The consequences of counterfeiting are the same regardless of who does it. The counterfeiters are exchanging nothing for something — thus stealing from those who create real value.
Mises’s insight into the importance of Cantillon effects can be further extended to explain not only income and wealth inequalities among individuals but also some rather curious developments in global industrial organization over the last few decades.
Existing political tensions within the EU are certain to escalate as the EU falls behind in global economic power, and Brussels, hooked on profligacy, for the first time faces budget cuts.
The real problem was the money supply inflation that happened during the boom phase. Combating deflation in the bust phase only superficially treats a symptom of the boom-bust cycle.
London is a major global hub, and a hard Brexit wouldn't change that. But one of the best possible outcomes of Brexit could be a move toward real free trade beyond the faux "free trade" of the EU bloc.
MMT basically holds that governments have control of unlimited amounts of real wealth — thanks to money-printing power. But if this were really true, countries like the USSR and North Korea could simply create money until they became wealthy nations.
