RE: MODERN MONETARY THEORY - can anyone explain major differences between MMT and current monetary system?
Thank you for your amazing comment @majes.tytyty
governments make money by collecting taxes or by selling bonds. MMT holds that needy governments do not have to collect more taxes or sell more bonds. There is a third way, and that's MMT.
Somehow I don't see goverments being able to dismantle their own taxing system. That would also means massive amount of people, which would lose their jobs in administration sector. People noone else would like to hire.
ps.
I would also like to take this opportunity to share with you one of my recent posts
, where I'm describing project.hope economy (I run it with few guys from steem). I would love, if you could invest few minutes and get familiar with our efforts and perhaps share your feedback (this is what I always care the most).
I've read your recent memo and I'm aware of your lacking time. Take it easy buddy :) You may join our curation trail whenever you're ready.
Yours, Piotr
Good point. I believe that MMT does not advise govts to STOP collecting taxes or to STOP selling bonds. But if and when tax revenue plummets and when nobody buys the govt's bonds, then the MMT alternative (last resort) is to just print tons of money.
I'll open your link and read that post soon. And I'll also get to that curation trail ... sooner or later. :-)