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Originally Posted by The Soup Nazi

That's a tall order! I'll start by saying this: if modern monetary theory were an electronical product that I could buy, I'd get the coins together, I'd go to the store, and then I'd think, "Oh crap, what if this isn't compatible with my current computer..."

Here's a 101 on the subject: https://www.investopedia.com/modern-...ry-mmt-4588060

hahahahaha yes it's not compatible. exactly.

i mean, i've actually read kelton, bought her book and all. and all is well and good and makes perfect sense, except in the operating system that we actually have, because taxes that must be legislated are not a timely instrument to regulate the money supply, whereas a group of unelected technocrats can actually adjust the interest rates on a regular basis fairly easily with no political interference.

which sure, perhaps it's not ideal. but the ideal alternative does not exist. it's an impracticable concept.

so warren scolding powell pisses me off immensely because powell does not have the power to change the u.s. constitution, much less on command. i mean she's great at pocketbook issues but here she's either pandering hypocritically or a complete ignoramus. i like many of her policies a lot but she can sometimes act embarrassingly (but then again, can't we all?). anyway... she's a lot smarter than the bullshit she sometimes spews. i expect more from her.

now uncle joe is proposing a tax increase on billionaires. which is a nice start. increased tax rates don't always mean increased tax revenues, but that's at least a starting point to a fiscal (not monetary) solution to the (fake) deficit and subsequent (real) inflation problems (per mmt).

not gonna happen with this congress though. no chance in hell. how could mmt work in a system like this one? it would take a revolution or a major structural reform to make it legally possible. which we just isn't happening right now.