this post was submitted on 22 Sep 2023
72 points (81.6% liked)

Work Reform

9953 readers
691 users here now

A place to discuss positive changes that can make work more equitable, and to vent about current practices. We are NOT against work; we just want the fruits of our labor to be recognized better.

Our Philosophies:

Our Goals

founded 1 year ago
MODERATORS
 

A video explaining modern monetary theory and how with a little Marxism it can benefit everyone.

top 50 comments
sorted by: hot top controversial new old
[–] [email protected] 30 points 1 year ago (11 children)

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

[–] [email protected] 13 points 1 year ago* (last edited 1 year ago) (4 children)

So, what hadn't clicked until I watch this video, is that federal taxes don't 'pay for things', they are just the mechanism by which federal government ensures the currency has value: They 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.

[–] [email protected] 5 points 1 year ago* (last edited 1 year ago) (1 children)

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 like any payment just that, a transfer of value.

load more comments (1 replies)
[–] [email protected] 4 points 1 year ago

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

[–] [email protected] 1 points 1 year ago (2 children)

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.

[–] [email protected] 3 points 1 year ago* (last edited 1 year ago)

Centralized, minted currencies definitely did not exist before states started using them. Minted currencies were invented multiple times independently across multiple cultures, but one of the biggest through lines between them is that they required a centralized state who held large reserves, and that they were, in every known case, used to support standing armies for those states.

load more comments (1 replies)
load more comments (1 replies)
[–] [email protected] 6 points 1 year ago (1 children)

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.

[–] [email protected] 5 points 1 year ago* (last edited 1 year ago) (2 children)

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 buy or sell someone half a haircut.

load more comments (1 replies)
load more comments (9 replies)
[–] [email protected] 19 points 1 year ago* (last edited 1 year ago) (1 children)

Interesting take on inflation: One of the big issues is who gets the printed money. Not us. It's the rich and banks, who buyout all of our resources to hurt us.

Example: 2008 recession, government made blackrock, who then ate up the housing market so that no one owns their home yet they WILL be happy.

[–] [email protected] 1 points 1 year ago

It could be given either to workers or to oligarchs.

The postwar model was Keynsian, or demand side, meaning the state supported prosperity of workers.

Supply side has only helped oligarchs.

[–] [email protected] 11 points 1 year ago* (last edited 1 year ago) (51 children)

Daily reminder that Second Thought (zero Thought) is a genocide defending tankie who ideologically supports ruzzia. https://youtu.be/4qIDOx-Pnzo?si=Bwf2tvCRKgM68FKL

[–] [email protected] 5 points 1 year ago (3 children)

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?

[–] [email protected] 2 points 1 year ago (4 children)

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

[–] [email protected] 1 points 1 year ago

I think it is fine that the channels are separate.

I am happy to receive the general leftist education on ST without bothering with any ML.

load more comments (3 replies)
load more comments (2 replies)
load more comments (50 replies)
[–] [email protected] 4 points 1 year ago* (last edited 1 year ago) (1 children)

This other video at 29:43 also blew my mind, I just never thought about tax in that way, and it's embarrassing.

[–] [email protected] 3 points 1 year ago (1 children)

Summary for the video-impaired?

[–] [email protected] 12 points 1 year ago (2 children)

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.

[–] [email protected] 4 points 1 year ago (1 children)

Amazing summary, and I'm glad you mentioned landlords. I am having such a struggle lately when people tell me about their 'side hustle' as a landlord, and how they make so much passive income. I just wanna scream "so you feel good about making money doing basically nothing while there are so many people unsheltered, and living paycheck to paycheck?".

[–] [email protected] 3 points 1 year ago

It’s hard to have true empathy for something you have no real concept of.

load more comments (1 replies)
[–] [email protected] 3 points 1 year ago (5 children)

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

load more comments (5 replies)
load more comments
view more: next ›