This is a more (popular) philosophical way of stating the institutional view. Money is a construct of the culture that is formalized in law and characterized by institutional arrangements created by human and can be changed. MMT is based on institutional analysis and is opposed to the naturalistic assumptions of conventional economists that just happen underlies policy that favors elite interests over people in general and the planet.
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Money Is Made Up And We Can Change The Rules Whenever We WantCaitlin Johnstone
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MMT is based on institutional analysis and is opposed to the naturalistic assumptions of conventional economists that just happen underlies policy that favors elite interests over people in general and the planet. Hickey
Except the MMT School is pro-bank and thus pro-rich at the expense of people in general.
How do you manage the cognitive dissonance, Tom?
I have the gold, I make the rules.
Also, usury-based finance REQUIRES continual growth - to pay the interest - and that's not good for the planet either.
Hey AA dumb f_ck....
While you are trying to dialog philosophical BS with Tom... the Fed is now offering your 0% accounts directly at the Fed to USD savers:
https://apps.newyorkfed.org/markets/autorates/temp
First deposits of 26B went in today...
That link says nothing about saving's accounts and besides the ability to merely SAVE fiat in account form (eg. via Treasury Direct) is a far, far cry from being able to USE fiat in account form.
Yo, Most if not all money market funds have check writing...
Yo,
Liabilities for fiat are not fiat itself.
Andrew, If continual growth is needed to pay interest, how come interest was paid in the good old days before the industrial revolution when growth was negligible?
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