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Welcome to Crimetown, a series produced by Marc Smerling and Zac Stuart-Pontier in partnership with Gimlet Media. Each season, we investigate the culture of crime in a different city. In Season 2, Crimetown heads to the heart of the Rust Belt: Detroit, Michigan. From its heyday as Motor City to its rebirth as the Brooklyn of the Midwest, Detroit’s history reflects a series of issues that strike at the heart of American identity: race, poverty, policing, loss of industry, the war on drugs, an ...
The Economic Theory of Unlimited Money
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Today we discuss Modern Monetary Theory. This theory is supported by elected leader like Bernie Sanders and Alexandria Ocasio-Cortez and is the idea that the United States can print unlimited money to pay for spending programs. MMT states that the national debt and deficit spending are irrelevant and the government should have the control to print money. This will increase the power of the public sector and eliminate the need for private business. MMT also changes the purpose of taxation from a means to pay for government spending, into a way to control the circulating supply of money to mitigate inflation. Subtle changes in U.S fiscal and monetary policy towards this way of thinking will push our economy towards a soviet like state.
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