[mamon]

This sounds exactly like how communist economy used to work in Poland before 1989: Governing communist party claimed to represent the common people, so we had government-mandated full employment - state-owned companies (the only kind there was) were employing people, whether they actually needed them or not. To finance that, government would print money, causing hyperinflation.

Net result was: everyone had a job, everyone had a high (in nominal value) salary, but the money we had was worthles - you couldn't actually buy anything with it, because the store shelves were empty. Government had to ration all consumer goods, by introducing stamps (similar to foods stamps in the US).

It is funny to see communism making its great comeback :)

[fellellor]

This will be extremely interesting and fascinating to see, and as a student of economics I hope we get to see these policies in action.

Mainly because, I feel there are very few data points to draw conclusions on how this will turn out.

[shitgoose]

why downvotes? this is exactly how government-run economy works. i experienced it in USSR. if people think that by naming it MMT and dressing it in pseudo-theoretical jargon will somehow make it work - good luck with that. it is fascinating to watch how bastion of freedom is falling for this shit.

[mesozoic]

You don't have to worry about rich people if all money is worthless I guess.