In THIS video the concept of 'Modern Money Theory' is explained in an easy to understand format. I do not know whether you studied it yourself, or that you never heard of it. But the explanation in that video is sound. The political reality may be anything but. Especially as the Money Issuing Authority is not a government, but a bank. Like in the US and in the EU. Or the 'Epstein Network', interwoven with the 'FED'. This perception of 'public spending' as the engine of the economy, and taxation being the *destruction* of money, has been at the heart of Professor Steve Keen's lectures and books, which I've helped to popularise. But…….
Obviously, and missing from that video, it *does* matter a *lot* what you spend all that money issued by whoever is printing it on. Which is why there is such a huge difference between the US and the EU on one hand and China on the other. Weapons, war and regime change operations through 'NGO's' create 'jobs', and the people paid from 'freshly printed' money are consumers too, who will bring that money into circulation, floating the broader economy. And if the military are successful, bullying countries elsewhere into submission, that will actually expand the 'baseline' demand for the currency issued. It is not too difficult to see how the 'petrodollar' was a great gift to the US, and by extension the EU, as long as that country and 'Union' kept growing. And why the 'Credit-Crises' was such an enormous threat.
It was not government debt which nearly killed the Dollar-based world economy, but private debt. Private debt has to be understood as debt by any entity which cannot print it's own money. As explained in the video, taxation is not necessary to make sure enough money comes in. It is used for various reasons, like pushing people around to become (more) productive, to punish behaviour politicians reject, or to reduce the difference between the wealthy and the poor, for whatever reason. This concept flies in the face of many who feel that the government needs to 'balance the books', although there are certainly conditions which will bankrupt a country if spending is not kept in check, as signalled by mounting inflation. The resulting devaluation of the currency versus the currency of other countries, is not necessarily a bad thing, within limits, and depending on the question of how much a country needs to import. Money speculators may ruin your day if they attack the currency of your country. To profit from it directly, or to regime change the targeted country, or both.
Note that in Adam Smith's time this was not an issue yet. This reality emerged later, with the birth of 'fiat currency'. And allegedly the founder of the Rothschild banking empire saying that he didn't give a hoot who was leading the country, as long as he could print the money. There is no printed or written proof that he actually said that, which is not really important, because it still is true. Certainly after the Bretton Woods deal collapsed, which pegged the Dollar to Gold, and all the currencies began to 'float'. Smith was still working from the assumption that money was a 'storage of value' in a transactional system. I provide you with your daily bread, while I buy shoes from you when I need a new pair with the money I saved.
Governments can 'stimulate' the economy by simply 'printing' money to pay the company which will build a high-speed rail-line, or a hospital. This does not necessarily result in skyrocketing inflation, if that rail-line or hospital offers the people in the country an opportunity to become more productive. In other words, it certainly matters a great deal what that freshly printed money is spent on. Poverty relief is seen by many as a total waste of valuable tax-payer money, but it isn't if that poor slob will stay out of your 'hair', actually finding a more stable life and a job to create the conditions for personal growth. In THIS video it is explained how bankers saved Winston Churchill from bankruptcy again and again, just to illustrate that 'poor slob' doesn't necessarily refer you to that junky eating out of garbage cans. Gambling addicts with poor financial discipline like Churchill were, somehow, considered worth saving by influential bankers and the Shell oil company. Trump went broke again and again, but his connections picked him up and put him back on his feet, because they needed him to drag the US into wars over who controls the oil.
Trump is no fan of MMT, but he prints money like there is no tomorrow. As he was campaigning for a second chance to prove himself a worthy servant of the people, he promised to bring back the jobs lost over the past couple of decades, and to bring peace to the world. That is not what he is doing. He builds walls, which have no return on investment as far as I can see, creates worldwide chaos with every new 'Truth Social' post, and he uses the military to 'get the oil'. And other essential commodities. As with Churchill, bankers and oil tycoons are always on the look out for politicians they 'own', since the ownership of the earth's resources is considered crucial. I'm not saying that this is not important at all. I'm not echoing the completely hapless Ursula von der Leijen, who is saying that the energy which is cheapest, is the energy not used. Same with food, medical care, and housing, while she wants us to open up the spigot for everything the military says it needs, and she wasn't exactly careful when she bought those vaccines during the pandemic, filling the coffers of those producing and marketing them. As the video shows, she was eager to tell governments within the EU that they could spend as much money as they needed to keep the economy afloat, buying all the vaccines they required from the 'Usual Suspects'.
Which economy?
A quote ascribed to John Adams, but again no proof, says that the 'Founding Father' told the people that one useless man is a shame, two is a law-firm, and three or more is a Congress. At the heart of this 'truism' there is the dictum that we need to be extremely careful not to waste public money on useless people. I'm not trying to offend my readers, and I admit that it is easy to point at people and declare them a burden, but if you subscribe to MMT, that is no excuse to write blank cheques to people merely because they 'work'. And individuals who secure a 'job' where they pretend to 'work', while all they are doing is chipping away at our cumulative wealth, selling us 'gender issues', or putting their lives on the line in wars at the other end of the globe, or whatever, need to have the wherewithal to jump ship, and swim ashore. Stealing, pirating, plundering, destroying in the service of an 'Epstein-Network' enabled power which blew it is not merely morally and ethically wrong, it is going to wipe out everything you wanted to achieve in life.
In desperate moves our 'Top Echelon Money Managers' are 'printing' paper gold, paper silver, and paper oil, to suppress the price of these commodities, artificially suppressing inflation. But though printing fiat money is merely shifting some 'Ones' and 'Zeroes' on a computer screen, you cannot 'print' commodities. And when the Grim Reaper comes knocking, things you never imagined to see, will all happen all at once.