Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "Everything You've Missed on the Economy" video.

  1. Why do you think MMT and taxation is somehow incompatible? Remember MMT is not a prescriptive or ideological framework. It describes the reality of what governments can do. It is not an ideological position that is prescriptive. In other words, those arguing to use it are not arguing that you can do it, that you should. Indeed governments have used the MMT framework to do QE, and have been doing so since the GFC, and did more to finance their strategies during the pandemic. So call it MMT or QE, it's the same thing. But I think the observation by a famous British statistician that, "All models, are wrong, but some are useful." By this he meant that models and frameworks are maps of reality that cannot capture both what is known and what is unknown, and by being a abstraction of reality, they highlight some factors why ignoring or playing down others. The model of MMT/QE in your mind is incomplete, because you think taxation has nothing to do with MMT. And it's arguable that if MMT/QE together with temporary increased taxation - which is a tool to take money out of the money supply - QE would not have fuelled the inflation that it created. Why? MMT/QE was a permanent transfer of money far in excess to the financial sector and corporations, rather than to households. Taxing the gains from that injection of money would prevented inflation. But Taxation, for ideological capital, is rarely acknowledged as a tool to fight inflation. Just a thought.
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