Push The Handle, Raise The Chain, There Goes The Dollar…
Guest Post by Dennis Miller at Miller On The Money
Since the 2008 bank bailouts, government spending, deficits and debt have hit historic proportions, with no end in sight. US debt was around $9 trillion in 2008, and will soon hit $45 trillion. How can the political class justify such irresponsible, outrageous behavior?
Congresswoman Alexandria Ocasio-Cortez (AOC) (former waitress and bartender) advocates the Modern Monetary Theory (MMT). Investopedia defines MMT this way:
“A macroeconomic theory that says that countries that control their own currencies, like the US, are not constrained by revenues when it comes to government spending.
|“Only the naive inflationists could believe that government could enrich mankind through fiat money.”
— Ludwig von Mises
…. (MMT) decrees that such governments do not rely on taxes or borrowing for spending since they can print as much money as they need and are the monopoly issuers of the currency.
Since their budgets aren’t like a regular household’s, their policies should not be shaped by fears of a rising national debt.”
Don’t buy the stupid political dogfight; when it comes to MMT, they are all to blame. The hoopla about raising the debt ceiling is a farce, Congress readily agrees that spending our money is in their best interest – even if it means creating dollars out of thin air.
Storm Clouds Brewing
Their misdeeds hang over us like huge dark clouds, ready to storm at any moment.
Expert Chuck Butler refers to MMT as the “Magic Money Tree.” The government floods the system with magic money, citizens get free stuff, politically connected get rich, the market soars, the banks make trillions…what could possibly go wrong? It’s a fun party, until it stops!
Mainstream America suffers the headache, and the mess, of the inevitable inflation.
Politicians ignore a major flaw in the theory; the US does not live in a vacuum; other nations no longer want, or need our worthless “Magic Money.”
Inflation is a government policy sponsored by the entire political class. If printing money created wealth, Argentina, Venezuela and Zimbabwe would be the richest countries on earth. Politicos think they are smarter than the citizens, constantly seeking the easy way out, as opposed to governing responsibly.
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