I love that you grasp MMT, because if one thinks about money creation, really, it makes total sense. The chicken or the egg argument. But Steve is right on the point that there needs to be something to anchor all the money output. Something to soak it up. But they don’t care. No federal job guarantee, no life raft for the plebeians, just endless $ for the m.i.c. and all the other leeches that run our government. Don’t you think ultimately that the country will go the way of Rome?
Glad you appreciated the MMT point. It is crucial for the left to understand that taxes do not fund US federal govenment spending, and that federal "debt" and "deficit" the same as personal, houselhold, or local government debt. Regarding "something to anchor," that would be the real resources, actual goods and sevrices, that are or can be made available for putchase--but no particular commodity.
The issue of the US dollar as international reserve currency is imporant, but separate from its role in the domestic economy. it is a crucial underpinning of the US imperial system, and it is being weakened. But it will take some time and doing to repace it with something else that can function as a universally-accpeted insturment of exchange.
The US's transtion from a productive to a finanialized econonmy, and its dependence on militarism does evoke the corruption of the late Roman empire.
I love that you grasp MMT, because if one thinks about money creation, really, it makes total sense. The chicken or the egg argument. But Steve is right on the point that there needs to be something to anchor all the money output. Something to soak it up. But they don’t care. No federal job guarantee, no life raft for the plebeians, just endless $ for the m.i.c. and all the other leeches that run our government. Don’t you think ultimately that the country will go the way of Rome?
Glad you appreciated the MMT point. It is crucial for the left to understand that taxes do not fund US federal govenment spending, and that federal "debt" and "deficit" the same as personal, houselhold, or local government debt. Regarding "something to anchor," that would be the real resources, actual goods and sevrices, that are or can be made available for putchase--but no particular commodity.
The issue of the US dollar as international reserve currency is imporant, but separate from its role in the domestic economy. it is a crucial underpinning of the US imperial system, and it is being weakened. But it will take some time and doing to repace it with something else that can function as a universally-accpeted insturment of exchange.
The US's transtion from a productive to a finanialized econonmy, and its dependence on militarism does evoke the corruption of the late Roman empire.
Truly.