MMT is just printing money. It is no different than the rule in Monopoly that the Bank can't run out of money.
It is neither new or modern and every society/civilization that has tried it has collapsed. The USA has been employing it since the 2007-2008 recession and the USD is worth about 2 cents (it was about 3 cents before China virus).
It used to be called QE, and when banks talk about it to people they use very deceptive language. I remember a bitcoin talk with the local banker telling us the virtues of MMT/traditional banking, how they can print more money, make people "Earn" more money, recover stolen money, etc. They never once mention where this money comes from, how people are secretely creditors to the bank, how bankruptcy laws for banks vs consumers work (hint you lose everything), how inflation works, why banks try to avoid deflation, credit runs, bank runs. Apparently according to the local jew all sunshine and rainbows over here! /s
Don't forget the money for mortgages are created out of thin air.
They used to be underfunded, so a bank needed something like 10% of collateral. It was already crap in the late 2000s in terms of actual collateral required by the banks, but thanks to the kikes, we now have 0% collateral which is atrocious.
It is neither new or modern and every society/civilization that has tried it has collapsed. The USA has been employing it since the 2007-2008 recession and the USD is worth about 2 cents (it was about 3 cents before China virus).
It's actually been official policy since Nixon took the US off the gold standard in 1971. But before that FDR took the US off the gold standard in 1933 when he confiscated gold from private citzens (they don't teach you THAT in history class). Unless you're trading actual gold, all paper ends up being turned into government counterfeit money (fiat). MMT is just a recognition that yes, we DO have fiat currency as an official policy.
They weren't printing crazy amounts of money before the 2007-2008 recession though.
Yeah, they were. It's just even more crazy now. Every new crazy makes the old crazy seem tame.
I see the point you're trying to make, probably. But it is referred to as the inflation tax, even in economic literature. You're unknowingly conflating monetary and fiscal policy which are separate things.
Fair assumption, but I am not ignorant to that difference. The people who push for this care nothing for the governments fiscal policy because they see my individual fiscal policy as fungible. If (see: when) inflation runs rampant they will put a 50% tax on us to limit spendable cash and keep their deranged system in line?
So I’m out $50K, but their friends who received all this for gender studies and other idiotic programs come out clean.
I remember when Bush was President they tried to tell everyone that debt doesn't actually exist and they can run the tab up all they want.
Alan Greenspan said, if that was true then it isn't necessary to tax anyone because we wouldn't need to repay the debts.
So the neocons at the time then dropped the argument. Greenspan, being a jew, correctly reminded the current administration that they can't pretend like our tax-slavery is pointless in the usual, tactful kike-speak he was famous for.
I mean, I guess the neocons were technically right if they default. But then they couldn't justify our tax slavery.
Exactly. Its like when they made Trump stfu when he started talking about fed payroll tax exemptions
Taxes go up because the government wants them to. 1) It's a counter to inflation. 2) It forces people to use dollars. 3) It's a form of wealth redistribution. 4) It's a nod at the idea that government finances should be kept in check. Of course, it fails in actuality for all sorts of reasons.
MMT really just says fiat money is ok. Inflation happens when supply of money exceeds the usage of it. You COULD have a fiat currency in which money is only printed and injected into the economy based on need such as funding infrastructure projects. But that would be a NATIONAL CURRENCY not as in US case, FEDERAL RESERVE NOTES. Which federal reserve notes are just US debt. The REAL issue lies in MMT can only work if there is a nationalized currency (taking away the need for a country to go into debt to get more money) and then those in charge are only printing money to pay for needed projects.
tl;dr on "Modern Monetary Theory"?
(post is archived)