Thursday, May 24, 2012

Randall Wray on MMT and the US Economic Crisis (video)

SESSION III: KEYNOTE ADDRESSES, Bob Jessop & Randall Wray, Forum on Capital as Power 2011 (Randy begins at 1:28 and ends just before the 28 minute mark

Recommended by Lord Keynes at Social Democracy for the 21st Century
Randall Wray on MMT and the US Economic Crisis


Trixie said...

I only watched Randy's address and his portion of the Q&A because any mention of Marx makes my eyes roll into the back of my head.

And can I say? Can I just say that I would have been able to field the questions Randy got? I am feeling super smart right now. And no, that's not an invitation to prove otherwise.

Mario said...

tom this was a GREAT video. I watched the entire thing and was absolutely riveted with both discussions.

Very truly whoever put those two keynotes next to each other was making the greatest statement in our society today imho.

B/c MMT FAAAAR TOO MUCH attempts to separate politics from economics, and this is to the disadvantage and loss of the real heart of the matter(s) at play in our society today (including economically).

We really NEED to delve into the relations of POWER and how power affects everything in our society. Bob makes incredible points regarding how POWER is above the state, money things, peoples, etc.

This is huge. GREAT STUFF.

Thank you and any thoughts?

Roger Erickson said...

MMT + MPT + [...] = MAO
monetary, political, ... all part of Modern Aggregate Operations

“He had absolute power and he used it to hurt us.”

it is clear that the political consciousness of a huge number of people has undergone a fundamental shift, resulting in unprecedented levels and types of mass political action. Unfortunately, the two dominant political parties have been slow to catch on. For the most part, they are playing electoral politics as usual.

Leverage said...

Great stuff, and more food for thought and reading to do (gotta mark the rest of the lectures too).

As Roger Erickson would say, the increasing coordination of the distinct actors is increasing the aggregate understanding of the nature of the problems that we have.

XIX century thinkers would have envy over how far we have got to evaluate and self-diagnosticate the nature of social relations and institutions (power, capital, money, the power of capital & money, amongst others). The next phase will be to increment (and restore) the self-governing mechanisms to optimize social stability and progress.

The narrative captured by TPTB has to be broken, and the 'unspeakable' be spoken. This is a slow painful process, but we will get there IMO. The parasatical nature of elites makes them necessarily adaptive, or otherwise met extinction as the host (society) deteriorates, so the neoliberal era one way or an other is coming to an end.

Tom Hickey said...

Leverage, George W. Bush actually had it right here. There is in humanity a drive for freedom. That's why history has a liberal bias.

Interestingly, this is the basis of perennial wisdom also, which holds that human beings desire complete fulfillment, which can only be realized in spiritual freedom by realizing one's true nature.

The drive for absolute freedom lies at the basis of the drive for relative freedom.

Each of us strives to find this freedom for oneself, which is the basis for the maxim of perennial wisdom, "Know thyself."

Humanity is also striving for increasing freedom as a species and the course of human evolution lies in the direction lies in the direction of greater freedom as humankind matures as a species and collective consciousness both broadens and deepens with the development of individual consciousness on a mass scale.