A YouTube link is not a counter argument. If you have an argument to make, make it. If you need to back up your claims, use reliable and verifiable sources. YouTube is not one of them.
MMT is conceptually weak, its adherents believe that because it is correct, that it will change anything. They fail to acknowledge who the current system benefits and why. It fails to recognize that economics is political, and money is power. the system benefits certain people the way it is, that is why it is this way. It fails to recognize the incredible amount of global exploitation that makes up the financial system which is why money has this magic “made up” quality. It fails to acknowledge how imperialism operates as financial domination underwritten by state violence, administered by a nationalist ruling class. These are all the most basic and simple criticisms of capitalism which have existed for over 100 years.
At one time I was very interested in these kinds of critiques and through studying them and trying to understand them I came to realize the utter failure of our own academic disciplines to make sense of the system. Save yourself years of independent study and idealistic theorizing, of trying to understand and failing to explain using jargon that obscures rather than illuminates. Read Marx, he was the greatest economist of his time, and the most slandered and misrepresented intellectual of ours. If you want to really understand how finance functions, skip this documentary and read Imperialism: the Highest Stage of Capitalism by Lenin. If you can believe that the status quo lies about the nature of debt, how far down do their lies really penetrate into our culture and ideology?
Don’t fall for it. There are no shortcuts, we have to get organized in order to change the world and avert disaster.
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