This is a follow-up to Mystic’s earlier posting of some of Cullen Roche’s (of Pragmatic Capitalism) first collection of videos that he’s made regarding MMT (the basics). He’s just starting with these, so he’ll likely be revising them and adding some as time goes on.
[Since I first posted this, Cullen has gotten a lot of feedback on his various videos, and has since made several revisions, particularly in the "basic" set he started with, now expanded to 5 and "digging down" into more specifics. You can find all of his videos along these lines, and keep up with any revisions, by going to the page on the Prag Cap site named "Media Section" . I have a feeling these efforts are going to be a big help going forward for those trying to present MMT.]
In this next set of videos, Cullen touches upon “10 Economic Myths that Persist”.
The 10 myths he discusses are the following:
Myth #1 -The U.S. government needs to be more like a household and save money before it can spend.
Myth #2 – The U.S. government is “running out of money”.
Myth #3 – The USA is becoming the next Greece! We are bankrupt!
Myth #4 – We are Zimbabwe or the Weimar Republic and hyperinflation is coming.
Myth #5 – China will stop buying our debt and crash the bond market.
Myth # 6 – Just wait until those bond vigilantes make yields rise and bankrupt America!
Myth # 7 – Interest on the national debt is unsustainable and will inevitably bankrupt America.
Myth #8 – We are the reserve currency and if we lose that status the dollar will crash.
Myth #9 – When the bond auctions start failing the U.S. government will crash and burn.
Myth #10 – MMT says that deficits “don’t matter” and that the U.S. government can just spend and spend.