Stock and bond market capitalization as a % of nominal GDP! Up from 50% in 1974 tot almost 275% now.
MMTers are always so eager to tell you how $s can only come from the Gov’t deficits (as if the act of printing is how value is created for a currency) which equal “OUR” (95%) savings. When in reality deficits = profit/savings for the top 5%. By accounting IDENTITY. Business PROFITS could never exist without household DISSAVINGS! If this is confusing for you to understand think of it like this the 95% function is to funnel deficits to the top 5% to SAVE!
In case you don’t know this the 5% don’t stuff savings under their mattresses. They speculate those $ savings in various asset classes (stocks bonds commodities real estate) to earn more unearned profit) in the chart below. Stock market capitalization alone (since going off the Gold standard in 1971) has risen from 50% to 275% of GDP with no end in sight of slowing down.
MMTers like Natasha Kealton and Warren Mosler will lie to the unsuspecting economically ignorant citizens by telling them we have a “Cash Famine” and to “Dream of Trillions in deficits”! When in reality there is over $244 trillion in global debt (up $70 trillion since 2008) and all that has resulted in, is soaring inequility. Not prosperity for “we the people” (95%) but rather “we the oligarchs.”
We PUREMMTers have been warning the dangers of FAKE MMT that offer PERSCRIPTION that will only further enrich the top 5%.
DON’T BE FOOLED!