Hey JessMMT'rs
As A Bitcoiner, I tend to lean towards the Austrian school of economics, and the idea of the welfare state and money printing, tax and inflation get to me. The fact that I do not get rewarded for my prudence and get punished for saving bothers me.
Yes, I am openly biased about this. I do want to be able to store my purchasing power safely to use at a later date; I want to be able to leverage time to compound my returns, so I make the best investments and not only improve my life but the lives of those around me.
The more prosperous people we have, the more we can pull others out of poverty, but with governments having a monopoly on money and violence, very few of us do have much of a say in our prosperity.
Living in South Africa, I am pretty well versed in the effects of the welfare state and how it removes agency from people, keeps them poor and pulls more into its death spiral. I understand the good intentions and the meaning behind it, but I'm afraid I have to disagree with it.
Yes, I was fortunate to be able to generate a living from my own labour, and I want others to be able to make that choice too. However, as debt-driven economies continue to struggle under the loss of production, we see the need for more aggressive monetary policy.
The idea of MMT is to try and level the playing field, and I get why it sounds like a good idea if we can fill in the gaps, give people money then they get closer to those who have money and everything will be fine. Once we're all back on our feet, we can pay back all the debt and go back to happy days.
A Bitcoiners first response to anything money printing-related is a resounding no; I don't understand why? Perhaps because we care too much, I don't yet know the answer. I think people still believe in the authority of systems, because well they seem authoritative and have been working for some time, so why not continue to trust these systems.
If you still have faith in the system, you don't like MMT you know that's the system on its knees, on the final leg before it needs to be reduced, removed, destroyed, this will depend on where in the world you are and what the people there choose to do once it collapses.
The way I see it is MMT is the natural progression of this system, and its there to help smooth the transition to a new world, an equity-based world.
MMT is already underway; if you have welfare programs that are MMT, it will just be extended to more people, to help ease the pain. MMT makes Bitcoiners equity even more valuable, as the new money divides the current purchasing power on the market, some of that happens to flow into Bitcoin.
As Bitcoin and other asset holders have benefited for years off the back of QE, so too will they benefit from MMT. MMT is just QE for everyone else.
As MMT rolls out, don't be too mad, know that its the building blocks towards hard money.
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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