******************** POSTING RULES & NOTES ******************** #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. *****************************************************************
I actually did read some of the "ideas" of modern monetary theory. Most of it, I couldn't make head or tail of. I know I'm not the smartest person in the world, but I'm not the stupidest either. In general, I figure if I read some theoretical piece carefully and still can't understand it, that's because it's simply gobbledygook. I've asked around about what's the difference between this "theory" and Keynesianism and nobody has been able to give me a straight answer. Maybe it's the idea (as far as what I can make out) that governments should simply print more money rather than go into debt. If that's the case, then it's simply reformist nonsense and in practice, as far as the effect of expanding the money supply without an equal expansion of production, there is no practical difference. I asked around about whether the advocates of this theory say it applies to underdeveloped countries - in fact any country aside from the US, any country whose currency isn't the world currency - and nobody can answer me. Now, maybe all those other people are just as dumb and uneducated as I am. Or maybe they don't know because the so-called theory simply doesn't deal with these questions concretely. John On Mon, Apr 20, 2020 at 4:34 PM MM <[email protected]> wrote: > On Apr 20, 2020, at 6:31 PM, John Reimann <[email protected]> wrote: > > In many other countries around the world, extremely high levels of > government debt led to devaluation and high inflation. The US is in an > exceptional situation because of the global role of the dollar. That role > is based on the military and economic power of the US internationally. > However, just as that power of US capitalism is being challenged so, > contrary to what some comrades seem to think, the international role of the > dollar may not last forever. > > So, we will see. > > John Reimann > > > John, Where do you think a future socialist government’s money supply > would come from? > > -- *“In politics, abstract terms conceal treachery.” *from "The Black Jacobins" by C. L. R. James Check out:https:http://oaklandsocialist.com also on Facebook _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: https://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
