So, that 'accidental miracle' that happened in 1971 - I guess to enable MMT a lane for advancing their modern money notions - didn't happen. I had this out with Warren Mosler and many others about 15 years ago.
Still can't figure out why MMT needed that "convertibilty' foundation to help support and to advance the outside-the-box Memes and Notions of MMT. The Chartalists rather pretend their scholars didn't notice the change in monetary policy almost 40 years earlier.
All of that Policy shift to "Gold non-Convertibility" actually happened earlier when FDR took the entire domestic economy off of any and all gold convertibility in our monetary policy. So, we already had almost 40 years of that stuff guiding our domestic economy, through both the Great Depression and the Second World War. Seemed to work as OK, as much as our Debt-Based Money system will allow.
Important to recognize that the change in 1971 only affected the 'convertibility' of foreign trade balance accounts that themselves only began about 15 years earlier, and only for those countries that executed The Bretton Woods Agreement of 1944, so something created a decade AFTER the "NO GOLD" change was done in the U.S. ..
So, for the yarn that follows, that NOW our government can just 'print the money' when we pass a Bill that NEEDs funding, what else do you have ?
Please, lend a hand to that which can, indeed, make all that 'Public Money' , of permanent and Debt-free issuance, like Greenbacks, our sovereign reality..
John,
Just watched several minutes of the video.
The ACCIDENTAL MIRACLE part.
So, that 'accidental miracle' that happened in 1971 - I guess to enable MMT a lane for advancing their modern money notions - didn't happen. I had this out with Warren Mosler and many others about 15 years ago.
Still can't figure out why MMT needed that "convertibilty' foundation to help support and to advance the outside-the-box Memes and Notions of MMT. The Chartalists rather pretend their scholars didn't notice the change in monetary policy almost 40 years earlier.
All of that Policy shift to "Gold non-Convertibility" actually happened earlier when FDR took the entire domestic economy off of any and all gold convertibility in our monetary policy. So, we already had almost 40 years of that stuff guiding our domestic economy, through both the Great Depression and the Second World War. Seemed to work as OK, as much as our Debt-Based Money system will allow.
Important to recognize that the change in 1971 only affected the 'convertibility' of foreign trade balance accounts that themselves only began about 15 years earlier, and only for those countries that executed The Bretton Woods Agreement of 1944, so something created a decade AFTER the "NO GOLD" change was done in the U.S. ..
So, for the yarn that follows, that NOW our government can just 'print the money' when we pass a Bill that NEEDs funding, what else do you have ?
Please, lend a hand to that which can, indeed, make all that 'Public Money' , of permanent and Debt-free issuance, like Greenbacks, our sovereign reality..
https://www.congress.gov/bill/112th-congress/house-bill/2990/text
The people want their money back.
For real.
Thanks.
The Money Apprentice