Once-fringe ideas in economic theory are now nearly official policy as government borrowing surges and the Federal Reserve signals it could buy unlimited debt.

“Once the central bank buys them (the bonds), it’s as if the Treasury never issued them in the first place,” said Dr. Kelton, “For all intents and purposes, they’re retired.”

Demonstrates what the super wealthy have always known but have kept from the rest of us, the government can create as much money as is needed whenever it wants. Up to now that’s only gone to financing wars, but as FDR showed with the New Deal, and the current situation also shows, it can also go to the people.

Source: How the Government Pulls Coronavirus Relief Money Out of Thin Air – The New York Times