Fri, 21 January 2022
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Today's Flash Back Friday is from episode 888 published last September 27, 2017.
Jason welcomes Economist Mike Norman to the show to discuss Modern Monetary Theory or MMT. Mike shares examples of common misconceptions people have of the US monetary system and economy, such as the US debt clock, that inflation equals growth and how the tax system works. He believes that the US has an unlimited supply of capital and balancing the budget or functioning as a fixed monetary system would accomplish the opposite of what is needed to create growth. And, Jason announces the winner of the Amazon Echo raffle.
[01:40] Paige Glenview is the winner of the Amazon Echo raffle.
[04:23] SkyNews clip about giving women permission to drive in Saudi Arabia.
[06:44] Meet the Masters and ADVenture Alliance event information.
Mike Norman Guest Interview:
[10:06] Modern Monetary Theory (MMT) explains the value of money.
[13:25] A tax system is required to create demand for money.
[17:56] A fixed monetary system creates cycles of economic depressions and recessions.
[20:23] The US national debt is a summation of what is owned by the US and its constituents.
[27:51] A dollar must be created and pumped into the economy before it can be used to pay a tax debt.
[30:12] The US has an unlimited amount of new capital.
[35:39] There is a difference between inflation and growth.
Mentioned in This Episode:
The WEALTH TRANSFER is happening FAST! Protect your financial future now! Did you know that 25% to 40% of all dollars ever created were dumped into the economy last year??? This will be devastating to some and an opportunity to others, be sure you’re on the right side of this massive wealth transfer. Learn from our experiences, maximize your ROI and avoid regrets.
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