The truth is that there's no consensus. As much as anything, this article is intended to begin a dialogue on that topic.
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However, I wish to offer a starting position. Self-sovereign identity is the next step beyond user-centric identity, and that means it begins at the same place — The user must be central to the administration of identity. That requires not just the interoperability of a user's identity across multiple locations, with the user's consent, but also true user control of that digital identity, creating user autonomy. To accomplish this, a self-sovereign identity must be transportable; it can't be locked down to one site or locale. A self-sovereign identity must also allow ordinary users to make claims, which could include personally identifying information or facts about personal capability or group membership.
It can even contain information about the user that was asserted by other persons or groups. In the creation of a self-sovereign identity, we must be careful to protect the individual. A self-sovereign identity must defend against financial and other losses, prevent human rights abuses by the powerful and support the rights of the individual to be oneself and to freely associate.
However, there's a lot more to self-sovereign identity than just this brief summation. Any self-sovereign identity must also meet a series of guiding principles — and these principles actually provide a better, more comprehensive, definition of what self-sovereign identity is. A number of different people have written about the principles of identity.
This section draws on all of these ideas to create a group of principles specific to self-sovereign identity. As with the definition itself, consider these principles a departure point to provoke a discussion about what's truly important. These principles attempt to ensure the user control that's at the heart of self-sovereign identity. However, they also recognize that identity can be a double-edged sword — usable for both beneficial and maleficent purposes.
Thus, an identity system must balance transparency, fairness, and support of the commons with protection for the individual. Users must have an independent existence. Any self-sovereign identity is ultimately based on the ineffable "I" that's at the heart of identity. It can never exist wholly in digital form. This must be the kernel of self that is upheld and supported. A self-sovereign identity simply makes public and accessible some limited aspects of the "I" that already exists. Users must control their identities. Subject to well-understood and secure algorithms that ensure the continued validity of an identity and its claims, the user is the ultimate authority on their identity.
They should always be able to refer to it, update it or even hide it. They must be able to choose celebrity or privacy as they prefer. This doesn't mean that a user controls all of the claims on their identity: Users must have access to their own data. A user must always be able to easily retrieve all the claims and other data within his identity. There must be no hidden data and no gatekeepers. This does not mean that a user can necessarily modify all the claims associated with his identity, but it does mean they should be aware of them. It also does not mean that users have equal access to others' data, only to their own.
Systems and algorithms must be transparent. The systems used to administer and operate a network of identities must be open, both in how they function and in how they are managed and updated. The algorithms should be free, open-source, well-known and as independent as possible of any particular architecture; anyone should be able to examine how they work.
Identities must be long-lived. Preferably, identities should last forever, or at least for as long as the user wishes. Though private keys might need to be rotated and data might need to be changed, the identity remains. In the fast-moving world of the Internet, this goal may not be entirely reasonable, so at the least identities should last until they've been outdated by newer identity systems. This must not contradict a "right to be forgotten"; a user should be able to dispose of an identity if he wishes and claims should be modified or removed as appropriate over time.
To do this requires a firm separation between an identity and its claims: Identities must not be held by a singular third-party entity, even if it's a trusted entity that is expected to work in the best interest of the user. The problem is that entities can disappear — and on the Internet, most eventually do.
Regimes may change, users may move to different jurisdictions. Transportable identities ensure that the user remains in control of his identity no matter what, and can also improve an identity's persistence over time. Identities should be as widely usable as possible. Identities are of little value if they only work in limited niches. The goal of a 21st century digital identity system is to make identity information widely available, crossing international boundaries to create global identities, without losing user control.
Thanks to persistence and autonomy these widely available identities can then become continually available. Users must agree to the use of their identity. Any identity system is built around sharing that identity and its claims, and an interoperable system increases the amount of sharing that occurs. However, sharing of data must only occur with the consent of the user.
Though other users such as an employer, a credit bureau, or a friend might present claims, the user must still offer consent for them to become valid. Note that this consent might not be interactive, but it must still be deliberate and well-understood. Disclosure of claims must be minimized. When data is disclosed, that disclosure should involve the minimum amount of data necessary to accomplish the task at hand. For example, if only a minimum age is called for, then the exact age should not be disclosed, and if only an age is requested, then the more precise date of birth should not be disclosed.
