4 ms·

SF County can't print money, only the federal government can. As far as I know California receives the least amount of federal tax benefits. They pay more then

• silentsea90 6y ago
  Yes, I am aware of SF county being unable to print (only the central bank can). The point I am making is that this is an instance of wasteful expenditure that would be expensive in a world where nations lose control over currency and are operating on a tight budget that enforces skin in the game and discipline.
  • w0de0 6y ago
    This is also an argument for a gold standard. What is a society to do when collective debt can help? For example: existential war, economic turmoil. Do you contend that governments should never spend on credit? I contend that printing money may sometimes be a good idea. What society would undertake moonshots like DARPA... or going to the moon... if it could not invest with debt collateralized on a future generation's produce?
    • HeadsUpHigh 6y ago
      Spending on credit that you never pay is different. With a smart contract a government would have to release it's collateral. Now they can just keep the inflation up.
      • w0de0 6y ago
        Ah, sure, the next generation pays, even as they generate even more debt themselves. I acknowledge it's a Ponzi scheme. But well managed, and expecting consistent growth in the productivity of our society over generations, the Ponzi scheme won't collapse.