What MMT says: a chance for the critics to take a pop

So someone does take a pop. Detailed and valid critiques – critiques, not disproofs nor criticisms.

Richard Murphy says:
October 21 2020 at 3:32 pm
Let’s conclude you’re pout of your depth here and haven’t tread MMT, as is very apparent to those who have

I have no more time to waste on your nonsense

Marc says:
October 21 2020 at 4:14 pm
I have critiqued MMT, which I thought was the purpose of this post, having read the title.

The questions I have asked are relevant and important, assuming MMT is to be taken seriously. Even more so if you think it should be used to manage fiscal and monetary policy. One would have thought that if MMT was an accurate description of “how the world actually works” as some have claimed, it would actually…..have a description?

It turns out that you can’t answer some of the questions, won’t answer others and the answers you do give are pretty much entirely incorrect. That is when you are not just answering a question with rhetoric or another question.

Then at the end of it all, you resort to being obnoxious, making a claim that I’m out of my depth (pretty bold, given the obvious and basic mistakes you make here and in some of the other posts of yours I have read) and then shutting down debate.

So I take it this post is not a place for critics to take a pop at MMT?

MMT can’t (and isn’t) be taken seriously because it can’t or won’t answer some basic questions. I thought that by asking those questions again you would be able to set the record straight and provide some of the answers. The closest you got was admitting that MMT doesn’t actually have a model as to how tax would be used to control inflation.

Richard Murphy says:
October 21 2020 at 4:32 pm
I’m delighted if [eople can critique MMT

You didn’t

You haven’t read it

And the claims you made were not true of MMT

That’s not a critique

You won’t get posted again


14 thoughts on “Ahahahahahahaha”

  1. “murphy is a cunt with the intellectual capacity of a dumpling.”

    Thats unfair, cunts and dumplings are useful.

  2. Dennis, Tiresome Denizen of Central Ohio

    This is glorious:

    Jonas says:
    October 22 2020 at 9:58 am

    Why should we worry that the FT give Stephen King, a respected, experienced and very well informed economist space?

    Are you trying to shut down debate and stifle free speech?

    Richard Murphy says:
    October 22 2020 at 10:15 am

    Not at all, but publishing nonsense that should embarrass an author is another thing
    Jonas says:
    October 22 2020 at 10:57 am

    Why are you worried if someone embarrasses themselves? It’s not your problem if they do.

    If you aren’t trying to shut down debate, why then do you say “We should worry that the FT gave him space”. That sounds very much like something someone would say if you were trying to stop them from being able to have their say.

    Also, who are you to say what are false claims or not? I’ve seen over the last few days you make quite a lot of claims which people have shown evidence to be false. Should we shut down your blog too?
    Richard Murphy says:
    October 22 2020 at 10:59 am

    No one has yet shown there to be a falsehood

    They have offered different opinion

    The falsehood in his article is that it claims things MMT does not say

  3. On that Alphaville thread vlade says;

    ‘MMT always claimed that taxes are important as they can “destroy” (i.e. remove from circulation) money.’

    The remove from circulation bit sounds suspiciously like QE.

    Which, obvs, is never going to be unwound. Because.

    And the bulk of the money being taken out of circulation will be broad (M4?).

    So, the only money eventually left circulating is physical cash. Which, as MV=PQ, now has to increase to support the existing levels of V, P, and Q. So, the next iteration of this game is to remove physical cash from circulation. Which assumes a redemption facility…

    They notionally want to control changes to P, being inflation, so one of V or Q must also change.

    At base, Q will scale with the population. But if P and Q are stable, then V is the only other thing left to change…


    Have I badly fucked up, or is the whole thing batshit insane?

  4. The assumption you make is that MV=PQ.
    Muphry doesn’t.

    But also, both MMT and he are indeed batshit insane.

  5. From the Alphaville piece:

    Nah.. he meant tax other people, preferably some millionaires behind the trees who are not that likable. So by reducing the purchasing power of the [yacht] buyers that somehow makes pasta cheaper.

    We know from his work from the last twenty years that governments do a terrible job of collecting the tax they intend to (hence the massive, stubborn tax gap). Yet somehow they can plan to tax inflation out of the economy as deftly as inflation ebbs and flows. It just doesn’t work.

  6. Bloke in North Dorset

    On the subject of batshit crazy, the central planners in the Welsh government are going decide what’s essential and restrict supermarkets to those goods only.

    Spud’s going to be having orgasms when he finds out.

  7. “On the subject of batshit crazy, the central planners in the Welsh government are going decide what’s essential and restrict supermarkets to those goods only.”

    They keep voting Labour (and the equally socialist Plaid lot) in, so they deserve to get it good and hard.

  8. Where’s Tuppence getting his dictionary from? Clearly it states that “critique” means “give uncritical praise to”.

  9. jgh, not really (well not at all actually).
    From my Concise Oxford English Dictionary (11th edition),

    n noun a detailed analysis and assessment.
    n verb (critiques, critiquing, critiqued) evaluate in a detailed and analytical way.

    C17: from French, based on Greek kritike tekhne ‘critical art’.”

  10. Thats unfair, cunts and dumplings are useful.

    But the latter are obviously unequipped with any nerve cells. So Spud, who appears to at least possess a functioning autonomic nervous system, is slightly cleverer than a dumpling, albeit much less useful than a cunt.

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