FACTS IN DEBATE DATA BASE - Rev 12
(Updated once a month.)
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FED DEBATE "FACTS"
This section contains statements, whose veracity has been confirmed by debate consensus.
The FED is the only entity that can legally create money.
(Fact 2.1 is incorrect.
Response to assertion of incorrectness.
Two other entities can create money. The
U.S. Treasury may issue U.S. Notes as currency as long as the
total volume of notes does not exceed $300 million. See: 31 USC,
sections 5115 and 5119.
Click the Above Section Numbers to see the US Codes.
( University of Cornell Links Contributed by
Mary Clare Wohlford.)
Also the banking system can create money via the deposit expansion
process in the form of checkable deposits.)
Correction to Fact List
Wealth is Wealth! ---- Money is Money!
Creating Wealth does NOT create Money!
Creating Money does NOT create Wealth!
Money is (ONE) convenient way of expressing and conveying wealth.
Department of Economics
Florida State University
Response to Mr. Flaherty
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