“You can’t borrow yourself out of debt any more than drink yourself sober.”
Bill Still on the on-going debt problem and the solution proposed by L. Frank Baum in the Wizard of Oz.
Comment:~ The solution proposed is not a magic bullet. Money printed by Treasury, whether in the form of banknotes (“scrip”) or tally sticks, is still Treasury debt; Treasury effectively borrows when the currency is issued in payment and settles when the notes are presented in payment of taxes. It also debases the currency, though not as fast as debt created by the banks. This video serves as a reminder that we still have not solved the global debt problem — merely postponed the inevitable by issuing further debt.