James Meadway maintains “Modern Monetary Theory disorients the Left by peddling simplistic monetary solutions to complex problems of political power.” and “There is the prospect of electing, within the next few years, a government of the Left in Britain that is committed, in the words of Shadow Chancellor John McDonnell, to making an economy that is ‘radically fairer, radically more democratic, and radically more sustainable.’ These are fine words, but it leaves open the question ― how? One answer, promoted by a band of enthusiasts on and offline, is Modern Monetary Theory (MMT), which claims to provide a new way of looking at the economy ― and the policy prescriptions to match.”
This is an assessment of MMT that is based on the self-description of MMTers as Progressives and not on what the MMT policy of deficit-spending/money-creation actually brings about for WeThePeople. According to the macroeconomic Profit Law, a government deficit produces a profit for the business sector of equal magnitude, i.e. Public Deficit = Private Profit. Clearly, MMT policy benefits the Oligarchy and NOT WeThePeople.
MMT-Progressives are NOT Friends-of-the-People ― just the opposite.
► MMTers are NOT Friends-of-the-People
► MMT: So-called Progressives as trailblazers for Trumponomics
► MMT: Academic snake oil for the people
► Very busy these days: Wall Street’s agents
► MMT: agenda-pushing and money-making for the Oligarchy
► MMT = proto-scientific garbage + deception of the 99-percenters
► Why the British Labour Party should NOT adopt MMT
► How Bill Mitchell stalks Jeremy Corbyn
► MMT Progressives: The knife in the back of WeThePeople
► MMT: A free lunch for the Oligarchy
► MMT, money creation, stealth taxation, and redistribution
► Keynes, Lerner, MMT, Trump, etc. and exploding profit
► MMT and grassroots movements
► MMT Progressives: stupid or corrupt or both?
► MMT’s two shots in the head
► MMT: The fusion of Wall Street and Academia
► Fraud comes always in the cloak of charity, salvation, or threat of doom
► Stephanie Kelton sells children into debt slavery
► Progressive shell games