This principle can be supported with selective disclosure, range proofs, and other zero-knowledge techniques, but non-correlatibility is still a very hard perhaps impossible task; the best we can do is to use minimalization to support privacy as best as possible. The rights of users must be protected. When there is a conflict between the needs of the identity network and the rights of individual users, then the network should err on the side of preserving the freedoms and rights of the individuals over the needs of the network.
To ensure this, identity authentication must occur through independent algorithms that are censorship-resistant and force-resilient and that are run in a decentralized manner. I will be at the IIW conference this week, at other conferences this month, and in particular I will be meeting with other identity technologists on 21st and 22nd May in New York after the ID Summit on Digital Identity. These principles will be placed into Github and we hope to collaborate with all those interested in refining them through the workshop, or through Github pull requests from the broader community.
Download e-book for kindle: So — what precisely is a struggle Diary and why may still i would like to learn one? Put easily, a conflict Diary files what the actual unit was once doing on a daily basis. It encompasses a wealth of knowledge that catalogues its a variety of actions, if it is sour and expensive struggling with, or extra mundane projects equivalent to education. Make no mistake — there by no means used to be an in depth list stored of what every one soldier or officer did at any given time.
That kind of minutia list conserving doesn't exist even at the present time. What have been saved have been the diaries of the unit the guy belonged to. The battle Diaries are one of the preferred records to be sought on the nationwide documents. Chronological index to every quantity. Battalion and corporate orders. Timing of assaults and assault goals. Trench raids and evening assaults. Battalion and corporate activities.
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Their ability to create or obtain money by borrowing or taxing is limited by local law, by voters, and by lenders. They are due to these nations having surrendered the single most valuable asset any nation can own — their Monetary Sovereignty — thus preventing them from servicing their debt by creating money. The two are unrelated. These accounts essentially are savings accounts.
No new dollars needed. That would require pressing a few computer keys. This would be a simple asset exchange, with no new money created and no inflation consequences. Because a Monetarily Sovereign nation has the unlimited ability to create its sovereign currency, that nation needs neither to tax nor to borrow. Further, that nation does not use tax money or borrowed money to pay for spending. Federal income has no relationship to federal spending and so, taxes and borrowing are unnecessary.
When the states, counties, cities, you and I spend, we transfer dollars from our checking accounts to some other checking accounts. When the federal government spends, it creates dollars. These instructions are in the form of checks or wires. At the moment the bank obeys those instructions, dollars are created, and the money supply is increased. Although Monetarily Sovereign nations need neither to tax nor to borrow, they may choose to do so for reasons unrelated to financial need.
The spending by Monetarily Sovereign nations is constrained only by inflation. However, since , the end of the gold standard and the beginning of Monetary Sovereignty, there has been no relationship between federal deficit spending and inflation. At some level, deficit spending could cause inflation. But we are nowhere near that point. Recently, the federal government made a profit on its purchase and sale of corporate stock GM et al. All such profits came out of the economy, and therefore were recessive — harmful to the economy and useless for the federal government.
Politicians and the press do not yet seem to understand Monetary Sovereignty. However, no one intelligently can discuss national deficits and debt without acknowledging the implications of Monetarily Sovereignty. The concept is the basis for all modern economics. Monetary Sovereignty is to economics as arithmetic is to mathematics. The next time you go to any economics blog or web site, see if the contributors understand Monetarily Sovereignty and use it in their discussions.
If they do, it might be a good site. How much money should the federal government create? Up to the threat of uncontrollable inflation. As of this writing, we are fighting deflation. In short, most of our economic problems are caused by the politicians, the media and the public not recognizinging the implications of Monetary Sovereignty. I suggest you next read the data at Summary , for detailed answers to your questions. Question of the day: How does a tax increase or spending decrease reduce unemployment or grow the economy? When the federal government taxes, dollars are removed from the economy.
When the federal government spends, dollars are added to the economy. Therefore, both a tax increase and a spending decrease reduce money growth in the economy. Money is the lifeblood of an economy. Cutting the federal deficit to cure a recession is like applying leeches to cure anemia. Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics.
Ten Steps To Prosperity: This article is the fifth in a series about direct financial assistance to Americans: A beloved solution to the wrong problem. Monetary Sovereignty MS favors giving everyone money. The five articles describe the pros and cons of each approach. That level of education may have been sufficient for a largely agrarian economy, but not for our currently more technical economy that demands greater numbers of highly educated workers. Because state and local funding is so limited, grades K receive short shrift, especially those schools whose populations come from the lowest economic groups.
