I have your book & I reckon it should be on every High School ‘required reading’ list, along with a ‘Politics & Economics’ Basics class. If voters weren’t politically illiterate we would have a much better public debate around politics. They would know that calling Biden or any Dems “Communists” is ridiculous and, along with more similar political idiocy, makes the US a laughing stock around the world. (I currently reside in the U.K.) We really do get the politicians we deserve.
MMT accurately describes the money creating process of the current monetary paradigm, namely Debt Only. It also correctly points out that money creation is rarely the operant factor in inflation. What MMTers need to do is recognize the new monetary and financial paradigm and its specific policy expression of a 50% discount/rebate policy at retail sale which would integrate beneficial price and asset deflation into profit making economic systems...and then the Manchins, Sinemas and every other conservative, libertarian and Austrian pundit would probably pee their pants because the liberals will have implemented their wet dream of beneficial deflation...instead of letting the business cycle and periodic catastrophes like what occurred in 2008 do the inhumane dirty work of debt deflation.
Again; that’s not what I said. If you have something to add, a point to make, just make your case in your own comment instead of awkwardly crowbarring them onto comments which bare no resemblance to the imaginary point to which you’re replying.
Implement a 50% discount to consumers at retail sale all of which discount is rebated back to the retailer by the FED and you will be able to shut the mouth of the Manchins etc. of the world about inflation....forever...because you will have integrated beneficial price and asset deflation into profit making economic systems. Ending any possibility of inflation we then will also be able to fund all of the social and infrastructure changes needed as well as the kind of mega projects necessary to confront climate change.
Yes, all of the leading reform movements like MMT, Steve Keen's Minsky financial instability hypothesis, Michael Hudson's financial parasitism and Ellen Brown's Public Banking, all of which are correct and excellent reductionistic analyses, still unconsciously dance around the actual new paradigm concept which specifically is Direct and
Reciprocal Monetary Gifting. What are fiscal deficits after all? They're monetary gifts to government contractors. What is Steve Keen's idea of "a modern debt jubilee"? Monetary gifts to cancel debts. Hudson talks about the parasitical domination of finance, and what is the key to their power? Their virtual monopoly grant to create money ONLY IN THE MONOPOLISTIC PARADIGMATIC FORM AND VEHICLE OF DEBT.
The 50% discount/rebate policy is powerful because it is the exact temporal universe expression of the new paradigm concept. The private banks create money only as debt with accounting entries, in other words debits and credits. The retailers would simply have to open a new account labeled Sales Discounts/Rebates with a normal credit balance and the monetary authority would debit them back the exact amount they discounted to the consumer so that they could be whole on their overheads and profit margins...and the temporal universe and terminal macro-economic effect (because retail sale is the terminal ending point of the entire economic/productive process where production exits the economy and becomes consumption) would be the implementation of beneficial price and asset deflation. In other words a miracle so far as orthodox economic theory is concerned. Miracles only happen when paradigms are implemented and recognized by human beings. You can see my entire and evolving program of the new paradigm and its policies on Amazon by googling Wisdomics-Gracenomics: The New Monetary Paradigm and Its Policies.
Again, simple to understand once explained. Thank you Steve. MMT and politics remain inseparable so it follows politicians must forego willful ignorance and fearful uncertainty.
Yes, the key to perceiving paradigms is actually simplicity because paradigms are single concepts. It does require understanding of the complexities of the system, body of knowledge or area of human endeavor that a paradigm applies to, but again a paradigm is a single concept that describes and defines the essential and operant factor in and of an entire pattern, and in the case of a new paradigm the essential and operant concept that results in a change in same. This is also why iconoclasm ultimately fails because a new paradigm is not about the problems of a pattern, but rather its solution.
We also need to understand that politics is probably not the best vehicle for change because politicians very rarely lead. What is needed is a mass social movement that communicates the benefits of the new paradigm and its policies so as to herd both sides of the political appparatus toward implementing it. We are many, the bankers, corporate boards and 1% are few. Hugo was right when he intoned: "If there is one thing all of the armies of the world cannot defeat, it is an idea whose time has come."
