Good money chases bad out of circulation. That's Gresham's Law. But what happens when the good money and the bad money are controlled by different groups? One private and backed by sweat; the other public and backed by blood (or the threat thereof). This is not a stable equilibrium. Taxation (or wealth redistribution) is the … Continue reading BTC in the sheets, MMT in the streets?
“Only a crisis — actual or perceived — produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around.” ~ Milton Friedman Right now, Modern Monetary Theory (aka Magic Money Theory, aka MMT aka a new branding for monetary stimulus) as popularised by Stephanie Kelton’s The … Continue reading The Deficit Myth (and the Free Lunch Fantasy) of MMT