RE: Learning about Modern Monetary Theory (MMT)
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Join us today as we delve into Magic Money Theory where debt doesn't matter, deficits don't matter, and inflation is good. Are you a government looking to spend your future into oblivion today? Wanna fund those public works or fight that war? Well, we've got an idea for you!!!
!PIMP
!PIZZA
!PGM
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You must be killin' it out here!
@definethedollar just slapped you with 1.000 PIMP, @bengy.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/2 possible people today.
Read about some PIMP Shit or Look for the PIMP District
I also thought that when I was only reading the memes... but it turns out that there are very similar ideas with hard crypto/currency ideas. The argument is that since the conversion to fiat, that the deficit concept is an illusionary constraint... as no one holds to it anyway, because the money printer is able to print at will.
So, what is the true constraint? It is inflation, inflation is the true constraint on government spending... and once we identify the true constraint, then you can deal the problems properly. However, orthodox economics (New York...) has long been focused on the cart... and not the horse, and thus, we are in a deep deep hole.
Where it differs from crypto/Austrian/gold economics is the concept of whether it is possible/desirable to return to a redeemable currency or not.
However, you would find that there is more to it than what the memes make out!