Our Economic System’s End Has A Name: “Modern Monetary Theory”
What inevitably happens when people allow politicians the power to print money out of thin air? (See: Venezuela.)
Many bad things, beginning with ever-increasing slavery of the masses to the state culminating in a complete collapse of the black magic fiat economic system that destroyed the culture through the endless programs and wars it funded while it was able. In the aftermath, what’s left is a despondent, dependent population desperate for more “help” from the state in much the same way that a drug addict becomes increasingly desperate for another hit after his supply completely dries up and dealers are nowhere to be found.
Right now we’re still in the well-supplied addict stage. We have a government that can, in cooperation with the Federal Reserve (which is not a part of the government), at least for the time being, print more and more currency in order to sustain and even expand the socialist programs we’ve become so sadly dependent upon (think: public schools, Medicaid, Medicare, Social Security, welfare, subsidies, etc.).
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Right now we can get another hit or ten each and every month and still pretend not only that we’re not really addicts, but that we’re not even Socialists, which is really funny in a dark comedic, gallows humor sort of way, if and when you allow yourself to stop and think about it.
But we don’t wanna do that, do we?
Think, I mean.
We don’t wanna think about public schools themselves being right outta the Communist Manifesto and covering at least three of the ten planks of said Manifesto. We don’t wanna think about how our currency isn’t based on anything real anymore and that without the black magic, made-outta-thin-air dollars fueling our welfare and warfare systems, the programs and military that we idolize would cease to be.
Year after year, decade after decade, generation after generation, we hear about deficits, debt, and how all of this is unsustainable, yet…it just keeps going on.
And at some point, we start to believe, or at least act as if we believe, that it all works and will somehow go on working.
But it isn’t and it won’t.
And the long due day of reckoning is almost here.
Since the first Federal Reserve dollars came to be over 100 years ago, the US dollar has lost between 94% and 98% of its purchasing power, depending on your measuring standard. That leaves anywhere from 2%-6% left to deplete. Then it hits zero, as all fiat currency always does.
If you don’t sense great gravity in that last paragraph, please read it again.
One big takeaway from the state of the dollar as we know it is this: It will soon die. Almost certainly within years rather than decades. Possibly only months, but my personal guess is within the next 4 years. (I’ll get more into why I think that in future posts.)
As we enter the end stages of the Federal Reserve and its designed-to-steal-and-enslave dollar, we can expect more and more of exactly what is just now beginning to boil in a big way on the public stage, that being: Full blown economic insanity.
While we’ve obviously been operating under a form of economic insanity at least since the Federal Reserve came along, and said nuttiness has ratcheted up substantially in recent decades, where we’re heading now is over the cliff’s edge and into oblivion. We’re no longer approaching the cliff. We’ve arrived. And we’re not being pushed. We’re running toward it.
Because we love our Socialism, that’s why.
We love our giant military.
We love our public schools.
We love our “helpful” state programs and pensions.
We love it all.
One key attribute of this particular version of full blown insanity that we’ll “enjoy” along the way is the fancy academic labels and explanations that will (and already are being) offered to present stark raving economic madness as somehow intelligent, prudent, and necessary to lead us to the next level of Progress.
As with the piles of steaming “experts” who seriously try to rationalize the most flagrantly insane of concepts (like Bruce Jenner being a woman, Global Warming being real, and the measles being an Ebola-esque existential threat to humanity), in the coming years we’re going to witness the most laughably moronic economic proposals lauded as quite bright, forward thinking, and – you guessed it – Progressive.
This is what it looks like when a culture is given over by God to the insanity described in Romans 1.
Evil becomes good.
Good becomes evil.
Bruce Jenner becomes a woman.
And printing endless fiat currency to pay for more and more Socialism is a beautiful thing that will lead us to Progressive Paradise (see: Venezuela).
As we’ve already witnessed (whether we want to admit it or not), even most self-identified conservative Christians love truckloads of Socialism in practice, so is it any wonder that the coming years will only build upon the leftward lean long established through the public schools and warfare/welfare state that Americans of all political stripes have come to love and depend upon?
Bernie Sanders was just a step and Alexandria Ocasio-Cortez is just another on our way to…*drumroll*…Modern Monetary Theory (MMT).
Or, as I prefer to call it, Magic Monetary Theory.
In a nutshell, MMT is the brilliantly insane notion that since government/central banks can generate as much currency as they want, they ought to just generate whatever it costs to do…well…anything that they want to do.
Anything Progressive, to be more precise.
Wanna give everybody a living wage?
Just generate the currency!
Wanna rebuild or renovate literally every building in the country according to Green/Progressive standards?
Just generate the necessary currency and get ta buildin’!
Wanna build a bridge or two or ten across the Atlantic and Pacific oceans in order to cut down on the need for air travel?
You guessed it! Just generate the necessary currency.
What could possibly go wrong? (Again, see: Venezuela.)
