To continue on Matt
Franko's previous post-
Just when I thought the amazingly stupid and cheesy "The
Can Kicks Back" group couldn't get any worse, they came in handy, in a
very ironic way. Though I never thought they were particularly
threatening, I have made fun of these goobers in previous posts. Several recent reports have revealed that this
group, which argues the entirely false myth that the US government can go
bankrupt, is itself near bankruptcy. This beautiful irony presents
us MMTers with a potent "teachable moment". I'll keep it short and
sweet this time. Please enjoy these free tidbits, courtesy of your fellow currency
user:
1) Currency issuers, such as the
governments of the US, Canada, Japan, and the UK, can never go bankrupt unless
they deliberately choose to. Their overriding financial concern is inflation.
2) Currency users, like
you, me, McDonalds, the people who make the Shake-Weight, the State of
Colorado, Portugal, and the goons at "The Can Kicks Back" can very
easily go bankrupt if they are not careful, since they do not control the
currency- they merely use it. If their spending exceeds their income for too
long, they can get into serious economic and financial trouble.
3) People who don't understand or appreciate the above differences cannot
understand modern economics.
Nobel please!
1) Currency issuers, such as the governments of the US, Canada, Japan, and the UK, can never go bankrupt unless they deliberately choose to. Their overriding financial concern is inflation.
2) Currency users, like you, me, McDonalds, the people who make the Shake-Weight, the State of Colorado, Portugal, and the goons at "The Can Kicks Back" can very easily go bankrupt if they are not careful, since they do not control the currency- they merely use it. If their spending exceeds their income for too long, they can get into serious economic and financial trouble.
3) People who don't understand or appreciate the above differences cannot understand modern economics.
Nobel please!
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