And college is too costly for most families. An educated populace benefits a nation, and benefitting the nation is the purpose of the federal government, which has the unlimited ability to pay for K and beyond. In a foundering boat, everyone needs to bail, and no one can take time off for study. They transfer dollars from customers to employees, suppliers, shareholders and the federal government the later having no use for those dollars. Any tax on businesses reduces the amount going to employees, suppliers and shareholders, which diminishes the economy. Ultimately, all business taxes reduce your personal income.
Federal taxes punish taxpayers and harm the economy. The federal government has no need for those punishing and harmful tax dollars. There are several ways to reduce taxes, and we should evaluate and choose the most progressive approaches. Annual increases in the standard income tax deduction, and a reverse income tax also would provide benefits from the bottom up. Both would narrow the Gap. After all, the federal government has no need for tax dollars, and all taxes reduce Gross Domestic Product, thereby negatively affecting the entire economy, including the But I have come to realize that narrowing the Gap requires trimming the top.
It simply would not be possible to provide the Pick any acceptable Gap to 1? Banks have created all the dollars that exist. Even dollars created at the direction of the federal government, actually come into being when banks increase the numbers in checking accounts. This gives the banks enormous financial power, and as we all know, power corrupts — especially when multiplied by a profit motive.
Save this reference as your primer to current economics. Sadly, much of the material is not being taught in American schools, which is all the more reason for you to use it. September 2, at 7: I believe your MMT falls apart there. There are severe social consequences to MMT and to the seeming eutopia it paints.
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Apparently, you are a charitable and compassionate person, who knows that helping poor and middle class people encourages sloth. The result is generational poverty. The result of Monetary Sovereignty is a monetary collapse. This is already happening and has been happening since the Fed started printing up fiat currency in the early s. Countries are moving off the dollar as the reserve currency at an accelerated pace.
China is mining gold, buying gold, buying gold mines and encouraging its citizens to buy gold. They are even minting gold coins in various sizes to make it easier for citizens to accumulate. At one time economists speculated if the dollar were ever replaced, it would be by the euro. Following the world wide financial collapse in , and the stresses by such countries as Greece, the euro continues to teeter. And then there is the fiscal cliff Ron Paul has warned about in the U.
How much more can the fiat paper dollar withstand, even if stacked a billion thick? The remnimbi is positioning itself to be viewed as a real global reserve currency alternative. Russia and China in decided to do away with debt exchanges using the U. In December , Japan and China announced they would be promoting trades directly with each other and sidestepping the dollar. The Chinese Premier, Wen Jiabao is the one flying all over the world setting up all these currency swaps. In March , we learned Dubai-based Emirates NBD the largest bank is selling dim sum bonds, debt securities issued in the Chinese yuan.
The agreement reflects the increasing opportunities available to settle trade between the two countries in Chinese renminbi and to make RMB-denominated investments. In April, we learn in a report from Forbes, that China will be avoiding U. In late June , China and Chile agreed to strengthen their ties in a strategic partnership and double their trade in three years. The leaders of the two nations, Jiabao and Pinera, also announced the completion of negotiations on investment-related supplementary deals to a bilateral free trade agreement.
So while Monetary Sovereign, Keynesians such as yourself are fiddling, the US dollar continues to burn. MS is a pipe dream.
A great theory that inevitably breaks down when implemented in practice. Free handouts from government certainly encourage continued dependency on that same governmental handout. Why is poverty the same now or worse with the greatest increase in government handouts in the history of the United States? You are living in an unrealistic utopian theoretical mindset. So, go pick up your own garbage. If not, the politicos are voted out, or worse impeached, investigated, etc.
The state of the world worries me to a point where I am making modest preps for jan. We need only to vote for those who will: These two ideas would do much to break the chains that are now threatening to drag us over the cliff like Pol-Pott-ism…. And as you say, go after the QE types, regardless of circumstances,.. Well, our privately owned central bank, the Federal Reserve, issues our money, and does so by loaning it to us… with interest.
You just asked the central question of this blog: It seems as though this is the best kept secret between our government and its citizens…only because neither is educated on the subject! They receive money from the wealthy, and will not vote against the wealthy.
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The only hope is to educate the public, who then will vote in their own best interests. Admittedly, it is a distant hope. The US uses the dollar and is sovereign over the dollar. Greece uses the euro, but is not sovereign over the euro. Congress and the President can set budgets at any level they choose, endlessly, and no federal checks ever will bounce, which is what makes the U. The instant a federal check or wire is deposited into any bank including your local bank , dollars are created. The clearing process is merely an accounting function, not a dollar-creation function.
