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MODERN MONETARY THEORY is tcr. Taxes have nothing to do with govt spending.
| oomox | 05/22/26 |
| oomox | 05/22/26 |
| Richard Ames | 05/22/26 |
| oomox | 05/22/26 |
| Richard Ames | 05/22/26 |
| oomox | 05/22/26 |
Poast new message in this thread
Date: May 22nd, 2026 5:19 AM Author: oomox Well they're indirectly related because Congress pretends like they're related and uses limited tax revenue as an excuse not to do anything to make our lives better.
But the government just prints money to do war and bank bailouts and whatever else it wants, it's honestly so obvious. But They don't want us to know. It's very fringe, almost nonexistent, in academia. |
Date: May 22nd, 2026 4:25 PM Author: oomox (http://www.autoadmit.com/thread.php?thread_id=5868038&forum_id=2#49894648) |
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Date: May 22nd, 2026 4:34 PM Author: Richard Ames Explain how this means that MMT is tcr. As far as I understand it, MMT is completely retarded and detached from the mechanical reality of raising federal debt. (http://www.autoadmit.com/thread.php?thread_id=5868038&forum_id=2#49894676) |
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Date: May 22nd, 2026 4:40 PM Author: oomox MMT says governments that issue their own currency can (and do) just do whatever they want as far as spending and printing money, with limitations coming from how they think the amount of money in circulation will affect everything on a macro scale.
It says that they collect taxes just to take money out of circulation to manage inflation. They're totally inverting it and lying when they pretend that tax revenue directly limits how much money the government can spend. |
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Date: May 22nd, 2026 4:46 PM Author: Richard Ames This feels generally only true because of the petrodollar and our war machine. If not for the petrodollar, we would have real constraints on our ability to endlessly print money IMO. (http://www.autoadmit.com/thread.php?thread_id=5868038&forum_id=2#49894694) |
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Date: May 22nd, 2026 4:56 PM Author: oomox This was my impression too but MMT says they're not related in that way.
"From a foreign exchange/relations point of view, the fact that the United States is the “petrodollar” has important implications. From a domestic point of view, however, the petrodollar makes little difference to the United States’ capacity to provide for its people or the domestic value of the dollar. [...] [O]il does not, in fact, give the US dollar its value. The primary thing that gives it (and the pound, yen, yuan, $CA, $AU, etc.) value is the government’s ability to impose a tax in its currency." – https://activistmmt.org/reserve-currency
Not that so much of the world being dependent on the petrodollar isn't significant... but it's separate from the way the ruling class plays around with our currency here. |