An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Greg Palast, who got his economics degree from the Chicago School, says a professor at that school designed the Euro to destroy Europe's welfare state.
MMT undermines democracy Comment on Lars Syll on ‘Everything you want to know about MMT’
Lars Syll maintains: “One of the positive contributions of MMT, especially from a european point of view, is that it makes it transparently clear why the euro-experiment has been such a monumental disaster.” and “The problems ― created to a large extent by the euro ― may not only endanger our economies, but also our democracy itself.”
This is actually NOT the case for the simple reason that MMT is a scientifically failed approach just like Walrasianism, Keynesianism, Marxianism, Austrianism.#1, #2 The major approaches are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got profit ― the foundational concept of the subject matter ― wrong. More specifically, the foundational MMT sectoral balances equation (I−S)+(G−T)+(X−M)=0 is provably false. The most important balance ― the profit of the business sector ― is missing. It is pretty obvious that a defective economic theory cannot explain anything.
Lars Syll is an incompetent scientist who has not realized that macroeconomics is ill-defined from Keynes onward to MMT. More specifically, he is too stupid to understand the elementary mathematics that underlies macroeconomics.#3
The macroeconomic Profit Law entails Public Deficit = Private Profit which means that the Oligarchy’s financial wealth and public debt grow in lockstep. The very characteristic of Late Capitalism is that the so-called free-market economy is on the full life support of the State. Profit is produced by the government through deficit-spending/money-creation. The Oligarchy, in turn, uses the opulent free lunches to corrupt what remains of the State’s legislative, executive, and judiciary institutions.
Clearly, the MMT policy of permanent deficit-spending/money-creation benefits the Oligarchy and not WeThePeople.#4 Lars Syll’s assertion that MMT is good for both economy and democracy is a continuation of economists’ long tradition of political fraud.#5
#2 For the full-spectrum refutation of MMT see cross-references MMT http://axecorg.blogspot.com/2017/07/mmt-cross-references.html
#3 Lars Syll ― a particularly stupid/corrupt fake scientist https://axecorg.blogspot.com/2019/07/lars-syll-particularly-stupidcorrupt.html
#4 Is MMT good for WeThePeople or for the Oligarchy? https://axecorg.blogspot.com/2019/07/is-mmt-good-for-wethepeople-or-for.html
#5 You know you are in the political Circus Maximus when economists talk about Democracy/Liberty/Freedom https://axecorg.blogspot.com/2019/05/you-know-you-are-in-political-circus.html
2 comments:
Greg Palast, who got his economics degree from the Chicago School, says a professor at that school designed the Euro to destroy Europe's welfare state.
MMT undermines democracy
Comment on Lars Syll on ‘Everything you want to know about MMT’
Lars Syll maintains: “One of the positive contributions of MMT, especially from a european point of view, is that it makes it transparently clear why the euro-experiment has been such a monumental disaster.” and “The problems ― created to a large extent by the euro ― may not only endanger our economies, but also our democracy itself.”
This is actually NOT the case for the simple reason that MMT is a scientifically failed approach just like Walrasianism, Keynesianism, Marxianism, Austrianism.#1, #2 The major approaches are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got profit ― the foundational concept of the subject matter ― wrong. More specifically, the foundational MMT sectoral balances equation (I−S)+(G−T)+(X−M)=0 is provably false. The most important balance ― the profit of the business sector ― is missing. It is pretty obvious that a defective economic theory cannot explain anything.
Lars Syll is an incompetent scientist who has not realized that macroeconomics is ill-defined from Keynes onward to MMT. More specifically, he is too stupid to understand the elementary mathematics that underlies macroeconomics.#3
The macroeconomic Profit Law entails Public Deficit = Private Profit which means that the Oligarchy’s financial wealth and public debt grow in lockstep. The very characteristic of Late Capitalism is that the so-called free-market economy is on the full life support of the State. Profit is produced by the government through deficit-spending/money-creation. The Oligarchy, in turn, uses the opulent free lunches to corrupt what remains of the State’s legislative, executive, and judiciary institutions.
Clearly, the MMT policy of permanent deficit-spending/money-creation benefits the Oligarchy and not WeThePeople.#4 Lars Syll’s assertion that MMT is good for both economy and democracy is a continuation of economists’ long tradition of political fraud.#5
Egmont Kakarot-Handtke
#1 MMT: fundamentally false
https://axecorg.blogspot.com/2019/03/mmt-fundamentally-false.html
#2 For the full-spectrum refutation of MMT see cross-references MMT
http://axecorg.blogspot.com/2017/07/mmt-cross-references.html
#3 Lars Syll ― a particularly stupid/corrupt fake scientist
https://axecorg.blogspot.com/2019/07/lars-syll-particularly-stupidcorrupt.html
#4 Is MMT good for WeThePeople or for the Oligarchy?
https://axecorg.blogspot.com/2019/07/is-mmt-good-for-wethepeople-or-for.html
#5 You know you are in the political Circus Maximus when economists talk about Democracy/Liberty/Freedom
https://axecorg.blogspot.com/2019/05/you-know-you-are-in-political-circus.html
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