Thread by @sdgrumbine

Why do you suppose so many who refuse to actually read MMT literature feel compelled to critique it?

and why do they insist on waxing on about numeraires like the petrodollar or "end of dollar hegemony" when in fact Japan, the UK, Australia and even Canada are case studies that show the vapid nature of these claims?

Japan and China each have a sovereign free floating fiat currency and in the case of Japan have nearly 300% Debt to GDP ratio and they cannot crack 2% inflation and absolutely NO ONE is suggesting to not do business with Japan or that they are broke or anything else.

At some point you would think the petrodollar trope would cease too.

Japan doesn't have a petroyen

China doesn't have a petroyuan

Europe doesn't have a petroeuro

Russia doesn't have a petroruble

India doesn't have a petrorupee

The UK has no petropound.

Yet they can spend and nonone talks about "investors confidence" unless we talk about US deficit spending

At some point you have to ask yourself who the enemy really is. It often times can be found in the mirrors of those talking about "muh private Federal Reserve" when the same damned arrangement exists with every developed nation.

At some point you have to ask why people read and listen to nonsense about petrodollars and not those who are demonstrating that we can indeed have nice things and it is up to all of us to apply pressure to congress to make that happen.

At some point you have to choose to push past the propaganda of the mainstream media and dig in. The information is there if people will stop mainlining ignorant propaganda and dig deeper into the Modern Monetary Theory observations and facts presented.

If people won't do that, all the third party efforts, all the "reform the party" efforts will just be rearranging chairs on the Titanic.

You must have a good understanding of Federal Finance and that starts with understanding what the dollar even is. The dollar is a tax credit. It is a unit of account. It is like an inch or a pound.

Your Federal Government is the patent holder of the dollar. It is the sole legal authority that can crwate dollars. It has granted charters to banks to provide loans, basic banking services and payment clearing.

Deregulation has allowed for speculative behaviors and predatory lending practices, but these can each be re-regulated out of existence and banking could be made boring again.

So, confusing the stories and tales from the firepit and barstool as "facts" have done an awful lot to stifle progress. Truth... real economic truth must matter more than cool stories... No matter how "in the know" you thinking talking about "the Rothchild's" makes you feel.

We can do amazing things and they will only happen when we the people push aside conspiracies about the Federal Reserve and antisemetic gibberish and begin to realize that we can do great things only when we unite beyond the party structures...

and remember class struggle and unite across the races and across genders and fight for "we the people" and not "we the conspiracies" or "we the corporations"...

Labor... the 99% must come together and fight back with truth as our weapons... Weaponizing knowledge, one mind at a time.

#LearnMMT #MMT