/biz/ - Business & Finance

>>16007944
Yes, that's the crux of MMT. Sure, debt denominated in USD doesn't "matter" because we can print as much of it as we want. The problem is that we've racked up gigantic amounts of debt to other countries (mostly China). We can devalue our currency, which means that other currencies get stronger. Other countries get stronger. Stronger than us. It comes at the expense of giving up our status of global superpower. See how well that one goes over at the white house...

It would be less of a problem if we didn't completely rely upon foreign trade for nearly everything. We no longer net-produce our own products. We ship our steel overseas because there isn't enough demand for it domestically because we ain't producing shit anymore. Then we import the products made from our resources. We're not self-sustaining and haven't been for a long time