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A Powerful Authorities Annotation On How Destructive Modern Monetary Theory (Mmt) Is

Dr. Joe Salerno

Modern Monetary Theory is picking upwards steam amongst Democrats, peculiarly the extreme left. An MMT economist,  Stephanie Kelton, was principal economist on the US of America Senate Budget Committee 2015 minority political party staff together with an economic advisor to Bernie Sanders' 2016 presidential campaign.

She was named ane of Politico's l "thinkers, doers together with visionaries transforming American politics inward 2016."

She is at nowadays to a greater extent than popular than ever.


In an interview earlier this month with Business Insider, the Marxist-Leninist congresswoman from the Bronx, Alexandria Ocasio-Cortez, said modern monetary theory should "absolutely" last a business office of our conversation near the economy.

But it is an extremely unsafe theory. In a Note, physician Joe Salerno has expose a brief commentary on the extremely negative consequences of MMT if it were to last adopted equally policy.

Salerno's comment is exclusively ii paragraphs long exactly it gets to the severe problems with MMT. His critique should last understood together with memorized. Whenever MMT is raised, it must last attacked past times the points made past times Salerno.-RW 

As I read through articles on MMT (Modern Monetary Theory) this morning, it strikes me that non exclusively is it a recipe for massive inflation exactly it volition also receive chronic depression together with uppercase consumption from the get-go. The newly printed coin volition non receive an initial economy-wide nail because it volition non last injected through credit markets driving downward involvement rates together with stimulating investment.  Rather it volition larn straight into the Treasury,  allowing the regime to instantly increment its spending on welfare programs, guaranteed-job programs, the "Green New Deal," together with wasted "investment inward infrastructure."  It volition thus siphon off task together with other resources  from productive investment inward the construction of production together with forcibly increment the consumption/saving ratio together with thence overall fourth dimension preferences, reducing genuine savings together with uppercase accumulation. 

Furthermore, equally cost inflation begins to bring upwards its head, the increment inward taxation aimed at "sopping upwards excess purchasing power" past times the someone sector, volition farther increment the public's fourth dimension preferences, trim voluntary saving together with eventually receive uppercase consumption.  Everyone volition bring jobs together with ascension coin incomes together with at that topographic point volition last a nail for regime contractors together with then it volition non await similar a typical depression, exactly living standards volition progressively decline.  Also, the someone sector volition progressively shrink relative to the State sector because BOTH the financial inflation AND the afterward increment inward taxes to offset its inflationary cost effects volition divert resources to the State sector.  And of class the recurring increases inward taxes volition non arrest  the inflation, because the regime volition give-up the ghost along to run financial deficits past times financing its always increasing spending with novel money. This would last the worst of both worlds: massive inflation proceeding paw inward paw with chronic depression. (The to a higher house originally appeared at Mises.org.) 

(ht Jeff Deist) 

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