Dr. Martin Hash Podcast

Modern Monetary Theory is the idea that there can be an unlimited supply of imaginary money, so if the stock market needs money, or businesses, or even everybody, then the government can just print it. This concept solves several problems, one of which is wealth redistribution, at least on the surface: if everyone were given a million dollars, average income would increase. But the nature of Capitalism is that wealth concentrates, so all those million dollar checks would eventually end up in the hands of the most wealthy people; trillionaires in the making but nobody’s hurt by wealth inequality in a financial sense if money falls out of the trees. However, there is one distortion of this endless supply of imaginary money that is fatal: when only a few people have so much money that losing hundreds of billions means nothing to them, then Market Forces no longer work. A trillionaire can buy every news organization, every movie studio, support every university endowment, finance every candidate, and do with them as they please because why not? When something imaginary has control over reality, it becomes religion, and whoever speaks to God can tell everyone else what to do.