Re:As a Crypto Winter Descends, Celebrities Quietly Delete T...
by peyton on Friday June 24, 2022 @12:22AM
(#31857784)
MMT is a deliberate conflation of monetary and fiscal policy. It’s bullshit.
> Dollars are a medium of exchange because they are legitimized by the government, primarily because they are the only thing you can pay your taxes in if you live in the US
No, they’re a medium of exchange because they have the desired properties due to collective belief (stores value through time, common unit of measure, subdivideable). If I could pay taxes in push-ups, push-ups wouldn’t be a medium of exchange.
> If we all decided to change to beads, for some reason, we'd still have to buy dollars to pay the US government.
No, the IRS would simply not be able to collect because there would be no USD market of any kind for seized property. Zero demand for dollars would be stable.
> Dollars are a medium of exchange because they are legitimized by the government, primarily because they are the only thing you can pay your taxes in if you live in the US
No, they’re a medium of exchange because they have the desired properties due to collective belief (stores value through time, common unit of measure, subdivideable). If I could pay taxes in push-ups, push-ups wouldn’t be a medium of exchange.
> If we all decided to change to beads, for some reason, we'd still have to buy dollars to pay the US government.
No, the IRS would simply not be able to collect because there would be no USD market of any kind for seized property. Zero demand for dollars would be stable.