Quote:
Originally Posted by JU_88
Its pretty much agreed accross the political spectrum now that austerity doesnt work.
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Unfortunately it is not understood that endlessly inflating the debt burden does not work either but systematically reduces the degrees of freedom a state has for action. The worse the money, the more clever the theories, said Hayek, meaning that the excuses for the bad money become increasingly creative. Meanwhile, the debts first start to cover and suffocate everything like ivy and fungi, and then are tried to be tackled by expropriating the tax payer more and more.
Modern money theory is one of the biggest intellectual suicide attempts I have ever witnessed. Piketty is old communist wine in new bottles. Giving credit to one, needs somebody else waiving consumation before. One can only lend what somebody else owns and is willing to lease away for some time. Maastricht is dead, state financing by central banks is common. Currency without material security backup is madness. Notes are no money. Politicians shall never, never, never be trusted so much that you leave them controlling the money. NEVER.