On: FedNow Is Live

[634636346]

>The reason the US government has a national debt is because that debt is owed to the Federal Reserve, which is a private bank that loans the US government money and that sets the US monetary policy.

I'm pretty sure every holder of US Treasuries (including me) is owed money by the US government.

[dools → 634636346]

Not only that but the cash swapped for bonds is also a liability of the government, so it is just swapping one liability for another.

What we call government debt is just an operational vestige.

[prometheus76 → 634636346]

We are both correct.