Blog-Reference and Blog-Reference
Stephanie Kelton is desperate:
- For years now, MMTers propose deficit-spending/money-creation as the key policy instrument for the solution of any social/economic problem
- Because of the macroeconomic Profit Law, it holds Public Deficit = Private Profit#1
- Clearly, MMT policy is a permanent free lunch for the Oligarchy
- The fabulous wealth of the Oligarchy is the mirror image of the fabulous public debt ($21.5 trillion).#2
- Part of the free-lunch profit is invested in government bonds and generates ultra-safe interest income, which is taxed from WeThePeople, for an indefinite time
- MMTers argue consistently against taxing the rich#3
- MMTers deceive WeThePeople about the distributional effects of MMT policy#4
- MMT academics corrupt science on a daily basis by violating well-defined standards.#5
What a big letdown for Stephanie Kelton who has worked so hard for the benefit of the Oligarchy.#7
#1 What is wrong with MMT? and What is wrong with Brad DeLong?
#2 Stephanie Kelton on how to become fabulously wealthy
#3 MMT: Academic snake oil for the people
#4 Stephanie Kelton’s legendary Plain-Sight-Ink-Trick
#5 MMT: The fusion of Wall Street and Academia
#6 Austerity: Who takes the little man for a ride?
#7 MMT Progressives: The knife in the back of WeThePeople
Related 'MMT in a nutshell' and 'MMT: For the record' and 'MMT Progressives: stupid or corrupt or both?' 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 'Note on “Era of Austerity coming to an end...”' and 'Economics: A pointless left-right wrestling show' and 'MMT: Distribution is the drawback NOT Inflation'. For the full-spectrum refutation of MMT see cross-references MMT.
You say: “Every public dollar spent becomes a private dollar in savings. This isn’t even MMT, it’s just basic macroeconomics.”
No! Basic macro says Public Deficit = Private Profit. Do your macroeconomic homework. See
Because of the macroeconomic Profit Law, i.e. Public Deficit = Private Profit, MMT benefits the Oligarchy and NOT WeThePeople. See MMT: A free lunch for the Oligarchy.
Take notice that MMT is refuted on all counts according to the scientific criteria of material/formal consistency.
For details see cross-references MMT.
As you can easily see, the foundational MMT sectoral balances equation (I−S)+(G−T)+(X−M)=0 is logically/mathematically defective. Because of this, the whole of MMT is scientifically worthless.
The point is NOT who says what but whether is it provably true, i.e. materially and formally consistent.
What MMT is saying to WeThePeople is the same as what the counterfeiter says to his wife pointing to his printer: I can buy you everything you ever want. Technically this is possible, of course, but economically it is a fraud. See
How MMT makes everybody happy
The day when WeThePeople sends debt-deranged economists to hell
Why do you permanently try to sidetrack the fact that MMT is a political fraud?
Which of the two macroeconomic sectoral balances equations is true?
a ► (I−S)+(G−T)+(X−M)=0
b ► (I−S)+(G−T)+(X−M)−(Q−Yd)=0
If you cannot answer this simple question you are out of economics.
Those equations tell everybody that Public Deficit = Private Profit, that MMT is a free lunch program for the Oligarchy, and that fabulous financial wealth in the US is equal to fabulous public debt (22 trillion).
That a counterfeit money producer cannot go bankrupt is a rather trivial revelation. The fact is that MMT is a political fraud that hurts WeThePeople big time.
MMTers are either stupid or corrupt or both.
No one with more than two brain cells takes seriously what politicians, billionaires, MMTers, or Stephanie Kelton blather about budget deficits.
Stephanie Kelton says “… the government’s ‘red ink’ becomes our ‘black ink”. Fact is instead Public Deficit = Private Profit. You say “Kelton helps the poor”. Fact is, Kelton provides a free lunch for the Oligarchy.#1
MMT is bad theory, MMT is bad policy, MMTers are bad people.
#1 Fraud comes always in the cloak of charity, salvation, or threat of doom