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comment by KapteinB
KapteinB  ·  1821 days ago  ·  link  ·    ·  parent  ·  post: Modern Monetary Theory in Revolutionary France

    previous examples of MMT—Venezuela, Zimbabwe, the Weimar Republic, Revolutionary France

Were any of those actually attempts at Modern Monetary Theory? From what I understand of it, an important aspect of the theory is that inflation should be controlled by removing currency from circulation through taxation.

Even the two examples cited from France don't sound like MMT to me. They didn't create money out of nothing, instead they sold something the state already owned to its people to collect money from the public without resorting to excessive taxation.

(I do agree with the writers that Modern Monetary Theory is kind of a dumb name. Wikipedia suggests a different name: Neo-chartalism.)





kleinbl00  ·  1821 days ago  ·  link  ·  

Honestly I have no idea - what I've noticed is that the highest-profile endorsement of it is AOC saying sure, we could look at that while everyone opposed to it is tying it to every economic catastrophe since the invention of money.