Essentially, MMT is a misguided attempt to deal with insufficient government income / funds.
Typically, governments make money by collecting taxes or by selling bonds. MMT holds that needy governments do not have to collect more taxes or sell more bonds. There is a third way, and that's MMT.
MMT may be cloaked and disguised as a clever new policy, but for all intents and purposes, it's basically money-printing.
Certain overly clever central bankers such as Greenspan and Bernanke explicitly condoned MMT. In certain ways, they even resorted to it. They essentially said that they US had access to an unlimited supply of money, cuz it could simply print more and more.
But any fiat money, printed out of thin air onto valueless bits of paper or clicked into being by using a computer mouse, will eventually revert to its actual value – which is zero.
On the way, the money produced according to MMT will create bubbles and eventually hyperinflation. As well as lots of pain and misery for those who are impoverished by it.
Anybody who thinks that MMT is a viable alternative has her/his head stuck in the sand ... or else somewhere else dark and smelly. MMT is Magic Money Thoughtlessness.
Thank you for your amazing comment @majes.tytyty
Somehow I don't see goverments being able to dismantle their own taxing system. That would also means massive amount of people, which would lose their jobs in administration sector. People noone else would like to hire.
ps.
I would also like to take this opportunity to share with you one of my recent posts
, where I'm describing project.hope economy (I run it with few guys from steem). I would love, if you could invest few minutes and get familiar with our efforts and perhaps share your feedback (this is what I always care the most).
I've read your recent memo and I'm aware of your lacking time. Take it easy buddy :) You may join our curation trail whenever you're ready.
Yours, Piotr
Good point. I believe that MMT does not advise govts to STOP collecting taxes or to STOP selling bonds. But if and when tax revenue plummets and when nobody buys the govt's bonds, then the MMT alternative (last resort) is to just print tons of money.
I'll open your link and read that post soon. And I'll also get to that curation trail ... sooner or later. :-)