Tag: MMT

Why Modern Monetary Theory Will Destroy Money…

Guest Post by Doug Casey via International Man

Modern Monetary Theory (MMT) centers around the notion that the economy in general, and money in particular, should be the creatures of the State.

It’s not a new idea – the meme has been around in one form or another since at least the days of Marx.

MMT basically posits that the wise and incorruptible solons in government should create as much currency as they think is needed, spend it in areas they like, and solve any problems that occur with more laws and regulations.

It’s nothing new. Just a more radical version of the economic fascism that’s dominated the U.S. since at least the days of the New Deal. It’s just another name for an old, and very stupid, set of economic ideas. By stupid I mean, “showing an inability to predict the indirect and delayed consequences of actions.”

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MMT Has Lit the Fuse on This Inflation Powder Keg

From Birch Gold Group

MMT Has Lit the Fuse on This Inflation Powder Keg

An economic framework called Modern Monetary Theory (MMT) governs the financial world today, but fails to account for the consequences of its practices. In fact, MMT is leading us to an extremely dangerous financial situation that could blow up at any time.

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WAS TRUMP THE MULE?

“Excellence, he is known as the Mule. He is spoken of little, in a factual sense, but I have gathered the scraps and fragments of knowledge and winnowed out the most probable of them. He is apparently a man of neither birth nor standing. His father, unknown. His mother, dead in childbirth. His upbringing, that of a vagabond. His education, that of the tramp worlds, and the backwash alleys of space. He has no name other than that of the Mule, a name reportedly applied by himself to himself, and signifying, by popular explanation, his immense physical strength, and stubbornness of purpose.” ― Isaac Asimov, Foundation and Empire

“The fall of Empire, gentlemen, is a massive thing, however, and not easily fought. It is dictated by a rising bureaucracy, a receding initiative, a freezing of caste, a damming of curiosity—a hundred other factors. It has been going on, as I have said, for centuries, and it is too majestic and massive a movement to stop.” – Isaac Asimov, Foundation

In March 2017, a mere two months after the stunningly unexpected victory of Donald Trump over the Deep State hand picked representative of dark forces – Hillary Clinton, I wrote a three-part article based upon Isaac Asimov’s Foundation trilogy, attempting to connect Trump’s elevation as the Gray Champion of this Fourth Turning to the plot of Asimov’s masterpiece. The three articles: Foundation – Fall of the American Galactic Empire; Foundation and Empire: Is Donald Trump the Mule?; and Second Foundation: Empire Crumbling, landed with a dud, generating few views and not many comments.

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MMT – Modern Monetary Theory –or– Magic Money Tree?

falling dollar bills from money tree - MMT – Modern Monetary Theory –or– Magic Money Tree?The politicos are hawking Modern Monetary Theory (MMT) to finance their reckless spending.

Investopedia explains:

“Modern Monetary Theory (MMT) is a heterodox macroeconomic framework that says monetarily sovereign countries (that) spend, tax, and borrow in a fiat currency they fully control, are not operationally constrained by revenues when it comes to federal government spending.

…. The central idea of MMT is that governments with a fiat currency system under their control can and should print (or create with a few keystrokes) as much money as they need to spend because they cannot go broke or be insolvent unless a political decision to do so is taken. (Emphasis mine)

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ILLUSION OF FREEDOM

“The illusion of freedom will continue as long as it’s profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater.” – Frank Zappa

“The choice for mankind lies between freedom and happiness and for the great bulk of mankind, happiness is better.” ― George Orwell, 1984

The quote from Frank Zappa has truly come to fruition during the first two weeks of 2021. We have been living in a Surveillance State since the introduction of the Patriot Act in 2001 (Biden has boasted that he wrote the bill years before). Until Snowden and Assange revealed the depth and depravity of this un-Constitutional intrusion into our lives only the Deep State cabal knew the truth.

Most Americans ignored these revelations, as they continued to be distracted and entertained by their iGadgets and new social media platforms like Facebook, Twitter, Instagram, Youtube and others. These social media companies parlayed people’s narcissist need for affirmation, likes and followers into multi-billion-dollar conglomerates with near monopolistic control over the distribution of news, opinions, and on-line communication of the masses.

