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Why The Government Has Infinite Money

⁨87⁩ ⁨likes⁩

Submitted ⁨⁨1⁩ ⁨year⁩ ago⁩ by ⁨davetapley@lemmy.world⁩ to ⁨workreform@lemmy.world⁩

https://www.youtube.com/watch?v=kFhKVCaadzE

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  • cantstopthesignal@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    As the amount of currency approaches infinity, the value of the currency approaches zero

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    • davetapley@lemmy.world ⁨1⁩ ⁨year⁩ ago

      So, what hadn’t clicked until I watch this video, is that federal taxes don’t ‘pay for things’, they just the mechanism by which federal government ensures the currency has value: They can compel us to pay taxes (via courts, police, etc.) and those taxes must be paid in the same currency, and so we have to do work to acquire that currency, and so it has value.

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      • marcos@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Money existed before the government started using it.

        The idea that taxes remove money form the economy and government spending prints new money is an abstraction created for macroeconomics to simplify its models. But it’s a lossy abstraction, so don’t go thinking this is exactly what happens on the real world.

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      • emberwit@feddit.de ⁨1⁩ ⁨year⁩ ago

        No, this is not how currency gets or keeps its value. The work itself is what creates value, which is paid back in currency. If you pay taxes, you transfer some of that value you created to the state. The money would not become worthless if the state did not collect taxes. Money is a way to transfer value, not to create it and taxes are just that, transfer of value.

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      • Nemo@midwest.social ⁨1⁩ ⁨year⁩ ago

        Well, and also by removing currency from general use, raising value by decreasing availability.

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      • goo@lemm.ee ⁨1⁩ ⁨year⁩ ago

        Not really. The US dollar is taking longer hit rock bottom because other countries are forced to payback their debts in dollars. Eventually all FIAT currencies go to zero.

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    • Nemo@midwest.social ⁨1⁩ ⁨year⁩ ago

      Which is bad if you have a lot of money, but not so bad if you have a lot of debt and can still sell your labor and its produce.

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      • cantstopthesignal@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

        But also bad if you have pay for things like food and shelter. Then you are just bartering which is less efficient than having actual currency. You can’t sell someone half a haircut.

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    • Steve@communick.news ⁨1⁩ ⁨year⁩ ago

      That’s not how infinity works. It’s not a number you can ever reach. It’s not a number at all really. It’s more a set of all numbers.

      The value of the currency will never approach zero.

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      • cantstopthesignal@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

        It’s called a limit and it is very much coneptualized in math.

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      • jon@lemdro.id ⁨1⁩ ⁨year⁩ ago

        In mathematical terms it’s perfectly acceptable to take about the limit of an expression as some value trends towards infinity. E.g.:

        limit (1/x)
-----------   = 0
    X → ∞
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  • TheBlue22@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

    Daily reminder that Second Thought (zero Thought) is a genocide defending tankie who ideologically supports ruzzia

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    • gataloca@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Not really. Even in the video you yourself links he’s calling an end to the conflict between Ukraine and Russia and an end to US involvement.

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      • TheBlue22@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

        Wow. You are either incredibly dumb or incredibly disingenuous, just as zero thought funnily enough.

        Calling it “end to the conflict” is such a slimy way to call what he actually wants. He wants ukraine to give up. He wants ruzzia to get away with everything they have done and to ignore all the atrocities they have committed.

        It’s like saying that allies should have given up after Nazi germany and ussr conquered Poland. “Oh, end the conflict, so many people have died!!!” Sure, lets just let nazis happily do their genocide while we look the other way. Same as ruzzians committing active genocide in ukraine.

        US involvement is the thing that actively saves innocent lives in this conflict. Shooting down missiles, giving ukranian soldiers more protection, and more ways to remove invaders from their lands.

        And what do you think putting and “end” to the conflict would achieve? Ruzzia would resupply and attack in 5 years again.

        If you have watched the video and not noticed the insane amount of lies, something is genuinely wrong with you. It is pure unfiltered ruzzian and Chinese propaganda. Nothing else.

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      • dingleberry@discuss.tchncs.de ⁨1⁩ ⁨year⁩ ago

        Advanced "both side"ing going on here. What does it even mean to call an end to conflict? Russia is welcome to go back home and lick its wound, why is the onus on Ukraine on end conflict?

        And end US involvement? So Russia can overrun an independent country?

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    • karet@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

      Wow this is horrible. I only recently started watching his content and liking it. But this is surprising, also why is this on some other channel?

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      • dingleberry@discuss.tchncs.de ⁨1⁩ ⁨year⁩ ago

        Dude is giving iffy vibes for a while now. Watch a few videos of his and a clear pattern emerges:

        1. Every negative aspect of the modern world is reframed as an intentional conspiracy of capitalism.
        2. A fantastical version is sold for the socialism of Nordic countries, and all ground realities and challenges are conveniently ignored.
        3. Uncomfortable leeway is given to past communism crimes, because the evil capitalist sabotaged them.
        4. A vision of the world is sold where away from capitalism, somehow all inherent human evils will vanish, and we all will act Captain Picard for some reason.

        It’s a perfectly fine channel to counter PragerU garbage, but don’t take anything he says without a sack full of salt.

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      • TheBlue22@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

        To hide it. He is also on a podcast with Yugopnik and Hakim, both of which are tankies.

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  • davetapley@lemmy.world ⁨1⁩ ⁨year⁩ ago

    [This other video](youtu.be/75udjh6hkOs?si=F6XZ6w8eTRqNeO74&t=17…] at 29:43 also blew my mind, I just never thought about tax in that way, and it’s embarrassing.

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    • Nemo@midwest.social ⁨1⁩ ⁨year⁩ ago

      Summary for the video-impaired?

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      • agarorn@feddit.de ⁨1⁩ ⁨year⁩ ago

        Basic mmt with a socialist touch.

        Debt just means that the government decides to make something happen. It is neither inherently good or bad. It depends on the context. The biggest opponents are capitalist who want to stop good things from happening as this will reduce their profit. E. G. : more public housing would destroy the business case of landlords.

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  • Franzia@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

    Never support Second Thought. If you wanna learn about monetary theory and marxism go watch Unlearning Economics.

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    • davetapley@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Why “never support”?

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      • Franzia@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

        He’s a crypto tankie like he genuinely supports bonkers evil regimes and has anti-democratic beliefs but hides it in his main channel videos.

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