Stephanie KeltonさんによるXでのポスト

	Stephanie Kelton ⁦‪@StephanieKelton‬⁩ ⁦‪@wgoggin‬⁩ These two paragraphs from ⁦‪@carney‬⁩ and ⁦‪@wbmosler‬⁩, if understood and amplified by those paid to write columns for the FT, NYT, WSJ, WasPo, etc, would force a potentially world-changing conversation. pic.twitter.com/ODSYPztbmS   2023/11/07 4:56

だから財務省が財政支出をすると、FRBはそのドルをどこかの銀行のFRBの「当座預金口座」に追加するだけだ。そして財務省証券が売られると、FRBはそのドルをFRBの「普通預金口座」に移す。どちらも同じFRBにドルが預けられているだけだが、当座預金口座のドルは国の負債にカウントされず、普通預金口座のドルは国の負債となる。(続きを読む：金融政策について皆が間違っていること）それではなぜ、準備勘定は負債ではなく、証券勘定は負債なのだろうか？当座預金口座のドルだけが、一定の価格で金と合法的に交換可能だった、皆さんが生まれるずっと前の時代の名残にすぎない。現在ではまったく通用しない。 

So when the Treasury spends, the Fed just

adds the dollars to some bank's 'checking

account' at the Fed. And when Treasury

securities are sold, the Fed shifts those

dollars to a 'savings account' at the Fed.

Both are just dollar deposits at the same

Fed, but the dollars in checking accounts

are not counted in the national debt and

the dollars in savings accounts are the

national debt.

(Read more: What everyone gets wrong

about monetary_policy)

So why are reserve accounts not the debt,

while securities accounts are the debt? It's

all just a holdover from way back before

most of you were born, when only dollars

in checking accounts were legally

convertible into gold at a fixed price. It's

all entirely inapplicable today.