Thursday, June 21, 2012

MMTer Mike Norman distorts "the gold standard", calls the fiat funny-money Euro "the gold standard", describes the 19th century of general peace and prosperity as a period of war over gold.

This has to be seen to be believed.  If this is all the MMTers have, I'm fine with it.  More to come on this amazing fraud and distortion.

UPDATE:  Major Freedom writes:

If the “gold standard”, which supposedly is a country using a money produced by some entity outside the country, then by MMT logic, every monetary system that is controlled by a group of people “on behalf of” everyone else, are ALSO “gold standards”.

Example. I can’t print my own money and pay taxes with it. I must accept US dollars and pay taxes. 

Therefore, I am on a pseudo-gold standard, because I cannot pay my debts in my own issued currency. The MMT optimal solution then, is for me to be able to pay my debts to the IRS in currency I myself print, so that I can escape from the restricting, choking, suffocating, under-supply of money that constantly puts limits on what I can consume.

The supreme irony of MMT theory is that when their attacks against non-fiat money are taken to their logical conclusion, the result is a world where everyone can print money, which of course means nobody will accept paper money, and a precious metals standard will arise.

That is too funny.

It was the opponents who educated MMTers on what they were sloppily trying to say regarding these concepts but couldn’t without butchering the English language.


  1. What do you think a gold standard is?

    1. When a government enacts and enforces a statute providing that its currency is always convertible into a specific amount of gold.