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An MMT analysis of California is mostly moot, since California is not an issuer of its own fiat currency with floating exchange rates — it is a currency user.
by gamegoblin 4y ago
An MMT analysis of California is mostly moot, since California is not an issuer of its own fiat currency with floating exchange rates — it is a currency user.
- ggm 4y agoSurely the underlying point is their ability to raise public sector debt to fund activity, the tax powers, and the lack of any need to worry? This is historically some of the lowest cost-of-borrowing there will ever be. Splashing cash now, is significantly cheaper than it ever will be. Do you think the evil masterminds in the fed don't want CA to spend money? because its enough of the US economy at scale, what CA does, ultimately affects the USD overall.