The vast majority of new money is not created by the government, and that fact seems to be missing from your argument. If we no longer had credit we would be shrinking the available money supply by about 90%. This would be completely catastrophic for not only the US but the entire global economy.
Maybe you could be more specific about what you're proposing because I feel like I am not really understanding it.
> Maybe you could be more specific about what you're proposing because I feel like I am not really understanding it.
Cause less money to be created by banks and more by the government, and have correspondingly lower taxes (or even negative taxes) on middle income people.
The vast majority of new money is not created by the government, and that fact seems to be missing from your argument. If we no longer had credit we would be shrinking the available money supply by about 90%. This would be completely catastrophic for not only the US but the entire global economy.
Maybe you could be more specific about what you're proposing because I feel like I am not really understanding it.