The Economic Elephant in the Room
My frustration trying to understand modern monetary theory:
https://tiereddemocraticgovernance.org/blog_details.php?blog_cat_id=19&id=506
Recent conversations I've had regarding #PublicBanking, #ModernMonetaryTheory #MMT, and #LandValueTaxation #LVT in #Vermont #VT have again shown how little knowledge and understanding there is among the electorate of not only these particular concepts, but of how economies actually function.
People approach these subjects with deep skepticism, because they run counterintuitive to received "wisdom".
I often feel like Galileo attempting to prove the fact that the Earth revolves around the Sun.
Taxes categorically do not "pay for" government, at least, not on the level of the government that issues the currency. #ModernMonetaryTheory #MMT demonstrates this ably. The federal government *must* first spend the currency into existence, in order for taxes to be paid.
However, for the state and municipal governments in the US, since they cannot spend more currency into existence, they are forced to tax first, then spend.
#PublicBanking would allow them to get around that limitation.
Stephen Hayes
Dave Volek
Gemma Seymour