October 20, 2018

Very busy these days: Wall Street’s agents

Comment on Kaivey on ‘Presidential Lecture Series: Stephanie Kelton’

Blog-Reference

Matt Franko cites Bill Mitchell: “I mean by that, that while MMT provides a clear lens for viewing the system, to advance specific policy platforms, one has impose a value system (an ideology) onto that understanding.” and resumes “They are not politically neutral... they are Democrat/Labour allied....”

NO!

MMT is NOT a clear scientific lens but an obscure political smoke-screen. Science tells everyone that Public Deficit = Private Profit and this follows straight from the TRUE sectoral balances equation (X−M)+(G−T)+(I−S)−(Q−Yd)=0 which compares to the FALSE MMT balances equation (X−M)+(G−T)+(I−S)=0 which obviously LACKS/HIDES macroeconomic profit.

The scientific content of MMT is ZERO. Looking at the economy through the MMT lens is as enlightening as looking through the toilet seat.

Of course, MMT is NOT politically neutral. Just the opposite. MMT is plain political agenda pushing, and it is NOT for the cause of WeThePeople but against it. MMT is an attempt to capture the genuine grassroots movements in the US and the UK. Under the banner of Progressives, MMTers pretend to overtake the traditional Left and to be the true Friends-of-the-People.#1…#7

Bill Mitchell resumed his recent meeting with John McDonnell in London: “I said that the social democratic parties had let the progressive side of politics down in recent years and that it was good to see this oppositional left capacity coming back into British politics to give people an effective choice.”

Isn’t it a bit curious that an academic from Australia tours around the world and lectures the Labour Party? It is NOT curious at all if one sees Bill Mitchell and Stephanie Kelton as fake scientists and agents of Wall Street.

Bloomberg hypes Warren Mosler as a “hedge fund guy Lefties can love” and Tom Hickey sells MMT on this blog as modern Marxism. This is more than naive because Alternative History has in the meantime arrived at the conclusion that “Karl Marx is, and always was, a double agent working for bankers and industrialists.”#8

Economics has finally to get rid of 200+ years of political BS. The scientific and historical fact of the matter is: deficit-spending/money-creation is and has always been a program for the self-alimentation of the Oligarchy.#9

Bill Mitchell reports: “JMD [John McDonnell, British Labour's Shadow Chancellor] began the meeting by asking me ‘What are we getting right?’” My guess is that Bill Mitchell told him that British Labour has still some way to go to meet Wall Street’s strategic goals.

Egmont Kakarot-Handtke


#1 MMT: agenda-pushing and money-making for the Oligarchy
#2 MMT and the promotion of Wall Street socialism
#3 MMT, Warren Mosler, and the little helpers from Wall Street and Academia
#4 The Kelton-Fraud
#5 MMT, Bill Mitchell, and the lack of basic scientific integrity
#6 MMTers are NOT Friends-of-the-People
#7 For the full-spectrum refutation see cross-references MMT
#8 Reddit
#9 MMT = proto-scientific garbage + deception of the 99-percenters

Related 'Mission impossible: economists join WeThePeople' and 'Dean Baker: progressive agenda pusher for the Oligarchy' and 'MMT = Modern Monetary Trash' and 'Smart! How to make people fund their brain-washing' and 'Good news for the one-percenters' and 'Both Mainstreamer and MMTer are either stupid or corrupt or both' and 'Forget mainstream economics, scrap MMT, move on to the new paradigm' and 'Both mainstream economics and MMT are axiomatically false' and 'MMT and the single most stupid physicist' and 'MMT: How the Oligarchy communicates with WeThePeople' and 'Why the British Labour Party should NOT adopt MMT' and 'MMT-Progressives: stupid or corrupt or both?' and 'How Bill Mitchell stalks Jeremy Corbyn' and 'Links on Liza N. Burby‘s ‘Cutting-Edge Economist Stephanie Kelton Delivers Presidential Lecture’' and 'The page where Stephanie Kelton gets macroeconomics wrong' and 'MMT and the overall political corruption of economics.'

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REPLY to Matt Franco, Andrew Anderson, Ralph Musgrave on Oct 22

Lest the crucial point gets lost: Stephanie Kelton, Bill Mitchell, and the other MMT loudspeakers push ― intentionally or unintentionally doesn’t matter ― the agenda of Wall Street#1 and you are ― intentionally or unintentionally doesn’t matter ― obscuring this fact with your waffling about the Job Guarantee. Therefore, you are ― intentionally or unintentionally doesn’t matter ― complicit in political fraud.


#1 For details of the big picture see cross-references MMT

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Source: Twitter