July 4, 2018

The Kelton-Fraud

Comment on Tom Hickey/Ben Judah on ‘The Right’s Straw Left’


Tom Hickey headlines: “The Right discovers it is up against MMT. Is Stephanie Kelton Superwoman?” This framing tells everyone that economics, too, has finally degenerated to a reality show.#1

To recall, economics claims since Adam Smith/Karl Marx to be a science. The criterion of science is true/false. So, the real question is NOT whether Stephanie Kelton is Superwoman but whether MMT, the economic approach she stands for, is true or false.

The short answer is: MMT is a scientific failure and a political fraud. Stephanie Kelton is just another clown in the political Circus Maximus.

In more detail #2, #3, #4, #5
  • MMT’s social policy proposals ― the Job Guarantee in particular ― are political door-openers and friend-of-the-people signaling.
  • MMT policy guidance ultimately boils down to deficit-spending/money-creation.
  • It is a macroeconomic fact that Public Deficit = Private Profit, so MMT is money-making for the one-percenters.
  • MMT is stealth taxation for the ninety-nine percenters.
  • MMT is ALWAYS a bad deal for the ninety-nine-percenters.
  • The MMT policy of ever-increasing public debt amounts to the permanent self-financing of the oligarchy.

If Stephanie Kelton, Professor at Stony Brook University, does not understand macroeconomics she is an incompetent scientist if she understands it she is a political fraud.#6

In any case, she has to be thrown out of science.

Egmont Kakarot-Handtke

#1 Hedges, Empire of Illusion
#2 Wrapping up the MMT narrative
#3 How MMT enlightens Washington
#4 MMT: Just another political fraud
#5 For details of the big picture see cross-references MMT
#6 Down with idiocy!

Related 'MMT: How mathematical incompetence helps the Kelton-Fraud'.