There is the entertainment industry and it is about personalities/emotions. There is science and it is about knowledge/consistency. There are not many people who prefer science over entertainment. In order to appeal to the majority, one has no choice but to gossip about personality.
Accordingly, Warren Mosler is introduced: “He ran a hedge fund, lives in a Caribbean tax haven, and loves fast cars and yachts ― not obvious qualifications for a left-wing guru. But that’s what Warren Mosler is rapidly becoming.”
And this is his message: “Its [MMT’s] main argument is that governments with their own currencies can’t go broke. They have more room to spend than is usually supposed and don’t need to collect taxes (or even borrow) to pay for it. One thing they can, and should, spend money on is a jobs guarantee ― offering work to anyone who wants it.”
All this, of course, is way beside the point. Economics claims for 200+ years to be a science, MMT claims to be a superior scientific theory, so the point at issue is NOT the personality of Warren Mosler but whether MMT is true/false according to well-defined scientific criteria.
The unambiguous answer is: MMT is materially/formally false, MMTers are fake scientists, MMT’s policy proposals boil down to deficit-spending/money-creation and this translates to money-making for the Oligarchy because the macroeconomic Profit Law implicates Public Deficit = Private Profit which follows straight from the axiomatically correct sectoral balances equation (X−M)+(G−T)+(I−Sm)−(Qm−Yd)=0.#1…#7
In sum, MMT is refuted proto-scientific garbage and its social rhetoric is a plain political fraud, and its effect ― intended or unintended does no matter ― is to undermine genuine grassroots movements. MMT lacks sound scientific foundations and is not more than gossip/entertainment/fraud in the political Circus Maximus.
Deficit-spending/money-creation has always been a program for the self-alimentation of the Oligarchy#8 and quite naturally enjoys the support of Wall Street in general and Bloomberg in particular.
According to Stephanie Kelton, the MMT snake oil works just fine: “Democrats are beginning to see that all the stories they’ve been told, and that they in fact even repeated themselves, weren’t good stories.”#9
Indeed, but the MMT story isn’t one iota better.#10
#1 MMT: agenda-pushing and money-making for the Oligarchy
#2 Rectification of MMT macro accounting
#3 MMT and the single most stupid physicist
#4 MMT and the promotion of Wall Street socialism
#5 MMT: The one deadly error/fraud of Warren Mosler
#6 MMTers are NOT Friends-of-the-People
#7 For the full-spectrum refutation see cross-references MMT
#8 Keynes, Lerner, MMT, Trump and exploding profit
#9 The Kelton-Fraud
#10 MMT: How the Oligarchy communicates with WeThePeople