They want to Lift the “Veil of Money” - Socialism and (Post)Modern Monetary Theory

Posted by $ Solver 11 months, 4 weeks ago to Government
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(P)MMT is the far left’s future answer to the question, “But, how do we pay for all of this?” Yet like Fight Club, the rule is not to talk about MMT. There are diabolical reasons why.

Using (P)MMT, they feel there will be no problem paying for the “New Green Deal” and then some. All they need to do is punish the wealthy, burn their money and ultimately bring about equality by lifting the veil of money. (See below.)

Knowing what they have planned for the world, each of us can prepare before they strike.

In some responses from far left professors to an MMT critique, the ultimate goals of MMT are clear:

“Henwood does not acknowledge that one of the most effective ways of engaging in this struggle is to render the wealthy obsolete — as in, we will stop pretending that we need them to pay for the good society. In a world with a sovereign currency and modern monetary and fiscal institutions, we never really did, and we sure don’t now. And the public needs to know it. That’s the MMT message.
For the record MMT, as Henwood acknowledges, has always argued for taxing the wealthy to address the problems of inequality and political power, but we also offer a different kind of empowerment — one that comes with lifting the veil of money.
I would say that Henwood (like other “tax-the-rich-to-pay-for-progress” lefties) is tethered to the wealthy by an imaginary umbilical cord that holds his progressive agenda hostage to his oppressors. To me, this is the definition of a self-induced paralysis.
Time to cut the cord. MMT has a profound emancipatory power and the Left would do well to awaken to its potential.”

“I do like high taxes on high income and high wealth. I have argued they should be set so high as to be confiscatory. Not at a marginal income tax rate of 70%, but at 99%. Or even 125%. Or 1000%. Take it all. I am not confident that the effective tax rate will ever be that high—due to the exemptions the rich will write into the code—but we that doesn’t mean we shouldn’t aspire for better. It is amusing that Henwood refers to the barriers of “political power” when it suits his purpose (for example when he talks about the political infeasibility of the job guarantee) but objects if I notice that it is politically difficult to tax rich folks. All I’m arguing is that a) we don’t need tax money to pay for the programs we want, and b) high tax rates on the rich, alone, will not be sufficient in our struggle to reduce inequality.”

“Today’s progressives won’t fall into that trap. “How ya gonna pay for it?” Through a budget authorization. Uncle Sam can afford it without the help of the rich.
And, by the way, they’re going to tax you anyway, because you’ve got too much—too much income, too much wealth, too much power. What will we do with the tax revenue? Burn it. Uncle Sam doesn’t need your money.”

“Trigger warning!” Heaping piles of far left gobbledygook,

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  • Posted by DrZarkov99 11 months, 3 weeks ago
    The serious flaw in MMT is the delusion that fiat money, based solely on trust in the fiscal health of the issuing government, is malleable. Meaning it will have value no matter how much money is printed, or how much debt the issuing nation incurs by overspending. Weimar Germany tried this, printing gobs of cash to pay the unrealistic WW I reparations debt, and the economy quickly collapsed. The same would happen to the USA if we let these clowns get their hands on the tools of the treasury.
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  • Posted by mccannon01 11 months, 3 weeks ago
    I guess Stalin demonstrated you don't always need other peoples money to make a socialist system work. You call it "Guns 'n Gulags" reserving special places and short life spans for non-believers.
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  • Posted by term2 11 months, 3 weeks ago
    What I hear is the the government HAS the money it can spend on these social programs. They think that the federal reserve can just print it, like they have before.
    They are right of course, until the day the chickens come home to roost and prices take off for everything. Their answer THEN is that its only the rich who are invested in Dollars will lose (and they can afford it). The poor have no savings so wont lose.

    Of course, that is hogwash, but its a shame that we all have to suffer in order to prove that the resulting collapse will hurt everyone, including the leftists.
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  • Posted by $ 25n56il4 11 months, 4 weeks ago
    I really don't understand this mindset to 'tax the rich'. Who do they think provides the jobs? Do they just magically appear out of nowhere?
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    • Posted by $ 25n56il4 11 months, 3 weeks ago
      I worked for a very rich, dedicated, gentleman for nine years. I asked him what motivated him. He responded, "It's the way you keep score!"
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      • Posted by term2 11 months, 3 weeks ago
        Actually on a more pragmatic level, money is needed to pay for and allow creativity to flourish.

        Personally, I like to invent and solve problem. Without money, I cant do that, so I have to make money in order to keep things moving.

        No money= sitting around dreaming but not doing.
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  • Posted by $ allosaur 11 months, 3 weeks ago
    A very simple example of why you should not buy stuff you cannot afford~~
    Nevertheless, me dino knows the concept of not buying unaffordable stuff shall forever remain confusing to many who are smart enough to win elections.
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    • Posted by BCRinFremont 11 months, 3 weeks ago
      The US Debt Clock presented by Allosaur looks like the instrument panel of a jumbo jet or space shuttle. Is this airliner flying steady or in a stall?
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      • Posted by $ allosaur 11 months, 3 weeks ago
        Me dino thinks it is free-falling toward a crash.
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        • Posted by rhfinle 11 months, 3 weeks ago
          I read a really good book a long time ago: Restoring the American Dream by Robert Ringer. I have two copies. One to loan out and one for me if that one's lost. He predicted in detail the eventual devastating outcome of runaway inflation and also how much worse it will be for every year that passes before that happens. That book was written in 1977. The crash hasn't happened yet, unfortunately. Our only hope is that (1) Trump and others like him will continue to keep our economy strong and (2) Congress will have the sense to balance the budget and slowly reverse the damage. I don't see #2 ever happening.
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