *People* can go broke. *Private banks* can go broke. *Wall Street* can go bust and broke. But the U.S. FEDERAL government can NEVER go broke. Once an economic spending bill law is passed by CONGRESS, the Federal Reserve is then ordered by that DECREE (law) to create the funds to pay for that program. it is the *U.S. Congress* which has the *"power of the purse."*
*Article One, Section Eight of the U.S. constitution mandates that Congress mint (create funds) and tax to provide for the general welfare of society.*
This is the real practical application of what a social contract with the American working class could look like in 2018 through 2020 and beyond, if Article One, Section Eight of our constitution were implemented for good of its *whole society,* and not just for the few 1% kleptocrats, oligarchs and war profiteers at the top.
Anyone telling you "we just can't afford programs like Medicare-for-All," for example, is deliberately LYING or horribly misinformed. I'm amazed at how many people in the news media and in our own government who still do not understand how our U.S. monetary system works on a federal level.
There are plenty of federal funds available for policy programs like Medicare-for-all, a Federal Jobs guarantee or a Green New Deal for the working class, if our elected representatives in congress only had the bold political will and courage--like F.D.R. did--to step up to the plate and make it happen for the 99%.
@Rob Mews
"The real test of government money is allow an alternative to compete against it and see which comes out the better."
There are alternative currencies, Ithaca Hours & Bitcoin being just two of many.
I guess government is a success!
Anyone can issue their own money, the problem is getting others to accept it.
Government money will be in demand as long as it is needed to pay taxes.
excellent video
Time to investigate MMT! If you havn't already...
Steve Keen demonstrates empirical evidence that:
1) Price LEVELS are correlated with / caused by CHANGES in Debt, and if we take the derivative, we find that
2) Price CHANGES (i.e. inflation) correlate with ACCELERATION in Debt.
If the government started the printing presses, I'm sure this other money - rather than debt-money - would produce similar results.
steve keen recommends money printing though
One man's asset is another mans debt. It makes sense. Money and Debt is two sides of the same thing.
my point is that the US federal govt does not need your tax dollars. It has a central bank that can issue its own currency.
And govt spending does NOT take away from your savings if that govt deficit went into productive investments.
What's important is the proper distribution of that spending. There is no money if the govt doesn't spend it into existence.
i never said taxation will stop hyperinflation, i said taxation is used to manage inflation and deflation for that matter as well. Taxation creates a demand for that nation's currency. When there is a demand, then there it reduces inflation of that currency.
Just because you are unable to convert your dollars into gold, doesn't mean the reserves are not there...FDR confiscated everyone's gold so he could adjust the amount of gold backing the dollar. Hence the gold backing changed from about $20=1 ounce, to $35=1 ounce, and it stayed at $35 till 71.
weak dollar creates manufacturing, and decreases imports. also, the US monetary policies can dictate US dollars on a global market as well.
i was not talking about fed monetary policy, i was only referring to govt domestic FISCAL policy regarding taxation.
fed has monetary policies that deal with the global demand for dollars.
Money sitting in a tax haven is spent globally, which helps global entrepreneurs that need capital for developing nations.
I agree & would love to keep in touch with you. With my wife & I, tax law as I recall benefited us to sell after 5 years. We sold. Bought another house just before "the crash of 08". I left the system, lost my house, wife, two kids, everything worth working for. I am not alone. The insanity continues. The only way to fight is in fight club, if you know what I mean.
every economy that stopped inflation survives with zero problems. The single biggest problem we have is inflation. Inflation puts the poor to death, starving, because food is too expensive even for the next tier up to give by donation, even for soup kitchens to operate. Inflation is starvation. It is murder.
Like 13 years ago I bought a house while the cost was going up 8% a year. No one I knew was increasing their income that fast.
Great commentary
Sigh....Taxation has literally NOTHING to do with stopping inflation.
the real rise in wages is not even half the real rise in prices. That means at some point people will work so hard for food they will die and their wages will not pay for food. You could be paid $100/hour in nominal terms but pay $1000 for a loaf of bread so in real terms you're working for poverty. IN REAL TERMS you'll work 10 hours for 1 loaf of bread.
no, calling people names is anti-losing as in WINNING. Anyone who is a liar, fraud, crazy or delusional SHOULD be called that and anyone NAME CALLING Is 100% right and must be respected for doing so.
@Rob Mews
"It certainly is not if the government abuses the proper managerial concepts that result in a stable currency. EG Zimbabwe."
