Co to jest MMT i dlaczego to jest ważne? – Wykładnicza Ekonomia #14 (wideo)

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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Transkrypcja wideo:

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

Give me a thumb up if you liked this video, thumb down if you dodn’t, subscribe if you haven’t but first of all subscribe to the newsletter

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So, share this video with your loved ones, with your friends, one day they will thank you for that, I talk here a lot about economy

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I talk here about how billionaires of our times think and act, I have to do with billionaires on every day basis

So, if you liked this video, you;ll like my other videos, I invite you to watch them, that’s it for today

I wish you a fantasti day, let’s do something extraordinary today

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