Sunday, December 28

Socialist senator hires chief economist whose pet idea is...fiat currency??

Bernie Sanders is a self-avowed socialist who is also a senator from Vermont.  Not to put too fine a point on it but the guy is nuts.

And in that vein, ol' B.S. has hired a new "chief economist for the minority on the Budget Committee" by the name of Stephanie Kelton.  Whose claim to fame is pushing a goofy economic theory called "modern monetary theory."

Not having heard of this hot new thang, I googled it and found...it's simply "fiat money."

Now, unless you're a historian or economist, this probably doesn't mean anything to ya.  So listen up:  "Fiat money" is a fancy term for a government simply printing whatever amount of currency it wishes, with no consideration whatsoever to revenue.

Did that register?  For the entire history of this and most other nations, governments have been limited to spending only as much as the total they took in in taxes and other fees, plus whatever they could borrow from willing lenders.  This constraint served to keep inflation in check most of the time.  But now with new, improved fiat money! there's no need for such silly constraints.

I mean, if the nation can work with the president making laws, why be concerned about something as trivial as trying to work within a budget?

You can probably guess how well this has worked when it's been tried before, right?  So you'd think no one in their right mind would... Ah, well, there ya go.

Now, if everyone with more than a dozen neurons knows that going to fiat money is a disaster, why should we be concerned that a nutty socialist senator has hired a nutter as chief economist for the senate budget committee?

Because going to "fiat money" would remove whatever tiny sliver of illusory constraint remains on unchecked Democrat/RINO spending.  Government spending would go even crazier than it is now.

"What's the problem with that," say Leftists?   Anybody know what happens in countries that have tried simply printing as much fiat currency as they wanted?  Google "Weimar Republic."

Hyperinflation.

"Oh, but that can't happen here.  Because, Obama!  And you can believe that cuz he promised he didn't have the authority to amnesty all those illegals, and...he did it anyway.  Oh, and he promised "If you like your doctor, you can keep...oh, wait, he lied about that too.  But you can believe him this time.

But wait, you say:  Obama isn't pushing this, it's some nut from Vermont. 

Yeah but...the idea is like crack to the Left:  Imagine a country where the preezy can spend as much money as he wants, without any restraints!  Cool, huh?  Which means the Mainstream Media will be utterly thrilled with it, and will talk it up.  Which then makes it attractive to "regular" liberal Democrats.

Fiat money, baby.  Just when you thought there was nothing worse than Obamacare and amnesty.



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