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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Friday, April 15, 2016
Jan Toporowski — Kalecki's Fable
You may have seen this already but it is worth rereading. If you haven't seen it, you will like it. Plus, it is short.
Naked Keynesianism Kalecki's Fable Jan Toporowski Posted by Matias Vernengo | Associate Professor of Economics, Bucknell University
Amazing story... and unfortunately the conclusion is all too true.
BTW is curious how the military dictatorships have a strong deflationary/pro-creditor bias, probably fitting with the military mentality instead of pragmatical policy. In Greece it went to the extreme people starved because this stupidity, and that wasn't that long ago even.
Just as Lord Keynes and George Selgin recently destroyed Graeber and "the state theory of money", this fable exposes fiat supporters and MMTers as proponents of fraud, theft and counterfeiting. I'm bookmarking it.
Great fable. Gonna’ keep this one to use with some of those I argue with. Thx.
ReplyDeleteHow it all nets to zero.
ReplyDeleteI think the fable inadvertently KO'ed the Austrian theory. Replace Jew with Fed.
ReplyDeleteEspecially the tag line. ;-)
ReplyDeleteAmazing story... and unfortunately the conclusion is all too true.
ReplyDeleteBTW is curious how the military dictatorships have a strong deflationary/pro-creditor bias, probably fitting with the military mentality instead of pragmatical policy. In Greece it went to the extreme people starved because this stupidity, and that wasn't that long ago even.
Rote learning vs creative learning...
ReplyDeleteJust as Lord Keynes and George Selgin recently destroyed Graeber and "the state theory of money", this fable exposes fiat supporters and MMTers as proponents of fraud, theft and counterfeiting. I'm bookmarking it.
ReplyDeleteWhatever you say, Colonel.
ReplyDeleteBobby, still as delusional as ever.
ReplyDeleteWonder if Bobby spotted the "weaponizing" at the end.
ReplyDelete