Matt, besides your alternatives of bail-outs, bail ins and interest hikes, there is a fourth alternative you failed to mention, modern monetary theory (MMT), which holds the promise of debt cancellation without inflation. The Fed simply prints enough money for the federal government to pay all its debts (except social security) and the g…
Matt, besides your alternatives of bail-outs, bail ins and interest hikes, there is a fourth alternative you failed to mention, modern monetary theory (MMT), which holds the promise of debt cancellation without inflation. The Fed simply prints enough money for the federal government to pay all its debts (except social security) and the government makes sure that all the extra money goes into the sink of private wealth and control while none of it goes to those who would spend it on consumer goods. The billionaire class will spend that money wisely to maintain its control and hoard the rest. In that way, partisan Democrats and Republicans as well as the military will have enough money to live while all others will own (and have) nothing and be happy as they starve.. /sarc (I hope)
I think it's full of holes, and too far removed from the principles of physical economy which I have studied from Hamilton to Henry Carey, Friedrich List and into the 20th century. Every time this system which has scientific, historic and moral precedents has been applied, humanity has been brought into line with natural law, and every time we have been induced to abandon it, we fail. MMT appears to take the outward costume of some of this, and then detaches it from any concept of principle associated with the american system of political economy
Matt, besides your alternatives of bail-outs, bail ins and interest hikes, there is a fourth alternative you failed to mention, modern monetary theory (MMT), which holds the promise of debt cancellation without inflation. The Fed simply prints enough money for the federal government to pay all its debts (except social security) and the government makes sure that all the extra money goes into the sink of private wealth and control while none of it goes to those who would spend it on consumer goods. The billionaire class will spend that money wisely to maintain its control and hoard the rest. In that way, partisan Democrats and Republicans as well as the military will have enough money to live while all others will own (and have) nothing and be happy as they starve.. /sarc (I hope)
I think it's full of holes, and too far removed from the principles of physical economy which I have studied from Hamilton to Henry Carey, Friedrich List and into the 20th century. Every time this system which has scientific, historic and moral precedents has been applied, humanity has been brought into line with natural law, and every time we have been induced to abandon it, we fail. MMT appears to take the outward costume of some of this, and then detaches it from any concept of principle associated with the american system of political economy