It's maddening to hear incredibly brilliant respected people miss the simplicity of the MMT lens, ref, your discussion with the Congressman you write in The Deficit Myth. His response, "I can't say that..." and not accept MMT's explanation that USG deficits illustrate the amount of currency in the market. When I discuss MMT with my military colleagues they get it quickly and remain disgusted/paralyzed with our budget process to create new capabilities. It feels very nefarious that leaders only care about shareholders and everyone else should just pull themselves up "by their bootstraps." BS! I'm open to ideas to spread MMT to the masses to improve American true excellence.
In the game of Monopoly, the bank issues game currency. When the players are in agreement, the bank can issue more currency until the game runs out of printed money. Then there can be agreement that the banker can write its own script until one player chooses to end the game by not accepting the banker's script. What happens in the real world of international finance when the players choose an alternative to the dollar as the reserve currency or start to discount the dollar?
After just reading "Super Imperialism" I realize that most MMT proponents don't give international trade as much attention as they should. In the "Super Imperialism" book, Michael Hudson doesn't even mention what he has learned from MMT. That is a real shame. Putting my own knowledge of MMT into my reading, I begin to realize that the USA international trade negotiators believe in MMT for other countries when it comes to accepting the USA dollar as a reserve currency to replace gold. They just don't want the USA domestic audience to apply the same thinking in the USA.
The national debt is only $23.5 T, not $30 T. The last $6.5 T is what various govt agencies owe each other, viz, what the government owes itself. Please don't feed erroneous right-wing claims.
Thanks for your comments. Any insights on how the Swedish economy could be like where currently we have 8% unemployment, 30% government debt and 7% raising housing prices of central Stockholm partly driven by very low interest rates ensuring that anybody below the age of 26 can never buy a property in central Stockholm unless they are in the top 5% of earners and even then it might not be feasible.
I have your book & I reckon it should be on every High School ‘required reading’ list, along with a ‘Politics & Economics’ Basics class. If voters weren’t politically illiterate we would have a much better public debate around politics. They would know that calling Biden or any Dems “Communists” is ridiculous and, along with more similar political idiocy, makes the US a laughing stock around the world. (I currently reside in the U.K.) We really do get the politicians we deserve.
I gather anyone who doesn't agree with MMT is an idiot. There are a lot of idiots out there! Let's hope they smarten up soon .
That’s not what I said, but if the cap fits…
but, I was referring to *political* idiocy, of which I’m sure you must agree there has been plenty.
And the MMT plan is to turn all this printing of money over to these idiot politician. Come-on who's the real idiots here?
MMT accurately describes the money creating process of the current monetary paradigm, namely Debt Only. It also correctly points out that money creation is rarely the operant factor in inflation. What MMTers need to do is recognize the new monetary and financial paradigm and its specific policy expression of a 50% discount/rebate policy at retail sale which would integrate beneficial price and asset deflation into profit making economic systems...and then the Manchins, Sinemas and every other conservative, libertarian and Austrian pundit would probably pee their pants because the liberals will have implemented their wet dream of beneficial deflation...instead of letting the business cycle and periodic catastrophes like what occurred in 2008 do the inhumane dirty work of debt deflation.
Again; that’s not what I said. If you have something to add, a point to make, just make your case in your own comment instead of awkwardly crowbarring them onto comments which bare no resemblance to the imaginary point to which you’re replying.
Enjoyed seeing the article about you in the NYT this morning. Thanks for leading the charge and shaping the national dialogue on needed expenditures.
Implement a 50% discount to consumers at retail sale all of which discount is rebated back to the retailer by the FED and you will be able to shut the mouth of the Manchins etc. of the world about inflation....forever...because you will have integrated beneficial price and asset deflation into profit making economic systems. Ending any possibility of inflation we then will also be able to fund all of the social and infrastructure changes needed as well as the kind of mega projects necessary to confront climate change.
Interesting...I've not heard this idea.
Yes, all of the leading reform movements like MMT, Steve Keen's Minsky financial instability hypothesis, Michael Hudson's financial parasitism and Ellen Brown's Public Banking, all of which are correct and excellent reductionistic analyses, still unconsciously dance around the actual new paradigm concept which specifically is Direct and
Reciprocal Monetary Gifting. What are fiscal deficits after all? They're monetary gifts to government contractors. What is Steve Keen's idea of "a modern debt jubilee"? Monetary gifts to cancel debts. Hudson talks about the parasitical domination of finance, and what is the key to their power? Their virtual monopoly grant to create money ONLY IN THE MONOPOLISTIC PARADIGMATIC FORM AND VEHICLE OF DEBT.
