Money, a Symbol, vs Rent, a Real Surplus — Jeffery J. Smith

A "progressive" activist explains why MMT is "wrong."

My wallet used to hold US Notes. When Congress spent them, it did not owe interest for printing dollars, and sometimes was not in debt.

Then Congress gave the power to print money, a duty the (second) US Constitution expected of Congress, to the central bank (who made their notes look just like the US’s). Now Congress borrows money from the “Federal Reserve”. To lend the US money, the “Fed” uses dollars that never existed until spent on government bonds. The “Fed” gets to charge interest, putting the US trillions of dollars in debt....

Bonkers. But some on the left will believe this.

And it goes downhill from there.

Progess.org
Money, a Symbol, vs Rent, a Real Surplus
Jeffery J. Smith
https://www.progress.org/articles/money-a-symbol-vs-rent-a-real-surplus