October 21, 2020
Advancing humanity. Really?
Comment on Bill Mitchell on ‘An economy that guarantees health and wellbeing for all’*
Bill Mitchell summarizes: “The event was in conjunction with the Public Health Association of Australia’s annual conference and we are discussing the interface between health and the economy and the right to work and income security. It was an interesting and very civilised discussion. And when you are through watching that, we also have a ‘provocation’ to consider and then some jazz. All the interests of advancing humanity!”
Bill Mitchell conveys the impression that he is a good person and that MMT, of which he is a leading representative, is for the benefit of WeThePeople.
This does not fit together with some facts
• MMT is provably false at the level of elementary algebra.#1 So, MMT is scientifically worthless and MMT policy guidance has NO sound scientific foundations.
• The (simplified) macroeconomic Profit Law Q≡(G−T)−S implies Public Deficit (G−T) = Private Profit Q. Because of this, the MMT policy of deficit-spending/money-creation is a permanent free lunch for the Oligarchy.#2, #3
• Accordingly, private financial assets grow in lockstep with public debt. The interest on public debt is taxed from WeThePeople for an indefinite time and handed over to the Oligarchy.#4
• Bill Mitchell and his MMT colleagues are NOT scientists but propagandists and #EconBlockers. They constantly violate the AEA Code of Professional Conduct.#5, #6
• MMT is political agenda-pushing for the Oligarchy in a scientific bluff package.#7, #8
MMTers are NOT advancing humanity. They are clowns and useful idiots in the political Circus Maximus.
#5 AEA code
Related 'MMT: Redistribution as wellness program' and 'Why the MMT benefactors of humanity never talk about profit'. For the full-spectrum refutation of MMT see cross-references MMT.
Twitter Oct 24 The Australian faction of MMT is particularly strong and activist.
Twitter Feb 1, 2021