As Jeff Deist and Bob Murphy have explained, MMT is not modern, not monetary and not a theory. It's more appropriately viewed as political propaganda playing on the compelling (to some) fantasy of creating something out of nothing.
Kelton's book, the Deficit Myth, is recommended reading in the sense that it will demystify the premises behind MMT and reveal its thorough malignance.
Hearing people like Kelton (and Francis Collins, Fauci, Yellen, et al) makes it very obvious the emperors have no clothes. We're currently led by incompetent scam artists. These people haven't grappled with the basic ideas of their own fields of study, much less broader societal impacts. Or if they did grapple with them, they lost. I can now fully appreciate the term "useful idiots."
Unfortunately, what is becoming most frightening is that they are hiding it less and less these days and we continue to call out the bullshit. We are arriving at the point where they are being unmasked....yet don't care anymore and push their agenda harder.
No worries, just inflate it away. Except for all those whose incomes don't increase at the same rate those relying on superannuation, social services, renters and the unemployed.
"The economics of this are not complex. Every economist knows there’s no such thing as a free lunch. Printing mass amounts of money cannot solve the problem of scarcity. This fundamental economic reality, that we have limited resources and limitless wants, seems lost on Kelton.
“The carpenter can’t run out of inches,” she tweeted in 2019. “The stadium can’t run out of points. The airline can’t run out of [frequent flier] miles. And the USA can’t run out of dollars.”
Kelton’s tweet reflects a fundamental misunderstanding of scarcity. "
Artificial Scarcity manufacturing is the establishments main income generator. So Global-Feudalist mouthpieces and useful idiots are unlikely to say it's a bad thing.
NPR is just the DNC's Pravda. Of course their angle is the deficit doesn't matter - if the powers that be started to think it did they'd be first to meet the headsman.
As usual, everyone ignores the elephant in the room: private banks create all dollars, and the only way to get new dollars into circulation is by borrowing from banks (proofs at bankLIES.org). We will be forever trapped in endless cycles of booms, busts, and debt-traps if we don't abolish the bank-controlled money scam. The power of money creation needs to be taken away from private banks and restored to the government OR the free market.
Dude. Mainstream economists in the 1980s said Reagan's deficits would destroy the country. Every deficit scare monger across American history has -- so far -- been wrong. Wrong. Wrong.
Eventually they will be right. I agree. But when? That's the question.
So far, nobody has a systematic, lucid way of thinking about that with any empirical success.
NPR disgusts me. It absolutely is the case of extorting my money to purvey, preach, proselytize, and other spread putrid filth to which I reject at every level imaginable. It's very similar to the plan where, despite having no children, my money is stolen via property taxes and used to teach children to hate people like me and the values in which I believe (i.e., individual liberty, responsibility, and freedom).
They are the court or at least a significant layer or even stronghold of it, for the Court Intellectuals to be given the heir of legitimacy.
This article was well written at the start and then he/she moved into conspiracy theories and NPR! Gimme a break. They are showing an opposing point of view and for most people, who think, it is good to know all points of view to make informed decisions.
"It’s unclear why the media network chose to interview an economist with such discredited views to explain away the country’s mountain of debt."
Not really. NPR is the intellectual propaganda wing of the Dem party. And we must all know that the economy is just fine, there is no inflation, prices are not really high, and the debt never really comes due. Vote Blue... Morons!
Kelton doesn't know anything about the rest of the world. Countries with command economies, i.e., communist, thought they could print money to infinity.
Money printers eventually break and so do the countries that used them. Bad management is bad management at any level, household or state level.
The US doesn't feel it right now because it's an election year and you-know-who will keep things looking pretty until at least the end of the year. After that, especially if DJT wins, look out world.
As I understand it, government has three ways to pay debt. Go bankrupt and collapse, pay it off, and thru the use of inflation. Seems like our government has chosen the third course, but I'm pretty sure we are headed for the first. Of course, the second option is completely out of the question....
As Jeff Deist and Bob Murphy have explained, MMT is not modern, not monetary and not a theory. It's more appropriately viewed as political propaganda playing on the compelling (to some) fantasy of creating something out of nothing.
