1431 Modern Monetary Theory Fails

Modern Monetary Theory (MMT) was hypothesized in the beginning of the last century; it’s the idea that a government can print an infinite amount of money without adverse effects, and is the basis of Bidenomics. Not considering the side effects, the theory seems sound; creating an economy through stimulus where production adjusts to equal consumption via market forces. As needed, if demand increases, production can be increased through technology & automation, creating a demand for training the next generation of scientists & engineers. MMT is a win-win situation but it has two insidious problems. First, money is a stand-in for real things; people don’t earn money for money’s sake, they accumulate it for what they can exchange it for. Capitalism guarantees money will concentrate into the hands of a very few; at some point, these elite individuals are going to want to convert their money into things. There may be infinite money but there’s not infinite things, so eventually, prices will rise as the monied oligarchs try to buy everything with their limitless money, just like we’re seeing now. Secondly, people are vain and controlling, especially ultra wealthy ones, and since money equals democracy, the causes & narratives they champion are the ones that drive the nation, not The People.