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Honesty at last

Let me, however, step back from personalities on this and instead suggest what the real conflict between those proposing MMT and other schools of thought is all about.

The real issue is one of political economy, and not economics.

“That means I get to ignore economics and talk about politics instead.”

8 thoughts on “Honesty at last”

  1. I’ve read through the link Tim and I have to acknowledge he may have defeated my ability to fisk it and maintain the rest of my busy day to day existence. Suffice it to say the argument boils down to the notion that (And I’m heavily summarising here)

    – Governments Can create Money and there is no limit on their ability to do so.
    – The Government creates all money through loans to itself (QE or COVID Financing as examples)
    – Financial Markets cannot constrain governments ability to create money
    – MMT Uses tax to control inflation if the capacity of the economy’s production is exceeded by the money creation
    – Government should monopolize saving to prevent asset speculation
    – The only opponents of MMT are those involved in Banking
    – They have a sinister cabal of Think tanks and other dedicated to suppressing the facts about MMT and maintaining the ‘lie’ that the state can be constrained

    I haven’t read ‘Mein Kampf’ in a long time but I do have to say that the description below:

    The answer is that there is a power struggle going on that is clear, blatant, and open for all to see. Those who are threatened by the reality of MMT, who can be summarised as the old financial community centred around the world’s major banks and financial markets, wish to pretend they still have the authority to constrain government, even though that is obviously untrue. That said, they have the resources to fund media, academics and others to pretend that they are right. They can also make sure that politicians are sympathetic to their view and that of the wealth holding that they represent are elected to office. Antipathy towards the state is implicit in their arguments that markets must have power, even though they very clearly do not.

    If you replace, in the above verbiage ‘MMT’ with ‘National Socialism’ and ‘The old Financial Community’ with ‘International Jewry’ then I think you’d not be far off being able to slot it straight into Hitler’s opus.

    To call him deranged isn’t going far enough – A dangerous man indeed, and with his support for Hamas not far off overtly fascist.

  2. “They have a sinister cabal of Think tanks and other dedicated to suppressing the facts about MMT”

    So he’s pushing a conspiracy theory. Isn’t that the sort of Misinformation that Progressive Thought says should be Suppressed? Or does that only count for the ones that turn out to be true after six months?

  3. Sam Duncan

    It’s only conspiracy if it is about them. To quote an example, Murphy’s regular use of the term ‘Tufton Street’ is a classic Bete Noire of the Stalinist Anti-semite Left, of which he is a Prime member. He is not a conspiracy theorist of course – merely ‘speaking the truth to power’….

  4. In other potato news – apparently he’s accountancy’s top social media influencer.

    This seems dubious, as he hasn’t been an accountant for decades, doesn’t understand it, is suspected of faking his exams and has zero influence

  5. Dangerous idiot- how many times have seemingly attractive ideas easily convincing gullible people been hoodwinking the majority?
    Spud’s obviously an absurd cretin to anyone with basic economic understanding – the problems is that there are too many who do not have the ability to see through his shit.

  6. In other potato news – apparently he’s accountancy’s top social media influencer.
    He pushing underarm hair remover & handbags now?

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