Regular readers will know that I have spent a lot of time writing about the demise of the Left political parties as they became subsumed with neoliberal economic ideology, which blurred the political landscape as the ‘centre’ moved to the Right. That topic was the focus of our current book – Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (Pluto Books, September 2017). The neoliberal infestation has left these parties with declining electoral support, fractured internal organisations and cultures, and a seeming inability to abandon their flawed economic narratives. But there is a mirror image to this demise and that is playing out on the conservative side of politics. In Australia in the last week (but building for years) the far right conservative elements from within the government have brought down their own leader and our Prime Minister in a spiteful clash of ideologies between the more moderate elements in their party and the extremes out on the right. The internal tensions that drove this suicidal mission is being played out around the world. Think about the way that Trump is compromising the Republican party. Think about how Brexit is splitting Tory ranks in Britain. And so on. The problem for the conservatives is that citizens are realising that the neoliberal economic approach has failed to deliver on its promises. And that economic model is ‘owned’ by the conservatives. The adoption of neoliberal economics by social democratic parties is not part of their DNA. It is largely because their ranks have been infested by careerists who have come from the ‘elites’ and have little resonance with workers. The gaps in the policy space that these fractures have created is being occupied by extremist groups. It will be much easier for progressive parties to reclaim that space than it will be for the conservatives who are in the process of a death spiral. But to do that, the social democratic movements has to abandon every vestige of neoliberal economics – the concepts, policies and language and framing. That is the challenge.Bill Mitchell – billy blog
The conservative polity is fracturing – an opportunity for the Left
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
“They know that because schools and hospitals are in decay.”
ReplyDeleteMaybe the workers are being forced to use hand tool picks and shovels?????
“The internal tensions that drove this suicidal mission is being played out around the world. Think about the way that Trump is compromising the Republican Party. Think about how Brexit is splitting Tory ranks in Britain.” ~ Bill Mitchell
ReplyDeleteTrump is not “compromising” the Republican Party. Didn’t all Republicans support Trump’s tax cuts for the rich? Don’t they support Trump’s ever-increasing spending on military contractors? Don’t they support Israeli atrocities?
What’s been compromised irreparably is the Democrat Party, which has nothing to offer the masses except Russia-gate, identity politics, and neoliberalism. Plus (in the case of Bernie Sanders) rigged elections. A handful of Democrats don’t go along with this program, but they are marginalized by the Party.
Regarding Britain, yes the Brexit brouhaha has compromised the Conservatives, who have fallen to their lowest popularity ratings in years. This is why the Conservatives and the Blairite neoliberals in the Labour Party are doing everything possible to smear Jeremy Corbyn as an “anti-Semite.” Neoliberals are terrified that Corbyn could become Prime Minister.
“The problem for the conservatives is that citizens are realizing that the neoliberal economic approach has failed to deliver on its promises. And that economic model is ‘owned’ by the conservatives.”~ Bill Mitchell
False. Most Democrats / Labor MPs are just as neoliberal as are Republicans / Tories. And since neoliberals lead the Democrats, why is a Conservative “fracturing” an “opportunity for the Left”? What “Left”?
Meanwhile in the U.K. the non-stop attacks by Jews, neoliberals, and corporate media outlets have worn down Corbyn.
Mitchell is writing from the perspective of Australia, which got a new Prime Minister on 24 Aug 2018. What Conservative “fracturing” is Mitchell talking about? The new PM (Scott Morrison) and the previous one (Malcolm Turnbull) and one before that (Tony Abbott) are all from the Liberal Party, which is anti-Socialist and pro-neoliberal. Meet the new boss; same as the old boss.
Elsewhere Mitchell claims that the Troika “created a disaster in Greece.”
False. Greek politicians created the disaster when they agreed to accept banker bribes to switch to the euro on 1 Jan 2001. Greek politicians opened the door for the rats.
“The neoliberal wedge that has compromised the Left side of politics is now clearly splintering the conservative polity in a way that is possibly terminal.”~ Bill Mitchell
False. Neoliberals remain united against the hated “enemy” (i.e. the lower classes).
Yes, I feel sorry for Jeremy Corbyn, Konrad, he doesn't have any support from the media or anyone in the establishment, and so he is isolated. He only had his base and Paul Mason. He's a nice guy and not a monster like the neoliberals. His gentle policies which would be good for Britain are depicted as evil by the media. Where is the left, I ask? The working class read the Sun and are not left anymore.
ReplyDeleteMMT-Progressives: stupid or corrupt or both?
ReplyDeleteComment on Bill Mitchell on ‘The conservative polity is fracturing ― an opportunity for the Left’
Bill Mitchell explains his long-lasting critique of “the Left”: “Regular readers will know that I have spent a lot of time writing about the demise of the Left political parties as they became subsumed with neoliberal economic ideology, which blurred the political landscape as the ‘centre’ moved to the Right.”
The Progressives argue that what people think of “the Left” is false because “the Left” is (i) stupid and has bought into the neoliberal ideology of budget-balancing/austerity, and (ii), has been hijacked by Oxbridge careerists. In other words, the traditional Left is fake and the Progressives are the true fighters for the cause of WeThePeople.
According to Bill Mitchell: “The neoliberal wedge that has compromised the Left side of politics is now clearly splintering the conservative polity …” and, in order to take advantage of the situation “… the social democratic movements has to abandon every vestige of neoliberal economics ― the concepts, policies and language and framing.” which means “The progressive social policies that are core to social democratic parties has to be married with an economics that allows those policies to be advanced.”
