Modern Monetary Theory Isn't Economics

[Bigun]

Modern Monetary Theory Isn't Economics

MMT is a bait-and-switch wrapped in a sleight-of-hand.

Friday, March 15, 2019

Modern Monetary Theory, or MMT, is all the rage in the halls of Congress lately.

To hear the Progressive left tell it, MMT is not unlike a goose that keeps laying golden eggs. All we have to do is pick up all the free money. This is music to politicians’ ears, but Fed Chairman Jerome Powell is singing a decidedly different tune. Said Powell recently on MMT, “The idea that deficits don’t matter for countries that can borrow in their own currency … is just wrong.”

MMT advocates see this as outdated thinking. We can, they claim, spend as much as we want on whatever we want, unencumbered by trivialities like how much we have. But MMT is a bait-and-switch wrapped in a sleight-of-hand. It focuses on debt and dollars rather than resources and products. Debt and dollars are merely tools we use to transfer ownership of resources and products. It’s the resources and products that matter. Shuffling debt and dollars merely changes the ownership of resources and products. It doesn’t create more...

https://fee.org/articles/modern-monetary-theory-isnt-economics/?utm_medium=push_notification&utm_source=rss&utm_campaign=rss_pushcrew&notification_source=pushcrew_rss

[Sanguine]

Post-modernist-what-passes-for-thinking.

[Bigun]

Post-modernist-what-passes-for-thinking.

One of the most fundamental laws of economics is that you cannot make something from nothing.  I guess they skipped school that day.

[Free Vulcan]

Good article. MMT is just old, failed, Keyneisan economics repackaged in a pretty new red dress.

Like all good cons, MMT glosses over important little details and consquences that wreck the whole model.

[Sanguine]

Good article. MMT is just old, failed, Keyneisan economics repackaged in a pretty new red dress.

Like all good cons, MMT glosses over important little details and consquences that wreck the whole model.

So much of what we are seeing, now in the new leftist congresspeople, and the left in general for many years is a cargo-cultic ideology.  Instead of being new and improved, leftism is seeming to be more and more an ancient, atavistic, tribalistic, superstitious way of seeing the world.  We already know that none of this will work, but against all evidence, click your heels, wish hard enough, and follow your dreams and it will become true.  Somehow. 

[Free Vulcan]

So much of what we are seeing, now in the new leftist congresspeople, and the left in general for many years is a cargo-cultic ideology.  Instead of being new and improved, leftism is seeming to be more and more an ancient, atavistic, tribalistic, superstitious way of seeing the world.  We already know that none of this will work, but against all evidence, click your heels, wish hard enough, and follow your dreams and it will become true.  Somehow.

That's exactly it. It's very progressive. Progressing backwards to the days of kings and serfs and theocracies, but they omit that part.

Worst part is the globalists want world govt by 2030. That is their target date. That's 10 years kids.

So you can imagine - they are in a desperate, bum rush, ambush, all-out full court press to grab total power by that date, expecially before the new AI powered, all-tech world that we seem to be accelerating toward faster and faster, happens.

They are making their play, succeed or fail.