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By Tom Woods Tom Woods Show

What should Trump read? I can already hear the criticisms. "Woods, Trump got elected without the book learnin' you nerds want him to have. You clueless libertarians may have all the arguments, but Trump knows how to connect with his base!"

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Comment by olde reb
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Maybe Tom or one of the other economists can tell us where the money from the auction of deficit spending Treasury securities goes. TreasuryDirect identifies the category (new cash) as being auctioned and the disbursement of the funds is done exclusively by the FRBNY (ref. 31 USC 375.3). The accounts from the auctions are government funds managed by the FRBNY as a fiscal agent of the US government. Such handling of funds is subject to GAO audit at any time. Such an audit has never been made. If the funds went to the government, they would have to buy the same (or equivalent) funds as were sold. This would eliminate any increase in the National Debt and would eliminate any increase of money in circulation (inflation). Obviously, the money does not go to the government. Where does it go ?? Ref. .

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