1299
This is it...
(lemmy.world)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 04 Nov 2023
1299 points (94.6% liked)
Political Memes
5401 readers
4348 users here now
Welcome to politcal memes!
These are our rules:
Be civil
Jokes are okay, but don’t intentionally harass or disturb any member of our community. Sexism, racism and bigotry are not allowed. Good faith argumentation only. No posts discouraging people to vote or shaming people for voting.
No misinformation
Don’t post any intentional misinformation. When asked by mods, provide sources for any claims you make.
Posts should be memes
Random pictures do not qualify as memes. Relevance to politics is required.
No bots, spam or self-promotion
Follow instance rules, ask for your bot to be allowed on this community.
founded 1 year ago
MODERATORS
For those that are curious, this is possible because the US has monetary sovereignty in a fiat currency. This means that the federal government is able to allocate literally trillions of dollars more than the annual budget without harming the economy in any way, because a vast majority of US debt (and deficit) is to the US federal government.
It brings up arguments for MMT (Modern Monetary Theory) which is one of the scariest boogeymen Republican leadership has ever heard of.... So you know it's probably fire and a very good option for future US. It's been years but Unfucking The Republic did an episode I really liked on it that could probably use a revisit.
Thanks for the podcast recommendation! I've been needing more things to listen to during work
It's a bogeyman because it's shit nonsense economics. It's a one way ticket to hyperinflation.
Well they can fiat me a few bucks. I need it more than some douchebag in Jerusalem.
What countries AREN'T on fiat currency.
Every country I know about has a fiat currency, but the monetary sovereignty bit is also important. Governments within the EU don't have monetary sovereignty, and therefore are limited by taxation. The EU as a whole could do the same thing, because they are the body that controls the Euro.
If you talk about currencies that are backed in gold, then none. The last country to abolish the Gold standard was Switzerland at some point in the 1990s.
Absolutely spot on. This video explains this very well.
What are you confused about? This is basic Modern Monetary Theory. The US government just decides that funding genocide is more worthwhile than helping the citizens.
It's completely garbage economics. Some innumerate people think that printing money indefinitely won't lead to hyper inflation.