@Maw it's simple if your country relies on imports/exports of goods and services and you overheat your money printing relative to GDP growth such that your imports outweigh your exports it's game over, thanks for playing ... or something like

Yeah... I can't listen to his analysis on election cases any more. He unable to hide his bias, which makes me doubt the completeness of his arguments and, more importantly, his sincerity. He is absolutely aware of the opposing arguments and now completely ignores them or, at most, gives them 20-30 dismissive seconds.

At this point, I am left to conclude that he is either prostituting his integrity in order to cater to the MAGA crowd in the hopes of boosting his number of views. Or he never was interested in a balanced, complete legal analysis. Either way, if I wanted to listen to partisan nonsense, there are plenty of options out there.

https://youtu.be/gUOIMFCbcs8

wondering when you would get to looking into that can-of-worms I opened

Economy is never simple.

Do you think his arguments are weak? Because who can we agree with everything on.

I used a lot words to make it seem so ... point taken which why we shouldn't trust that those with their hands on the money printing dial won't screw it up (simple enough?)

Do you guys even have a plan for existing bonds and the like? People have a lot of federal debt and gain interest on it. Imagine if all these people cashed out in a wave.

China is cashing out and Federal Reserve is taking up the slack to push/keep interest rates to the floor ... we rollover the existing debt over and take on more ... rinse and repeat ... till we can't do anymore

My dude, we're already close to that limit.

You couldn’t cash out you could only sell the bond on the market, but MMT would still have to print their checks.

Where is your ancom meter today?

Still the same as always.

I imagine bonds that are currently marketable would be grandfathered.

It’s an awful idea. It only sounds good because we think the politicians would use restraint, well they have showed no restraint thus far.

@TaLoN132 back to our conversation ... yeah sometimes I can't tell with Robert whether he is just taking the plaintiffs side when he's reading their petition or he really believes it himself ... he does seem to think that the Supreme Court hasn't been clear on this but I think he's wrong ... @Uncivil Law helped me to understand about the standing issue and that it wasn't a mere technicality. It's a legitimate part of the law and the court is making a statement in its dimissal.

I have no idea what they would do. Besides bankrupt the economy.

Politicians that believe in MMT are more scary to me than anything because that's directly going against the idea of restraint.

we don't know where the limit is but we are certainly closer to it than we were yesterday

It will be awesome when money is worthless. It’s what all my anarchist friends have been wishing for all this time. Now the only currency is cigarettes, water and bullets. So much better

Generally when you cannot actually manage to dent your debt is when I'd say the ceiling is reached.

This happens to people all the time.

When they borrow too much money.

It’s not even the ceiling that’s the issue, it’s the faith in money that will destroy the economy. If inflation is at 10% and ever increasing you’re in trouble. Imo

that happened sometime ago ... maybe Nixon when he took us off the gold standard or later when Greenspan ushered in the era where deficits don't matter ... thing is the US has a money printing machine ... so it's like an ordinary person taking up counterfeiting, everything works out until folks realizes the money you're printing is fake

printing money doesn't actually make you more money, you understand this yes?

Printing money brrrr

makes inflation rise in response.

You need stable price levels. Or you are gambling against the house of hyperinflation or deflationary spirals.

more money, less value ... prices of goods and services adjust, eventually ... key is to be first in line where they are handing out the money, you know you are there when you bump into the politicians

That is extremely short-sighted and lead to what Venezuela experienced. 65 000% inflation.

Also you have to actually buy goods because this is fiat money.

no argument from me ... it's all how close you can get till you hit the knee of the exponential curve

It literally screws people that invest in things as well.

Like most things, people tend to dismiss things that are different from what they know by trying to frame the new in a way that over-simplifies the approach. MMT is not a "I can't be overdrawn because I still have checks" approach to finance.

Currency in a construct to represent value. As our economy grows so does the relative value. If there wasn't a way to introduce currency into the economy to represent the growth that has taken place, we would have whatever amount of currency that we started out with 240 years ago. How else is the growth represented.

I think this interview does a pretty good job of explaining MMT from a proponents perspective:

https://www.youtube.com/watch?v=28atgck_1lA

@TaLoN132 imagine you had theme park with your own currency. Call it M dollars. You pay your employees in M dollars and pay your bills in M dollars. Because people like to frequent your theme park people accept M dollars. Now imagine whenever had to pay new bills or employees you just printed more M dollars. Sounds good until the demand for M dollars falls. M Dollars start depreciating. It’s not like $1 to 1000 M dollars. So you need to print more. That’s MMT

The fact that economists treat it the same as climate change denial in the science field is a pretty good idea to me, as a layperson, to take the approach of "Well since I'm not an economist, I'll side with the economists."

I have read econ papers on MMT. It’s just not viable.

It’s not just a kind of bad idea. It’s an awful idea.

I think this would lead to the government stacking up assets it just prints money to buy in the short term, which literally screws everyone else out of their investments if governments can do this.

@TaLoN132 ignore the economic discussion for the moment and let's talk "election fraud" and where Robert's channel is headed (suggestion)