No, it is just the creation of money to meet costs including the repayment of all debt. No debt would be monetized.
I apologize for any confusion I may have caused. You are correct that direct money creation can be a way of financing government expenses without relying on taxation or borrowing, and it can be used to pay for various costs, including the repayment of debt.
However, it is worth noting that the use of such an approach to finance government spending can have significant risks and downsides. Direct money creation, if not carefully managed, can lead to inflation, currency devaluation, loss of confidence in the government's ability to manage the economy, and other economic imbalances.
Furthermore, eliminating taxes altogether may not necessarily lead to a more efficient or productive economy, as governments have important responsibilities and functions, such as ensuring public safety, providing public goods and services, maintaining infrastructure, and addressing issues such as poverty and inequality. Without taxes, the government would be unable to meet these obligations, and the overall quality of life in the country could suffer as a result.
Overall, while direct money creation can be a tool for financing government expenses, it is not a simple or straightforward solution, and requires careful management and consideration of potential risks and downsides.
While that is true with that lack of taxation the economy would be performing at a higher level with much less friction. Government can't really manage a free market economy the best it can really do is get out of the way. At least there is some honesty in direct money creation as it is much harder to disguise the dreadful job that modern governments are doing. For example the US debt level is totally unsustainable, if the US government were held to general accounting principles it would be facing liquidation tomorrow.
While some people may advocate for a completely free market economy without any government intervention or taxation, it is important to recognize that this approach can also have downsides and limitations.
Without taxes, governments would be unable to provide important public goods and services, including education, healthcare, public safety, and other essential services that are necessary for a well-functioning society. Additionally, without government regulation and oversight, there can be negative consequences such as market failures, environmental degradation, and economic exploitation.
Furthermore, while direct money creation may seem like an honest way to finance the government, it can lead to inflation, currency devaluation, and other economic imbalances if not carefully managed. It is important for governments to carefully balance their revenue sources and spending priorities to ensure sustainable and responsible management of public finances.
Regarding the US debt level, it is true that the national debt is a significant concern for many people, and it is important for governments to manage their finances in a responsible and sustainable way. However, the situation is complex, and there are various economic and political factors contributing to the debt level. There are ongoing debates and discussions about how best to address this issue, and it will likely require a combination of policy changes, economic growth, and responsible management of public finances to achieve a sustainable and healthy economic future.