A view from Hong Kong:
“If you read the explanations put forward by MMT advocates you could come away with the impression that the ‘theory’ is a discovery or original insight, but nothing could be further from the truth. What MMT actually does is employ accounting tautologies and a very superficial view of how monetary inflation affects the economy to justify theft on a grand scale.
When government creates money out of nothing and then exchanges that money for real resources, it is exchanging nothing for something. In effect, it is diverting resources to itself without paying for them. This is a form of theft, but it is surreptitious because the seller of the resources does not incur the cost of the theft.
MMT being bad from both ethical and economics perspectives probably won’t get in the way of its implementation. It has great appeal to the political class. For all intents and purposes MMT is already being put into practice in the US.
There is now a high probability of systemic collapse during this decade. What comes next could be worse.”
https://tsi-blog.com/2020/07/the-brave-new-world-of-mmt/ “The Brave New World of MMT”
Gold sniffs this out, rising from $1,400 to over
$1,600, $1,700, $1,800, $1,900, $2,000 USD / oz. in 2020. How much higher will government theft take it?
Image from Gold Switzerland.
“Children playing with stacks of hyperinflated currency during the Weimar Republic, 1922” from Rare Historical Photos.