Assuming “the next monetary system” retains the same property system, whhich it might, or might not, and assuming not only that the basic system is the same but that there isn’t a one-time compulsory change of ownership of the assets in question, which is also possible.
Of course, the idea that the US Government is seeking WWIII to prevent the reinstallation of the previous President and install a new global financial system under the IMF and UN is, well, beyond ridiculous, but if I was insane enough to believe such a paranoid fever dream, I wouldn’t also believe that the new system being imposed would both retain the existing system and specific assignment of property rights. That’s just a weirdly calibrated level of trust in the government that the scenario is otherwise so paranoid about.
It would be more like a return to feudalism, which was the system in place before capitalism. The barter system becomes relevant again.
They thought they could, then the Ghost of Hayak was heard laughing from Coast to Coast.
MMT literally argues that the monetary/fiscal division is artificial, and that the only constraint on fiscal policy is the monetary impact of net spending in the context of whatever traditional “monetary” policy is pursued, when you operate in your own fiat.
There being a monetary impact of either net spending or traditional monetary policy is not a blow to MMT.
No, that’s never been the case. If it was, loose monetary policy to prevent incipient deflation (which is exactly causing inflation compared to the status quo ante) wouldn’t work (and, conversely, leaving the loose money policy engaged too long would lead to inflation, like it did after the brief COVID recession.)
The US having the ability to borrow in its own currency (which is closely related to the dollar being a global reserve currency, but slightly different) means that it always has the theoretical capacity to monetize the debt.
On the other hand, you know, war with a nuclear power with plausible escalation scenarios where 'who won the presidency' and 'who owes whom money' become utterly irrelevant questions.
The DoS isn't that stupid. But the conspiracy media producing this FUD is.
You don't just write down some debt. You default on all sovereign debt and introduce a brand new monetary system, entirely digital so that everything can be tracked.