@ckaihatsu,
You wrote: Also, the counterargument to the MMT line is March 2020 -- investors were dumping U.S. Treasuries, so what does it matter if someone thinks that liquidity / money-printing can go on forever -- ?
I'm not aware of this event or the lasting effects that it has had. Please, give me some details. Until then My response is =>
1] So, what? I have heard zero reports about this. It doesn't seem the have lasted. The dollar is strong compared to the Thai bhat, and the euro. If there was a problem with the value of the dollar it should be seen in the foreign exchange market. It seems like the event in Mar. 2020 had zero long term effects.
2] MMT doesn't assert that such things can't happen. Instead it asserts that because the US Gov/incl. the Fed issues the dollar which means the US can always sell its bonds to the Fed (like it did in WWII when it sold half the war bonds to the Fed). So, the US can always pay dollars to everyone it owes dollars to to pay interest and principal. So, such things have zero long term effect. [As long as the world's economy is functioning normally. When this ends, no currency will have value, partly because gov. worldwide will be unable to collect taxes.]
You wrote: The empire's line of credit is *tapped*, so if people don't *accept* the 'future-ness' of additional currency then it's automatically *worthless*, and no one knows what to use for the conveyance of 'value'.
After Mar. 2020, the US and international economist went on as if nothing had happened for over 2 years, now. US bonds have been sold right along. Why do you think the events of March 2020 matter at all?
It is possible you had changed the subject from Mar. 2020, to the near future (3 or 20 years away) when the SHTF as the climate crisis takes hold of events. My reply to this is =>
1] For a while the dollar and other currencies will work fine.
2] When the SHTF even gold will quickly loose its value.
3] At this point, when the SHTF, real usable things will be bartered or just stolen after the death of the owner. Things like =>
. . a] Guns and bullets.
. . b] Food.
. . c] Pots, pans, knives, sleeping bags, blankets, cloths, places to live, etc.
. . d] Stored energy and solar panels. Gas for cars or motorcycles.
4] At this point law and order will be a thing of the past (and maybe future).
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