“A concept is a brick. It can be used to build a courthouse of reason. Or it can be thrown through the window.”Gilles Deleuze
"I am just learning about MMT myself but I see that you are conflating the value of the currency with the use of the currency (no matter what its valuation is). MMT just describes the way money works in a sovereign country with its own currency. MMT makes no claims for the goodness of the politicians that are elected to the government that spends money into the economy."
"The government has to spend money into the economy in order for the public and private sectors to "save" or use that money. The people accept the currency that is spent into the economy because they use it to pay their debts, such as income tax, togovernment. I suppose the valuation can change but it remains true that the sovereign government can afford to pay for anything that it needs or wants to as long as it is in their own currency and is available."
"Basically, the market is the people purchasing commodities or commercial dealings of companies and individuals; therefore, the market is the people."
MMT is a theory and can only be dangerous if it creates a dangerous environment. How can a theory create a dangerous environment? It is a belief system. MMT tries to describe how money works not how bad politicians and appointees use it for their own purposes."
"There are, of course, limits on the use of money which rest on whether or not the resources are available and on whether or not there are arbitrary limitations such as the periodic caps placed on the deficit by politicians."
"MMT is not about justice and fairness. As far as I know, MMT does not have an 'efficient market hypothesis.'"
And as a side note, politicians refused to regulate the shadow banking system that includes trillions of dollars of debt by banks and near banks, debts which can never be paid back should we have another recession.I surmise that some of that QE money from the Fed was used by companies to create more wealth for themselves and I'm sure that some of it ended up in the shadow banking system where trillions of dollars of derivatives still thrive.