In the linked video, Dan Tubb of LotusEaters.com discusses "Modern Monetary Theory", the insane socialistic hyper-Keynesian "economic theory" by which our rulers are destroying us.
My comment/response --
The *point* of an economy is not to "add value", but rather to generate/create wealth. Certainly, "adding value" ... well, adds value. But, if there is not an underlying and robust generation of wealth to which to "add value", then everyone dies, no matter how much "value" is being added as we all die. In the "buckeroo" pseudo-economy, no wealth at all is being generated; that "economy" is nothing more than an accounting trick. Moreover, in its interface with the real economy, it almost certainly destroys wealth, rather than creating it. For, of a certainly, whatever tasks the students do at the hospital to earn the buckeroos will be either pointless waste-of-time make-work, or something that regular employees are already being paid to do. While the "work" the students perform to earn those buckeroos may potentially be "useful" (or not), that work's relationship to the real economy of wealth-creation is no different than if they were made to dig holes one day, and fill them in the next. Now, hospitals are certainly nice things to have, and a well-run hospital "adds value" to its community. BUT, hospitals do not generate wealth; rather, they consume wealth. In that regard, hospitals are luxuries: we cannot have hospitals unless and until we have an underlying economy producing enough excess wealth to support siphoning off enough wealth to fund the hospitals.
Dan Tubb, LotusEaters: The Nonsensical Economic Theory That Affects Your Life
