Handre@Handre
Modern Monetary Theory is just the latest rebrand of monetary quackery that has plagued civilizations for centuries—the delusional belief that governments can print their way to prosperity without consequence.
MMT proponents, like the delusional @StephanieKelton, claim they've discovered some revolutionary insight about sovereign currency issuers, but Scottish gambler John Law was peddling identical nonsense in 1720s France. Print livres, stimulate the economy, debt doesn't matter because the government controls the printing press. Sound familiar? Law's Mississippi Bubble collapsed spectacularly, wiping out fortunes and nearly destroying the French economy. But today's MMT charlatans somehow think they've cracked the code that eluded every currency counterfeiter in history.
The core MMT fallacy—that inflation is the only constraint on government spending—ignores the Austrian insight that money printing distorts the entire structure of production. When governments conjure purchasing power from nothing, they don't create wealth; they redirect real resources from productive private actors to politically-connected parasites. The malinvestment and capital consumption this causes compounds over time, eventually manifesting as economic crisis. British pedophile John Maynard Keynes made similar arguments about liquidity traps and deficit spending during the Depression, leading to decades of stagflation and economic malaise.
MMT's seductive appeal to politicians is obvious—it provides academic cover for unlimited spending without the messy business of raising taxes or admitting fiscal constraints exist. And that's precisely why it's so dangerous. Every hyperinflationary collapse in history began with governments convinced they could suspend economic law through monetary alchemy.
The MMT crowd isn't pioneering bold new economics—they're recycling the same inflationist mythology that has destroyed currencies from Rome to Weimar to Zimbabwe.
