February 22, 2019

MMT for beginners

Comment on Bradford DeLong on ‘I would not have called MMT “nonsense economics”’

Blog-Reference and Blog-Reference and Blog-Reference and Blog-Reference

For beginners, the 10 essential points are:
  1. MMT is fake science.
  2. The foundational MMT sectoral balances equation is provably false.
  3. MMTers are too stupid for the elementary math that underlies macroeconomics.
  4. Because the foundations are false, one can safely forget the rest.
  5. The axiomatically correct macroeconomic Profit Law entails Public Deficit = Private Profit.
  6. Therefore, the MMT policy of permanent deficit-spending/money-creation is a permanent free lunch for the Oligarchy.
  7. The lethal effect of MMT policy is NOT on inflation but on distribution.
  8. Fabulous financial wealth is the mirror image of fabulous public debt ($22 trillion and counting).
  9. MMT policy is ultimately NOT for the benefit of WeThePeople.
  10. MMT is political agenda pushing for the Oligarchy in a scientific/social bluff package.#1
Egmont Kakarot-Handtke


#1 For the full-spectrum refutation of MMT see cross-references MMT

Related 'MMT = proto-scientific garbage + deception of the 99-percenters' and 'MMT: So-called Progressives as trailblazers for Trumponomics' and 'Very busy these days: Wall Street’s agents' and 'MMT, Warren Mosler, and the little helpers from Wall Street and Academia' and 'MMT and the promotion of Wall Street socialism' and 'How MMT enlightens Washington' and 'Austerity and the political games Progressives play' and 'The biggest scientific mistake of the last centuries, and it has much to do with academic economists' and 'Austerity and the utter scientific ignorance of economists' and 'Note on “Era of Austerity coming to an end...”' and 'Economists: Trolls with a mortarboard' and 'Macroeconomics: Economists are too stupid for science'.

***
Wikimedia AXEC152