U.S. Debt is a Myth

This is an old video from 2011 from economist Mike Norman.  He is a MMTer (Modern Monetary Theory, which is neo-Keynesianism). I can't say I disagree with him.  That's why I have my own measure of money supply in which the government debt is included.

But I can't say that he is right.  Let me try to explain. Let's imagine a very spoiled rich girl with a checkbook.  She has the last name of say, Hilton, and a very wealthy very doting grandfather.  And a coterie of followers who subscribe to her Twitter account and collect anything with her name on it.  She obviously will have a different perspective on life than the average person.  And let's say that she believes that she can create money out of thin air.  All she has to do is write the numbers on the "magic" check and it will appear.  The only caveat is that she only has so many checks.  She's right.  Whatever she creates, her followers will collect because it has her signature on it.  They won't even take it to the bank.  And if they do, her grandfather will make sure it is honored.  Now supposed she developed a theory of economics.  That's Mike Norman for you.  It makes your brain hurt to listen to him.  Ok, Mike you are right.  So please shut up and go away, so I can watch a Peter Schiff video.