Why Modern Monetary Theory Will Destroy Money
#MMT centers around the notion that the #economy in general, & #money in particular, should be the creatures of the State. It’s nothing new. It’s just another name for an old, & very stupid, set of economic #ideas.
Find out more here: https://www.rethinkingthedollar.com/why-modern-monetary-theory-will-destroy-money/
NO. IT. DOESN'T. MMT proposes only one idea you need concern yourself with: Our only spending constraint as a nation is real resources which are finite, not US dollars which are infinite. If we don't have the manufacturing capacity, manpower and raw materials to enact a budget plan, then we can't afford it. If we put that money into the economy anyway, we will likely cause inflation. The US Constitution empowers Congress to spend for both the common defense and the general welfare, and since 1971 we've been doing that with a fiat currency, or one which is not based in gold, or any other finite commodity. That means, as the Trump administration recently proved, that we can spend 1.2 trillion into the economy without collecting any new taxes to do so, and without causing hyperinflation in the process. If people would stop being afraid long enough to just think about this, it's already blatantly obvious. #LearnMMT