The 50% discount/rebate policy is powerful because it is the exact temporal universe expression of the new paradigm concept. The private banks create money only as debt with accounting entries, in other words debits and credits. The retailers would simply have to open a new account labeled Sales Discounts/Rebates with a normal credit balance and the monetary authority would debit them back the exact amount they discounted to the consumer so that they could be whole on their overheads and profit margins...and the temporal universe and terminal macro-economic effect (because retail sale is the terminal ending point of the entire economic/productive process where production exits the economy and becomes consumption) would be the implementation of beneficial price and asset deflation. In other words a miracle so far as orthodox economic theory is concerned. Miracles only happen when paradigms are implemented and recognized by human beings. You can see my entire and evolving program of the new paradigm and its policies on Amazon by googling Wisdomics-Gracenomics: The New Monetary Paradigm and Its Policies.
Again, simple to understand once explained. Thank you Steve. MMT and politics remain inseparable so it follows politicians must forego willful ignorance and fearful uncertainty.
Yes, the key to perceiving paradigms is actually simplicity because paradigms are single concepts. It does require understanding of the complexities of the system, body of knowledge or area of human endeavor that a paradigm applies to, but again a paradigm is a single concept that describes and defines the essential and operant factor in and of an entire pattern, and in the case of a new paradigm the essential and operant concept that results in a change in same. This is also why iconoclasm ultimately fails because a new paradigm is not about the problems of a pattern, but rather its solution.
We also need to understand that politics is probably not the best vehicle for change because politicians very rarely lead. What is needed is a mass social movement that communicates the benefits of the new paradigm and its policies so as to herd both sides of the political appparatus toward implementing it. We are many, the bankers, corporate boards and 1% are few. Hugo was right when he intoned: "If there is one thing all of the armies of the world cannot defeat, it is an idea whose time has come."
I concur. Well stated.
It's maddening to hear incredibly brilliant respected people miss the simplicity of the MMT lens, ref, your discussion with the Congressman you write in The Deficit Myth. His response, "I can't say that..." and not accept MMT's explanation that USG deficits illustrate the amount of currency in the market. When I discuss MMT with my military colleagues they get it quickly and remain disgusted/paralyzed with our budget process to create new capabilities. It feels very nefarious that leaders only care about shareholders and everyone else should just pull themselves up "by their bootstraps." BS! I'm open to ideas to spread MMT to the masses to improve American true excellence.
In the game of Monopoly, the bank issues game currency. When the players are in agreement, the bank can issue more currency until the game runs out of printed money. Then there can be agreement that the banker can write its own script until one player chooses to end the game by not accepting the banker's script. What happens in the real world of international finance when the players choose an alternative to the dollar as the reserve currency or start to discount the dollar?
After just reading "Super Imperialism" I realize that most MMT proponents don't give international trade as much attention as they should. In the "Super Imperialism" book, Michael Hudson doesn't even mention what he has learned from MMT. That is a real shame. Putting my own knowledge of MMT into my reading, I begin to realize that the USA international trade negotiators believe in MMT for other countries when it comes to accepting the USA dollar as a reserve currency to replace gold. They just don't want the USA domestic audience to apply the same thinking in the USA.
The national debt is only $23.5 T, not $30 T. The last $6.5 T is what various govt agencies owe each other, viz, what the government owes itself. Please don't feed erroneous right-wing claims.
https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny
Hi Stephanie, Arliss Bunny here.
We go back quite a ways. I was wondering how you see the resource, especially commodities, jump with respect to global growth?
What are the ramifications for domestic growth visa-vie mmt framework, along with the rising (even protectionist) costs of various production inputs?
Kind regards,
AB
Perfect analysis!
Thanks for your comments. Any insights on how the Swedish economy could be like where currently we have 8% unemployment, 30% government debt and 7% raising housing prices of central Stockholm partly driven by very low interest rates ensuring that anybody below the age of 26 can never buy a property in central Stockholm unless they are in the top 5% of earners and even then it might not be feasible.