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.
Using Japan as a model, governments are steering us toward a worldwide zombie economy — but we're likely to end up with something that looks more like Argentina than Japan.
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.
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.
The Bank of Canada's official mandate to promote the “the economic and financial well-being of Canadians,” isn't compatible with the Bank's real mandate which is apparently to look out for the good of a small number of powerful banks.