Think I’m joking about the ocean-spanning bridges projects or renovation of every building in America? Think again…and check this nifty bit of MMT insanity from the increasingly popular new Socialist starette, the aforementioned US Representative Alexandria Ocasio-Cortez, as covered recently in a Politco article entitled “Ocasio-Cortez boosts progressive theory that deficits aren’t so scary”:
“The Democratic Party’s base is rallying around calls for massive social welfare programs like Medicare for All, a federal jobs guarantee and a Green New Deal — all of which would cost trillions of dollars and potentially bust the budget.
Yet a small but growing chorus of progressives say that policy makers are thinking about deficits all wrong: The red ink, they say, is not that big of a deal.
Rep. Alexandria Ocasio-Cortez, (D-N.Y.), told Business Insider last month the notion that the government needn’t worry about balancing its books should be “a larger part of our conversation.”
Sen. Elizabeth Warren (D-Mass.) said Congress’s current system of finding savings to offset spending increases “doesn’t make any sense.” It is “clear that we need to rethink our financial accounting for the United States,” she said.
“There’s no question in my mind but that [the idea is] gaining traction, just based on my inbox, my voicemail,” said Stephanie Kelton, a leading proponent of a new theory behind deficit spending who served as an adviser on Sen. Bernie Sanders’s presidential campaign. She pointed to an uptick in inquiries from Hill staff, members of Congress and journalists.
To be sure, the debate is still a wonky sideshow for Democrats compared to flashier discussions about taxing the rich, as Ocasio-Cortez and Warren have advocated, and even many progressives are skeptical. But liberal politicians may come to embrace the idea that budget deficits are overstated as they increasingly face pointed questions about how they will pay for their costly proposals.
Deficits have long been considered a drag on the economy, diverting private investment into government bonds instead of jobs and technology, and swallowing tax dollars into a mounting pile of interest payments. To avoid these effects, government spending is often framed like business spending: Costs should be offset by revenue.
But the philosophy that Kelton and others are pushing — dubbed “modern monetary theory” — views it differently. Governments, it says, create money, so they don’t even need to borrow any — they can spend as much as they like. . . ”
Well there ya go!
But wait, it gets better, as made plain in a helpful post from Americans for Tax Reform, which chronicled MMT proponent Ocasio-Cortez’s recently released plans for the economy:
“This morning, Rep. Alexandria Ocasio-Cortez released an overview of the Democrat “Green New Deal” which threatens “a massive transformation of our society.”
Below are the details of the proposal.
Rebuild every single building in the U.S.
“Upgrade or replace every building in US for state-of-the-art energy efficiency.”
Will end all traditional forms of energy in the next ten years.
The Green New Deal is “a 10-year plan to mobilize every aspect of American society at a scale not seen since World War 2 to achieve net-zero greenhouse gas emissions.”
Plans to ban nuclear energy within 10 years if possible.
“It’s unclear if we will be able to decommission every nuclear plant within 10 years, but the plan is to transition off of nuclear and all fossil fuels as soon as possible.”
Build trains across oceans and end all air travel!
“Build out highspeed rail at a scale where air travel stops becoming necessary”.
Don’t invest in new technology of Carbon Capture and Storage, just plant trees instead!
“We believe the right way to capture carbon is to plant trees and restore our natural ecosystems. CCUS technology to date has not proven effective.”
Mandates all new jobs be unionized.
“Ensure that all GND jobs are union jobs that pay prevailing wages and hire local.”
May include a carbon tax.
“We’re not ruling a carbon tax out, but a carbon tax would be a tiny part of a Green New Deal.”
May include cap and trade.
“…Cap and trade may be a tiny part of the larger Green New Deal plan.”
How much will it cost?
No estimate of the total cost of implementing the Green New deal is offered by Ocasio-Cortez.
However, as Ocasio-Cortez admits, “even if every billionaire and company came together and were willing to pour all the resources at their disposal into this investment, the aggregate value of the investments they could make would not be sufficient.”
She does provide one estimate that the cost to “repair and upgrade infrastructure U.S. infrastructure” alone will cost “$4.6 trillion at minimum.”
How will it be paid for? Don’t worry about that.
Ocasio-Cortez doesn’t provide any insight into how the trillions of dollars in spending will be paid for other than claiming, “The Federal Reserve can extend credit to power these projects and investments and new public banks can be created to extend credit”.
But as Ocasio-Cortez says, “the question isn’t how will we pay for it, but what will we do with our new shared prosperity”.
See how easy it is to buy things when you’re completely detached from reality?
Just print, print, print…
But only the government can do this, of course.
Anyone else doing that would be counterfeiting.
[insert canned laugh line here]
This is where Socialism leads.
This is where fiat currency leads.
This is the Romans 1 reality that we will wade deeper and deeper into until we repent and surrender to Christ as King and obey the commands that He has lovingly given us so that we might have none of the Socialism that has been killing us and promises to enslave untold future generations.
Take Proverbs 11:1, for example. (Feel free to look it up.)
If we actually believed and applied that one verse alone, there would be no Federal Reserve, no fiat currency, and none of the incalculable evils that they’ve fueled.
But even if we don’t repent, this system will die, as all unbiblical approaches to economics inevitably do in God’s creation.
I give this one less than four years to run its course.
Article posted with permission from Scott Buss