https://www.youtube.com/watch?v=yofpo88ipmo
- A good short primer about our monetary system to help clarify. https://www.youtube.com/watch?v=TDL4c8fMODk&t=2s
- This blog exposes the lies we have been told, one at a time. That was what I needed to help dismantle the web of LIES I had been told for decades. http://itsthepeoplesmoney.blogspot.com/p/the-money-myths.html
I hear ya!
ReplyDeleteLoved this. Put it in my recent event for Context .
ReplyDeleteThis is Rocco million
DeleteThis is wrong. Money IS finite. We are 30 TRILLION dollars in debt. How do you we propose we pay this back?
ReplyDeleteObviously you did not go through any of the links I posted at the end. We have been LIED TO for decades. That 'debt' is not an actual debt, it is our national SAVINGS account. It is no more a debt than your bank thinks that your savings account with them (if you are lucky enough to have one) is some kind of scary debt.
DeleteEVERYTHING we have been told is a lie - so that the scammers could do the scam of privatization. Instead of spending federal money TO PROVIDE FOR THE GOOD OF ALL, as other countries have done, giving their people MUCH better lives, our money addicts have taken that money to enrich themselves. Like the recent Space Force spending - more money for the corrupt!
Watch Paul Ryan back in 2005 find out from Alan Greenspan that money is NOT LIMITED as long as the things it is intended for are PLANNED FOR! He learned - and is retiring early and RICH because he invested in privatized systems. All the while, he kept up the lies to the public about federal money. https://www.youtube.com/watch?v=DNCZHAQnfGU
Delete"money is NOT LIMITED as long as the things it is intended for are PLANNED FOR!" -- I don't understand that thought.
DeleteOtherwise, great little essay. Modern Monetary Theory (MMT) is understood and used by the plutocrats to amass much vaster wealth than ever before, and they have done so in the most despicable ways possible (war, environmental destruction, promotion of fascism, etc.). MMT COULD of course be used in an entirely different way, to the real benefit of society and the world, and I applaud that sentiment.
My quibble with MMTers (one of my quibbles) is that I am not confident in the endless strength of the U.S. dollar. The purchasing power of the dollar is propped up artificially by requiring that oil be transacted in dollars (the petrodollar system) and by U.S. military and institutional pressure, worldwide. There is no guarantee that this will continue, and indeed the fissures are forming as we speak; the evidence is everywhere. It has been going on for many years, but is now intensifying. I don't think the apocalyptic hyperinflation scenarios of the hard money types are in the offing. BUT: the U.S. dollar will take hits, probably big ones, in succession, over years and decades, and with that will go much of our wealth (which depends on the strength of the dollar). I should say: much of our ill-begotten wealth.
In any case, the dreamland of MMT exponents, of unlimited free money for all the goodies that we all want, is not likely. It could have happened in 1950, say, or maybe as late as 1980, but now I don't know. The U.S.' criminal acts have been too numerous, too prolonged, too egregious, and the rest of the world is anxious to be rid of us. We used our fabulous unchallenged power, after WWII, to do evil all over the globe, and now the chickens they are a-roosting. The rest of the world (read: China, India, Russia, Iran, et al) are rapidly setting up alternative banks and other institutions, and their own oil trading system (yuan-based). The days of dollar hegemony are numbered, and the number is small; i.e. when it comes time for the workers and common people to get THEIR fiat paycheck in whatever form (direct cash payments a la UBI, job guarantees, social benefits, medical, etc.), it won't amount to nearly as much as might have been hoped. The plutocratic warmonger fascist assholes already "used up" the strong dollar days; that's behind us. I say this sadly.
And by the way, I said "WHEN it comes time for the workers", assuming that that time would come; but that too is questionable. The U.S. is veering toward fascism, not advanced social democracy, much less socialism. The salad days of the U.S. dollar may just be eaten up ENTIRELY by the assholes. That's the way it looks at this moment. There is no organized left in the U.S. No focus of resistance. Nothing. I say this sadly, too.
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DeleteIf you pursue your concerns by going to the links under the article, you will see that the petrodollar is NOT a concern re the value of our dollar, and our 'wealth' depends on our RESOURCES and is not dependent on 'the strength of our dollar'. Also, MMT does NOT say 'unlimited free money for all the goodies that we all want', it is very clear that REAL RESOURCES are the constraint. As the article above states, the federal government can issue any amount of money for anything that is physically possible - this is NOT saying unlimited money for everything, it specifies 'physically possible', which is where PLANNING comes in to provide the physically possible things - for national healthcare, that is enough doctors, nurses, support staff, medical clinics, hospitals, medical items; for public schools, that is enough teachers, support staff, school buildings, supplies, etc; for infrastructure, that is enough machinery, labor, cement, steel, etc. Sensible planning, that is all it takes to provide such things. But our sociopathic money addicts have NOT done their duty and have no intention of doing it - they are deep in their addiction, and are unfit to govern.
DeleteHi, Debtee!
DeleteWell, It has been the better part of a year, and things changed. I changed. I became somewhat more optimistic than when I wrote the above post. Too much to get into here, but suffice to say I have a bit more hope than I did then. I feel much encouraged by the rise of Bernie and Yang. We might actually get social democratic reform in the U.S., a stronger social democracy. That would be great!
Briefly, a couple points.
You write: our "'wealth' depends on our RESOURCES and is not dependent on 'the strength of our dollar'". No, our wealth depends to a large extent (albeit not entirely) on what we can buy from elsewhere with our dollars, and that in turn depends on the strength of said dollars, i.e. what other people are willing to give us for them.
Also, regarding "unlimited free money": yes, of course the MMT people piously intone about how it is all resource limited, but the truth is that they are basically talking about free money for all the goodies. That is the whole appeal of MMT. We need not worry about deficits or the debt, because we are monetarily sovereign (so the line goes) and we can print up as much as we like, pretty much. That IS the common understanding, in spite of the pious intonations about limits.
Another great piece from Debbie.
ReplyDeleteone thing that i like about the blog could be that the information is very helpful and keeps one informed on issues related to politics. https://givetime.io/
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