I keep hearing people talk about MMT like it is some genius system. Then the same people claim it is how our system currently works.
Let’s make a few things clear. What MMT illustrates is the fact that the current fiat currency system is a farce. That fiat currency like the dollar has no actual value. We can print all the money we want is what they say.
So that raises the question- Why have a monetary system at all? Why not go straight to Marxism?
No, I am not a proponent of Marxism, I am simply making a point here. However, given the choice between MMT and Marxism, I would choose Marxism.
MMT proponents consistently avoid certain facts. Like the fact that the value of the dollar is measured against other currencies on the international market. We owe other countries (like China) money. When they cash in US bonds, they expect that those bonds will hold a certain level of value against their own currency. If we print more money, it devalues the dollar and what they receive in payment is far less than they loaned us.
If we were to attempt to simply write off all debts globally, that would cause disruption of the entire global economic system. We’d have a lot of people very angry with us. They would cease all trade with us completely immediately. Then demand payment of legal debts in hard assets.
There are some who make the spurious claim that the dollar cannot be devalued. Yet we have seen the value of the dollar drop in the past two years at times. What happened to regain the value? The printing of money slowed in an attempt to increase the value.
What all of this means is that the only way MMT could possibly work would be if it were adopted globally by all countries concurrently. And that would mean all countries would have the right to print as much money as they like to pay their debts.
Maybe some have the belief that America can implement such a system unilaterally. Which is making the assumption that every other country on earth will voluntarily submit themselves to the dominance of the American Empire enforced with an ever-increasing military power to openly support a corporate structure that devours all in it’s path.
So, while MMT continues gaining attention, it is misleading alleged Progressives. It is nothing but another version of Libertarianism. Certain subjects are avoided at all cost when discussing it. If you ask over 95% of supporters of MMT to explain it, they offer regurgitated arguments with no substance, post links and make offensive comments claiming their superiority and your ignorance. Even as they are unable to answer straight questions. Ask two “experts” on MMT the same question regarding the mechanics of MMT and you will generally receive two opposing answers.
Stop looking for people to tell you we can keep the same system we have in place yet expect different results.