Contrast what the federal government can do with what the states, counties, cities and euro nations can do, and you will understand the difference between Monetary Sovereignty and monetary non-sovereignty. Nope, Wrong again Roger. Banks need to the money to lead and invest. Treasury uses the money to pay bills and invest. Matter of fact most the TARP issued bail-outs was pure investments. More on that some other day. USA is sovereign by law but does not use its powers correctly.
One question arise though; is not government borrowing limited by the interest it will have to pay? The interest will accumulate so that in a short while most of the budget will be interest. The interest goes to private pockets. And I also hope we agree that it is immoral to charge interest on money created by the banks? No risk, no interest. Even I believe RMM would agree!
When the Fed creates currency it is merely an operational arm of the Mon. Genuine made by the sovereignty and Counterfeit made by for- profit banks. It can do this forever. BUT with self imposed restraints…. JUST a simple question. Why pay interest on your own creation?
Where is the inflation? And since most of the money created today goes to nonproductive activity like speculation, hoarding and war you have both high unemployment and inflation. Remember the simple mechanics of economy; if you have unemployment, you have to little money in circulation. Ben Bernanke would not agree about that of course. Looking at our trade deficit it seems we export our monetary inflation and import goods made with cheap labor.
Domestically we suffer from health care and education inflation. These services cant be imported. There is trmendous price ibflation. There is tremendous price inflation in US Treasury bonds caused by exported dollars coming back as investment in our debt instruments. Please respond to this link below reality as the US loses its reserve curreny and no one wants US dollars any more. Debasement of the dollar will come much faster with your money presses going full speed. It may take a while — but it will happen.
The article to which you referred ended with this conclusion: It has the unlimited ability to create the dollar, its sovereign currency. It does not rely on taxes or borrowing. The author of the article is clueless about Monetary Sovereignty, and really should not be writing about economics. Yea, I know, inflation is only due to high energy prices. Even now as a small business owner, I am seeing prices across the board, electricity.
Yet, you say we are in deflation. That is a load of crap. One thing I do know, the Fed will continue to monetize our debt till the cows come home to try to keep interest rates low, regardless of what inflation does. It has no choice. You agreed earlier on in this thread that MS only works as long as other countries take our paper money but said that we will all be long gone before that ever happens. Now you have proof that countries are in fact moving away from the US dollar as the World Reserve Currency. As the Fed continues to churn out pieces of paper or hits keystrokes making them more and more worthless, what happens when other countries no longer want to take them?
Internationally, countries will stop taking the dollar because it will be worthless. Why should they produce and give away their products in exchange for pieces of paper that are printed at will? There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.
It creates dollars by crediting bank accounts. I said we are fighting deflation. In we were in a deflation. If you want the facts, see: You can make charts say anything you want — you are not living in the real world. Also, at the same time tell them to credit every one with a bank account a million dollars and lets just reset the whole monetary system — I am sure that will cure everything.
I understand the concept of MS and that the US can not technically go bankrupt. To say it will do nothing is disengenuous at best and a lie at worst. MS breaks down when foreign entities no longer want to want to hold our dollars and it is no longer the reserve currency. Monetary Sovereignty simply is a description of how things actually work,. As for evaluating it, I say it is better than monetary non-sovereignty. But, there may be better systems out there. Bitcoins are an example of a different sort of money, currently evolving, that ultimately could or could not prove superior to U.
You are correct that when people understand that the federal government can buy anything, they may begin to demand more.
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Initially, this will result in a better life for all Americans. Over time, it also could lead to inflation, which the government always has the power to cure, by raising interest rates and or by refusing to spend more, as it already and unnecessarily is doing. All bubbles are great initially, however they seem not to end very well. All bubbles collapse and MS is the king of all bubbles. In addition, the Fed can not indefinitely stave off inflation with interest rates, in fact all they can do is delay the inevitable.
And thanks for ignoring the entire point of my comment which was an attempt to educate you on what interest rates really are for. The world is moving away from the dollar as the reserve currency. The value of the dollar is plummeting and the Fed is pumping 40 billion into the economy a month with QE4ever. The idea that we can print paper money forever and engage in loose monetary policy with no ill effects is exactly what has destroyed previous civilizations, the US is not immune. The Treasury never should lend; it only should give. In lending, and making a profit on its loans, the Treasury acts as though it were the treasury of a monetarily non-sovereign nation.
