Real Macro
@realmacro.bsky.social
Talking about Real Macro Economics, Investing, and Trading. patreon.com/Realmacro
Don't make it personal. I don't care if the $ payment system worked like MMT or not. I only care what is Factually true.
-Gov issues Bonds
-FED auctions to PD
-PD rsv drain
-TGA rises by = amount
-2ndary buy from PD
Note: Reserves are pvt sec deposits at commercial banks held at the FED.
Simple.
-Gov issues Bonds
-FED auctions to PD
-PD rsv drain
-TGA rises by = amount
-2ndary buy from PD
Note: Reserves are pvt sec deposits at commercial banks held at the FED.
Simple.
November 28, 2025 at 11:03 PM
Don't make it personal. I don't care if the $ payment system worked like MMT or not. I only care what is Factually true.
-Gov issues Bonds
-FED auctions to PD
-PD rsv drain
-TGA rises by = amount
-2ndary buy from PD
Note: Reserves are pvt sec deposits at commercial banks held at the FED.
Simple.
-Gov issues Bonds
-FED auctions to PD
-PD rsv drain
-TGA rises by = amount
-2ndary buy from PD
Note: Reserves are pvt sec deposits at commercial banks held at the FED.
Simple.
Hete is an example.
TT&L accounts don’t bypass anything.
They’re just cash management tools for sweeping tax receipts.
They don’t allow spending without a funded TGA.
Levy goal is to make it sound good and works off the "is it possible? Then its how it is" not how it actually is.
TT&L accounts don’t bypass anything.
They’re just cash management tools for sweeping tax receipts.
They don’t allow spending without a funded TGA.
Levy goal is to make it sound good and works off the "is it possible? Then its how it is" not how it actually is.
November 28, 2025 at 7:12 PM
Hete is an example.
TT&L accounts don’t bypass anything.
They’re just cash management tools for sweeping tax receipts.
They don’t allow spending without a funded TGA.
Levy goal is to make it sound good and works off the "is it possible? Then its how it is" not how it actually is.
TT&L accounts don’t bypass anything.
They’re just cash management tools for sweeping tax receipts.
They don’t allow spending without a funded TGA.
Levy goal is to make it sound good and works off the "is it possible? Then its how it is" not how it actually is.
Yes i know what the text walling said. It false. Garbage.
That's why you keep running into disruption and TGA problems and can't make it flow properly to make it all fit making up "work arounds" that are false etc..
That's why you keep running into disruption and TGA problems and can't make it flow properly to make it all fit making up "work arounds" that are false etc..
November 28, 2025 at 7:05 PM
Yes i know what the text walling said. It false. Garbage.
That's why you keep running into disruption and TGA problems and can't make it flow properly to make it all fit making up "work arounds" that are false etc..
That's why you keep running into disruption and TGA problems and can't make it flow properly to make it all fit making up "work arounds" that are false etc..
Then TGA goes negetive.
If “spending is just issuing an IOU,” then why must the Fed debit the TGA every time the Treasury spends?
Why can’t Treasury simply issue an IOU on a cute piece of paper and skip the TGA entirely?
Is that your MMT "description of how gov actually spends?"
If “spending is just issuing an IOU,” then why must the Fed debit the TGA every time the Treasury spends?
Why can’t Treasury simply issue an IOU on a cute piece of paper and skip the TGA entirely?
Is that your MMT "description of how gov actually spends?"
November 28, 2025 at 6:30 PM
Then TGA goes negetive.
If “spending is just issuing an IOU,” then why must the Fed debit the TGA every time the Treasury spends?
Why can’t Treasury simply issue an IOU on a cute piece of paper and skip the TGA entirely?
Is that your MMT "description of how gov actually spends?"
If “spending is just issuing an IOU,” then why must the Fed debit the TGA every time the Treasury spends?
Why can’t Treasury simply issue an IOU on a cute piece of paper and skip the TGA entirely?
