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Thread: Modern Monetary Theory debate

  1. #1

    Modern Monetary Theory debate

    I keep hearing all this arguments from economist that keep pushing MMT Private debt is not the same as public debt. Unlike the fed gov, individuals, states, and businesses can go bankrupt bc they are not currency issuers. They are currency users. Important distinction.

    Economist keep printing articles like this https://www.forbes.com/sites/frances.../#7af6b690314f

    It's like don't even care about the debt anymore



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  3. #2
    Quote Originally Posted by CORRY20 View Post
    I keep hearing all this arguments from economist that keep pushing MMT Private debt is not the same as public debt. Unlike the fed gov, individuals, states, and businesses can go bankrupt bc they are not currency issuers. They are currency users. Important distinction.

    Economist keep printing articles like this https://www.forbes.com/sites/frances.../#7af6b690314f

    It's like don't even care about the debt anymore
    They never did care but the debt itself isn't real, except to foreign holders that expect to be compensated for their holdings as they liquidate it during the ongoing petrodollar unwind. What is real is all of the (taxable) economic activity that the imaginary debt generated, which does have value after it has been earned by one's labor.

    MMT can be summed up as "BRRRRRRRRRRRR". It's all imaginary but we all play the game to various extents to capture a slice of the illusion.
    Last edited by devil21; 06-10-2020 at 11:22 AM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    But now you can't talk to people because of "social distancing"....brought to you by shills and politicians.

  4. #3
    Modern Money is NOT Honest Money.

    Modern Money allows people that have the power to print more money to steal the VALUE of your money without affecting the Quantity.

    So who has the power to "print money"? Banks and Governments.

    What happens is this. You have a dollar in your pocket. Your one dollar can buy one apple. Then they print money. Suddenly the price of your one apple is now 10 dollars, not one. They did not touch the money in your pocket, but were able to steal its value by printing new money. They call it Inflation, and turn back around and lie to us and tell us INFLATION IS GOOD. Might as well tell us also that being sick is healthy, and being stupid is smart. Bizarro world.

    Ron Paul said that Inflation is a Hidden Tax on the poor. Why? When poor people print money, the people that have the power to legally print money call it counterfeiting, even though that is exactly what the people in power are doing, and it has the exact same effect.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  5. #4


    MMT is just the latest smoke-and-mirrors attempt to hide and excuse socialism.

    There is no 'pool of underutilized resources' that can be more productively engaged if we accept more government intervention and socialist spending.
    "Never say, 'Well at least it can't get any worse!'" - Bill Cosby "But also never say, 'It's no use, it can't get any better.'" - merkelstan

  6. #5
    Another one i came up with:
    "Never say, 'Well at least it can't get any worse!'" - Bill Cosby "But also never say, 'It's no use, it can't get any better.'" - merkelstan

  7. #6
    There's no essential difference between MMT and what the state's been doing for the last many decades. If you understand why the factors of production should be allocated according to market prices, then you already understand why MMT is a bad idea. The details of that theory are just new shine on an old turd.
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken

  8. #7
    Congress has the power and authority which they lawfully outsourced to the Fed, and the Fed is - at least publicly, run by Presidential appointment and Senatorial confirmations. Therefore, no taxation without representation doesn't apply to monetary easement.

    One of these days, conservatives will realize the truth - that the Constitution is not a conservative document, but a very liberal one, and that free markets are not a conservative principle, but a liberal one - which has caused mostly all problems, corruption and debasement of our society.

  9. #8
    Quote Originally Posted by Snowball View Post
    Congress has the power and authority which they lawfully outsourced to the Fed, and the Fed is - at least publicly, run by Presidential appointment and Senatorial confirmations. Therefore, no taxation without representation doesn't apply to monetary easement.

    One of these days, conservatives will realize the truth - that the Constitution is not a conservative document, but a very liberal one, and that free markets are not a conservative principle, but a liberal one - which has caused mostly all problems, corruption and debasement of our society.


    Huh...?

    How have free markets caused our problems (especially considering that we've had nothing resembling a free market for eons)?
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken



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  11. #9
    Quote Originally Posted by r3volution 3.0 View Post


    Huh...?

    How have free markets caused our problems (especially considering that we've had nothing resembling a free market for eons)?
    You just answered your own question. The free markets that existed in the 1700s and 1800s gave birth to the current oligarchy.
    As capital was consolidated, markets became less free. Don't forget, free markets do not prohibit crony capitalism.

  12. #10
    Quote Originally Posted by Snowball View Post
    You just answered your own question. The free markets that existed in the 1700s and 1800s gave birth to the current oligarchy.
    As capital was consolidated, markets became less free.
    Don't forget, free markets do not prohibit crony capitalism.
    There is always some set of people who benefit from state intervention in the market.

    The relatively free markets of the past didn't create that problem.
    Last edited by r3volution 3.0; 11-12-2020 at 07:58 PM. Reason: typo
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken

  13. #11
    Quote Originally Posted by r3volution 3.0 View Post
    There is always some set of people who benefit from state intervention in the market.

    The relatively free markets of the past didn't create that problem.
    That is not the case at all.

  14. #12
    Must Watch!
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    Quote Originally Posted by RonZeplin View Post
    Super Joe Biden is already draining the swamp?

  15. #13
    Quote Originally Posted by r3volution 3.0 View Post
    There is always some set of people who benefit from state intervention in the market.

    The relatively free markets of the past didn't create that problem.
    Don't feed the troll- or in his case, the prole.


    Quote Originally Posted by Snowball View Post
    He's right - and capitalism is not traditional nor conservative in any way.

    Capitalism is an economic system meant to promote and consolidate the power of the CAPITALIST class -

    who have been increasing their power with dramatic results ever since the French Revolution.

  16. #14
    Quote Originally Posted by Krugminator2 View Post
    Don't feed the troll- or in his case, the prole.
    Prole in practice? Plainly, but not in (his) theory. The "ever since the French revolution" part is instructive. He has (correct me if I'm wrong @Snowball) adopted a "third way" ideology, ala distributism or G.K. Chesterston. If that's so, then he thinks that the end of the old order (which he caricatures just like the socialists) opened the doors to evil, exploitative, atomistic "capitalism" (itself a derogatory term). My view? A pinko who talks about fondly of medieval merchant guilds is still a pinko.
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken



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