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Re: our imperfect friends...


In fact, the fundamental 'imperfection' is
in the monetary system itself.  Taxation
is necessarily imperfect competition, with the
govt and/or its designated agents the sole
suppliers of that which is necessary to pay
taxes.  The net demand for govt 'spending' is equal to the tax liability plus the desire to net
save the unit of account.  (net financial
savings)  Insufficient govt. spending results
in a 'shortfall of demand' that can only be
alleviated by increased net govt spending or
a decrease in the net desire to save financial
assets.

www.mosler.org
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