This article is filled with the usual abundance of two things that so much surround crypto cult:
a) A focus on money as the ultimate good to the exclusion of every other thing
b) Massive amounts of falsehoods
I will list some (yes, just some, since there are too many in each category) here.
Money is the only good
1. “Never at any other point in history have governments owed so much to so many.”
Yes, Patrick. The alternative is we could just let people die. Governments have a responsibility for the welfare of their citizens. And, no Patrick, Bitcoin will not help them with their rent, food, medical care or the utilities.
2. “But any “theory” that advocates a free lunch should be viewed with a healthy dose of skepticism.” Any theory that suggests a store of value that has no value other than FOMO, modified theories of money’s velocity, all resting on the purely speculative and the purely criminal sources of demand should be viewed with a healthy dose of skepticism.
Falsehoods (categories: distortion, make-shit-up, ignore the mote in your eye)
1. “Ironic somewhat that such views are being championed by a French economist when similar views led indirectly to the French Revolution.” Patently false. A number of things contributed to the fall of what was the most parasitic of all medieval absolute kingdoms at the time. But the rise of literacy and the enlightenment is what pretty much led this form of government began failing across Europe starting at this time. No, not failing: being overthrown. Suddenly god was no longer the backer of a single class of people. It took a bit longer in the case of Russia.
2. “The idea that politicians can have money for nothing, more government spending without increasing taxes, has only increased MMT’s popularity.” Pretty much no one on the side of MMT is anti-tax. Completely the contrary.
3. “By printing money and buying up government debt, central banks can “magically” make money “
Yes, unlike the magic of cryptographic algorithms making money out of …well, nothing.
4. “The only option then is to allow for higher inflation”.
The strange thing about this central tenet of the “Libertarians, et al.” is the absence of STANDARD OF LIVING. Yes, inflation has gone up almost 3,000% since 1900. The weird thing is, the STANDAR OF LIVING has gone up (in various ways) several multiples of that.
5. “Absolute princes may be few and far between, these days, but the absolute spending by governments could still lead to inflation royal titles be damned.” Absolutism is not just confined to absolute monarchs. Absolute monetarists could come to undermine democracy and enlightened economics, too.
