"The real point of MMT seems to be to deploy misleading rhetoric with the goal of deceiving people about the necessity of taxes in a social democratic system." https://www.peoplespolicyproject.org/2019/02/24/whats-the-point-of-modern-monetary-theory/ … ...
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... Or, less delicately, it's the form of High Magic required for the central public functions of an advanced fascist state.
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... If I was a senior functionary in a contemporary fascist regime running a massive fiat funbux scam, I'm not sure how thrilled I'd be to see the MMT wonder-kids standing on the street corner saying: "Watch, as I pull it out of a hat!"
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... The 'traditional' ordering of monetary and financial authorities, with their respective responsibilities, is essential to the ceremony. Otherwise it's too obvious how the con is being run.
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... One thing that should be beyond all serious question -- entrusting any government with mystery monopoly powers over money creation/destruction is inconsistent with liberty in even its most pitifully diminished sense.
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Replying to @Outsideness
Private banks effectively create money from air every time they issue a loan, and extinguish it when loans are paid. That seems worse than a mystery/monopoly of govt creating money.
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Replying to @MartianOrthodox
"Worse" seems a stretch. But yes, fractional reserve banking is inherently fraudulent.
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Replying to @Outsideness
If creating/regulating the nation's money is not rightfully within the realm of a state, what is? At least the state has some indirect accountability to the people, and a king can be more easily poisoned than a bank.
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Replying to @MartianOrthodox @Outsideness
The way I see it, the primary issue is not necessarily state control of monetary policy, but the secretive and opaque nature of the system, as well as the moral hazard built into it. The potential for corruption + total lack of accountability to the public are serious problems.
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It's explicitly about mood-manipulation, so public honesty about the system isn't really an option. As the rational expectation types taught us, as soon as people grok what the macroeconomic establishment is doing to them, they process it out.
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