Firstly - as a PEDANTIC Scientist - May I point out that Eistein had a “Theory” Newton had a “Theory” - this is NOT a “Theory” - it is at best a HYpothesis and more realistically a “Conjecture” - as are so many other of these so called “Theories” so beloved of our Propagandist “mentors” :- "Conspiracy Theory, Critical Theory, Critical Race Theory< etc etc = No a “Theory” is something which has been rigorously examined and accepted as “Close to the truth” by Scientific examination - NOT some randon conjecture - by a “Study” from someone still in nappies (Diapers) !
Secondly - as presented - it represents “Keynsianism on Steroids” - and when asked about the “Long term consequences” of his Hypothesis - Keynes said "In the Long Term we are all dead !"
Thirdly - MMt contains just enough of a grain of “truth” - to be considered as “Credible” - like “Race Theory” or “feminist Theory”
Insofar as MMT postulates that it is ok for a country to go into debt - because that debt can be reduced by devaluation of the currency !
HOWEVER that only works “at the margin” and only if teh currency is unique to the country. - That is what the IMF deliberately (we think) refsed to consider when creating the “Banana Republics” and what is clearly observable in the “Greece” situation.
Greece is a country whose "personality is “Laid back” - gently corrupt and whose citizens don’t pay their taxes ![:sunglasses: :sunglasses:](https://f.bpcdn.co/images/emoji/twitter/sunglasses.png?v=9)
Greece has a lot of sunshine and wine and food and is actually a nice holiday resort !
So they sell this stuff to Tourists - many from the uk - and we used to get cheap holidays - lots of booze and have a great time.
THen they "joined the EURO ! " so the price of everything went UP ! to “Level the playing field” with the rest of the “EU” - Our holidays doubled or tripled in prece AND WE JUST “Went somewhere else” ![:slightly_smiling_face: :slightly_smiling_face:](https://f.bpcdn.co/images/emoji/twitter/slightly_smiling_face.png?v=9)
So now the Greeks had no income! and under MMT (or even iunder what we now call “sovereignty”) - They could have just devalued their currency and our holidays would be cheap again - and they would get loadsa money ! ![:sunglasses: :sunglasses:](https://f.bpcdn.co/images/emoji/twitter/sunglasses.png?v=9)
BUT THEY’re STUCK with this damned EURO ! - So they do NOT have the power to reduce their prices !
Bye-Bye our Greek mates !
MMT doesn’t work unless you have sovereignty (AND credibility) !
The book details this in “Banana Republics” as the IMF insisted the “debt” was to be denominated in Dollars! - soo to pay even th einterest on the “Debt” the food farms had to be devoted to “Bananas” to be sold for “dollars” to pay the interest - whilst the population starved !
Now when the “Globalists” get their way - EVERYONE will be stuck with the same currency - and there will be NO chance for differential currenct=y movement - which is in fact what “Forex” is all about !
Don’t forget John Meynard Keynes
In the long term - we are all dead !"