African and South American countries cannot print money to wealth and they cannot deficit spend to wealth - the IMF and World Bank would never allow it
The MMT crowd have it backwards - the reason the US can have an almost unlimited amount of government debt is precisely because they have the worlds largest military and they siphon off the worlds economy: from the petrol-dollar to ImF and Worldbank which indebts countries then ships their natural resources for pennies on the dollar to the US to forcing countries to purchase their garbage arms equipment like fighter jets etc
Michael Hudson exolains here how the US even gets its 'allies'(captive nations) to pay for its wars
But they cannot ensure that this money has value. Value, which is created in production.
Whilst money, representing abstract labour, can only hold the value in an economy of a productive economy
MMT is petit bourgeois nonsense which tries to substitute class struggle with bourgeois voodoo
Whats more most "money" is created by banks in the form of credit or loans to investors and consumers
And since when have banks, who are privately owned, ever ran in the interest of society as a whole
Whats more we've seen this year the US print money like theres no tomorrow.
6 trillion $ and yet the people are lining up at food banks
States can create money (which only stores abstract labour value represented by a productive economy) but they cannot ensure this money is used productively
The West has been on a printing money spree since 2008 (not even to mention this year in Trump admin hopes to stave off s recession until after the election)
This money has not gone back into production as reinvestment which shows through the rubbish GDP growth throughout the West. It has mostly gone into the stock market
So States can print money but they cant dictate the value of that money nor can they dictate if that money is even used
What Australia needs to do now is to have a socialist government that understands MMT so that they can deficit spend to save the Australian economy while decoupling itself from relying on China or the United States.
No, what Australia has needed to do from day one is return full sovereignty to the aboriginal people, along with paying reparations in full with interest.
Socialism cannot be built upon the bones of colonized peoples.
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MMT doesnt exist
Its not a real monetary policy in isolation.
African and South American countries cannot print money to wealth and they cannot deficit spend to wealth - the IMF and World Bank would never allow it
The MMT crowd have it backwards - the reason the US can have an almost unlimited amount of government debt is precisely because they have the worlds largest military and they siphon off the worlds economy: from the petrol-dollar to ImF and Worldbank which indebts countries then ships their natural resources for pennies on the dollar to the US to forcing countries to purchase their garbage arms equipment like fighter jets etc
Michael Hudson exolains here how the US even gets its 'allies'(captive nations) to pay for its wars
https://m.youtube.com/watch?v=paUgY6SGlgY
Why MMT is trash
https://thecommunists.org/2020/10/22/news/theory/modern-monetary-theory-magic-money-tree-harpal-brar/
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States can create money - that is true
But they cannot ensure that this money has value. Value, which is created in production.
Whilst money, representing abstract labour, can only hold the value in an economy of a productive economy
MMT is petit bourgeois nonsense which tries to substitute class struggle with bourgeois voodoo
Whats more most "money" is created by banks in the form of credit or loans to investors and consumers
And since when have banks, who are privately owned, ever ran in the interest of society as a whole
Whats more we've seen this year the US print money like theres no tomorrow.
6 trillion $ and yet the people are lining up at food banks
States can create money (which only stores abstract labour value represented by a productive economy) but they cannot ensure this money is used productively
The West has been on a printing money spree since 2008 (not even to mention this year in Trump admin hopes to stave off s recession until after the election)
This money has not gone back into production as reinvestment which shows through the rubbish GDP growth throughout the West. It has mostly gone into the stock market
So States can print money but they cant dictate the value of that money nor can they dictate if that money is even used
No, what Australia has needed to do from day one is return full sovereignty to the aboriginal people, along with paying reparations in full with interest.
Socialism cannot be built upon the bones of colonized peoples.
deleted by creator