The primary cause of inflation in Zimbabwe was the loss of productive capacity.
my point being it wont, it has had ample opportunity. it has chosen to side with the criminals and lends it support to disarming and giving the constituents little or no recourse to escape the plunder
ALSO..Paul misses the point completely at about 10:00 ...He says the government is running the risk of interest payments increasing, but that's absolutely wrong, because the FED is in control of rates. They are running the risk of inflation rising, not interest payments.
You need to address the fundamentals and stick to them. They are:- stable currency, no overspending by irresponsible people like politicians. The lack of jobs is not a problem and never has been since jobs are created out of people's desire to get someone else to do the activities they don't have time to do themselves. Not by governments telling lies and promising things to just get elected with no personal responsibility for the cost blow outs. There is an over supply of housing.
Finally, where do you think money goes when it gets taxed? It doesn't sit under someones bed, it goes back into the economy. HOW DOES THAT FIX INFLATION?
taxation creates demand for the currency. i never said anything about changing money base, it's about managing the money in the system from having too much spending power. When i wrote Hoarding money in a bank i meant excess untaxed profits results in more savings in the system that gets used for speculative purposes instead of investment because speculation created higher returns than investments due to lack of govts regulation.
ACTUALLY, it does apply. You said "debt isn't a bad thing for the govt. debt means savings for you and I."
More debt= more printed money= more nominal saving= no change in real savings.
The alternative you propose is similar to the Fiat money problem we have now. Same ith any other similar scheme. The problem is essentially the government which issues money has no real constraints on it. This is a real problem where you have politicians controlling money which is every country. They run rampant whenever they see a political advantage with something (like loose money control or loose accounting) no matter what the real consequences are.
True.
But that doesn't mean one should advocate to eliminate the program (like food stamps). One should look to strengthen the program (through political pressure from the public) while getting the private leeches (JP Morgan) OUT.
Worth researching: Currency wars
The only people "living off the backs of others" are the ones in charge of private power (especially goldman sachs, citibank, jp morgan, etc).
On debt we live in a state capitalist system (like it or not), and in such a system, in a moment like the one we're in now (collapse of the housing bubble), we need to run higher deficits to create/keep jobs. And within today's state-capitalist system in the US, there exists NO debt crisis.
So if we care about people, we run bigger deficits to get jobs.
Hudson states "no government can become insolvent if it's debt is owed in its own currency" This is interesting in view of the Zimbabwe situation where printing of their own currency (government deficit) resulted in virtual insolvency. He just doesn't understand that government are organisations like people are. If everyone printed their own money and did so at a greater rate than they produced wealth by working then the money would be worth less and less. Same for governments.
the meaning of words can be interpreted to mean different things to different people, the concept is for people to maintain personal sovereignty and support what they wish, and deny support to what they disagree with. this can be done financially, the result is virtually immediate results. private power is not part of the concept as i understand it, it may be a result, but along with sovereignty goes the personal responsibility and courage to stand up to oppression. its real democracy
it applies everywhere all the time. No reality can ever be made where real and nominal terms of cost or currency can be ignored. Not in the history of all life from the beginning of time right to the end. Ever. Wages have DECREASED in real terms because prices went up faster than wages.
I'm glad we both want to avoid unemployment and stagnant or decreasing wages. So do I. This is why I want a higher minimum wage (higher than the weak proposal by Obama), and I want MORE spending in order to lower the unemployment rate.
Right now, our deficit is sustaining employment, and if you lower the debt now, you will have higher unemployment.
The debt is NOT a problem, it's not a danger, and it's a good thing right now. Unemployment and wages are the real issue.
What a great answer. Next time refute anything by saying the answer lies somewhere within a library of books. It's complicated and there. You go read them all and come back.
He had a good point and you answered with garbage. We have 300+ countries with central banks for 50+ years. ONE of them would have shown continued success directly b/c of this. If Hudson's statements were true.
Most countries w/o central banks showed much better track records making the converse true.
I understand the problem with the banks they should be liquidated. But the problems with social security was their before bank bailout. Isn’t printing money just a tax without actually taxing.
it's the truth. federal govt doesnt need your tax dollars. the fed can print money for US treasury to spend so why should the fed govt need your tax dollars? fed and treasury work together to provide money needed for govt operations.
i get my sources from someone whos worked in finance industry and knows the people inside govt and fed reserve for over 40 years. Warren Mosler. Look him up.
