The Ins and Outs of Whose Money is it Anyway? — Tom Luongo

Summary:
An Austrian economics POV on the Pozsar note. This is clearly a view that is not MMT, but it is not as far from MMT as some may suppose. MMT is based on availability of real resources, just as in war the deciding factor is "facts on the ground," which is Pozsar's point about commodities being king rather than cash when push come to shove.BTW, one of the chief strategic factors in international relations, military science, and foreign policy is securing real resources for oneself and and one's allies and denying them to the enemy. Indeed, this is a casus belli, whereas "spreading freedom and democracy" is not, but rather is an excuse to cover the actual strategic factors involved. According to the US DOD at the time, this was the concrete reason behind the Western incursion in "Indochina."

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