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
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”
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 !
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 !"