By Ellen Brown
Source: Read full article at Truthdig
The Democratic Party has clearly swung to the progressive left, with candidates in the first round of presidential debates coming up with one program after another to help the poor, the disadvantaged and the struggling middle class. Proposals range from a universal basic income to Medicare for all to a Green New Deal to student debt forgiveness and free college tuition. The problem, as Stuart Varney observed on “Fox Business,” is that no one has a viable way to pay for it all without raising taxes, a hard sell to voters. If robbing Peter to pay Paul is the only alternative, the proposals will die for lack of funding—just as Trump’s trillion-dollar infrastructure bill did.
Fortunately, there is another alternative, one that no one seems to be talking about—at least no one on the presidential debate stage. In Japan, it is a hot topic; and in China, it is evidently taken for granted: The government can generate the money it needs simply by creating it on the books of its own banks. Leaders in China and Japan recognize that stimulating the economy is not a zero-sum game, in which funds are just shuffled from one pot to another. To grow the economy and…