Modern Monetary Theory is arguably the greatest threat to our nation’s existence. If it becomes policy in the United States, the dollar will be negated as the world reserve currency as well as the preferred “petrodollar” used to pay for oil. When those things happen, the massive debt we have incurred will come crashing down on the nation harder than anything seen in world history. It would be a cataclysmic collapse that will erase our nation and anyone living here.
To Treasury Secretary Janet Yellen, Modern Monetary Theory can be achieved by eliminating the debt ceiling, which is why she’s doing her rounds on Sunday news shows talking about it being a “housekeeping chore.” She’s downplaying the importance of the debt ceiling to our nation’s economic credibility because it’s the only thing preventing Democrats from achieving full-blown Modern Monetary Theory in America.
She spoke with ABC’s George Stephanopoulos today and made an extraordinarily ludicrous statement: “We should be debating the government’s fiscal policy when we decide on those expenditures and taxes, not when the credit card bill comes due.”
Treasury sec. Janet Yellen tells @GStephanopoulos that she supports eliminating the debt ceiling.
— ABC News Politics (@ABCPolitics) October 10, 2021
Let’s be clear because there has been intentional conflation between “raising the debt ceiling” and “eliminating the debt ceiling.” Raising the debt ceiling is bad because it takes a limit that is already way too high and makes it higher. It’s poor policy, but we can survive it. Eliminating the debt ceiling changes our financial status in the world. Countries will scramble to abandon us. Banks will no longer want to work with us or the U.S. dollar. It’s the pathway to oblivion, which many Democrats falsely believe can be mitigated by simply printing more money.
The Biden-Harris regime is playing fast and loose with our economy, which is already greatly weakened by Covid-19 lockdowns and a workforce that seems unwilling to get back to their jobs. What Janet Yellen proposes will make things even worse, and the fact that she’s being flippant about it all is an insult to our collective intelligence.