December 14, 2019

Mission accomplished: Economists as useful idiots of the Oligarchy

Links on Bill Mitchell on ‘My brief comment on the British election’

Blog-Reference and Blog-Reference on Dec 15 and Blog-Reference and Blog-Reference on Dec 19

Bill Mitchell summarizes the UK election outcome: “The information we have at present is that that position on Brexit is probably going to cost them [Labour] office. Which means the Tories survive when they should not but finish the Brexit process which they should. Then Labour will have to reinvent itself to take advantage of the renewed sovereignty that Brexit will bring. To do that it has to expunge its ranks of the neoliberals.”

Until proven otherwise, one should take it for granted that an economist is on the payroll of the Oligarchy. This applies obviously to think-tank economists but in many/most cases also to self-styled Progressives who claim to fight for WeThePeople.

Economics is NOT science. Economics is failed/fake science. Most economists are NOT scientists but useful political idiots. The pertinent example is MMT but all goes back to the founding fathers who described their job as Political Economy.

The MMT policy of deficit-spending/money-creation clearly benefits the one-percenters but is sold as a benefit for the ninety-nine-percenters. The scientific proof is in the macroeconomic Profit Law which says Public Deficit = Private Profit.

Accordingly, MMT’s mission in the UK was to undermine the Labour Party by attacking its economic program and by smearing its leadership as closet neoliberals.

If any proof were needed that academic economics is fake science and covered political agenda pushing, MMT has delivered it in the run-up to the historical election of Dec 12. For details see

► How Bill Mitchell stalks Jeremy Corbyn
► Thinking about economic policy for future PM Corbyn
► MMT Progressives: The knife in the back of WeThePeople
► MMTers are NOT Friends-of-the-People
► MMT: Academic snake oil for the people
► Economic backstabbing: Bill Mitchell hits again
► Bill Mitchell’s pure MMT teachings for British Labour
► Is MMT good for WeThePeople or for the Oligarchy?
► MMT is ALWAYS a bad deal for the 99-percenters
► Are MMTers stupid or corrupt or both?
► MMT: The fusion of Wall Street and Academia
► MMT’s true program
► How to spot economics trolls
► Links on Neoliberalism
► Just one more day: How deficit-spending delays the breakdown of Capitalism
► Trust in science? Yes, but economics is NOT a science
► There is NO such thing as “smart, honest, honorable economists”

Egmont Kakarot-Handtke

Related 'MMT: A Trojan Horse for Labour courtesy of the Oligarchy' and 'MMT and the overall political corruption of economics' and 'MMT and grassroots movements' and 'MMT: Corbynism is dead, British Labour is next' and 'MMT undermines democracy'. For more details see cross-references Political Economics/Stupidity/Corruption.

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