Wednesday, January 30, 2019

More MMT "criticism"

Confuses QE (monetary policy) with fiscal injection (fiscal policy). Can't get much more wrong than that. Moreover, confuses the monetary in a monetary production economy with production of goods. The author is ill-informed and not qualified to speak on this topic. Fail.

Modern Monetary Theory: A Cargo Cult
Keith Weiner, Monetary Metals

See also

Another straw man argument that makes stuff up.
Well, not so much. Furman and Summers: “Although politicians shouldn’t make the debt their top priority, they also shouldn’t act as if it doesn’t matter at all.” This means you, advocates of Modern Monetary theory, or at least MMT’s “political supporters” who have “used it as a justification for ignoring government debt entirely.”
To Whom might that refer, actually? No citation. Smear. Another fail.

1 comment:

Konrad said...

"Confuses QE (monetary policy) with fiscal injection (fiscal policy)."

This is the second most common error among would-be critics of MMT. (The most common error is, “Zimbabwe!”)

MMT’s precepts are simple. If the US government can afford an endlessly increasing budget for war and weapons makers, then the US government can afford Medicare for All.

Or as Jimmy Dore says, “If we can have free endless war, then we can have free health care.”

As I myself say, people who attack MMT do not have a failing of intellect, but of moral character. They are not stupid; they are evil. They seek to advance themselves by screwing the masses.