A friend of mine asked me about my opinion about Modern Monetary Theory the other day, and my answer was that it looks like another something for nothing fraud. Then I pointed out the deceptive nature of complex and convoluted thinking. It's usually a sign of confusion rather than insight. I haven't bothered to study MMT in much details, but I have no faith in it due to these two tell tale signs of deception.
One thing I could have added is the false premise pushed by the MMT crowd that wealth has its origin in the state. That's patently wrong, and further proof that it's not worth our time. All wealth comes from productive land, as Richard Cantillon points out in the two first passages of his book on political economy. The proof of this is simple. Without productive land to sustain us, no further economic activity is possible.
There are no shortcuts in life, and there is no way to escape nature's grip on us. These are the simple truths that so many refuse to accept, and hence we see people descend into the murky waters of false religions, where authority is truth, and money is free.
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| Vineyard |
By Sanjay Acharya - Own work, CC BY-SA 3.0, Link
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