DrJLT Economics: Modern Monetary Theory—Wrecking Empires for Millennia E011

Modern Monetary Theory (MMT) is fundamentally no different than money printing that has destroyed numerous empires for millennia. Ostensibly, it “differs” in that money printing is routed though debt monetization, but no sane person can argue that this makes it any different from printing to spend.

MMT came about in the early 20th century and bears resemblance of fascistic intuitions such as state enforcement of the currency. This mechanic “difference” is only conceived because people are much more mobile than they were centuries ago, and no sane person would willingly hold their wealth in an MMT currency if there are alternatives.

Naturally, not every country is equipped to implement MMT. The key is the ability of a government to exercise authority beyond its borders.