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Will Modern Monetary Theory Blow Up the Dollar?

December 18, 2019

Anti-riot police block the entrance to the Magistrates court in Bulawayo, Zimbabwe, on Aug. 19, 2019. Nearly two years after President Emmerson Mnangagwa took power, the country faces rising inflation, increased poverty, and a severe water shortage. (Tafadzwa Ufumeli/Getty Images)
Anti-riot police block the entrance to the Magistrates court in Bulawayo, Zimbabwe, on Aug. 19, 2019. Nearly two years after President Emmerson Mnangagwa took power, the country faces rising inflation, increased poverty, and a severe water shortage. (Tafadzwa Ufumeli/Getty Images)

Will Modern Monetary Theory Blow Up the Dollar?

The idea of an ‘infinite’ money supply from federal printing presses is gaining ground among the radical left in Washington, D.C.

Commentary

“As long as the government can print money, we’ll never be broke.”

That’s the idea behind modern monetary theory (MMT) in a nutshell. Naturally, many of the nuts in Washington are starting to get behind this unhinged notion. That includes members of Congress such as Rep. Alexandria Ocasio-Cortez (D-N.Y.) and democratic presidential candidate Sen. Elizabeth Warren (D-Mass.).

An Economic Absurdity

Sure, a cluster of economists in and around Wall Street and Washington, D.C. are pushing this very dangerous set of policies that are dressed up in academic terminology such as “neo-Keynesianism” so that they sound almost sane. But MMT is as far from economic sanity as one can get. But let’s face it, Wall Street loves any idea that puts money into the market.

In essence, the main idea behind MMT is that any government spending can be paid for but with printed money. An in depth look into history—or even a brief one—shows that the absurd idea of printing unlimited amounts of money leads a nation into hyperinflation and economic ruin.

No Good Examples

A recent example would be Zimbabwe. Unjust land seizures leading to food shortages, price controls, and corruption led to massive deficit spending fueled by printing press money. A inflation rate of 98 percent every day destroyed the economy and the government’s credibility in running it.

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