The Money That Never Was

They were like the ant, which can see small objects but not large ones. (1984)

At this point there is $3.439 in the system. The bank has $271.


When those Social Security thresholds were originally established in 1984, they were designed to include only a small number of higher-income taxpayers. But the thresholds weren’t indexed for inflation, and so over more than 30 years, the number of Americans affected by the provision has risen dramatically.


We have to distinguish between particular price movements (caused by demand and supply of particular commodities), movements corresponding to waves, and general price movements (caused by demand and supply of money), movements corresponding to tides.

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