A quick course in monetary something for nothing economics, from Bill Bonner at bonnerprivateresearch.com:
What you get when you expect something for nothing…
(Source: Getty Images)
Bill Bonner, reckoning today from Normandy, France…
Politicians need to reject the urge to ask “How are we going to pay for it?” … We must give up our obsession with trying to “pay for” everything with new revenue or spending cuts… . Once we understand that money is a legal and social tool, no longer beholden to the false scarcity of the gold standard, we can focus on what matters most: the best use of natural and human resources to meet current social needs and to sustainably increase our productive capacity to improve living standards for future generations…
~ “Three prominent MMT adherents,” Kelton, Bernal, and Carlock
What a delight it must be to wake up each morning with no memory. No past. Nothing to regret. Nothing to hide. No hangover. No ‘baby daddy’ worries.
Economists are usually a little cynical…a tad suspicious…even skeptical. They know there’s always a price…and that for every entry on the credit side of the ledger, there’s a debit too.
So, it must be a treat to meet Stephanie Kelton (one of the economists noted above.) The woman seems to have been born yesterday.
She probably doesn’t realize it, but there’s nothing very ‘modern’ about Modern Monetary Theory. To call it ‘monetary’ is a bit of a stretch too, since it is really a notion of how to use fiscal policy. As for theory…don’t make us laugh.