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ARE WE REALLY GOING TO BUILD BACK BETTER AFTER A DARK WINTER? (PART TWO)

In Part One of this article I laid out the case the “dark winter”  narrative and how an experimental vaccine marketed like a tech product by Big Pharma and their cronies are part of a globalist scheme to reset the world and force us into subservience.

Now we get to Biden’s campaign slogan, which began to be adopted in August 2020, and was beaten like a dead horse just before and after the rigged election. “Build back better” must have played well among the useless eater, mouth breather demographic, when tested by Biden’s handlers. Biden would pop his head out of the basement periodically to stumble through a teleprompter speech where he was instructed to utter “build back better” three or four times.

Sustainable Development Goals: How can they be a handrail for recovery?

Then the contemptibly compliant corporate media expounded on the narrative as a brilliant plan by the wise statesman Joe Biden to save America from the murderous machinations of the evil orange man. Again, Google Trends reveals the coordinated effort to use this phrase in their efforts to steal the presidential election. If you think this was just a brilliant strategy by Biden’s handlers, you haven’t been paying attention. This is the globalist slogan to change the world.

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The Grim Fairy Tale Of Modern Monetary Theory (MMT): Rumpelstiltskin And The Federal Reserve (Spinning Gold From Hair Will Be Needed With Low Money Velocity)

Guest Post by Anthony Sanders

Politicians and economists love to fantasize about unlimited government spending without restraint. The argument is that the US is so creditworthy that they will never default on their debt (just like the RMS Titanic was supposed to be unsinkable … until it sank on April 15, 1912 killing more than 1,500 people after striking an iceberg.

The US economy is already at a Q2 MZM money velocity BELOW 1 (actually 0.955) and public debt to GDP of 136%.

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THE ONLY THING SYSTEMATIC IS THE DESTRUCTION OF AMERICA

“It is difficult to get a man to understand something, when his salary depends upon his not understanding it!” – Upton Sinclair

Image for post

Upton Sinclair was describing willful ignorance based upon who butters your bread. The rampant corruption of our society, as power has been consolidated into fewer and fewer hands, has resulted in our political, financial, cultural and economic systems being captured by a billionaire class who use their wealth to dictate the path we are forced to follow – or lose everything.

The sociopath class include the Silicon Valley social media titans, the billionaires running the six mainstream media companies, the rogue billionaires like Soros and Bloomberg who fund chaos and foment insurrection, the Deep State surveillance agency operatives like Clapper, Brennan, Comey and Mueller doing the bidding of the oligarchy, Wall Street criminals like Dimon, Paulson, and Blankfein doing god’s work, and last but certainly not least – Powell, Yellen, Bernanke and slimy Kashkari priming the pump for the never ending systematic pillaging of the nation’s wealth.

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Jim Grant: The Trouble With Modern Monetary Theory

Guest Post by Jim Grant

Modern monetary theory is not so theoretical anymore. In all but name, it’s the description of Republican fiscal policy in this living moment. “Federal Borrowing Soars as Deficit Fear Fades,” said the headline on page one of Tuesday’s Wall Street Journal. For the second year in a row, the Trump administration is spending $1 trillion more than the government expects to extract from the taxpayers.

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Money for Nothing

Guest Post by Rob Marstand

“That ain’t working, that’s the way to do it
Money for nothin’ and your chicks for free.”

~ Money for Nothing, by Dire Straits (1985)

“Modern Monetary Theory”, or MMT, keeps popping up in financial commentaries. It’s a theory that appears to be gaining ground among academic economists, in monetary policy circles, and… of course… among deficit-spending politicians.

MMT involves central banks creating new money to directly fund government budget deficits. It’s practically the same as quantitative easing (QE)… at least when QE money is used to buy government bonds.

But MMT removes some of the smoke and mirrors. Instead of laundering the money through the bond market, it’s handed straight to finance ministries to spend as they please.

There’s nothing at all “modern” about this. Places like Argentina have been doing it for decades. In fact, the Argentine central bank only stopped doing it last year (most recently), as the country battles to reduce high inflation. Last year, consumer prices rose around 50%. This year, most people are expecting 30-40%.

