Friday, September 20, 2019

This Is Neoliberalism ▶︎ Hayek and the Mont Pelerin Society I: 1918 - 1939 (Part 3)

An interesting video on the history of neoliberalism.

If you've ever wanted to understand what neoliberalism is, this is the series for you. The story of neoliberalism is a story about the power of ideas. Embedded liberalism was in power, but it was not without resistance. Academics and businessmen who opposed the New Deal and British social democracy were only begrudgingly accepting of the situation at best, or on the warpath against government intervention in the economy at worst. These two factions allied with one another to create an idea so powerful that it would covertly undo their losses to embedded liberalism by supplanting it entirely. This is where the story of neoliberalism begins.


Bob Roddis said...

Present day U.S. economic hegemony is based upon its fiat funny money system which it uses to loot the rest of the planet. This website often posts articles about that topic so you know it exists. Fiat money is also used to finance the trillion dollar U.S. war machine which would otherwise require tax revenue in real time to be extracted from the voters.

Hayek is the most famous and effective advocate of abolishing fiat money completely and abolishing completely the possibility of any government ever conducting monetary policy. To lump Hayek in with the hegemonic U.S. War State is typical of the total dishonesty that permeates all aspects of the MMT movement. You obviously know that you cannot win a debate with us because otherwise you would lay out our position in a fair manner and then refute it. You know you cannot refute us so you just lie. Pitiful.

Listen to Hayek at 4:45:

Andrew Anderson said...

If the New Deal had been a JUST deal, could ANYTHING have supplanted it?

But the New Deal was NOT a just deal - if for no other reason than it instituted government guarantees for private bank deposits rather than allow all citizens to have inherently risk-free accounts at the Central Bank or Treasury itself.

Likewise, what MMT advocates currently propose is not justice but INCREASED welfare for the banks and continued wage slavery for their victims.

With enemies like that, does neoliberalism need any friends?

Matt Franko said...

“the story of neoliberalism!”

It’s a story alright....

Nebris said...
This comment has been removed by the author.
Andrew Anderson said...


How is that not a good descriptor for those who would INCREASE* privileges for the banks and for the rich, the most so-called "credit worthy", under cover of a pathetic Job Guarantee for the victims of the banks?

And how much good can deficit spending for the general welfare do when limited by price inflation caused by a government-privileged usury cartel for the private welfare of themselves and for the rich?

*e.g. unlimited deposit guarantees FOR FREE.
*e.g. unlimited fiat loans from the Central Bank at ZERO percent.