I write a lot about the national debt.
And most people don’t care.
That’s because there’s a widespread belief that the dollar is invincible.
It isn’t.
There’s an economic myth out there. As the story goes, governments can print their way to prosperity. Just run the money printing press, hand out cash for consumers to spend and the economy will hum. In this clip from a podcast episode, Peter Schiff calls it “The Kelton Myth” named for economist Stephanie Kelton. At the root of this tale is the notion that people can consume what they don’t produce. As Peter explains, this simply isn’t possible.
How will America pay for Alexandria Ocasio-Cortez’s Green New Deal? After all, as Peter Schiff said a few weeks ago, you can’t print wealth. But there is a growing number of people who seem to believe you actually can – at least indirectly. And they have an economic theory they claim backs them up. It’s called Modern Monetary Theory, or MMT.
In his most recent podcast, Peter Schiff dug into the politics behind the Green New Deal and specifically asked a key question: who is going to pay for all this?
