Revolutionary Roundtable

Revolutionary Roundtable

Lisa McCormick appeared on this week's edition of Revolutionary Roundtable on the Real Progressives Internet channel. 

She was joined on the penal by Johnny Akzam and Bryan Ramirez, along with hosts Theresa Sanders and Victor Tiffany of Revolt Against Plutocracy.

Panelists discussed Modern Monetary Theory, a real world solution to the problems of workers of the world, often referred to as the 99%. To activate a movement powered by an army of economically literate progressives, Modern Monetary Theory takes on the establishment orthodoxy and debunks falsehoods promulgated by gold bugs, debt and deficit hawks and austerity advocates who attack progressive politics from all angles.

Modern Monetary Theory and associated schools of thought are the progressive application of economic ecology, democratic socialism, Post Keynesian economics that simply makes a currency analysis and describes how financial systems work today. 

While Defense Department spending was increased by Republicans and some Democrats to the tune of $80 billion  a year -- double the price tag on Senator Bernie Sanders' proposed plan for tuition-free college -- nobody batted an eyelash. Like the billions or trillions pumped into bank bailouts and other financial industry disasters, money never seems in short supply when the wealthy want something. Modern Monetary Theory explains how that financial largess can benefit the overwhelming majority of Americans instead of solely serving the greedy corporate ruling class.

If you want to stop wealth inequality, start by spending at the bottom. Taxing the rich is one way to control excess political influence, but if we separate tax policy from spending bills the power of economic democracy becomes a clear way to guarantee political equality.

"Tax liabilities give otherwise worthless paper value," explains one expert. "The U.S. dollar has value because the government levies $3 trillion in tax liabilities annually and accepts only U.S. dollars in payment — which only it issues. And there is the credible threat of penalties if you don’t settle up with dollars. In so doing, the government turns all of us into dollar chasers. It’s how a state, any state, can turn worthless pieces of paper into valued currency."

 

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