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Taxes for Revenue are Obsolet

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There is a common belief that in order to maintain its independence and solvency a government has to tax sufficiently. This is true for our 50 states and territories and local governments but the Federal government has no such restriction. Because it is monetarily sovereign; having a non-convertible fiat currency, a flexible exchange rate and no debt in a foreign currency. Our government creates its sovereign currency, the dollar, from "thin air". It is backed by the good faith and credit of the Federal Government.  There is no longer a gold standard.  That was abandoned in 1971, ushering in what we have now a fiat currency standard where taxation does not fund federal expenditures.

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Retired ('92)after working for every Administration since Truman, with the exception of the last 3 administrations. Mainlining golf is a major addiction, along with grandchildren, travel, great books, and the leisure to really absorb it all. A (more...)

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