CuCabeludo said:
Yes, and there is nothing modern in it. Roman Empire applied it in order to pay for its huge expenses. But instead of turning on a printer press and print paper-fiat money in order to fund its deficts, they decreased the quantity of gold in its coins. So Roman coins went from 95%+ gold to less than 5% gold prior to its colapse, hyperinflation took over the country, the result was its impending death. If MMTers think USA is different from the Roman Empire, and just print dollars to pay all its liabilities instead of borrowing money from the market. Good look, dollar will be worhless in our lifetimes. |
I know about the Roman empire, and you're right, it got itself killed due to hyperinflation
However, you fail to address the underlying reason: The whole roman economy was built on slave labor. And when they stopped conquering, they stopped getting the new slaves to run the economy. That's what killed the economy, which resulted in the hyperinflation - not an MMT style monetary expansion. That was just the result of the economy failing - similar to what happened to Germany after WW1, who got crippled economically by the Versailles treaty.
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