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TheModernMystic MMT = 'monetary authorities printing up money and causing inflation'

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Uploaded on Aug 23, 2010

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Modern Monetary Theory (MMT). Chartalism.

Garbage.

The theory is based on the idea that it is governments that create money instead of people's goods, skills, and services. In such a system, fiat money is created by government spending and then taxation is employed to reclaim the money and control the total amount of fiat money in existence[2]. The reclamation of most of this money (via taxation) is essential to maintaining its value in exchange. Modern chartalism theory states that under a fiat money system, money is created by government deficit spending. Because money is not tied to or backed by a commodity, money can only be created when the government spends money. Government may, or may not, ask for that money back in taxes. The demand to hold and acquire money is driven by taxes levied by the state, taxes that can only be paid in the state issued fiat currency. from wikipedia

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