The Deficit Myth: The Biggest Lie In Politics

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The truth about inflation, money printing, taxes, fiat currency, and "the national debt." Debunking lies about what causes inflation and common misconceptions about government spending and "taxpayer money."

Does the national debt actually matter? Do budget deficits matter? Can governments ever run out of money? Can governments print money forever? Does printing money lead to hyperinflation? What causes inflation? What is the point of Taxes? Do we really need taxes? How did the government pay for all of it's big spending stimulus packages? In this video, we use Modern Monetary Theory and real world facts to debunk deficit hawks and pro-austerity taking points.

Timestamp:
0:00 The Myths We Believe
3:14 Contradictions in Deficit Hysteria
4:00 Modern Monetary Theory (MMT)
6:10 The National Debt and Budget Deficits
7:36 Governments are NOT like Households
8:32 Currency Sovereignty
9:57 The Gold Standard vs Fiat Currency
11:15 How Money is Created
13:34 How Government Spending works
17:37 The "Borrowed Money" Myth
19:03 What Government Bonds Actually Do
21:16 Inflation and What Causes It
25:50 The Real Economy
28:25 The Real Purpose of Taxes
32:13 How Will We Pay For it?

Credits:
Written, Narrated, and Directed by 1Dime
Edited by Biodegradable (@BiodeEditable on Twitter)
Thumbnail by Stafoh (@Stafoh on Twitter)
Music by:
Battleblock Theatre OST
Voodoo Vince OST
Conker's Bad Fur Day OST
Yoshi Story OST
Kevin MacLeod

Sources and further learning:

Books and Papers:
-The Deficit Myth by Stephanie Kelton
-Soft Currency Economics II by Warren Mosler
-Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems by L. Randall Wray
-Debt: The First 5,000 Years by David Graeber

-Seven Deadly Innocent Frauds Of Economic Policy by Warren Mosler: http://www.moslereconomics.com/wp-con...
Why Money Growth Does Not Cause Inflation: https://www.forbes.com/sites/johnthar...
-What happened in Zimbabue? http://bilbo.economicoutlook.net/blog...
-What Caused Hyperinflation in the Weimar Germany?: http://moslereconomics.com/wp-content...

Lectures and Podcasts:
-L. Randall Wray - Modern Money Theory for Beginners:    • L. Randall Wray - Modern Money Theory...  
-Warren Mosler: How Modern Monetary Theory Actually Works:    • How Modern Monetary Theory (MMT) Actu...  
-Bill Mitchell: Demystifying Modern Monetary Theory:   • Bill Mitchell: Demystifying Modern Mo...  
-Everything You Want to Know About Modern Monetary Theory:   • Everything You Want to Know About Mod...  

-How Quantitative Easing Differs from Money Printing | QE Explained:    • How Quantitative Easing Differs from ...  

-The Macro and Cheese Pod: https://podcasts.bcast.fm/macro-n-cheese
-Check out the first few episodes of the MMT Pod: https://mmtpodcast.buzzsprout.com/

Check out more 1Dime content:
Best 1Dime videos:    • Why Billionaires Prefer Democrats  
1Dime Podcast:    • The Dark History of Liberalism  

About 1Dime (not One Dime):
1Dime is an educational channel dedicated to countering one dimensional thought by analyzing socio-political issues through the lens of theory, history, pop culture, and political economy.