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Modern monetary theory is all backwards. If the govt can set - values for the worth of X by

Posted: Oct 13th, 2018 - 7:58 am In Reply to: Stop the madness, learn economics, - The operational reality of US govt

manipulation of the currency, earnings are nullified and savings are nullified, possession are nullified by way of currency manipulation.

If you save for 20 years to buy a home worth X and the government gives it a value of Y and taxes it at the new value, then you can lose it and all property is “rented” from the state.

Basically this THEORY is just another way to micromanage the economy by central planners.

It sounds impressive until you notice it isn’t tied to anything concrete. Just more fiat money.

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Stop the madness, learn economics, - The operational reality of US govt (Views: 184, 2018-10-13, 7:53 am)
- Modern monetary theory is all backwards. If the govt can set - values for the worth of X by
  - MMT is simply put, the "inner party" controls all the - money, both fiscal and monetary (Views: 135, 2018-10-13, 9:15 am)
- A quick Wiki search shows this theory thinks that since a - govt controls the monetary printing (Views: 216, 2018-10-13, 8:21 am)
  - They fail to realize that any money a government prints is - fiat money unless there is something to back (Views: 131, 2018-10-13, 8:27 am)
    - Party on the printing press! That is what John Maynard - Keynes did, the Communists and Turks (Views: 210, 2018-10-13, 11:28 am)
      - This just makes it easier for govt officials to embezzle - money to fund their lavish lifestyles. (Views: 159, 2018-10-13, 12:20 pm)
    - Nope. - Sm (Views: 158, 2018-10-13, 11:44 am)
      - "Can be managed with taxes and stabilizers," - In other words, raising taxes. (Views: 133, 2018-10-13, 11:53 am)
    - US has had fully fiat currency for last 47 years.. - No sky fallen yet (Views: 108, 2018-10-13, 12:04 pm)
      - Then why keep talking about the debt? Why care about the - interest rate? Is the debt really there? (Views: 116, 2018-10-13, 12:08 pm)
        The deficit is necessary. - Sm (Views: 119, 2018-10-13, 12:18 pm)
        Thank goodness the world and American citizens take our - printed, fiat currency at near zero (Views: 197, 2018-10-13, 12:30 pm)
      - Big mistake going off the gold standard. Other countries like - China bought US Treasury Bonds (Views: 192, 2018-10-13, 12:12 pm)
  - No, spending should still be controlled - Understanding funding and demanding (Views: 138, 2018-10-13, 12:00 pm)
- This sounds convoluted. Bottom line is, it's probably going to - work for about 10 years or so. Then, (Views: 145, 2018-10-13, 8:24 am)
- So who is financing this debt? - nm (Views: 111, 2018-10-13, 8:29 am)
  - Well, you see, the debt "isn't really there," because the - gov just prints more money to cover (Views: 131, 2018-10-13, 8:37 am)
    - Just in case you haven't read the other - Comments (Views: 144, 2018-10-13, 11:52 am)
- What is modern about it? Current economics is the same as - old economics. Revisionism is the (Views: 134, 2018-10-13, 8:54 am)
  - Creation of money out of thin air leads to increased - supply of money, which leads to (Views: 124, 2018-10-13, 9:18 am)
    - Nope - Controlled by taxes (Views: 133, 2018-10-13, 11:47 am)
      - So govt created money feeds the pig that is the federal govt - and federal-related spending, (Views: 117, 2018-10-13, 12:05 pm)
        Without the austerity threats - Funding to the society (Views: 110, 2018-10-13, 12:20 pm)
- Unlimited budget for government. - nm (Views: 146, 2018-10-13, 10:25 am)
  - No, not unlimited...and we need to demand it be spent - On ALL of us (Views: 114, 2018-10-13, 11:49 am)
    - "When the people find that they can vote themselves - money, that will heard the end of the (Views: 134, 2018-10-13, 11:55 am)
      - Um...there is still Congress in the equation - We need to Learn and Demand (Views: 167, 2018-10-13, 12:22 pm)
        Ah, now we are getting to what this is really all about. - Socialism. I'm not for corporate (Views: 148, 2018-10-13, 12:37 pm)
        That is not socialism - Sm (Views: 145, 2018-10-13, 3:42 pm)
        Central planning never works because it does not incorporate - human nature. (Views: 130, 2018-10-13, 4:13 pm)
- Economics 101 - See link (Views: 133, 2018-10-13, 6:01 pm)