by The libertarians and gold bugs are going to love the first half of this one. Max Keiser and Stacy Herbert say that since the U.S came off the gold standard the world has become awash with debt. First of all, the third world got taken over by the Western bankers by issuing loans to them (John Perkins, Economic Hit Man), and when that run out of traction, they turned inward towards the American economy instead.I do believe fiat money is an amazing idea but it needs to be heavily regulated, or only issued by government agencies.Max Keiser and Stacy don't like MMT because they say the wealthy and the middleclasses get access to cheap money first and then buy assets with it, which pushes asset prices up, so they make all the gains while everyone else gets poorer.They talk about how the Baby
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I do believe fiat money is an amazing idea but it needs to be heavily regulated, or only issued by government agencies.
Max Keiser and Stacy don't like MMT because they say the wealthy and the middleclasses get access to cheap money first and then buy assets with it, which pushes asset prices up, so they make all the gains while everyone else gets poorer.
They talk about how the Baby Boomers who bought houses when they were cheap did very well out of it, but most young people can't afford to buy a home anymore.
But why restrict money using the gold standard when regulations work just as well, and then we can create what we need to invest in a better society while controling what can go into assets, like houses.
In the second half, Steve Keen is interviewed where he says savings should be taxed so people won't hoard it. I hope that doesn't apply to poor people with a few thousand in the bank.
Steve Keen doesn't go along with the gold standard idea, but says banks need to be regulated so they don't create too much, and he adds we need a debt write off to kick start the economy.