Dawn Ahukanna
@junklight @cstross @maxthefox @nonlinear @futurebird @PavelASamsonov @nyrath
The government money comes from taxes. 1% don’t pay tax & have sacked the masses who do. So “tax-source” is gonna eventually go bankrupt. Then the “investors” can get their nourishment from their monetary hoard.
pettter
@cstross @dahukanna @junklight @maxthefox @nonlinear @futurebird @PavelASamsonov @nyrath This is what's known as 'Modern Monetary Theory' (MMT), to be clear. https://en.wikipedia.org/wiki/Modern_monetary_theory
Charlie Stross
@dahukanna @junklight @maxthefox @nonlinear @futurebird @PavelASamsonov @nyrath I think that's a misconception. Governments can create money: tax removes money from circulation (necessary to prevent inflation/devaluation of the currency). But the financialization of our system allows capital-holding lenders to create "virtual" money backed by loans, out of control of central banking. Governments can either raise taxes or borrow, but borrowing is now at the mercy of predatory capitalism ...
pettter
@cstross @dahukanna @junklight @maxthefox @nonlinear @futurebird @PavelASamsonov @nyrath Monetary policy has a lot more nuance than that, and MMT has attracted a bunch of criticism from various circles, but it's useful as a first step to questioning what's taken to be 'conventional wisdom' in a lot of political and economic circles.
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