For centuries, civilization believed that in our solar system, the sun revolved around the earth, that it was pulled by Earth's gravity, and that our universe was limited to within the Firmament. This was proven wrong in modern times.
Today, it is believed that in our monetary system, the US federal government's finances revolve around us, that federal spending is pulled by federal taxes and by federal borrowing, and that federal spending is limited within a debt ceiling. This idea is proven wrong in modern monetary theory.
Edward J. Delzio was born and raised in northern New Jersey. After graduating from Wilkes College in 1983, he began entry-level work on Wall Street for RMJ Securities, a US Treasury bond brokerage firm.
His career as a Treasury bond broker at RMJ, Cantor Fitzgerald, and eSpeed lasted just under 30 years, split between branch-office locations in New York City and Tokyo.
THERE IS AN innocent false impression of our present day economic ecology that widely exists today. This collective misunderstanding mostly arises from a failure to distinguish the completely separate monetary functions of the United States federal government, from the monetary functions of everyone else. Since the gold standard era ended, the federal government operates under a new paradigm, different from what we were taught long ago, and different from what we are still told today.