June 27, 2019

Totally schizo ― MMT and policy

Comment on Bill Mitchell on ‘The European Union once again reveals why it should be dissolved’

Blog-Reference and Blog-Reference

Bill Mitchell, the MMT loudspeaker, does not get tired claiming that MMT is a scientific lens for seeing economic reality as it is and not a policy: “There is no MMT program!”. All this under the headline “Seize the Means of Production of Currency.”#1 Schizo!

Next, he flagellates the ECB and the europhile Left: “Yet, meanwhile, over in Frankfurt, the ECB is merrily funding government deficits ― totally in contravention of the European law, if was properly interpreted by the courts ― and they all turn a blind eye and create loopholes in the rules that allow them to do anything they want. And the Europhile progressives blithely carry on as if a few reforms are all that is needed to make this monstrosity a progressive paradise.”

However, last week he flagellated Mr. Weidmann for declaring that he intends to respect the law that defines the ECB’s mandate: “… we have to ensure that the prohibition of monetary financing is respected.”#2 Schizo!

It is pretty obvious that MMT is NOT a lens for seeing how the monetary economy works but a cover for political agenda pushing. As Tom Hickey reveals: “The Left is hopelessly lost, and that leaves the field to the Right to deal with neoliberalism. I am seeing less on economics and finance per se, and more on the political fight going on among different camps, including those that are promoting the MMT POV as the optimal way to approach policy. While am encouraged by the strides that MMT has made in breaking into the political ring, with the highly competent Stephanie Kelton is public face, the MMT position is as yet far from strong, since it is mostly allied with a Left that is fractured and largely incompetent.”

The problem is that the MMT policy guidance of deficit-spending/money-creation has NO sound scientific foundations#3 and that the “highly competent Stephanie Kelton” and other MMT academics are not Friends-of-the-People but stupid/corrupt agenda pushers for the Oligarchy.#4 Schizo!

Egmont Kakarot-Handtke


#1 MMT’s true program
#2 MMT: The communicative war on budget-balancers
#3 For the full-spectrum refutation of MMT see cross-references MMT
#4 Stephanie Kelton’s legendary Plain-Sight-Ink-Trick

Related 'Is MMT good for WeThePeople or for the Oligarchy?' and 'How the MMT fraud works' and 'The MMT fraud in slow motion, so that even economists can get it' and 'The MMT fraud hides behind the false "We"' and 'The Kelton-Fraud' and 'Very busy, those Wall Street propaganda folks' and 'Political fraud and the silence of academia'.