April 29, 2021
The new doctrine of State Capture
Comment on Stephanie Kelton/Kaivey on ‘Why The U.S. Can’t Go Broke’
Stephanie Kelton's Deficit Myth is scientifically refuted and proven to be agenda-pushing for the advantage of the Oligarchy and the disadvantage of WeThePeople:
The question of whether the U.S. can go broke is beside the point because the U.S. economy can go broke and take the state with it:
The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd implies that the greater part of the macroeconomic profit is produced by public deficit-spending/money-creation. The growing public debt secures the permanent self-alimentation of the Oligarchy.
Obviously, there is a change of strategy going on. The old-generation Oligarchy was anti-state: “I don’t want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub.” (Reagan, 2001) The new-generation Oligarchy tries to capture the state and in particular the ‘means of production’ of profit, i.e. Treasury and Fed. The task of MMT is to propagandistically support Politburo's new strategy:
Related 'From austerity talk into deficit overdrive' and 'Note on “Era of Austerity coming to an end...” and 'Links on Austerity' and 'Austerity and the political games Progressives play' and 'Keynes, Lerner, MMT, Trump, etc. and exploding profit' and 'MMT: The fusion of Wall Street and Academia' and 'MMT ― now official doctrine' and 'Political fraud and the silence of academia' and 'State capture ― time to switch rhetoric'.
Longtermtrends Apr 29 Growing public debt
(acts as a macroeconomic Profit Pump. The extreme spike on the right-hand side requires/signals a change of doctrine. This is where the MMT slogan deficit/debt-is-good comes in.)
Twitter Apr 29 Growing public debt, the new=old survival strategy for the U.S. economy