You have, under different names. The Soviet Union, Communist China, etc.
I’ve had it for awhile-MMT style.
Sorry, I was being sarcastic.
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And maybe other countries would not accept a currency from a country that was experiencing high inflation.
What about money he may owe others? And what medium of exchange does he recommend other than the fiat dollar? Others need to pay taxes. So it’s no giant mental leap to discern they will need fiat currency to satisfy their taxes as well.
“supposedly”?
Do you think this could be due to tax laws and policy prescriptions?
And where are his examples?
It doesn’t matter - if taxes are the only thing that gives value to money (as proposed by MMT and enforced by the violent proposition of jail if you don’t pay), then any other thing could be used for value for any transaction outside of paying the benevolent ruling class. Why would I accept a tax token (because that’s what they solely are under Kelton’s definition in MMT) for anything more than taxes.
Yes - do you not understand English?
No, it’s a function of fiat currency definition/nature.
check the pages of sources at the end of the paper.
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What don’t you understand?
The public debt is the people’s money. Former Vice President Dick Cheney famously said, “Deficits don’t matter.” Works for neocon jerkoffs!
Happens all the time. How do you think the U.S. fights so many wars? The raising of taxes. So many people say this.
Because everyone accepts them as everyone(most) needs them for a tax liability
Is this even up for question?
You need to think it thru some more.
Have you?
How it’s possible for a person to be as dumb as you are and not need a feeding tube.
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No, it’s pretty fucking obvious
https://onlinelibrary.wiley.com/doi/full/10.1111/twec.13028
The cost savings from unbacked fiat money in all these cases are thus well below expectations. In fact, these examples undermine the traditional cost-saving argument for fiat money as presented by eminent economists throughout the history of economic thought as well as contemporary authors of economics textbooks. These results show that from the vantage point of conventional business accounting, a return to gold as an anchor of the money stock is economically feasible. This conclusion does not take into account other potential benefits, such as greater economic and financial stability (Borio & Nelson, 2008; Huerta de Soto, 1995, 2006; Schnabl & Hoffmann, 2008), reduced moral hazard that would arise from ending the political control over the base money supply (Hayek, 1978; Hülsmann, 1996, 2006) and reduced inequality in terms of income and wealth as a result of more restrictive monetary policy (Duarte & Schnabl, 2019; Hülsmann, 2014; Israel, 2017; Israel & Latsos, 2020; Saiki & Frost, 2014).
https://www.researchgate.net/publication/340536565_The_impact_of_monetary_systems_on_income_inequity_and_wealth_distribution_A_case_study_of_cryptocurrencies_fiat_money_and_gold_standard
Right in the abstract:
Findings –The findings indicated that cryptocurrency and gold standard monetary systems contributed significantly to reducing global inequality of income and wealth distribution. Conversely, the traditional fiat money system contributes positively to global income and wealth inequality while also contributing significantly to their fluctuation
More:
The traditional fiat money system is an inflationary system with a tendency
to hurt the workforce and savers, resulting in hurting the lower and middle classes.
Since the math in that paper is beyond you, here is the conclusion
Furthermore, the findings of the study showed that fiat monetary system contributes in
clear and absolute terms to global income inequality through many channels including
inflation tax channel, the earnings heterogeneity or job destruction channel and the income
composition channel. This hurts the lower and middle classes and enriches those who create
the fiat money and operate in the financial industry. The system increases the gap between
the rich and poor.
Have you ever thought that maybe those who are the most adamant about MMT and the continued creation of fiat currency are so gung ho because it benefits them more? I.E
Elizabeth Warren - Net worth 12M (2019 I am sure it’s quite a bit higher)
AOC - Net Worth 13M (2023 number)
Those with a lot of money and assets benefit from “more” money being available more than those without.
Also, you only make a buck because of fiat money, currency volatility, and inflationary policies…
One of the most interesting things about this chart is that 200M people don’t actually pay federal income taxes…
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“Works” in what way? Convincing dumbasses? It obviously does.
NO ONE should.
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And of course you can’t expound on something you’ve commented on because you don’t understand it.
It’s more like a savings clock. Only propagandized people think this way. If the government spends $100 into the economy but only taxes back $90. There is a $10 deficit. Ohhhh… aren’t you frightened. Do you think that $10 just disappears or do you think it may operate in another way in the economy?
And MMT is not ideological, it is just a description of how the money system works. If the financial gap increases it is because of a choice. A choice of the people you vote for.
And why do you make a buck?
Yeah, like neocons and Haliburton. They may not admit to it but they love it. More money, more power.