Modern Monetary Theory proves" there is nothing new under the sun".

Modern Monetary Theory proves" there is nothing new under the sun".

I recently started using Twitter.com to post my Geo Political & Economic opinions. I soon started receiving passionate replies from Modern Monetary Theorists and not unlike Religious Zealots, they started attacking
my Anti- Central Bank beliefs
Because I believe the Central Bank System is corrupt & evil.

The MMT Believers think the Central Banks intervention formulas are wrong
and just need tweaking. By pulling all financial monetary resources from the Private Sector to the Sovereign Public Sector.
A Central Bank can print unlimited amount of money and Debt and funnel into
infrastructure projects creating full employment & wealth for it's Citizens.
The Citizens will have the money to pay back the interest on the Public Debt.
The Central Banks have the power to delete Bond Debt with a click of a mouse.

King Solomon: Ecclesiastes 1:9
9 What has been will be again,
what has been done will be done again;
there is nothing new under the sun.

MMT is based on Chartalism by:
Georg Friedrich Knapp, a German economist, coined the term "chartalism" in his State Theory of Money, which was published in German in 1905 and translated into English in 1924. The name derives from the Latin charta, in the sense of a token or ticket.[2] Knapp argued that "money is a creature of law" rather than a commodity.[3] Knapp contrasted his state theory of money with "metallism", as embodied at the time in the Gold Standard, where the value of a unit of currency depended on the quantity of precious metal it contained or could be exchanged for. He argued the state could create pure paper money and make it exchangeable by recognizing it as legal tender, with the criterion for the money of a state being "that which is accepted at the public pay offices"
The Debate: Knapp argued that "money is a creature of law" rather than a commodity.
“Money is the Creature of the Law” says Knapp. I would agree based on
the 75,000 pages of IRS Tax code. The problem with this Money based on laws are two fold.

1. The Money is not Judged by a Standard of Economic Laws, but by self Serving Laws that
   usually benefit the Law Makers/Politicians and their economic supporters. The people closest to the Central Bank System benefit the most.
2. The Monetary Laws are different for Citizens, Corporations, and
   Central Banks.
   The Central Banks are allow to break their own policies & Rules to save
   Citizens from real Economic cycles and thus breaking Economic Laws.

The MM Theorist think more public centralized hyper money supply will
create zero unemployment, and rebuild infrastructure. This is not a original
idea. FDR's “New Deal”, which require confiscation of the Citizens Gold.
The Communist U.S.S.R's 5 year Economic Plan. The Government invested in more Tanks, than Cars.
The current Communist China's 5 year Economic Plan. Massive Infrastructure
expansion creating Ghost Cities.
The Citizens/Consumers know what they need not the Government.

The MM Theorists/Progressives believe they have a New Economic Solution
to bring us all into a Economic & Political Utopia.

Calvin Coolidge would disagree:
“About the Declaration there is a finality that is exceedingly restful. It is often asserted that the world has made a great deal of progress since 1776, that we have had new thoughts and new experiences which have given us a great advance over the people of that day, and that we may therefore very well discard their conclusions for something more modern. But that reasoning can not be applied to this great charter. If all men are created equal, that is final. If they are endowed with inalienable rights, that is final. If governments derive their just powers from the consent of the governed, that is final. No advance, no progress can be made beyond these propositions”.

“If anyone wishes to deny their truth or their soundness, the only direction in which he can proceed historically is not forward, but backward toward the time when there was no equality, no rights of the individual, no rule of the people. Those who wish to proceed in that direction can not lay claim to progress. They are reactionary. Their ideas are not more modern, but more ancient, than those of the Revolutionary fathers”.

"Gold is Money Everything Else is Credit" JP Morgan