Loading ...DEBT SCHMET
FULLY’S COMMENT
In an MMT world there are NO limits to Debt….because the government debt is the peoples asset.
Debt does NOT have to be repaid ,because it was just created out of thin air.
So there is NO limit to debt.
Except if and where there is FULL employment …then they need to reign the debt back in by taxation…to prevent inflation.
I am not Saying I agree nor disagree with this concept as it has never been tried ..it is a theory… Modern Monetary Theory .
And we are going to find out if it is “sound” because when it comes to Hundreds of Trillions of Dollars …there is no thought or effort to pay it back.
…Pay it back to whom would be the question …because Nobody worked for it…Nobody suffers if it is not paid back .
Get Over IT…this is where we are.
The old paradigm where government debt must be repaid is dead if it ever existed .
It doesn’t even have to be financed by selling bonds or collecting taxes….It is a mirage…
Time for us all to wrap our heads around this …This is real …Create money with a mouse click and it’s now in the Bank ( Fed or Treasury)
Give it away or spend it to pay for infrastructure or whatever….the citizens benefit…
The economy turns this money over and we all benefit… the Government “debt” escalates to unknow levels and It DOES NOT MATTER.
IT ACTUALLY NEVER MATTERED…when was the last time Government debt was paid back ?
MMT ! I LOVE IT !!
Welcome to the beginning of our hyperinflationary depression. Gonna be a fun ride!
Taking this one step further, perhaps taxes of all sorts (federal, state, and local) can be eliminated?
I think that the Fed is blowing smoke… inhale it at your own risk.
Apparently that’s true
Taxes are only necessary so that citizens will accept fiat money as their money.
Because taxes must be paid in the currency of the realm
When taxes are paid…money is destroyed.
Yes. U.S. federal income taxes were introduced in 1913, the same year that the Federal Reserve Bank took control of the money.
I think that it would be very beneficial for the U.S. economy if income taxes were eliminated for small businesses and folks with modest incomes.
Welcome to the United States of Zimbabwe.
and its allies: Canababwe, Britishbabwe, Austrababwe, Zealanbabwe, Eurobabwe, and Japababwe.
Got Gold?
🙂
a problem
MMT provides a sugar high, a temporary high to the economy,
a “feel good” measure, gets politicians time until the next election,b
but long-term it’s counterproductive
in spite of MMT and “stimulus” spending
the velocity of money is not responding
we’re just kicking the can down the road
party on Garth!
It’s too late because sooner or later, China will back the yuan with gold. It then becomes the Reserve currency. The dollar loses reserve status and the “music” stops and US has no chair. If they were going to try stupid MMT they should have been buying up all the gold with the trillions printed. They could have done a reset where they issue new dollar backed by gold. Too late for that now.