The reason MMT might seem controversial is that it flies in the face of long-practiced controlled scarcity, that so much has now been built on. This is arguably at huge cost to humanity, definitely at huge cost to nature.
The personal fear of scarcity as a consequence of admitting when we’ve been doing things wrong, seems to have been a powerful driver, in preserving the status quo.
I think we can get carried away when we look too closely at the details of economic theory.
To me it seems much more productive to think of humanity as a Sytems-theoretical “black box”, and to look at the inputs and outputs, to see how things inside the box need to work, to fit with nature.
A productive humanity has to add value to nature in a similar way as anything else in nature, like the plants that grow on Earth in response to sunlight.
To do something similar, we have to use sunlight to add value to Earth. There is no way around that.
That seems to be what is missing from any of the economic theories inside the box so far, including even MMT.
When we add that in, a lot more things seen inside the box seem to make a lot more sense.
For example:
A large proportion of Bitcoin, continuously minted, is now powered by solar energy. All minted Bitcoin are exchanged for fiat currency. A large proportion of fiat currency has been freely printed in response to the economic effects of pandemic. A large proportion of Bicoin mining (the process behind Bitcoin minting), is now powered by solar Energy.
Thus currency created from Solar energy equivalent to the power consumption of a small country is being continually added to the world’s currency stock.
So, perpetual MMT now actually does have a sustainable input, from the natural wealth of sunlight.
It never did before, not even in 2008, since Bitcoin was devised in direct response to the financial events of that year.
Now we have a real, physical external wealth connection from the sun, the original source of all things created, to our economy, like a kind of pipe, from the sun, to us.
Now, we have to come to terms with that fact, and what it means to the ideas of controlled scarcity, because the pipe can only get bigger.
The economy of nature is donation based, nothing in nature ever has to return anything to the sun for wealth received.
Now the economy of humanity is also becoming donation based.
Anyone doubting that should research what was actually seen when massive stimulus was issued.
The dollar prices went up, not down.
Oil prices went negative, for the first time in history.
The environment made a spike of recovery.
“Safe haven” investment prices, including those for gold and Bitcoin, languished.
Shares in bankrupted companies, specifically those still offering known, valuable product, soared.
People were not trading, they were donating, with free money.
I believe we saw there, the very first glimpse of a new economy, one that fits perfectly with nature, a donation based economy of directed abundance, as opposed to what was always previously an economy of controlled scarcity.
All the ideas of anyone having to produce anything directly in return for all wealth received have been invalidated.
The need for all people to have exchange agreements with other people for a living is disappearing.
People naturally generate value when they have disposable donated income, by directing some of the money donated to them, towards the things they feel most deserve it.
I have every confidence we will quickly devise all kinds of beneficial crowd funded projects, including even towards replacing government and law enforcement, most of which is no longer required when scarcity is no longer enforceable, because on the other hand, we have more convenient abundance.
There we see a new kind of fine grained democracy, yet with completely open markets, whilst minimising the damage to the planet, and the more people added, the more valuable the species.
People can’t be gaslighted any longer into believing that without conventional jobs, we are worthless.