Let's not forget that some private debt can be made to zero or very small using bankruptcy. This further blocks people from using the credit system which is good long-term. You can't get in trouble with credit when you're not allowed to use it. Then you'll learn life is 10x cheaper without credit.
I think you missed the point. #1. Sure, you may argue it creates demand WITHIN the US, but like I said, the value of the US dollar is determined in a WORLD market. Taxation will not change the WORLD demand for the US dollar. This is important because the US IMPORTS it's goods. Weak dollar=higher prices #2. When money sits in a bank account, IT DOES NOT JUST SIT THERE. Banks lend that money out. It comes back into the system in the form of loans(investments).
"The only way to produce circulatory inflation (or traditionally defined inflation) is to borrow more than the value of the related wealth, and/or to pay less than the value of the related wealth, despite a monetary obligation further comprised of interest. The first is not allowed, and the latter is impossible because we have to pay both the value of the wealth (principal) and interest out of the circulation." ~ Mike Montagne, Creator of Mathematically Perfected Economy™ Therefore, it is the interest that creates both price inflation and systemic failure of the *fiat* money system.
taxation causes people to work. the 99% can reduce their debts with the free money. nobody is saying free money for life, just a one time large cash injection. taxation causes demand for dollars, which makes it strong, otherwise if a govt can't tax, then nobody will do anything and we will have hyperinflation. Taxation is the key to prevent inflation. It's a fiscal policy govt has that's just as powerful as monetary policies.
what the government should do is not the question, what the government will do is nothing. what the people and victims of this thievery CAN do is the only discussion of any merit.
Why would anyone bother working, or doing productive work? I mean the banks already show this behavior with the bailouts. Imagine if everyone behaved as recklessly as the banks did knowing they'd get bailed out no matter what happened?
What an awesome solution.
If a small gang is running around robbing and looting with impunity, you don't ask if you can be a part of it. You ask how you can STOP it.
should have just saved the money for a house with no loans - that way no banks need be involved or trusted.
....no....The Fed and treasury DO NOT work together. When the treasury needs money it issues BONDS. The FED works INDEPENDENTLY of the treasury, it MAY or MAY NOT decide to purchase some of those bonds issued by the treasury, but that depends on FED policy and has NOTHING to do with the treasury.
and global markets actions show us the US dollar or US treasury is worth holding onto. even after all the govt bailouts.
what do u think QE is? what do you think congress voting to raise debt ceiling is all bout?
fractional reserve lost most of its powers, effectiveness, and usefulness in 1934.
For all practical purposes, fractional reserve banking ended in 1934 when we went off the gold standard. Today’s banking is not reserve constrained.
-- warren mosler
Mosler tells half the story
the Fed doesn't control rates, the fed INFLUENCES rates. They can't just set a rate, they actually have to print money to buy bonds to force rates down while the market tries to push rates up. Once printing is too risky for hyperinflation the rates WILL rise & probably to 6% then 10 then 15% then more. OR you can keep printing & that will raise bread to $10 then 50 then 100 dollars per loaf
what do we have now? only with the weight and support of government
There is No institution on earth for which debt is not a problem at any time. Yes, debt IS less a problem if it is countered by income and profit but it causes others to risk assess the organisation and charge higher interest to them. Debt for the USA is a reason why capital inflows are lower. Same for you when you tell your creditors debt is not a problem. Try it. There is no way around it. Another huge problem is government price control of minimum wages which causes unemployment.
The government has been spending forever and all this spending has never caused inflation.
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so the point is how is this going to end, wall st have pretty much shown that their will is law, they have gained and maintain this power through credit. how is this not a credit problem for the honest, hard working, defenseless general population
Actually the professional economists do know these things.
In order to become an economist, you have go to through rigorous study of math (calculus, real analysis, linear algebra, liner and non-linear programming, calculus-based probability, etc). You don't get through all that and not have a grasp of logic.
The issue is that they like to impose their doctrine of markets to everything. That's why Rogoff-Reinhart had to fix their excel spreadsheet to return results they saw fit. They just lie.
Of course there is lack of demand - no good asking a politician what to produce. The lack is because too many baled out big government backed businesses don't produce the right products. Nobody want irrelevant goods produced but politicians don't know that or care and they don't have responsibility for what happens. People want efficient cheap cars but US baled out factories don't produce them and why would they the government bales the out when they don't make the right cars like imports.