Is that your MMT "description of how gov actually spends?"
If the government "spends first" what asset does it spend?
November 28, 2025 at 5:56 PM
If the government "spends first" what asset does it spend?
Text walling lol.
MMT is a "description." Right? Well it CAN'T
Gov cannot spend first. Illegal. MMT lies.
Taxes don’t need Fed reserves “in advance.”
Taxes are paid out of existing deposits → banks settle with existing reserves.
Banks buy Treasuries using deposits they already have.
MMT is a "description." Right? Well it CAN'T
Gov cannot spend first. Illegal. MMT lies.
Taxes don’t need Fed reserves “in advance.”
Taxes are paid out of existing deposits → banks settle with existing reserves.
Banks buy Treasuries using deposits they already have.
November 28, 2025 at 5:49 PM
Text walling lol.
MMT is a "description." Right? Well it CAN'T
Gov cannot spend first. Illegal. MMT lies.
Taxes don’t need Fed reserves “in advance.”
Taxes are paid out of existing deposits → banks settle with existing reserves.
Banks buy Treasuries using deposits they already have.
MMT is a "description." Right? Well it CAN'T
Gov cannot spend first. Illegal. MMT lies.
Taxes don’t need Fed reserves “in advance.”
Taxes are paid out of existing deposits → banks settle with existing reserves.
Banks buy Treasuries using deposits they already have.
Calling spending “IOU issuance” and taxes “IOU redemption” is cute, but incomplete. It ignores the binding constraint
Treasury can’t spend without a funded TGA.
Treasury must obtain balances through taxes or borrowing.
The Fed is prohibited from directly financing Treasury spending (12 USC §355).
Treasury can’t spend without a funded TGA.
Treasury must obtain balances through taxes or borrowing.
The Fed is prohibited from directly financing Treasury spending (12 USC §355).
November 28, 2025 at 8:31 AM
Calling spending “IOU issuance” and taxes “IOU redemption” is cute, but incomplete. It ignores the binding constraint
Treasury can’t spend without a funded TGA.
Treasury must obtain balances through taxes or borrowing.
The Fed is prohibited from directly financing Treasury spending (12 USC §355).
Treasury can’t spend without a funded TGA.
Treasury must obtain balances through taxes or borrowing.
The Fed is prohibited from directly financing Treasury spending (12 USC §355).
Did my bank account go up with your IOU and yours go down?
If your answer is, No. Then you are not talking about Gov taxes/borrowng to fund TGA for gov to spend.
If your answer is, No. Then you are not talking about Gov taxes/borrowng to fund TGA for gov to spend.
November 28, 2025 at 12:25 AM
Did my bank account go up with your IOU and yours go down?
If your answer is, No. Then you are not talking about Gov taxes/borrowng to fund TGA for gov to spend.
If your answer is, No. Then you are not talking about Gov taxes/borrowng to fund TGA for gov to spend.
Primary dealers must own the securities first
Primary dealers can’t “pledge” newly issued Treasuries to the Fed before they actually take delivery and pay for them.
Under Federal Reserve Act §14 and §10B, the Fed can only lend against collateral it can legally accept and perfect a lien on.
Primary dealers can’t “pledge” newly issued Treasuries to the Fed before they actually take delivery and pay for them.
Under Federal Reserve Act §14 and §10B, the Fed can only lend against collateral it can legally accept and perfect a lien on.
November 10, 2025 at 6:16 PM
Primary dealers must own the securities first
Primary dealers can’t “pledge” newly issued Treasuries to the Fed before they actually take delivery and pay for them.
Under Federal Reserve Act §14 and §10B, the Fed can only lend against collateral it can legally accept and perfect a lien on.
Primary dealers can’t “pledge” newly issued Treasuries to the Fed before they actually take delivery and pay for them.
Under Federal Reserve Act §14 and §10B, the Fed can only lend against collateral it can legally accept and perfect a lien on.