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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Author: PucksFool ✧✺  😊 😞
Number: of 86281 
Subject: Be afraid. Be very afraid.
Date: 03/01/25 8:10 AM
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Paul Krugman has an interview with a "Nathan Tankus — an independent expert on the financial “plumbing” at the Federal Reserve and the Treasury Department." The first part of the interview is spent going over Tankus' background and bona fides. It is the last 2/3s of the interview that is where the meat is.
paulkrugman.substack.com - Musk in your computers an interview

If you don't want to read the entire post, search for this and read on.
Krugman: Okay. You were doing the Fed back then, but Treasury also has a part. Obviously, there's a lot of plumbing involved. If the Secretary of the Treasury says issue checks to a bunch of people and Treasury Secretary says ‘make it so,’ what I hadn't realized was there is basically an agency, an office, there's a particular relatively small unit in Treasury that makes that happen. What's that? A bureau. The bureau of the treasury, which is actually kind of what for normal, inaccurate language, kind of cuts the checks, right? Is that a fair description?

Tankus: Absolutely. That's a fair description, Paul.
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This community has written 86,214 posts about US Policy. The article-length ones it recommended most:
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