Kelton's book, the Deficit Myth, is recommended reading in the sense that it will demystify the premises behind MMT and reveal its thorough malignance.
Hearing people like Kelton (and Francis Collins, Fauci, Yellen, et al) makes it very obvious the emperors have no clothes. We're currently led by incompetent scam artists. These people haven't grappled with the basic ideas of their own fields of study, much less broader societal impacts. Or if they did grapple with them, they lost. I can now fully appreciate the term "useful idiots."
Unfortunately, what is becoming most frightening is that they are hiding it less and less these days and we continue to call out the bullshit. We are arriving at the point where they are being unmasked....yet don't care anymore and push their agenda harder.
USA to borrowers some day soon: https://www.youtube.com/watch?v=MYQCb3qrBpo
No worries, just inflate it away. Except for all those whose incomes don't increase at the same rate those relying on superannuation, social services, renters and the unemployed.
"Time is cruel master. So is compound interest." - Lawrence Lepard
https://inverttheinversion.substack.com/p/ch-112-money
"The economics of this are not complex. Every economist knows there’s no such thing as a free lunch. Printing mass amounts of money cannot solve the problem of scarcity. This fundamental economic reality, that we have limited resources and limitless wants, seems lost on Kelton.
“The carpenter can’t run out of inches,” she tweeted in 2019. “The stadium can’t run out of points. The airline can’t run out of [frequent flier] miles. And the USA can’t run out of dollars.”
Kelton’s tweet reflects a fundamental misunderstanding of scarcity. "
Artificial Scarcity manufacturing is the establishments main income generator. So Global-Feudalist mouthpieces and useful idiots are unlikely to say it's a bad thing.
NPR is just the DNC's Pravda. Of course their angle is the deficit doesn't matter - if the powers that be started to think it did they'd be first to meet the headsman.
As usual, everyone ignores the elephant in the room: private banks create all dollars, and the only way to get new dollars into circulation is by borrowing from banks (proofs at bankLIES.org). We will be forever trapped in endless cycles of booms, busts, and debt-traps if we don't abolish the bank-controlled money scam. The power of money creation needs to be taken away from private banks and restored to the government OR the free market.
Dude. Mainstream economists in the 1980s said Reagan's deficits would destroy the country. Every deficit scare monger across American history has -- so far -- been wrong. Wrong. Wrong.
Eventually they will be right. I agree. But when? That's the question.
So far, nobody has a systematic, lucid way of thinking about that with any empirical success.
Instead, it's all polemics.
Wake me up when you do.
NPR disgusts me. It absolutely is the case of extorting my money to purvey, preach, proselytize, and other spread putrid filth to which I reject at every level imaginable. It's very similar to the plan where, despite having no children, my money is stolen via property taxes and used to teach children to hate people like me and the values in which I believe (i.e., individual liberty, responsibility, and freedom).
They are the court or at least a significant layer or even stronghold of it, for the Court Intellectuals to be given the heir of legitimacy.
This article was well written at the start and then he/she moved into conspiracy theories and NPR! Gimme a break. They are showing an opposing point of view and for most people, who think, it is good to know all points of view to make informed decisions.
Thanks for putting Murray Rothbard back on my radar. What an excellent summation of what I've suspected for decades.
"It’s unclear why the media network chose to interview an economist with such discredited views to explain away the country’s mountain of debt."
Not really. NPR is the intellectual propaganda wing of the Dem party. And we must all know that the economy is just fine, there is no inflation, prices are not really high, and the debt never really comes due. Vote Blue... Morons!
Kelton doesn't know anything about the rest of the world. Countries with command economies, i.e., communist, thought they could print money to infinity.
Money printers eventually break and so do the countries that used them. Bad management is bad management at any level, household or state level.
The US doesn't feel it right now because it's an election year and you-know-who will keep things looking pretty until at least the end of the year. After that, especially if DJT wins, look out world.
As I understand it, government has three ways to pay debt. Go bankrupt and collapse, pay it off, and thru the use of inflation. Seems like our government has chosen the third course, but I'm pretty sure we are headed for the first. Of course, the second option is completely out of the question....