this post was submitted on 22 Sep 2023
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Work Reform

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A video explaining modern monetary theory and how with a little Marxism it can benefit everyone.

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[–] cantstopthesignal@sh.itjust.works 28 points 1 year ago (21 children)

As the amount of currency approaches infinity, the value of the currency approaches zero

[–] davetapley@lemmy.world 12 points 1 year ago* (last edited 1 year ago) (7 children)

So, what hadn't clicked until I watch this video, is that federal taxes don't 'pay for things', they are just the mechanism by which federal government ensures the currency has value: They compel us to pay taxes (via courts, police, etc.) and those taxes must be paid in the same currency, and so we have to do work to acquire that currency, and so it has value.

[–] goo@lemm.ee 0 points 1 year ago

Not really. The US dollar is taking longer hit rock bottom because other countries are forced to payback their debts in dollars. Eventually all FIAT currencies go to zero.

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