Modern Monetary Theory: Snake Oil of the 21st Century

Modern Monetary Theory: Snake Oil of the 21st Century

MMT is dangerous, but it’s popularity is growing.  MMT fluffs over some incredibly complicated subject matters, making it easy to drag people into the weeds, and MMTers take advantage of this to confuse people.  Their goal is not to win debates, but to prevent the masses of the public from listening to the conversation.  MMT wants you to tune out from facts and reason, so that you will listen to the siren song of ‘free’.  The goal of this editorial is to arm you with the tools to refute MMT, once and for all.

If you have not heard of Modern Monetary Theory (MMT), you have not been paying attention to the left.  MMT is based on the facts that 1) US debt is held in US dollars, and repaid with US dollars, 2) that the US government can print as much money as it needs, and 3) that because taxes are paid in US dollars, taxation can be used to deplete the supply of money, and in doing so, prevent inflation.That’s actually all true.  US debt is held in US dollars, which the government has the power to print in any amount it wants, and taxes are paid in US dollars so taxes could be used to reduce the supply of money, and prevent inflation……

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About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
Rubriigid: Estonian. Salvesta püsiviide oma järjehoidjasse.

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