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05/25/2020

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Francisco  Flores

When operating under an MMT paradigm,a sovereign (Treasury+Fed)that issues, borrows in, and floats its own currency can never run out of cash. The sovereign does not need to borrow or tax in orde to spend. Taxes, however, are an important tool in modulating inflation, IF it becomes an issue. Taxes can also be used to prevent gross income/wealth inequality which then takes ove the political process and skews policy towards it's interests (see: the US since its inception). Here's a blurb:
https://fflorescpa.wordpress.com/2018/07/28/financing-economic-solutions-to-unemployment-and-accompanying-social-problems/

Charles N. Steele

MMT: It’s a stupid theory, a rehash of Real Bills Doctrine and Chartalism., both old and discredited theories of money. All it really amounts to is that government can create money and spend it to strip factors of production from the private sector. Thus necessarily drives up prices so the MMT crowd proposes confiscating people’s money to reduce this effect. It amounts to simply confiscating private wealth and putting it in the hands of the government. This is supposed to be a profound “theory.”

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