The debt has now in 2022 increased to by 20 trillion USA dollars since 2008 crisis. Whopping 20 trillion dollars. The debt stands at 30 trillion dollars in 2022. The USA can get away with this because of petro dollar. Once nations start using the euro and other currencies then the USA will get in trouble sooner than later. Russia has become a threat to the USA because they are working with other nations to rid themselvs of the dollar. Khaddafi tried also to do it shortly before he died.
I understand the argument but is there not wasteful spending? Shouldn't we demand how our government spends adds value?
Dang it! I was hoping to get deprogrammed
China has a printing press and has the same size an economy as ours with eighty times as much currency In circulation as we do. They have used this money for vast investment which means there economy at ten percent but this also takes money away from household sector by inflating the currency. Money from household sector is transferred to investment sector. Our households hold it up through them saying exports to us. When this fell short in 2008 they went on their own private lead debt credit boom. Now people are fleeing with there money so they have mass capital controls. So how do you inflate the currency without capital controls. If the government didn’t spend the money for productive purposes I don’t see how this would work. Social security wouldn’t go bankrupt if you printed money to keep it solid but would the money buy anything.
I agree. But your prescription is another big gift to private power and the banks.
Private power is working overtime to try to get people to think about the debt (when there is no problem with it), in order to fool them into allowing cuts to Social Security, Medicare, and all the few good social programs that the public FOUGHT HARD to have.
Before 2000, the value of the dollar v. other currencies was primarily determined by the strength of the US economy and differences in interest rates. High interest rates in the US coincided with high dollar like in the early 80s. Same with high growth rates in the 90s. But now, with no prospects for growth and even interest rates throughout the developed nations, the dollar remains dangerously weak. It is foreseeable that the dollar is going to crash within 5 years - as if engineered to do so.
9:21 So is Michael Hudson saying that the treasury "creating" the "money" (does the treasury really "print" new money?) will not cause inflation and it is not the taxpayer, who gets hit by inflation and has to pay with higher prices for goods and services?
debt isn't a bad thing for the govt. debt means savings for you and I.
Fed govt should't have a balanced budget, it would mean there is less money and savings for all of us, and it's deflationary and recession causing. Right now the fed govt isn't getting into enough debt. It needs to create a new works project similar to the new deal.
A comment I saw was from someone who experienced both. He preferred deflation.
I agree, money can be anything. It varies from time to time and from circumstance to circumstance. But government taxes are expressed as a percentage of money in legal tender.- US dollars in USA. When barter operations occur accountants must legally express them in Currency ( e.g US dollars) so tax can be applied. Company and other taxes cannot be paid in bananas or potatoes although they could be used to settle a commercial debt at times. Money ($) is a way of quantifying comparative values.
Money can't be anything. Just think about that blanket statement before responding
@@zerosugar8026 Money which is the official currency of countries and the IMF (SDR's) today is a credit and a debt.
@@Rob-fx2dw great rob, it still can't be "anything"
@@zerosugar8026 Of course it can be. But practicalies generally rule out it being a more successful currency like the other more practical currencies.
actually if u look at a graph, private sector savings is identical to govt deficit spending. just do a google image search "us sector financial balances graph". so govt needs to run a deficit in order for there to be money and for investments and enterprise to happen, resulting in savings.
taxation is about inflation control. when the super rich dont pay enough, then it's inflationary.
taxation doesn't prevent inflation, higher taxes is PART of inflationary price pressure. You just claimed gasoline PREVENTS fires. That's insane.
i agree they are a good thing, but if the us is like my country, the cost of administering it is about the same as what they pay out to the unemployed, and most of this administration costs ends up in the hands of corporate cronies, i believe jp morgan is now distributing food stamps for example, and i doubt their hand are not in the till bigtime
i dont doubt for a minute that theres things the government can do to improve the economy for all. the question is what they will do. and in my long experience the always complicate, legislate, and create systems that are ineffective and expensive. the reason for this is they live of other peoples earnings therefore have no respect for their spending and tend to favor their cronies with it. there is no mystery here, they are deficient to their task and obsolete.
there are many monetary systems, i have looked at several and feel that the most simple and decentralized are less likely to hijacked and or corrupted to benefit the few rather than the many. i am no expert but i get the impression where it is free from complications and control the country as a whole prospers from economic incentives and the freedom to pursue them. libertarianism flies close to anarchy, but on the plus side a free and personally wealthy population is makes for a strong society
perhaps, the reality may finally hit that despite good intentions or the corruption that finally hijacks any publicly funded enterprise, ultimately we need to make sure we are individually responsible for our own finance, welfare and future. this realization may well bring us back to a natural distrust of scams and schemes whether privately or state operated. or at least wake people up to the fact that any one that wants you money based on a future promise is likely to rip you off.
if you had held on to your property and waited till 2005 and then sold it for twice that value.
