WallStForMainSt: End of The Road To Serfdom? Bank of England Goes To MMT To Fight Deflation Other Gvmnts Will Copy?
Even though the UK is running a record $286 billion Dollar budget deficit the last 7 months for the pandemic https://www.thestar.com.my/business/business-news/2020/11/20/uk-budget-deficit-reaches-286b-in-seven-months, the UK government announced that it is extending its Modern Monetary Theory (MMT) program of paying out 80% of worker's salaries for at least another month. https://www.reuters.com/article/health-coronavirus-britain-furlough-idUSKBN27H11Z So for about $67 billion Dollars has been paid out since Britain introduced the 80% wage subsidy scheme in March. The Austrian School of Economics has been warning about the dangers of MMT for over a decade since the 2008 financial crisis but MMT is actually not modern or a new theory. It was originally called Chartalism and Ludwig Von Mises was even warning about its dangers 70 years ago! Austrian School Articles on MMT & Chartalism: 1) Mises on MMT, Seventy Years Ago https://mises.org/power-market/mises-mmt-seventy-years-ago 2) The Upside-Down World of MMT https://mises.org/library/upside-down-world-mmt 3) The Revival of Chartalism https://acting-man.com/?p=7693 But this is a dangerous precedent to fight deflation by creating many billions of currency units out of thin air to hand people checks to buy food. Will people be allowed to criticize the government anymore if the government can take away their monthly check for food and what about upward mobility from getting a promotion at a job or starting a business and growing income? This looks like we are at the very end of the road on FA Hayek's Road to Serfdom that he warned about many decades ago. https://www.amazon.com/Road-Serfdom-Fredrich-Dr-Hayek/dp/0255365764 Commit to tipping us monthly for our hard work creating high level, thought provoking content that includes interviews with top experts, analysis and short videos about investing and the economy https://www.patreon.com/wallstformainst Please visit the Wall St for Main St website here: http://www.wallstformainst.com/ Follow Jason Burack on Twitter @JasonEBurack Follow Wall St for Main St on Twitter @WallStforMainSt You can also checkout the Wall St for Main St Facebook Fanpage at http://www.facebook.com/WallStforMainSt or the Wall St for Main St Facebook Group where you can learn and join in on the conversation! Also, please take 5 minutes to leave us a good iTunes review here! We only have about 86 5 star iTunes reviews and we need to get to our goal of over 100 5 star iTunes reviews asap! https://itunes.apple.com/us/podcast/wall-street-for-main-street/id506204437 If you feel like donating fiat via Paypal, Bitcoin, Gold Money, or mailing us some physical gold or silver, Wall St for Main St accepts one time donations on our main website or through Paypal. Send one time donations to our Paypal to the email address: [email protected] Donate Crypto Currency to WS4MS: Send Bitcoin to: 1N5iDrazojYX5rWxmoyp982RDXJzJrFoPC Send Ethereum (ETH) to: 0x748dD59fA5d5dF80E8C0038DD4F60DAb810fe61a Send Litecoin to: MW7g44j5FX9CYEkvfPvxsW5dFjHY84yup4 Send DASH to: XuEEhWptwf1XxP2nFYQxmBfBBJYehqRoBJ Send Zcash (ZEC) to: t1MGcxyWpiH6JeyF9nnWHw9poRpvTW4PT6S Send Bitcoin Cash (BCH) to: qr7mp7f053rwnpxalxljl3f9x5tulzv53ya88d7wch Wall St for Main St is also available for personalized investor education and paid research work (we write research reports and teach). Please email us to learn more about the research work we offer at: [email protected] **DISCLAIMER- ANYTHING MENTIONED DURING THIS AUDIO OR SHORT VIDEO RECORDING IS FOR INFORMATION & EDUCATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE INVESTMENT ADVICE. JASON BURACK AND HIS GUESTS ARE MERELY STATING THEIR OPINIONS ON DIFFERENT TOPICS RELATED TO INVESTING, THE ECONOMY, MARKETS OR COMPANIES. PLEASE TALK TO YOUR INVESTMENT ADVISOR AND DO ADDITIONAL RESEARCH AND DUE DILIGENCE ON YOUR OWN BEFORE INVESTING AND MAKING IMPORTANT INVESTMENT DECISIONS.- DISCLAIMER**
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