i mean, do you know what the primary example these people use to base their monetary theory on?

they consistently cite germany after world war one, under this bizarre myth that what happened was some kind of natural event. it's never been clear to me if this was supposed to be taken seriously or was just some kind of excuse to ram through neo-liberal reforms, but it's certainly become this kind of bizarre article of faith...

in fact, the germans deflated their currency on purpose in order to pay off a ridiculous war debt, and the anglo-french alliance that won the war punished them severely for it. what you saw happen in germany in the weimar republic was not some kind of natural law of economics, but rather severe vengeance by the occupying powers, who then used the situation as a pretext to invade the ruhr. in the end, the americans had to step in and try to pull them back from exacting their vengeance, and we know what happened next...

we've tried this experiment over and over, and it just never happens. it's just wrong.