Yeah, actually there is such a thing as nominal and real terms. You might want to look it up.
Interesting theory but even given the population growth and increased wealth due to scientific advances such as increased life span, less production loss bcause of sickness, antibiotics, disease control in plants animals and humans, comuters and communication,air transport etc, you will find that prices have risen for all commodities except electronics and maybe a few other items. Precious metals, minerals and energy have risen hugely. Notes / coins are only a tiny percetage of all money.
a loan officer at a bank who authorizes a home loan mortgage is literally creating money digitally out of thin air. Creating money the banks never had to begin with. Car/ home loans and credit card loans are just contractual obligations between borrower and lender.
Debts and deficits are good. Budget surpluses and fiscal austerity are bad for the economy based on consumption. Federal income taxes are used to control inflation, boost the currency value, and service off the debt/ accumulated compound interest. abraham Lincoln proposed a debt/ interest free currency called the greenbacks,. The US Empire is monetarily sovereign.
So there is no need for FED. Government can issue currency "and amount of it is not a problem". Its sad that people think debt as a significant part of money supply is not e problem. We should have sound money to preserve our buying power. Main street need safe harbor, we are not speculators and never should be.
So this means that the UK and Japan will do just fine.
US dollar is not trash. there is nothing wrong with fiat money. if the world doesnt want us treasuries, then the fed will buy em and finance us govt spending.
Personal Conspiracy Theory: Banks want people to take out mortgages/loans/creditcard debt that they will pay for but never finish paying off so the money keeps coming in and if they can foreclose on the home/business being mortgaged, that's more capital for the banks.
pm in theory a foreclosure only gets the lender the loan back. though they cheat on everything it is sort of that way. The bank does not want the house. They want interest forever until you pay for the house again and again but still do not own it.
indeed, "the money's in the medicine" - chris rock. its more profitable to treat the symptoms than to cure the illness.
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Let's not argue semantics here, my point is still 100% valid. However, I do disagree with your statement, regarding rates rising. Do you truly believe with the level of US consumer indebtedness that the FED would allow rates to rise at any time in the near future? I take the stance of Kyle Bass - We are below the zero lower bound, never to return to normal rates, because of the risks of a new banking crisis. If rates were to rise, we would have another S&L type crisis.
opposite of fact - and I'll prove it. The higher the government debt is the more I will starve to pay it. The only escape I have is to work less so I am less starved before I am taxed, or to hide my work so I am not taxed at all. Deflation is the only way poor people will afford food - inflation will even close the doors to soup kitchens. CERTAINLY it will end the food banks.
It's intermixed. If you didn't find it so you wouldn't be demanding more on taxes and inflation. You'd first want to clean up the military industrial complex and bank/corporate welfare FIRST. Otherwise all the extra funding you sequester would be spent where you don't want it anyway.
You're simply not making that argument. Instead it's pay gov first, clean it up after. Rather than clean it up first, or leave money with those who spend more on social programs. (The general populace.)
The euro the Japanese and the Chinese all have a printing press. It would work if you shut down all currency exchange.
Debt is like obesity. It can be avoided if you want to.
Not if you want money to exist.
Debt is slavery.
Money can be anything. Currency is usually the legal tender of a nation state. Your assertion that a government has to issue more money before it can tax more is absurd. Are you saying that the government cant raise taxes without issuing more money. There is no reason or logic in that. If excise tax on alcohol is increased the government does not have to follow it with increased money supply. Do they decrease money supply when taxes reduce? Where ? when? No! That's false in reality.
I know what all those are. And What does that have to do with any of the things I originally mentioned? What point are you trying to make? The goal of govt deficit spending is to stimulate the economy since the private sector is paying down debts. This has nothing to do with nominal and real. That's a complete different subject.
What markets are those? The gold market? Silver market? Oil market? Consumer staples?
If you are looking at the CORRECT markets the US dollar is trash. If you are looking at OTHER trash; YEN and EU specifically. Then it won't look so bad, but why compare our currency to those, when the YEN recently came out saying the Yen is too high? and the EU is trying to support everyone via the ECB?