This is a first cousin to the silly debt ceiling. Perhaps you would clarify? Monetary Sovereignty is the greatest theory ever created. Marred only by the fact that it requires honest politicians and honest bankers to do the right thing for the country and not themselves. At least one reader claims the U. His confusion arises because dollar creation is part of a process that includes clearing by the FRB.
The reader confuses clearing with creating. The banks clear the checks and wires through the Federal Reserve Bank, which in turn, clears through the Treasury. Everything after that merely is a clearing function, over which the FRB exerts no control. Their role in this is simple accounting. You send your check instructions to the IRS 2. The IRS instructs your bank to reduce the number in your checking account and makes a note in its own books that you have paid.
The money in your checking account has ceased to exist. The entries in the books of the federal government are not part of the money supply. The Monetarily Sovereign U. You have just put your finger on the fundamental difference between Monetary Sovereignty and monetary non-sovereignty, which makes you one of the few people who understands what this site is all about.
Roger seems to either lack this basic understanding, or refuses to admit it. I also built the system, in that captured all bailout financial institutions. Before I created the system, all data was kept on spreadsheets, pdf, word, and paper. The Federal Reserve is only 99 years old.
Do you see the problem with your contention that the Federal Reserve, not the Treasury, creates dollars? Dollar creation is a process, initiated by Congress, with many functions involved, but the dollar creation and spending credit goes to Congress. Congress authorized us to allow others others issue it. We acted as a middle office and regulator. We kept no books, per say. A little history of TARP amy drive some of this home. One approach was to have the Mint print paper money and have it flown by helicopter to NY and have it issued the banks. I got to this point in reading all the comments and I had to stop…it is obvious most people do not understand what you are trying to tell them and I couldnt help feeling that wouldnt it put everything to rest if there was factual evidence of this process….
This comment sums it up nicely but is there a way to prove that this is exactly what happens? Isnt there some sort of legislation existing that explains this? That way no one can argue the point. Even though the Federal Reserve can create dollars, they do so with permission…much like a licensing agreement. The US retains exclusive rights over the dollar. By golly i think i have it! Dollars are easy to create. You create dollars when you borrow. If you take out a mortgage, your bank creates X thousand dollars, which it puts into your checking account, from which you pay the owner of the real estates.
You also create dollars when you lend. If you make a formal loan to your brother, you deposit dollars into his checking account. But you are not poorer. You still have the dollars in the form of a loan document. This is what differentiates a loan from a gift. A gift creates no dollars. That is why a paper dollar bill actually is not in itself a dollar, but rather a loan document.
It shows that the government owes you one dollar. So what IS a dollar? It is an accounting notation, with no physical substance. You never have seen, touched, smelled or tasted a dollar. It is like a game score. It exists only as an measure, not as a physical reality. We deal with such measures all the time. You never have seen an inch, a mile or a light year. You never have seen a ton or an acre. The difference between privately created dollars and federally created dollars is the private dollars are limited by the borrowers finite ability to service loans.
The federal government has an infinite ability of service its dollar loans. In that sense, the federal government is like a scoreboard, that can display any size score. Great first all this talk that now ones understanding how money works and then the saying that bernanke cant print as much money as he wants and that america can never be broken. You sir dont understand how money works, money is just paper it should note how much are goods and services are worth.
Everyone is moving away from the dollar, america isnt even the biggest importer anymore more as it got replaced by the EU. No one wants to trade with america especially exporting to this country because they realized that they consume much more than produce and it gets backed up by us dollar. Thats why america tries now all of the sudden to export a lot in the last time, they realized they need to prove them self that their reserve currency deserves its name and thats why they need to go to war with iran and hold all the military presence there despite their debt to have the power in oil.
America is on the brink of collapsing much worse than europe maybe not this year or next but soon in the near future. It is the arithmetic difference between taxes collected and spending. This does not mean the government uses or needs taxes for spending. If the Bears ran for yards and the Packers ran for only yards, the Packers had a 50 yard running deficit. The Income Tax Revenue will offset an equivalent amount of deficit. This is important to politicians and seems to be very important to voters.
