W tym odcinku serii Wykładnicza Ekonomia opowiadam co to jest Nowoczesna Teoria Monetarna (MMT) i jak jej państwa używają, żeby okradać obywateli.
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Hi! Today in the next episode of the series Exponential Economy
Today we will be talking about Modern Monetary Theory
What it is? Find out after the break.
What is a Modern Monetary Theory?
In short MMT
This is a kind of a new paradigm of thinking about economy
about the role of the state in the economy and about the financial and fiscal policy
of the government
And this is kind of a socialistic o communistic way of thinking about government
which becomes unfortunately more and more opular in todays world
The traditional economy sees a government as a body that needs some money to sustain itself
its activities and so to fund the government they need to tax the population, to tax the people
and if it is not enough, then the government can of course finance itself by debt
issuing bonds and then getting monet for the bonds and of course, to pay it later on
When the economy grows and for the future earnings and for the future taxation, so to say
but the Modern Monetary Theory has a different view of this reality and of the relationship
between government and the population
It generally states that government can buy goods, services or any asset
by just printing its own money and without the need of taxation
So, instead of introducing taxes or getting the money to spend
Why should tax people? You could just print new money and spend that. So this is the first one.
The second statement of MMT is that the government can’t go bankrupt
because it always can print more money
So, if there is a debt payment due, the government can print new money
and then pay for that debt, pay off the debt and then get maybe a new debt or whatever
The only limiting parameter may be unemployment and inflation
But the modern monetary theory, MMT says that unemployment is the cause of not enough money
in the economy, so if you provide more money to the economy
you can reduce the unemployment or maybe eradicate the unemployment
because then there is money, people get money or businesses can get more money, can employ more people
and they can save more, they can invest more and that’s how you produe unemployment
So, generally the only limit is the inflation that may follow if you put in the economy too much money
but then the 4th postulate of MMT is that you can reduce the inflation by taxation
So, the taxation is not needed to finance the government in that theory, in that thinking
It is needed to withdraw the money from the market, from the circulation
that you have pumped into circulation, generally by your own spending as a government
So, by withdrawing that money from the circulation, you lower the inflation
and the last postulate is that when you look at that from that perspective of what I have said before
then the government doesn’t compete with the private sector for scarce resources or doesn’t need to compete
because it generally can pay any price on the market, it can just print money and pay any price for anything
So, private sector can’t compete with government for buying anything because it has to earn its money
and governmet doesn’t have to earn its money, it just prints the money
So, that’s why for example, you know, you can get a hammer, US Army pays for a Hammer over thousand dollars
Hammer that you could get in normal store for 2-3… 5 dollars maybe. Maybe it’s a special Hammer, I don’t know, maybe 10-15 dollars
but when official / state institution buys the same or similar merchandise, similar goods, then can pay 100 times as much as you would pay
in a normal market as private enterprise, private company would pay for the same goods
because they can spend as much as they want and they don’t compete with others
nd Alan Greenspan actually, the head of FED, once said „the United States can pay any debt it has because we can always print money to do that”.
So, there is zero probability of defautl
So, if you followed these thougts, you would realize that in that paradigm, in that thinking taxation is not needed to fund the government
It is only a policy tool to regulate inflation and unemployment, there are a lot of techincalities about MMT
MMT is just let’s say a vision, maybe rough understanding of how economy could work, how government could work
Of course, in today’s world it’s not a pure MMT that government use, they still issue bonds in order to get new money from the central banks
They don’t print the money themselves, there is still at least the division between state and a central bank
And so, in theory governments can’t issue money by will but in reality they can
Of course the consequence of that is inflation and for example in the Year 2020 United States increased the money supply of dollar by 20%
So, it means it printed over 20% of new money into existence from nothing, from creating just new money to finance its activities
To finance their programs, their spending generally and of course it causes inflation and you can see that in the prizez of real estate
in the prizes of stocks and partly you start seeing that in the consumer prizes of normal consumption goods, costs of living and so on
So, the enemy of that theory is of course cryptocurrencies, is of course Bitcoin because as soon as people see that their money get inflated
by the government, and the government taxes them in order to limit that inflation and the government can’t print a much money as they want
and the other people in private sector needs to work for that money to earn that oney in order to pay their taxes
but the government, they can do anything they want, they can spend as much as they want because they always can print the money
So, people start thinking about that and start investing or escaping to real assets, to assets that can get inflated
and one of these assets may be the most attractive, maybe the most popular and maybe the most promising one is Bitcoin
and that’s why Bitcoin is a big enemy of disciples of MMT and of the governments who of course want to use MMT
who are in support of MMT because MMT suppots their needs, MMT actually gives a justification for government spending
for what government does and of course releases the officials of any responsibility and accountability for their spending
becaues they print their own money, the don’t save ….
Money they spend is the taxpayers money, this is the money people have to work for, to pay taxes and so on
No, we are spending our money that we print and we tax people just to limit the inflation
So, this is a very comfortable, very slick ecuse for the government and this theory is very comfortable for the officials
And they are also of course in support that theory, of the notions of that theory
of the thoughts behind that theory, also the vocabulary that this theory uses
I wonder what you think about MMT and about the conflict of MMT and Bitcoin, let’s discuss about that in the comments below this video
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