Blog-Reference and Blog-Reference
MMT policy boils down to deficit-spending/money-creation. According to the macroeconomic Profit Law, it holds Public Deficit = Private Profit.#1 So, MMT policy is for the benefit of the Oligarchy. The natural enemy of the Oligarchy is WeThePeople and all institutions that promote their interests. The logical thing to do for MMTers is to weaken or destroy these institutions. In the case of British Labour this means to drive a wedge between members/voters and the party’s leadership. This is what Bill Mitchell as academic loudspeaker of MMT has done with considerable intensity for a long time.#2, #3
Bill Mitchell’s method has not been very subtle but consisted in the main of presenting himself as true Progressive and smearing the Labour leadership as closet neoliberals who torture the working class with Austerity. #4, #5
Whether Bill Mitchell’s interference in UK affairs made any effect in the anti-Corbyn coup is open to anybody’s guess, what is remarkable is that the agent of the Oligarchy is not yet finished with undermining British Labour.
The Corbynism corpse not yet being cold, Bill Mitchell comes forward with the 6-point plan for a Labour Party that suits the Oligarchy:
“3. Sack/ignore all the advisors who advocated neoliberal fiscal rules as being clever. They were stupid and unworkable and the fact that the Labour Party changed the Rule in the weeks before the election when the IFS pointed out that they were incompatible with the Manifesto, a view I had presented when the Rule first came out, is testament to that.
4. Maintain the progressive Manifesto without the neoliberal frames and structures.#6
5. Begin this 5-year period of isolation by mounting a massive education campaign to allow British voters to truly understand the capacities of the currency-issuing government which will make it much easier to disabuse arguments that start with ‘How will we pay for it?’. In that sense, I advise the British Labour Party to commission a series of workshops on Modern Monetary Theory (MMT), starting February when I will next be in the UK.”
Note that MMT is (i) refuted on all counts, (ii) scientifically worthless, (iii) against the interest of WeThePeople, (iv) for the benefit of the Oligarchy, and (v), that Bill Mitchell as an Australian academic has neither any scientific nor any political legitimacy to interfere with what is exclusively the business of the Legitimate Sovereign of the UK.#7
Note further that economics is NOT a science and economists are NOT scientists but for 200+ years now the useful idiots of the Oligarchy.
* Billy Blog
#1 Q≡Yd+(I−S)+(G−T)+(X−M) ⇒ Q≡G−T Legend: Q overall monetary profit, G−T>0 public deficit.
#2 Mission accomplished: Economists as useful idiots of the Oligarchy
#3 How Bill Mitchell stalks Jeremy Corbyn
#4 MMT Progressives: The knife in the back of WeThePeople
#5 MMTers are false Progressives and false Friends-of-the-People
#6 MMT: The communicative war on budget-balancers
#7 MMTers are false Progressives and false Friends-of-the-People
Related 'Bill Mitchell’s pure MMT teachings for British Labour' and 'Totally schizo ― MMT and policy' and 'Economic backstabbing: Bill Mitchell hits again' and 'Very busy these days: Wall Street’s agents' and 'MMT: A Trojan Horse for Labour courtesy of the Oligarchy' and 'MMT’s true program' and 'Thinking about economic policy for future PM Corbyn'. For details of the big picture see cross-references MMT and cross-references Political Economics/Stupidity/Corruption.