Modern Monetary Theory

[Ras]

Is anyone familiar with MMT?

It's sounds like communism on steroids imo.

A lot of US politicians like AOC and Bernie are pushing for it.

Still don't understand how inflation would be controlled but this seems like a perfect fit for Somalia's situation.

 

[Farjano-Walad]

Is anyone familiar with MMT?

It's sounds like communism on steroids imo.

A lot of US politicians like AOC and Bernie are pushing for it.

Still don't understand how inflation would be controlled but this seems like a perfect fit for Somalia's situation.

i am brother, as the economist of somalispot, nothing new about it actually, the founders of the school were around in the 1920s,

and yes, it is communism money printing, if creating money out of thin air would solve things Zimbabwe printing trillions would be the wealthiest nation on earth, its just fancy Keynesian money printing with steroid, it even makes Paul krugman look angelic and he blushes when he hears MMT

 

[Ras]

i am brother, as the economist of somalispot, nothing new about it actually, the founders of the school were around in the 1920s,

and yes, it is communism money printing, if creating money out of thin air would solve things Zimbabwe printing trillions would be the wealthiest nation on earth, its just fancy Keynesian money printing with steroid, it even makes Paul krugman look angelic and he blushes when he hears MMT

It's a bit like the supply side economics that they brought up in the 20s and was the left's answer to communism... even though it'll end up as the same thing in the end (planned economies & big government).

It seems like normal money printing but apparently they have a way to combat the inflation somehow.

Was thinking that if we went the normal route of fixing our currency to the dollar and slowly increasing our reserves while begging the markets to buy our debt it would take decades to get anywhere.

Also since the international left is pushing for this we might get their diplomatic and financial support.

Doesn't matter if we crash the economy in a decade or so as long as it allows us to leap over decades of slow economic growth.

If we need 10,000 km of highway why should we get ourselves into debt by selling bonds to pay for it.

Or ports, airports, school or hospital building etc. Anything we could build using domestic resources and skills.

Technologies or knowledge that we don't have could be paid for by the output of those workers we pay in virtual vodoo money (export shit and then buy tech in dollars)

As long as we have the resources and manpower for it then we can just print the money for it and tax any excess.

However we'll need a basic level of consumer products supply made in Somalia if we want to print the paychecks of millions of Somalis.

Most developing countries can't go all out in development because they're limited by currency reserves and global debt markets.

Want to develop your agricultural sector?

Well you got to wait untill your tax base increases before we lend you money.

Want to pay for it using your own cash?

That'll take years of saving.

However with this vodoo MMT we could just check out our capacity of resources and skilled people and just fund it.

 

[SirLancelLord]

The Gold Standard needs to come back

 

[Farjano-Walad]

The Gold Standard needs to come back

hence why the Nabi SAW said only use gold and silver as money, its God's money and all free market economists agree, fiat money is used by those who love riba,

 

[SirLancelLord]

hence why the Nabi SAW said only use gold and silver as money, its God's money and all free market economists agree, fiat money is used by those who love riba,

Have you heard of a new type of bank / card where the money you place in is backed by gold. Sat you put 1g value of gold which is about £40 you're balance will change depends on the price of gold. Backed by actual gold reserves as you when you're balance is equal to 10g you can request a gold bar.

It's a normal bank account with a debit MasterCard

Here's more info:
https://glintpay.com/

 

[Farjano-Walad]

Have you heard of a new type of bank / card where the money you place in is backed by gold. Sat you put 1g value of gold which is about £40 you're balance will change depends on the price of gold. Backed by actual gold reserves as you when you're balance is equal to 10g you can request a gold bar.

It's a normal bank account with a debit MasterCard

Here's more info:
https://glintpay.com/

NOT THIS ONE BUT I AM AWARE OF SOME OTHERS LIKE MONET

 

[Ras]

Have you heard of a new type of bank / card where the money you place in is backed by gold. Sat you put 1g value of gold which is about £40 you're balance will change depends on the price of gold. Backed by actual gold reserves as you when you're balance is equal to 10g you can request a gold bar.

It's a normal bank account with a debit MasterCard

Here's more info:
https://glintpay.com/

You buy gold for when shit hits the fan.

I'd rather own physical gold because there are one million and one ways a bank like that could screw you over when the shtf.