Coronavirus relief will be used by radical progressives to promote Modern Monetary Theory by JD Rucker.Oh my.
Probably the stupidest economic part of the article is this:
If we start devaluing it intentionally by pumping too much cash into the system, the rest of the world will bail out within weeks. Then, the national debt will lose it’s perceived support mechanism, forcing countries to demand collection before we devalue their investments artificially.
Collection of what? Countries such as China hold government securities. All they entitle those countries to collect are dollars. We can always print more dollars.
A close second, maybe tied for first, is this
There is no way the government can pay for the recent coronavirus relief bill, but it was deemed necessary to prevent an immediate economic collapse. . . . Unfortunately, the outcome of this will be devastating. The costs accrued during the coronavirus crisis will be stretched out over time in the form of massively adding to the national debt.
Rucker talks about preventing an immediate economic collapse and stretching massive costs out over time as if they were Bad Ideas. But what's the alternative? Allowing an immediate economic crash and incurring massive costs right now... or just not paying the costs of having a hundred million people stay at home or millions dying? Do we just let a hundred million people be evicted from their homes and left to starve or force them to work and let the pandemic spread?
I'm not saying that Rucker would prefer allowing millions of peoples to die to save the "value" of the dollar. But if he did, he would be in good conservative company.
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