Originally posted by GeneV I've had this debate about MMT on another forum. I think that we are no where near the point of the bomb, but that does not mean we couldn't get there. The only way we "default" on our debts is if we choose to do so--which is exactly what the House majority is threatening right now, but that is another story.
On the other extreme, if we suddenly created 100 dollars for every dollar out there now with the flick of a switch, I have some trouble believing that persons outside our system wouldn't view those dollars as being worth closer to one cent, and we will either need to cut back on imports or suffer inflation. As we make less and less that other countries want, I think that threshold goes down.
Yes, a matter of psychology and perception not fiscal nor reality.........
The "bomb" kicks in at 100% utilization of resources (including labor)....... Globally and in the US we are a LOOOOOOOOOOOOOOONG way from it.
As to the 1 dollar into 100
We've already done that. went to the wrong people for the wrong reasons.
Should have just done an emergency payoff of mortgages and all would be good. Now they get to "double dip".. Money from the fed, property for sale from a foreclosure..
funny a search w/
disputing Rodger Malcolm Mitchell
Turns up nothing................