Where Does Wealth Come From?
…it’s adding assets to private-sector checking and money market accounts, and balance sheets, ab nihilo. (The government posts new notional liabilities to its balance sheet, to “offset” those new private-sector assets…
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How do Americans get rich? (and stay rich?)
…balance sheets. They don’t show outflows, deductions from the asset side (the primary one being consumption). Likewise, they only show “market” income — in IMA terms, “balance of primary incomes.”…