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.
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Thursday, January 5, 2012
Morgan Warstler on Guaranteed Income
Read it at Andrew Breitbart presents Big Government
He is so over the top he is actually funny in strange sort of way reminiscent of David Lynch's stuff that takes it to the limit and then beyond, so all you can do is laugh.
I call Morgan Warstler a "Darth Vadar Marxist". Those are folks who seem to accept a whole bunch of Marx's theorizing about class warfare, but who then try to encourage everyone to join the dark side of the greedy capitalists.
"Warstler is the most uncivil, annoying commenter in the econoblogosphere."
I dunno, the competition for that accolade is pretty stiff! :o)
I'm not a fan of making the JG the must-have provision of MMT, but if you insist on it, Morgan suggests a framework that is more feasible, politically and operationally, than any other JG proposal I've come across.
I think, what Warstler suffers from is the "it shall never happen to me" AKA "I am immune from this" syndrome. Also sometimes known as "If anything bad happens to anybody other than me or mine, it is their own fault"
Ah, wingnut crazy in the morning. And with statist solutions, no less. Ayn would not be pleased. I would also like to put him in a vineyard picking grapes for a day...he would last about an hour.
What happened to SC could happen to MMT, which leaves us no choice but to advocate specific measures. Social credit became an umbrella term for political parties whose policies bore little resemblance to theory. It was sufficient that they called themselves 'social credit'.
Yes, I am concerned that this is happening to MMT as people want to use bits and pieces that they call MMT. Then the term becomes ambiguous and does't really stand for anything specific. After a while, it is misrepresented and devolves into a pejorative epithet like "Keynesian" used by opponents to mean inefficient and intrusive big government intervention.
Anonymous: Couldn't C. H. Douglas's idea of a social credit be incorporated into MMT?
Yes. Douglas was a forward thinking and his ideas are suggestions for the development of a Post-Capitalist economy out of capitalism itself. It's basically doable and MMT advocate should not be satisfied with just stabilizing the status quo, IMHO, since the major institutions are not conducive to freedom and democracy. The ideas of Douglas should definitely be on the table for consideration, as should the ideas about economic rent of people like Henry George. I would also include the ideas of Frederick Soddy and Herman Daly on steady state economics, and institutionalists like J. Fagg Foster.
Here's Randy Wray: "So we close with the normative aspect of institutionalism: money should be neutral. The Neoclassicals claim it already is, but that is pure nonsense. We can make money neutral by euthanizing the rentier, that is, by driving the interest rate to zero. And by moving immediately to full employment and stable prices through an employer of last resort program." source
Michael Hudson is actually very open to this kind of thinking and bolder about advancing in than his MMT colleagues, who are understandably trying to get MMT accepted as a basis for economic policy. Granted that would be step up, but it is not the top of the ladder.
beowolf from what comments?
ReplyDeleteAnon, I just put the missing link in the post.
ReplyDeleteThat was painful to read!
ReplyDeleteWarstler is the most uncivil, annoying commenter in the econoblogosphere.
ReplyDeleteHe is so over the top he is actually funny in strange sort of way reminiscent of David Lynch's stuff that takes it to the limit and then beyond, so all you can do is laugh.
ReplyDeleteI call Morgan Warstler a "Darth Vadar Marxist". Those are folks who seem to accept a whole bunch of Marx's theorizing about class warfare, but who then try to encourage everyone to join the dark side of the greedy capitalists.
ReplyDelete"Warstler is the most uncivil, annoying commenter in the econoblogosphere."
ReplyDeleteI dunno, the competition for that accolade is pretty stiff! :o)
I'm not a fan of making the JG the must-have provision of MMT, but if you insist on it, Morgan suggests a framework that is more feasible, politically and operationally, than any other JG proposal I've come across.
I think, what Warstler suffers from is the "it shall never happen to me" AKA "I am immune from this" syndrome. Also sometimes known as "If anything bad happens to anybody other than me or mine, it is their own fault"
ReplyDeleteCouldn't C. H. Douglas's idea of a social credit be incorporated into MMT?
ReplyDeletehttp://en.wikipedia.org/wiki/Social_Credit
Or in Warstler's case, an Antisocial Credit?
ReplyDeleteAh, wingnut crazy in the morning. And with statist solutions, no less. Ayn would not be pleased.
ReplyDeleteI would also like to put him in a vineyard picking grapes for a day...he would last about an hour.
his name sounds so much like warrens.
ReplyDeletesocial credit = national dividend
ReplyDeleteWhat happened to SC could happen to MMT, which leaves us no choice but to advocate specific measures. Social credit became an umbrella term for political parties whose policies bore little resemblance to theory. It was sufficient that they called themselves 'social credit'.
Yes, I am concerned that this is happening to MMT as people want to use bits and pieces that they call MMT. Then the term becomes ambiguous and does't really stand for anything specific. After a while, it is misrepresented and devolves into a pejorative epithet like "Keynesian" used by opponents to mean inefficient and intrusive big government intervention.
ReplyDeleteAnonymous: Couldn't C. H. Douglas's idea of a social credit be incorporated into MMT?
ReplyDeleteYes. Douglas was a forward thinking and his ideas are suggestions for the development of a Post-Capitalist economy out of capitalism itself. It's basically doable and MMT advocate should not be satisfied with just stabilizing the status quo, IMHO, since the major institutions are not conducive to freedom and democracy. The ideas of Douglas should definitely be on the table for consideration, as should the ideas about economic rent of people like Henry George. I would also include the ideas of Frederick Soddy and Herman Daly on steady state economics, and institutionalists like J. Fagg Foster.
Here's Randy Wray: "So we close with the normative aspect of institutionalism: money should be neutral. The Neoclassicals claim it
already is, but that is pure nonsense. We can make money neutral by euthanizing the rentier, that is, by driving the interest rate to zero. And by moving immediately to full employment and stable prices through an employer
of last resort program."
source
Michael Hudson is actually very open to this kind of thinking and bolder about advancing in than his MMT colleagues, who are understandably trying to get MMT accepted as a basis for economic policy. Granted that would be step up, but it is not the top of the ladder.
I'd like to amend my previous comment. I now agree he is hilarious.
ReplyDelete