The fact that something is completely wrong, but still is important to politicians and voters, is the reason I write this blog. And the Fed keeps the books on the money supply but is not responsible FOR the money supply other than accounting. How am I doing so far? And, the states and localities keep coming after me jacking up my taxes on property and gasoline. And California is going bust. I could be wrong, but the soveriegn cat is going to be out of the bag pretty soon when the federal government will be forced to keystroke billions to bailout more than the banksters.
What if that one issue were used as the basis for being elected? You are saying that private banks have the right to tax us? They will have to be nationalized, no? Thank you for the question as that is how improvement can be made. They may continue to earn profits from banking, yes banking what they are supposed to do.
Charge a fee for services. Make investments and charge a fee and maybe even charge a percentage of winnings as a bonus. Please continue to challenge. That does not mean the federal government should create infinite dollars. If the federal government: Provided long-term nursing care for everyone 5. Provided free education including post-grad for everyone 6. Paid a salary for attending school Click here 7. Eliminated corporate taxes 8. Increased the standard income tax deduction annually 9.
Do you oppose this? At some point, increased federal deficit spending would cause inflation. The government would fight this by doing as it always successfully has done: Please put an annual dollar figure on your points above. Fica and Medicaid ABD will be in the trillions alone. And, since all of us are also not contibuting to these programs — but will be paid out by the government anyway — this will inject even more money into the economy. Do you have inflation yet?
Remember, the hyperinflation of the Weimar Republic happened pretty quickly — although for different reasons. Do you not know human nature? But as you see it,until that happens, I guess life will be improved. I am sure that is what any fledgling socialistic and communistic state thought initially. To much is given, much is expected. And, the government will expect much. Hyper Inflation also occurred in Germany when they started printing up money to pay workers on strike.
They printed up so much money that it became completely worthless, children were folding it and using it for paper planes, while adults were burning it for heat. That was sometime in the 30s? Hmm, I wonder what happened next??? When you say something that never happens are you talking about every failed country with a loose monetary policy? All, you cannot print your way to prosperity. You must honor the work ethic first that built western civilization and justify your existance in it IMO.
The Weimar republic example is not what we have with the QE crowd. Extradition of these malfeasant animals is what we should be doing like Iceland did, but we do not have national public referendum…yell at your congressmen like I do…schedule appointments to vent your grievances, etc. Deficit spending artificially grows the economy which forms a bubble that eventually bursts.
If only we could find omnipotent angels with zero self-interest to control the economy then maybe even socialism would work. Actually, reductions in deficit spending have led to every depression in American history, and to most recessions. Those are the facts. Points 3 and 4 at: Your facts are misleading and are a clear example of the statement, there are 3 types of lies; lies, damn lies and statistics. Your interpretation of statistics are completing wrong and causality does not equal causation.
As such, drivers should never hit their brakes and ignoring the fact that the driver was driving at mph on a dimly lit road in a crowded neighborhood in the snow. What happened in the years leading up to the reduction? If citizens have unmet needs, like a lack of Health care, dentistry, cosmetic surgery, homes and home improvemens, self driving cars, personal care services, etc. Then how can there be inflation until these needs are met? Prices driven up by demand are not inflation, they are market signals to increase capacity.
Really, I guess you missed the housing bubble. I want a inch 4k TV, a yacht and someone to pick the crust out between my toes. My needs are limited but my wants are unlimited. The classic definition of inflation is an increase in the money supply not an increase in the price of goods and services. MMT is a Utopian pipe dream that suffers from the same problem as all other Utopian pipe dreams aka. Good luck finding those angels. One reason economics is confusing: Words have different meanings, depending on who uses them.
I see no evidence of that steep increase prior to Socialism involves government ownership, not just government spending. Austerity repeatedly has proven destructive to every nation that has tried it. Economic growth requires money growth, though Libertarians and others of a similar ilk never learn that lesson. Now think very carefully: Also, I see you ignored the reality of the housing bubble or whatever you want to call it. So your idea is, we increased deficit spending, then for years we cut back on deficit growth, but the recessions were caused by the increased deficits during those many years previous?
And have you noticed that every single recession is cured during increases in deficit spending? Or is your belief the previous deficit reductions that introduced the recessions actually cured the recessions? What is the mechanism by which reduced money growth increases GDP growth?
How does reduced federal spending increase those three factors? How do increased federal taxes increase those three factors? First, this is not an MMT site. The two have similarities and differences. You at least should learn the differences. MS proposes the Ten Steps to Prosperity. Are we going to rehash all of this again?