Monday, October 24, 2022

Bill Mitchell — A circular system of nonsense–conventional media reporting on the monetary system

There were two headlines on Australia’s national broadcaster, the ABC’s news site this morning that tell us that there has been little progress made in helping people better understand the way the monetary system operates and the capacities of the currency-issuing government within it. Both articles merely rehearsed the standard mainstream fictions, which makes them dangerous, in that they perpetuate the system that has held the world back from addressing its major challenges. By creating false ‘challenges’ and false ‘probabilities of crisis’, these stories delay action that is necessary to deal with the real problems of climate change, inequality, degradation of public infrastructure and services, the health crisis, etc
The other problem is that these ‘analysis’ columns pretend to be balanced with is a ruse to bestow legitimacy or authority on themselves. ‘Experts’, who are wheeled out to ratify the fiction, are just part of the Groupthink. It is a circular system of nonsense. Very disappointing....
Bill Mitchell – billy blog
A circular system of nonsense – conventional media reporting on the monetary system
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia


Peter Pan said...

According to right wingers, the circular system of nonsense will soon be replaced with CBDCs. At which point, MMT will no longer apply.

Matt Franko said...

“But everyone has heard of fallacies involved in comparing oranges with apples.”

Applied sciences compare stocks to flows (instantaneous quantity to its first derivative) all the time….

How do you think nasa figures out how long it would take to go to the moon?

You compare the current position to its first derivative….

This “apples to oranges” figurative language is a weak refutation… in fact it is no refutation at all…