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RE: "The problem with socialism is that you eventually run out of other people's money." - Margaret Thatcher
How am I mistaken? It is simple math, currency just does not vanish from an economy, it just moves from person to person. That is why the quote is false, Other people in an economy always have money, therefore you can never run out of other people's money.
you are mistaken is SO many ways.
but I'll just mention one.
We're not using money any longer in our financial sysem.
It's all debt.
a dollar bill is a federal reserve note...that is...an IOU.
Yes, you are correct, that is because we live in an economy with a fiat currency system where the FED/Banks create new currency by creating debt. But that does not make me wrong, every time new debt is created new currency is created which ends up in the hands of someone in the economy. There are always other people with money, it does not matter if the money was created via debt or if the FED pushed print on their printer.
Like Zimbabwe?
Yep, there have been many currency failures throughout history https://howmuch.net/articles/greatest-economic-collapses-in-history