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We are all about to witness the first real MMT experiment
Posted on 7/30/22 at 7:44 pm
Posted on 7/30/22 at 7:44 pm
And I predict it’s going to fail miserably
Modern Monetary Theory states that as long as you are an issuer of currency you can print as much as you want. Debt is irrelevant. The only constraint is inflation.
Well here we are experiencing inflation. So when you are trying to predict what will happen next you need to listen to what MMT theorists have said in the past.
Their prescription for inflation is to increase taxes. Inflation is going to continue and they are going to increase taxes and crush this economy further into the gutter.
MMT is woke economics and all the people in power have bought into it. It’s going to be a complete and utter disaster.
Modern Monetary Theory states that as long as you are an issuer of currency you can print as much as you want. Debt is irrelevant. The only constraint is inflation.
Well here we are experiencing inflation. So when you are trying to predict what will happen next you need to listen to what MMT theorists have said in the past.
Their prescription for inflation is to increase taxes. Inflation is going to continue and they are going to increase taxes and crush this economy further into the gutter.
MMT is woke economics and all the people in power have bought into it. It’s going to be a complete and utter disaster.
4
Posted on 7/30/22 at 7:48 pm to Knuckle Checker
Yet another alter
Posted on 7/30/22 at 7:52 pm to UltimaParadox
By deflecting, I’m assuming you believe the powers that be don’t prescribe to modern monetary theory. Is that true?
Everything about our spending says they do
Everything about our spending says they do
Posted on 7/30/22 at 9:19 pm to notiger1997
The responses are very telling. They wreak of insecurity. You know there is something rotten in the system but you also know there is no logical way to defend Modern Monetary Theory.
You probably have a shitload of money invested in the system and it’s easier to keep your head in the sand rather than face the cognitive dissonance your brain is experiencing.
Or you can try to defend MMT. I welcome the debate.
You probably have a shitload of money invested in the system and it’s easier to keep your head in the sand rather than face the cognitive dissonance your brain is experiencing.
Or you can try to defend MMT. I welcome the debate.
Posted on 7/30/22 at 10:41 pm to Knuckle Checker
When I first heard MMT I thought it was a joke. Then they started printing money in 2007 and 08. No inflation resulted. I kept waiting for the shoe to drop. We kept printing and printing and the shoe never dropped. Pandemic hits, the shoe drops. All it needed was a spark and the fire is lit and not going out until all that new money is burned.
I think a crypto collapse, similar to what has occurred, is the only way to burn most of it off without having severe consequences similar to the Great Depression.
I think a crypto collapse, similar to what has occurred, is the only way to burn most of it off without having severe consequences similar to the Great Depression.
Posted on 7/30/22 at 11:11 pm to Lickitty Split
The politicians love MMT. You know they don’t understand it but all they know is they can point to some scientists and say they said it was ok to keep passing massive spending bills.
It’s a recipe for complete disaster
But the theory itself if designed to redistribute wealth. You spend excessively on social programs which benefits the poor. Then you create inflation which decreases the value of savings and wealth. Then the solution to that inflation is higher taxes.
It’s back door wealth redistribution that no one sees coming
They openly talk about wealth redistribution in the literature
It’s a recipe for complete disaster
But the theory itself if designed to redistribute wealth. You spend excessively on social programs which benefits the poor. Then you create inflation which decreases the value of savings and wealth. Then the solution to that inflation is higher taxes.
It’s back door wealth redistribution that no one sees coming
They openly talk about wealth redistribution in the literature
This post was edited on 7/30/22 at 11:12 pm
Posted on 7/30/22 at 11:14 pm to Knuckle Checker
Wealth redistribution to the poors?
Posted on 7/30/22 at 11:27 pm to Knuckle Checker
Socialism.
While states cannot coin money, they may be able to create virtual currency to get out of this mess. There’s no reason we should have to lose the value of our money because the federal government doesn’t balance their books and hasn’t cut anything of substance in decades.
While states cannot coin money, they may be able to create virtual currency to get out of this mess. There’s no reason we should have to lose the value of our money because the federal government doesn’t balance their books and hasn’t cut anything of substance in decades.
Posted on 7/30/22 at 11:29 pm to Knuckle Checker
quote:
Their prescription for inflation is to increase taxes.
This is not accurate. At least for the people that actually developed MMT.
Posted on 7/31/22 at 6:29 am to Lickitty Split
Wasn’t a fan of QE but that money never went into M2, that’s why inflation never crept up on us.
Congress just created 40% of all US dollars within the past couple years through PPP and stimmy checks. That exploded M2 and is part of the reason if why we are seeing inflation now.
Congress just created 40% of all US dollars within the past couple years through PPP and stimmy checks. That exploded M2 and is part of the reason if why we are seeing inflation now.
Posted on 7/31/22 at 7:09 am to joshnorris14
quote:
This is not accurate. At least for the people that actually developed MMT.
This is a lie
They have stated multiple times that you need to raise taxes then when asked about it they shy away from that because they know it’s extremely unpopular
Or they say “well raising taxes isn’t the only way to reduce inflation, you could reduce spending”
Do you really think the government is going to reduce spending?
Stop repeating talking points and do some research
Posted on 7/31/22 at 7:44 am to joshnorris14
quote:
This is not accurate. At least for the people that actually developed MMT.
Wait what? You have to explain.
Taxation is MMT's way to remove money from circulation to thwart inflation. MMT is a system of piling money into the economy (via public spending) then taking it back (via taxes).
Inflation is always the big question mark with MMT and they acknowledge that. What do you believe is their prescription for that ailment?
Posted on 7/31/22 at 10:22 am to SlowFlowPro
quote:
Wait what? You have to explain. Taxation is MMT's way to remove money from circulation to thwart inflation. MMT is a system of piling money into the economy (via public spending) then taking it back (via taxes). Inflation is always the big question mark with MMT and they acknowledge that. What do you believe is their prescription for that ailment?
It looks like someone else here has actually done some research instead of regurgitating talking points.
Bravo sir
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