{"id":2762,"date":"2026-07-10T13:10:18","date_gmt":"2026-07-10T13:10:18","guid":{"rendered":"https:\/\/interstatelogisticshubs.com\/?p=2762"},"modified":"2026-07-10T13:10:18","modified_gmt":"2026-07-10T13:10:18","slug":"government-monetary-poilcy-means-no-hamburger-for-you","status":"publish","type":"post","link":"https:\/\/interstatelogisticshubs.com\/?p=2762","title":{"rendered":"Government monetary poilcy means \u2018no hamburger for you\u2019"},"content":{"rendered":"
\n

Jay Davidson, reflecting on Ben Bernanke\u2019s Fed policy based on Modern Monetary Theory (MMT) and followed by chairs Yellen and Powell, reminded me of a quote by Murray Rothbard about John Maynard Keynes: \u201cThe General Theory was not truly revolutionary at all but merely old and oft-refuted mercantilist and inflationist fallacies dressed up in shiny new garb, replete with newly constructed and largely incomprehensible jargon.\u201d<\/p>

Read more Money can\u2019t buy reading<\/a><\/p>\n

MMT is not modern and not new.\u00a0\u00a0John Law (who was called the Ancestor of the Idea of a Managed Currency by Joseph A. Schumpeter) established the Banque G\u00e9n\u00e9rale<\/em> in 1716 with the authority to issue bank notes.\u00a0\u00a0The Mississippi bubble burst in 1720 in a crash that spread from France to other countries, and Law was forced to flee France.<\/p>\n

Originally from Edinburgh, Scotland, Law\u2019s anti-mercantilist idea that the wealth of a nation was not gold in a vault, but commerce and productive activity anticipated Adam Smith.\u00a0\u00a0But then, in 1718, the Banque G\u00e9n\u00e9rale became the Banque Royale, and the French Crown was involved.\u00a0\u00a0Law can\u2019t be blamed for all the inflationist policies of state bureaucrats,\u00a0and the Mississippi Company with its exclusive trading rights over the French territories in the New World (Louisiana and more) soon blew up.<\/p>

Read more Happy birthday America, a special thanks to our National Guard<\/a><\/p>\n

Today\u2019s followers of MMT think they can create prosperity, or at least the illusion of it.\u00a0\u00a0Using scientific-sounding jargon such as \u201cquantitative easing\u201d to mean inflationist policies tells you all you need to know about these people.\u00a0<\/p>\n

As a first approximation, $5-a-pound hamburger today is the equivalent of nickel (5 cent)-a-pound hamburger in the Roaring Twenties.\u00a0\u00a0A Monetary History of the United States<\/em> (Friedman and Schwartz, 1963) gives the empirical evidence of the Central Bank (Federal Reserve)\u2019s failure to provide sound currency.\u00a0\u00a0Hayek\u2019s Good Money<\/em> (1999, University of Chicago Press) suggests that the way to discover what good money might be would be to have several competing private currencies in circulation (descendants of Bitcoin and Etherium?).\u00a0\u00a0Milton Friedman thought that was going too far.<\/p>

Read more America\u2019s covenant with the Jewish people<\/a><\/p>\n

But at least we all can disrespect \u201cGovernment Money.\u201d\u00a0<\/p>\n

\n

\"<p><em>Image<\/figure>\n<\/p>\n

Image via Pixabay.<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Jay Davidson, reflecting on Ben Bernanke\u2019s Fed policy based on Modern Monetary Theory (MMT) and followed by chairs Yellen and Powell, reminded me of a quote by Murray Rothbard about John Maynard Keynes: \u201cThe General Theory was not truly revolutionary at all but merely old and oft-refuted mercantilist and inflationist fallacies dressed up in shiny […]<\/p>\n","protected":false},"author":1,"featured_media":2760,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49,1118],"tags":[1119],"class_list":["post-2762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-quantitative-easing","tag-related-topics-quantitative-easing-federal-reserve"],"yoast_head":"\nGovernment monetary poilcy means \u2018no hamburger for you\u2019 - Interstate Logistics Hub<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/interstatelogisticshubs.com\/?p=2762\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government monetary poilcy means \u2018no hamburger for you\u2019 - 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