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Can the Government Really Print All the Money It Wants?

Guest Post by Mark Nestmann

In 1914 Maximilian Bern thought he had it made.

After a long career as a successful writer and editor, Maximilian was ready to retire. And he believed he had more than enough savings to support himself.

Unfortunately, Maximilian lived in the wrong country – Germany – to finance a comfortable retirement. Germany paid for its massive military expenditures in World War I (1914-1918) almost entirely by borrowing. The total tab came to about $45 billion – more than $1 trillion in 2019 dollars. After all, Emperor Wilhelm II reasoned, Germany would occupy great swathes of resource-rich territory in France and Belgium once it won the war.

As we know, things didn’t go well for Germany in World War I. By the time Germany capitulated in 1918, Maximilian’s retirement stash was worth considerably less than it had been just four years earlier. In that period, the mark lost nearly 50% of its value. It fell from 4.2 to 7.9 marks per dollar.

Continue reading “Can the Government Really Print All the Money It Wants?”

Why Modern Monetary Theory Will Destroy Money…

Guest Post by Doug Casey

MMT centers around the notion that the economy in general, and money in particular, should be the creatures of the State.

It’s not a new idea – the meme has been around in one form or another since at least the days of Marx.

MMT basically posits that the wise and incorruptible solons in government should create as much currency as they think is needed, spend it in areas they like, and solve any problems that occur with more laws and regulations.

It’s nothing new. Just a more radical version of the economic fascism that’s dominated the U.S. since at least the days of the New Deal. It’s just another name for an old, and very stupid, set of economic ideas. By stupid I mean, “showing an inability to predict the indirect and delayed consequences of actions.”

Continue reading “Why Modern Monetary Theory Will Destroy Money…”

Doug Casey on Modern Monetary Theory

Via Casey Research

MMT is an economic theory which essentially argues that the U.S. government wouldn’t need to collect taxes or borrow money to finance spending. It could simply print more money if necessary.

Now, this concept isn’t new. It’s been around for decades. But its popularity has skyrocketed, thanks to endorsements from Democratic presidential candidate Bernie Sanders and Congresswoman Alexandria Ocasio-Cortez (AOC), the new rising star of the Democratic Party.

This new breed of socialist Democrats has embraced MMT because it would make all their crazy ideas possible. The national debt, deficits, and inflation concerns would no longer stand in the way of projects like the Green New Deal or universal healthcare/housing/education.

In short, MMT would give the government a green light to spend money even more recklessly than it does now. That’s a problem.

So I got Doug Casey on the phone to discuss this matter at length…

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The Fallacy of MMT

Guest Post by Martin Armstrong

Yes, we are all connected and these people behind MMT are idiots. This is the same old story that we can just print our way out because we owe money to ourselves. That is a nice naive theory which reflects the ignorance of those behind MMT. At the end of 2018, foreigners owned about $6.2 trillion of U.S. debt or approximately 42% of the total national debt. Meanwhile, the American public/institutions held $16.1 trillion and 23% of the national debt. The sheer numbers available from the government prove what they are saying is NOT TRUE!!!!!! Their theory that MMT is possible because we borrow from ourselves is just absurd.

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Our Third Bold Prediction

Guest Post by Bill Bonner

GUALFIN, ARGENTINA – We made two bold predictions, about a year ago.

Today, we make another one.

The Flood

Our first prediction was that the Fed would never normalize interest-rate policies, allowing the free market to set short-term rates, rather than the Fed itself.

Our second was that Donald J. Trump would never follow through on his threat of a Full Retard trade war with China.

The two are related in an important way. Fed policies, and the fake money system behind them – not tariffs – caused the trade deficit with China. Prior to the introduction of fake money, not connected to gold, in 1971, the U.S. ran a trade surplus, the biggest in the world.

Now it runs the world’s biggest deficit. Why the difference? Because now it can simply print the money to pay its foreign creditors.

Before 1971, trade imbalances never got too far out of whack. They were reconciled by shifting gold from the deficit country to the surplus country. Gold is limited, so it had the effect of lowering the money supply in the deficit country, forcing up interest rates, and reducing spending on imports.

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