Well here's the thing. To a degree both are right. Using MMT one can indeed spend like a drunken sailor (if they are the currency issuer) and provided their debt is denominated in the currency they issue can never go bankrupt. However, when over used, others may just decide that they don't want that debt because they will just be paid off with inflated paper.
In the case of Greece the US can't become Greece because we issue debt in our own currency and pay for it in our own currency. At the same time, should the ability to buy oil ever switch to a different currency, or basket of currencies, or a different commodity then there is no reason to take on US dollars.
More likely, would be blowing up a huge bubble which will implode.
In the case of Greece the US can't become Greece because we issue debt in our own currency and pay for it in our own currency. At the same time, should the ability to buy oil ever switch to a different currency, or basket of currencies, or a different commodity then there is no reason to take on US dollars.
More likely, would be blowing up a huge bubble which will implode.
It really is all mathematics.
Turn on to Daddy, Tune in to Nationalism, Drop out ofUN/NATO/WTO/TPP/NAFTA/CAFTA Globalism.
Turn on to Daddy, Tune in to Nationalism, Drop out of