MMT says government is different. It owes the money to itself and the debt can be canceled at will. In MMT theory, a benevolent government would spend the money wisely, cancel all the debt or pay interest to itself, and everyone will essentially live happily ever after.
The notion is really amusing. But it was more amusing watching Bernstein try to address a question on it.
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I saw this on several tweets and then on Zerohedge prior to posting. The song “Money for Nothing” kept coming to mind except the reality for the FED is money from nothing. Have you seen the movie Idiocracy?
David DeGerolamo
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Probably gets $300,000 per year plus expenses. And a nice pension.
pretty blatant lie, the government owes the money to itself. Hahaha, don’t tell that to all of our long list of creditor nations. Oh yeah, the FED may have something to say about that statement as well. Your government has now decided you are an idiot.