07:13 2-3-2014, Mulaik, Stanley A: >Lo que tu dice, Ruud, es ver. Mais per comprar le valores >del bancas in moneta sin debito, le debito del governamento >al banca pro le moneta pro expendituras deficitari obtenite >con le valores es ora sin debito al bancas. Il es como si >le tresoreria habeva create le moneta deficitari de nihil. No, impossibile. Relege mi articulos e MMM. >Le moneta al instantia de creation es sin debito, mais >quando illo es in le reservas del bancas illo es usate >in oppoio del creation de debitos in prestationes. Isto anque. But when the central bank buys the bond etc., it pays and therefore the payee (or its bank) obtains a claim to that central bank, hence there is a debt on the part of the central bank. Money is claim, and per Luca Pacioli that always also involves a debt. Simple bookkeeping. No smart monetary theory can reason that away. -- Ruud Harmsen, http://rudhar.com Ressources sur interlingua: http://rudhar.com/lingtics/intrlnga.htm -- Pro leger le archivos e pro modificar o cancellar le subscription: http://listserv.icors.org/archives/interlng.html