Do you not believe prices will adjust to an increased money supply? Do you not think currency instability will effect the output of producers? I have such a hard time believing you are this stupid, but you’re so consistent. I can’t decide whether you’re miraculously able to post on this board while being the dumbest human to ever walk the earth or are the GOAT troll.
1 Like
Scarcity caused inflation. Money printing to solve said inflation caused the hyperinflation and literally destroyed their economy.
Educate yourself, please.
I refuse to believe he is the GOAT of anything.
2 Likes
I mean, why didn’t they just up their production? The answer is clearly that simple. Just make more shit.
3 Likes
I thought there was scarcity with regard to products. Scarcity of products + lots of money in circulation, what could go wrong? Maybe if they didn’t screw up their agricultural system, because agriculture that works is racist, they wouldn’t have had scarcity to begin with. What did they think? They could use the money as fertilizer? Too bad it wasn’t worth shit.
2 Likes
This was all planned
Obviously, those who took over didn’t.
Except the people that took over were not well versed in farming(growing of crops). But why am I bothering to tell you that, you already know everything.
Or lack of production. Now you are starting to get it. I know baby steps. Got it!
And you still haven’t recognized that food production fell by some estimates by 73% in Zimbabwe and inflation began prior to money printing. What…I thought it was money printer go brrrrr…
Really? I don’t believe you. But what would it matter any way. You’re king of the correlation means causation.
Who says that fiat currencies are immune? The point you still haven’t gotten, is that there is much more fiscal space then gold bugs say. Now go away and do some reading.
All the while you continue to follow the Master of Puppets.
I have difficulty believing it but, if he’s just trolling, that just adds to his greatness.
1 Like
Exactly. If they had thought about it and made intelligent decisions, they wouldn’t have reacted by printing more money to solve their problems. Now you’re getting it.
2 Likes
The complete lack of self awareness on display is incredible.
Literally have never claimed this, just that MMT falls apart after a cursory glance.
The slope change in this graph occurs shortly after 1970. Dollar became Fiat currency in 1971. It’s related because the people who benefit most off of fiat currency are the people who already have money. The slope of the Median and averages remain basically linear while the Top 10% and above slopes become more exponential.
Learn some fucking math.
This is the logical conclusion of MMT if you extend the theory because you cannot reach maximum production and supposedly sovereign currency issuers cannot default on their debt. Therefore, one cannot create the fiscal control MMT posits via that methodology.
More reading that highlights some of the BS
From the article
"Another reason may be that few who are
not proponents of MMT accept the logic that the approach offers.
For example, Mankiw (2020, 7) concludes that “MMT contains
some kernels of truth, but its most novel policy prescriptions do
not follow cogently from its premises.”
Kelton further suggests that the government can determine
the “value” of (really, the demand for) the currency in circulation
through policy. This value determination applies to the demand for
the currency, which would respond to the government’s increasing
or decreasing the taxes due. It also applies to the supply, which the
government controls by increasing or reducing public spending of
the currency. As a result, the government can tweak the currency’s
market value using measures on both the demand and supply
sides. But, as Kelton notes, the value of (demand for) the currency
is ultimately based on the requirement to pay taxes using it, without
which it would be “worthless.”
An obvious error in this position is the lack of proportionality.
Thus, this author responded with a question: “Your argument
is that currency is valued because it must be used to pay taxes.
And that’s also why it is valued way beyond tax liabilities. Is
that right?” (@PerBylund, June 8, 2022). If the currency is valued
because (and only because) it is needed to pay the taxes owed
to the government, then this does not also explain why actors
would value it much beyond their tax liabilities. If the government
requires me to pay taxes of $100,000 in its currency in year X, I
have no reason to demand that currency beyond the $100,000 I
owe. The exception to this would be if the currency is already
the common medium of exchange and therefore valued for its
(expected) purchasing power with respect to other goods. But that
is not the chartalist argument, which, at least as Kelton states it, is
that the currency would be worthless were it not for taxes.
I doubt you will read the whole article as I am pretty sure 19 pages is well beyond your capability.
Or increased money supply or a combination of those factors.
You’re an amazingly dense fuck.
2 Likes
If
MMT
Was
True
Zimbabwe
Could
Have
Just
Bought
Food
With
All
The
Money
They
Printed
Instead
They
Got
HYPERinflation
Holy shit
2 Likes
Bahahahhaa
1 Like
If I understand MMT correctly, that wasn’t real MMT, because it didn’t work.
1 Like
Lol, never heard that excuse before…