May 18, 2019 – The U.S. national debt is over $22 trillion and the deficit will hit $973 billion this year. We are now in an era of trillion, if not multi-trillion, dollar deficits. According to the CBO, entitlements and interest on the debt will consume 100 percent of all government revenues. Where will the extra money come from to pay for the cost of running government? Today, on Financial Sense Newshour's Big Picture, Jim Puplava and Chris Preitauer discuss how government spending is growing faster than the economy and the ultimate "fix" to this problem is "don't worry, debts and deficits don't matter" via so-called Modern Monetary Theory or MMT. MMT is the endgame of when money dies, explains Jim, as he draws upon several important books to guide listeners through the inflationary consequences of what's ahead. Then, in part two of today's show, we re-air our interview with Jens O. Parsson on his famous book Dying of Money.
Other books mentioned in this podcast:
- When Money Dies: The Nightmare of the Weimar Republic by Adam Fergusson
- The Economics of Inflation by Costantino Brescianni
- Capitalism by George Reisman