This economics is MMT. In brief, WeThePeople is advised to swap “the Left” for “the Progressives” who apply a superior economic policy which is scientifically based on MMT.
What exactly has been the fatal blunder of “the Left”? “Think about British Labour, who told the people who have endured years of disastrous austerity that ‘Sound finances are the foundations on which everything else is possible’.”
The key word is austerity and austerity is ― everybody knows this ― a pivotal Neoliberal concept. Neoliberal policy, in turn, is the economic sadism that WeTheOligarchs applies to WeThePeople. The Progressives will change that by swapping austerity for deficit-spending/money-creation.
While it is true that Neoliberals have always talked much about budget-balancing they in effect have practiced the exact opposite. Historically, the greater part of the now existing public debt has been produced by Neoliberals. Contrary to the rhetoric, deficit-spending/money-creation is good old Neoliberal policy.#1, #2, #3 Deficit-spending/money-creation always and everywhere benefits the one-percenters.
This leads to the inescapable conclusion that Progressives are actually Neoliberals in a social guise.#4 Progressives are either stupid or corrupt or both.
See part 2
Part 2
ReplyDeleteFact is:
• The macroeconomic foundations of MMT are provably false. More specifically, the MMT balances equation is proto-scientific garbage. Because of this, MMT is scientifically worthless.#5
• According to the axiomatically correct macroeconomic Profit Law, it holds Public Deficit = Private Profit. The MMT sales force, though, falsely claims that Public Deficit = Private Saving.#6
• Because all MMT policy guidance boils down to deficit-spending/money-creation, MMT policy directly and immediately increases macroeconomic profit. Effects on employment/prices are uncertain and secondary.
• Contrary to the social rhetoric, MMT policy is for the benefit of the one-percenters. MMT is the easily recognizable tip of the iceberg of the all-pervading political corruption of economics.#7
Egmont Kakarot-Handtke
#1 Austerity and the idiocy of political economists
http://axecorg.blogspot.com/2017/03/austerity-and-idiocy-of-political.html
#2 Austerity and the utter scientific ignorance of economists
http://axecorg.blogspot.com/2015/12/austerity-and-utter-scientific.html
#3 Austerity and the total disconnect between economic policy and science
http://axecorg.blogspot.com/2017/05/austerity-and-total-disconnect-between.html
#4 MMT and the promotion of Wall Street socialism
http://axecorg.blogspot.com/2017/11/mmt-and-promotion-of-wall-street.html
#5 For the full-spectrum refutation of MMT see cross-references MMT
http://axecorg.blogspot.com/2017/07/mmt-cross-references.html
#6 For example Tweet of Aug 17, 2018
https://www.dropbox.com/s/2ke32kt171lk0q2/MMT%20Twitter%20govdef%20prisaving%20screenshot-twitter.com-2018.08.27-15-54-07.png?dl=0
#7 Lock them up
https://axecorg.blogspot.com/2018/08/lock-them-up.html
“social democratic movements has to abandon every vestige of neoliberal economics”
ReplyDeleteThey would have to first transition over to a Science methodology where the false is always discarded like this... under a liberal art method the false is never discarded.. at best it is synthesized
I thought we have a simply MAH-velous Modern Money System. We do, right? So how is that owned by "conservatives"?
ReplyDeleteThe Modern Money system is unsustainable and it facilitates looting of average people by the elite, the military and the rich. But it's "progressives" and MMTers who defend the system and insist upon its necessity. Someone is quite confused here.
“Someone is quite confused here.”
ReplyDeleteBob it’s the dialectic methodology that is used in Liberal Arts... hypocrisy is a feature with that method not a bug. . it uses synthesis of opposing theories... you end up with the type of a mash up system like we have where both sides can find things to be critical about...
It works somewhat.... obviously.... though not optimized....
Why the British Labor Party should NOT adopt MMT
ReplyDeleteComment on Bill Mitchell on ‘The conservative polity is fracturing – an opportunity for the Left’
Bill Mitchell shows the way: “The progressive social policies that are core to social democratic parties has to be married with an economics that allows those policies to be advanced.” And this economics is MMT, according to Bill Mitchell, Stephanie Kelton and many academic economists around the world.
There is NOTHING to say against the social policies MMT promotes except that they are a bluff package. The Job Guarantee, in particular, has to be seen as political door-opener and friend-of-the-people signaling.
MMT policy guidance ultimately boils down to deficit-spending/money-creation. It is a macroeconomic fact, though, that Public Deficit = Private Profit, so in simple terms, MMT is effectively money-making for the one-percenters. The social rhetoric of MMT is NOT in accordance with what economically happens in the real world.
There is NO way that any genuine/intelligent social democratic party ever adopts MMT:
• MMT is scientifically worthless because it is based on inconsistent macroeconomic accounting identities.#1
• MMT policy guidance ultimately benefits only the one-percenters.
• Deficit-spending/money-creation means stealth taxation for the ninety-nine percenters.
• Interest on public debt amounts to an income redistribution from the ninety-nine-percenters to the one-percenters.
• Public debt is NOT saving of the private sector as MMTers claim but deferred taxation which is simply shifted beyond the time horizon but eventually hits the ninety-nine-percenters.
• MMT policy is in any dimension a bad deal for the ninety-nine-percenters.
• The MMT policy of ever-increasing public debt amounts to the permanent self-financing of the oligarchy.
• MMTers are NOT the friends-of-the-people but the useful idiots of Wall Street/City of London.
Egmont Kakarot-Handtke
#1 For the full-spectrum refutation of MMT see cross-references MMT
http://axecorg.blogspot.com/2017/07/mmt-cross-references.html