Saturday, May 13, 2017

John Rubino — Really Bad Ideas, Part 1: Modern Monetary Theory

The past century has been an orgy of experimentation. We tried fascism, which initially looked good to some before (literally) crashing and burning. We tried communism, which looked great to many before killing millions and withering away. Fiat currency and fractional reserve banking, meanwhile, still make sense to most economists and politicians but seem to be heading for a fiery end.
And we’re not done. Lots of new ways of organizing society are competing to be the next big thing. This series will consider some of the really bad ones, starting with Modern Monetary Theory (MMT).
MMT’s basic premise is that governments don’t really need to finance themselves through taxing and borrowing when they can just create money and spend it, thus simplifying their operations and satisfying everyone’s needs. Here’s an excerpt from a long panegyric from the Nation magazine:
The latest rant.

GoldSeek

7 comments:

Kaivey said...

MMT, the best thing ever.

Matthew Franko said...

'GoldSeek'

John said...

GoldSeek...GoldFuck...MindFuck

Matthew Franko said...

The name implies we should support the concept of having to seek and obtain gold before we can do anything we want to do... no thanks!

Penguin pop said...

The fact it pisses off the LOLbertarians makes me feel happy with my decision to learn about this stuff. GoldSeek? Enough said.

Kaivey said...

The libertarians hate NMT because it destroys their daft, Ayn Randian, economic theories.

Bob said...

Really Bad Article, Part 1