The foreign sector mostly draining dollars from our real economy and then investing them in our financial economy

In the past, I used the name “MDuh” for bank-created money, the measure Friedman and Schwartz studied, not the measures they popularized

For this article, though, I’ll use “M63,” referring to the year they published their work.

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Pfizer in 2019 sold $20 billion of drugs in the U.S. Its federal tax bill? Zero; Ireland

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