Good Saturday morning! (It was morning when I started writing.) A couple of days ago, I wrote about how some leading economic commentators were reacting to so-called “Trussonomics”—i.e. the economic program offered up by the new Prime Minister, Liz Truss, and her chancellor, Kwasi Kwarteng.
Sorry, I didn't read this one yet, but I have no other way of communicating a problem I'm having with your server. I'm subscribed and am trying to change my email address for receiving these and the system is not giving me an way of doing it because it just asks me to subscribe even though I already have. Please send help. Thank you. Alex Schmidt SUNY Stony Brook '81.
I would like to see a discussion of the "degrowth" concept and how it could be managed. I believe some version of degrowth is required, and the United States is the country most in need of making a transition, but degrowth seems to only be a "radical left" slogan at this point.
I don't believe that we can grow our way out of the climate crisis and environmental degradation, but what will a successful degrowth economy look like, and how can it be promoted?
I wish MMT's critics would take a course teaching "The Deficit Myth" and be required to pass a test on it afterwards. (Without the test, they would there physically, but mentally somewhere else developing reasons why MMT won't work.)
Like all theories to become popular, a paradigm shift will have to occur among the economists and experts who were brought up on and perhaps even teach monetarism or Keynesianism. They just are too inflexible mentally to see up and over the box they are in; it does take a degree of objectivity and willingness to learn new things. One of my professors said that the human mind is infinitely resistant to new learning. It's often discomfiting to see the world differently. What if FDR knew in advance of the Japanese attack on Dec. 7, 1941? What if the first seven presidents were Deists, not Christians? What if Mormonism is true? What if Elvis was only a front-man for the real artist singing behind the curtain? What if Ellen DeGeneres is not really gay? What if my lifelong political party has gone berserk?
If you were certain that the world is flat, but you then fly around the world, your faith in your belief system will be torn asunder. Cognitive dissonance is painful, so monetarists and others avoid MMT like the source of pain that it would be for them. Who likes to admit personal and judgmental error, especially a lifelong history of it?
If the high priests of macroeconomics Larry Summers, Olivier Blanchard and co had discovered first the insights from the body of work called MMT, you can bet your bottom dollar, that the financial commentariat would be like canaries in a mineshaft singing its praises. They would all be chirping we’re all MMT followers now.
She misses the opportunity to say that MMT worries about inflation from too much money "printing" more than most orthodox economists do.
She also fails to own up to the fact that MMT focuses its theory on transfers of money from the Federal Government sector that creates USA money to all the sectors that are not Federal government sectors that are users of USA money, but not creators. The balance of this transfer is very important, but equally important these days is who in these other sectors get the money. MMT does not purport to address this missing piece, but also fails to identify how important this missing piece is.
I have to say the “willful ignorance” of these commentators and scholars comes back to their own earnings, fear and hatred of undeserving people who desire prosperity for their families. This psychology remains abhorrent and useless. Please get yourself on these programs and destroy their nonsensical comments Stephanie Kelton...you’re the prefect representative for all things MMT.
I'd love to hear your justification for the comment that Quantitative Easing is not the direct creation of the currency. What MMT expert ever said that? I am not going to search for the link, but I recall some testimony by Bernanke to Paul Ryan. Ryan asked Bernanke whose money he was using for QE. Bernanke replied, we created it.
They're always killing MMT off and celebrating the funeral.
MMT must scare their pants off.
Sorry, I didn't read this one yet, but I have no other way of communicating a problem I'm having with your server. I'm subscribed and am trying to change my email address for receiving these and the system is not giving me an way of doing it because it just asks me to subscribe even though I already have. Please send help. Thank you. Alex Schmidt SUNY Stony Brook '81.
I would like to see a discussion of the "degrowth" concept and how it could be managed. I believe some version of degrowth is required, and the United States is the country most in need of making a transition, but degrowth seems to only be a "radical left" slogan at this point.
I don't believe that we can grow our way out of the climate crisis and environmental degradation, but what will a successful degrowth economy look like, and how can it be promoted?
I wish MMT's critics would take a course teaching "The Deficit Myth" and be required to pass a test on it afterwards. (Without the test, they would there physically, but mentally somewhere else developing reasons why MMT won't work.)
Like all theories to become popular, a paradigm shift will have to occur among the economists and experts who were brought up on and perhaps even teach monetarism or Keynesianism. They just are too inflexible mentally to see up and over the box they are in; it does take a degree of objectivity and willingness to learn new things. One of my professors said that the human mind is infinitely resistant to new learning. It's often discomfiting to see the world differently. What if FDR knew in advance of the Japanese attack on Dec. 7, 1941? What if the first seven presidents were Deists, not Christians? What if Mormonism is true? What if Elvis was only a front-man for the real artist singing behind the curtain? What if Ellen DeGeneres is not really gay? What if my lifelong political party has gone berserk?
If you were certain that the world is flat, but you then fly around the world, your faith in your belief system will be torn asunder. Cognitive dissonance is painful, so monetarists and others avoid MMT like the source of pain that it would be for them. Who likes to admit personal and judgmental error, especially a lifelong history of it?
If the high priests of macroeconomics Larry Summers, Olivier Blanchard and co had discovered first the insights from the body of work called MMT, you can bet your bottom dollar, that the financial commentariat would be like canaries in a mineshaft singing its praises. They would all be chirping we’re all MMT followers now.
Denial of productive role for government.
The same old saw with a complicit corporate mass media.
Why can't we just call it what its been and is?
...neo feudalism, inverted totalitarianism, rentier political power and dominance, corporate coup d'etat, financialization or simply, class warfare?
You have to have a sense of humor.
She misses the opportunity to say that MMT worries about inflation from too much money "printing" more than most orthodox economists do.
She also fails to own up to the fact that MMT focuses its theory on transfers of money from the Federal Government sector that creates USA money to all the sectors that are not Federal government sectors that are users of USA money, but not creators. The balance of this transfer is very important, but equally important these days is who in these other sectors get the money. MMT does not purport to address this missing piece, but also fails to identify how important this missing piece is.
I have to say the “willful ignorance” of these commentators and scholars comes back to their own earnings, fear and hatred of undeserving people who desire prosperity for their families. This psychology remains abhorrent and useless. Please get yourself on these programs and destroy their nonsensical comments Stephanie Kelton...you’re the prefect representative for all things MMT.
The Fed is an independent USA government entity created by Congress. I see no inconsistency. where do you see an inconsistency?
I'd love to hear your justification for the comment that Quantitative Easing is not the direct creation of the currency. What MMT expert ever said that? I am not going to search for the link, but I recall some testimony by Bernanke to Paul Ryan. Ryan asked Bernanke whose money he was using for QE. Bernanke replied, we created it.
How do you interpret this story in Forbes?
https://www.forbes.com/sites/afontevecchia/2013/07/17/bernanke-to-congress-we-are-printing-money-just-not-literally/?sh=4566868f109b