The U.S. is now facing the onslaught from the coronavirus outbreak. During the last two weeks, bureaucrats have shut down multiple industries while the Federal Reserve has injected trillions into the hands of private banks. Bipartisan members of Congress have been penning a 2020 stimulus plan, as the government may send $1-2K to every American on a monthly basis until the covid-19 hardship ends. On Saturday, Michigan Democrat Rashida Tlaib, with the help of Modern Money Network Rohan Grey, proposed a plan that will allow the U.S. Treasury to mint new coins that don’t cause any debt to taxpayers.
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Michigan Democrat Unveils MMT-Backed Universal Basic Income Concept for Americans Dealing With Covid-19
The entire world faces an economic recession due to the covid-19 virus that has been infecting nearly every country. In response to the pandemic, politicians and central bankers have been using every tool they have to keep the economy afloat during the outbreak. In the U.S., the Federal Reserve slashed rates to 0%, allowed banks to operate without reserve requirements, and funneled trillions of greenbacks into a mostly electronic dollar system.
Meanwhile, U.S. politicians on the federal level are promising American citizens at least 1-2K per month to help deal with the economy after shutting down a variety of industries nationwide. Now the U.S. representative for Michigan’s 13th congressional district, Rashida Tlaib, wants the U.S. Treasury to mint two trillion-dollar platinum coins. Moreover, Tlaib’s new “Automatic Boost Act” claims it will not add any debt to anyone thanks to the theory behind Modern Monetary Theory (MMT).
