Capitalism has no mechanism by which it can produce such.
I’m going to try and summarize the video that @castoli711 linked to in the first post of this thread:
-the speaker: “a student,” and “had never heard of Modern Monetary Theory before February.”(video is dated: September 28)
-Mocks Hillary Clinton for asking how things would be paid for:
-mentions Stephanie Kelton, who wrote this: Op-Ed: Congress can give every American a pony (if it breeds enough ponies)
-If we can give every American a free pony, then “why we can’t give Americans free healthcare and college?”
-“The purpose of a government is to compel the people to use the real resources at its disposal for the benefit of society.”
-“The US dollar has value because people have faith that the US government will do something severe if they do not pay their taxes with the US dollar.”
-“Without a deficit, people have no incentive to do what benefits society.”
-The federal deficit can be called our “national income,” and the national debt can be called our “national value”
-“We will pay for it by getting you out of office and replacing you with someone who will never ask that question again. They will do whatever it takes to get the job done.”
“Until that day, 100% of our energy and time will be spent making your life a living hell, until you either give it to us, or get out of office.”
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That sounds like a well adjusted person and not someone who has swallowed the hook on a theory he just learned about….
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The great thing about MMT is that you don’t need to be well-adjusted to believe in it.
I think this may actually be a requirement to join.
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Sounds like you want to be on the first train to the camp where the people are compelled to use the real resources at their disposal for the benefit of society.
Man, that sounds so awful. Doing things for the benefit of society. Wheres the profit?
Yeah kinda like the politicians you vote for. It’s okay for them to do it to the public, but God forbid if the tables were turned.
I’m going to summarize the learned critique from NickVar
Try and make fun of things you don’t understand.
Don’t provide any evidence to the contrary.
What a rube.
Then provide that basic examination which defeats the basic tenants of MMT. But you can’t so it’s easier to make accusations about something you don’t understand. The mainstream indoctrination is strong with this one.
Okay, why?
I have made it that way. I spend my time reading, helping animals and donating to causes I believe in, when I’m not trading currencies.
A simple logic test and the whole damn thing falls apart.
The claim from MMT is that fiat currency only gets value because of the threat of punishment (I.e. pay taxes or go to jail). If this was truly the case, why does Jeff Bezos pay taxes? He could easily hire paramilitary contractors to protect him in case the government wants to arrest him for not paying taxes. By extension then, why would any company pay taxes? There isn’t enough government manpower to bring all companies to a halt if they collectively decide to avoid taxes (which any business owner would logically do because it lowers operating cost). This alone would not tank the value of the dollar. By further extension, why would any citizen pay income taxes? There is not enough manpower of places to intern 320+ Million people, not to mention many of these people are heavily armed (@Bauber if we quit paying taxes in rebellion I am coming to your compound).
However, an injection of ~4 billion dollars into the economy that never previously existed (as we have seen in the last two years) has been a contributing factor to the out of control inflation we currently see. My food bill has gone up 40-50% meaning the value of the dollar has significantly decreased due to that injection.
Logic so easy even you can follow it.
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Oh Bezos does pay fed taxes? Maybe that is Amazon I’m thinking of.
How was Al Capone taken down?
A reason to tax people. To prevent them from coming too powerful and putting politicians in their back pocket.
Why do they pay taxes?
Ahhh,no it had much more to do with the breakdown of the supply chain and those wholesome American companies using inflation as an excuse to raise prices. Gotta love’em!
How much does SS inject in the economy every year? Where is all the inflation from this?
Why aren’t they logically doing it now?
Your argument is incredibly weak. But even you can’t see it. Bwahahahaha!!!
You didn’t refute any of my points as usual.
Or like I said bad fiscal policy is a contributing factor.
“ Monetary Devaluation
Monetarists understand inflation to be caused by too many dollars chasing too few goods. In other words, the supply of money has grown too large. According to this theory, money’s value is subject to the law of supply and demand, just like any other good in the market. As the supply grows, the value goes down. If the value of money goes down, its purchasing power drops and things become relatively more expensive.”
From: What Causes Inflation?.
But you will just ignore that fact since it doesn’t align with your ingrained bias.
I find it hilarious that you state anyone criticizing your opinion is “a rube” and closed minded but when presented with a counter you cannot open your mind enough to think a bout it.
Oh the irony…
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Realistically if you just had a few million people maybe less with means tell the government to fuck off with their taxes - there is literally nothing they could do.
Especially if you were willing to take it to violence and any means necessary.
The best thing the government ever did was to make life easy and provide comforts and entertainment - it gives people a life they don’t want to lose.
They will pay whatever their masters tell them to stay comfortable.
I’m guilty of this too - not throwing stones.
The tax code favors the ultra wealthy obviously - I’m striving to get there but who knows if I ever will (probably not).
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And you know this because…
So it’s a question of production.
Ahhhh no I can open my mind as I was once a brainwashed fool like you. I believe in the heterodox, you believe in the mainstream. But somehow it’s I who is close minded.
Oh the irony…
We all are. The status quo isn’t too bad so there is no reason to upset the ship (yet).
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Yea. It’s a problem with multiple contributing factors - like I said. More and more dollars and less goods…wouldn’t be as bad if it was just one of these factors. MMT is based on production of real resources (according to your posts) and printing money shouldn’t contribute to inflation - but it does.
Brainwashed to a different side is still brainwashed…