Before you go supporting "End the Fed" bill, and other MMT ideas, consider this

As many of you have recently been seeing and applauding, MMT (Modern Monetary Theory) has been providing some good ideas about ending the Federal Reserve. And yes, the Federal Reserve Act does need to go away. However, I would just like to leave some things to consider before supporting this idea that is gaining traction in Washington D.C.

The basic idea behind MMT is to just stop tracking the debt, and just allow the government to be the central authority of printing the money.

The biggest flaw in a system like this is that the Cantillon Effect we already have will be increased exponentially.

When there is no one holding Congress accountable for printing too much money and inflating the supply, it will inevitably lead to hyperinflation so much faster than the system that is currently in place.

Why is this a problem? As Bitcoiners, of course we want to see the fiat scams obliterated, but if MMT leads to hyperinflation then per the Cantillon Effect, the ones printing the money will do so, and use it to buy hard assets, including Bitcoin. The unfortunate side effect of this happening is that the general population will not be given any way to preserve their wealth. The MMT'ers will tax everyone harder to "bring inflation under control", but that only further prevents citizens to store their wealth into hard assets.

At least with our current shitty fiat system, its slow death is giving people enough time to figure it out and transition to Bitcoin. Under MMT, only the clowns will own the most Bitcoin.

Lastly, it seems like pushing MMT is a logical step towards a CBDC. One of the biggest obstacles they face in implementing a fully captured CBDC is to remove the Federal Reserve. The "End the Fed" bill seems to accomplish just this. Once the control of money supply is completely under the purview of Congress, it becomes almost effortless to impose a CBDC.

I implore everyone here to stick to the true goal of Bitcoin, to provide a Sound money system that belongs to the people.

Edit: spelling