• cleoburymortimer [none/use name]@hexbear.netEnglish
    21·
    11 months ago

    JT’s argument is that MMT would work in the US if used to build socialism

    How is this squared with the fact that the fed’s ability to print unlimited funding is a result of financial imperialism? You can’t dismantle the master’s house using the master’s tools. The US has to be dismantled and something else put in its place before we can ever talk about building socialism in North America.

    • space_comrade [he/him]@hexbear.netEnglish
      162·
      11 months ago

      Even better IMO. If you dismantle financial imperialism you also make room for MMT to work for smaller countries too.

      MMT isn’t social imperialism where one country gets rich on the backs of others, it’s about efficiently allocating labor and resources within a country.

    • Kaplya@hexbear.netEnglish
      141·
      11 months ago

      Read my comment here.

      Most people are confused by the Fed printing money and dollar hegemony. They are two separate issues. As Michael Hudson put in very succinctly, the US treasuries simply act as a vehicle to absorb the excess dollars spent overseas. It has little to do with the ability of US government to finance free healthcare domestically.