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    Young Master Smeet

    Commodity money

    So, I know, it’s someone being mean on the internet, but the substantive point is that there was a time when currency was refused for taxation, and still existed (and that metallic value drove the nominal value).


    Another MMT article link. Not sure if it adds anything to the topic

    Biden’s economic team may not have arrived in D.C. as MMT acolytes, but they will leave as its greatest practitioners. They don’t have a choice.


    Not sure if it should be here or on the UBI topic

    Democratic Reps. Rashida Tlaib and Pramila Jayapal on Tuesday introduced legislation that would provide everyone in the U.S. with a one-time payment of $2,000 and monthly recurring payments of $1,000 thereafter.

    The Automatic BOOST to Communities (ABC) Act proposes financing the payments with an unconventional plan that would direct the Treasury Department to use its legal authority to mint as many $1 trillion platinum coins as necessary to fund the legislation, which would continue until a year after the public health emergency ends or the unemployment rate stabilizes at a low level.


    Another demolition job on MMT, this time from a perhaps unexpected source, the Von Mises Institute (or perhaps not so unexpected as they, like us, are pre-Kenesians). It is quite good actually, but a pity, though inevitable given who they are, that at one point they describe MMT as “soialist”:


    Some may find this a useful and helpful read

    Modern Monetary Theory and Anti-capitalist Strategies

    To conclude, MMT remains hesitant to take the decision-making on investment and jobs out of the hands of the capitalist sector. As long as the bulk of investment and employment remains under the control of capitalism, government expenditure can’t be raised permanently since deficit-financed spending ultimately meets its limits in the contradictions at work in the sphere of private production. In the long run, the concentrated dominance of big business and private monopolies needs to be broken down if the effects of monetary financing are to be sustainably continued even after the exhaustion of unused resources. In short, MMT provides an anti-neoliberal opening but does not reach the socialist conclusion that a radical reconstitution of the system is not only desirable but necessary.


    The problem is that the left has created and spread the conception that the state is a public institution instead of the private organ of the capitalist class, therefore, it will fall under the false conception of the myth of taxation, deficit, state debts, public debts, financing for wars, creation of money from the thin air

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