William Mitchell — Modern Monetary Theory
Beware: pension systems about to collapse. Not! More mainstream fiction
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
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Or is it the design of the system itself so that this situation is just one aspect of a syndrome. Caitlin Johnstone argues it is the result of built-in perverse incentives that favor one class.
Our Systems Reward Dysfunction And Destruction: Notes From The Edge Of The Narrative Matrix
Caitlin Johnstone
No accountability has a predictable influence on behavior.
ReplyDelete“ I have studied the philosophy of science deeply enough over my student and postgrad days and beyond into my career to know that intelligent people have the capacity to completely fool themselves and hang onto defunct ideas as part of a paradigm-resistance to change.”
ReplyDelete#1 “philosophy of science! “ is an oxymoron and doesn’t exist … I have a Science Degree we never were trained in the philosophy of science… we were trained in applied mathematics and application of judgement 24/7/365 for years…
#2 they are not “resistant to change” they are “hypocrites!” (Mat 23, under-deciders) they not trained to apply judgement by making adjustments leading to corrections… they are trained to use dialog leading to synthesis of theories… they are simply trained via their Art Degrees to be non judgemental compromising types of people… these are NOT the types of people we want working on any of this stuff…
“ It’s just a dogshit way to run a civilization. It doesn’t work. It’s left us with a dying world full of crazy morons hurtling toward nuclear armageddon on multiple fronts.”
ReplyDeleteWell I agree with part of this (the moron part) but then her descent into catastrophic prophecy is indicative of alienation which she should be working to rid herself of …
1. They are not held accountable for their mistakes.
ReplyDeleteor
2. Their mistakes are irrelevant to the functioning of the economy.
We never see incompetent meteorologists clinging to outdated weather models. Because if they did, their inaccurate reports would cause enough damage to the economy that calls would be made for their removal.
Either sack the useless eaters, or bring back flogging.
"Their mistakes are irrelevant to the functioning of the economy"
ReplyDeleteThey're irrelevant to the functioning of the parts of the economy those paying them are concerned about.
Remember these are priests speaking religious mumbo jumbo, not scientists.
You need read Jacob Feining's book - Moral Economies of Money: Politics and the Monetary Constitution of Society
ReplyDeleteIt is all in there. The best MMT book ever written.
The debate has been around from the 17 th century in America right up today. Shows how MMT'rs can win the debate. Like the settlers did against the Boston and North eastern upper class.
Ten Men of Money Island (Norton 1891) is a fictionalized history of money since the Civil War that lays out a Populist understanding of money users and urges readers to take part in money politics. In this 130-page narrative—the most widely read early Populist text (Destler 1963:73)—ten men settle on an uninhabited South Sea island, a terra nullius. They invent money when they face a collective challenge: building a bridge.
Is just one example of a pamphlet printed and distributed back then and spells out MMT in a different way.
I use Skye bridge on the isle of Skye when they put a toll on it when it was built using bank lending.
At the time the populists were fighting against the gold bugs the upper class as the gold standard and silver standard was the creme da is creme monetary system of the elites. Still is.
Tax in something you can't issue, thus incurr a foreign debt, only way to get your hands on the thing you need to pay the debts is by exporting your real resources abroad to the place that rules over you.
The EU was set up exactly on this type of thinking. Was used against money users centuries ago.
The number of battles between the settlers the money users and the British crown and then the US northern eastern elites the money issuers are fascinating. That MMT'rs could learn a hell of a lot from. Definitely things like the Bristol Pound and city currencies.
MMT'rs have to read this book.
Money users of centuries ago exactly knew how money worked and has been lost by the practice of " Monetary silencing " carried out by the upper classes for nearly 300 years.
ReplyDeleteTo the point that there is nothing more absurd than blue collar workers shouting for a return to the gold standard today. Money users 300 years later do the bidding of the upper class.
https://moneyontheleft.org/2019/09/13/money-politics-before-the-new-deal-with-jakob-feinig/
FDR was an expert of the technique " Monetary silencing " even though many On the left see him as some sort of hero.
After William Jennings Bryan’s defeat in the 1896 presidential election, the New York Times immediately published an article entitled “Safeguard the Future.”
ReplyDelete“at once and forever to cut the connection between politics and the currency” (New York Times 1896e).
The NYT was On the side of the upper class and supported the gold standard in numerous articles at the time which are fascinating and mirror the propaganda and attacks on MMT today. They are identical only 13O years apart.
William Jennings Bryan was a MMT populist and his pamphlets were extraordinary, filled with MMT knowledge. The NYT destroyed him with pure upper class propaganda.
If you want a blow by blow account of how America ended up the way it did, from its murderous beginnings.
ReplyDelete" In November 1637, the Massachusetts government declared wampum legal tender. A few months prior, one of the worst colonial massacres occurred at Mystic river, where the English, together with their native allies, killed 400 Pequots within a half hour. To take control of the Wapum mines from the natives - the regional mint "
Right up to today.
Then this book is a must read for any MMT'r on the planet.
MMT knowledge was practiced in the 17 th century. In rural areas right up until the shays rebellion 1786.
ReplyDeleteThen the British crown and the North Eastern elites kept their boot heels on the people's necks till today. " Monetary silencing " was how they did it.
It would make an excellent movie and teach every American how money actually works.
ReplyDeleteIf you were to carry out a quiz on the American public and ask them
ReplyDeletea) Name the losing candidates in every US election
b) What policies did they run on
What were the HUGE differences between the lower house and upper house through American history and what were they fighting over. ( which was mainly the type of monetary system America should have )
Very few would know the answers to the quiz questions.
That's the power of 300 years of "Monetary silencing " carried out from above the upper class.
What the reading of this American history shows very clearly from the day settlers arrived on American shores, is that it is and was always about class.
ReplyDeleteThis left and right wing bull shit is just a form of " Monetary silencing " the upper class greatest achievement bar none.
So many people fall for it and the " make America great again " bull shit and " democracy over authoritism " bull shit.
It is and always will be about class and how to keep the lower classes divided. Keep them out of and away from taking part in monetary design. That privilege is for the upper class only and nobody else.
“ keep the lower classes divided”
ReplyDeleteThe lower classes are uneducated…
How would we categorize the operation of the Belgian Congo?
ReplyDeleteProto MMT ?
keep the lower classes divided”
ReplyDeleteThe lower classes are uneducated…
Not 300 years ago they knew how money works. Monetary silencing made them dumb.
300 years ago it was a metallic standard..
ReplyDeleteWe didn’t have the information system technology developed yet to run a system like we have today…
But everybody had a scale…
They probably confiscated the wampum mines from the Indians in order to buy materials from them…
ReplyDeleteI the Belgian Congo, they confiscated people's hands. Gave new meaning to the phrase "taxation is theft"...
ReplyDeleteAs Jakob and other historical studies before him points out ...
ReplyDeleteRead the book Matt. You are nearly there but not quite all covered in chapter 1 in fantastic detail.
Wapum was all about getting credit from the British and European merchants for the settlers and monetizing the area and turning the natives into their slaves aka Mosler with a wapum tax placed on every man, women and child's natives heads. Who Then had to work for the settlers as miners of wapum. Think gold rush and who actually made the money out of it by providing the drills and everything needed to do the actual mining.
Then much later on the British crown made Silver scarce and expensive, just like the Pequots had made wampum scarce and expensive and were competitors in the fur trade. As the British noticed the settlers were becoming too independent from the crown. Creating their own sovereignty.
All through this time settlers were learning about pay tokens, debt, taxes, IOU,'s etc, etc that makes up the MMT body of work today. Over time they fully understood how a monetary system actually works. How's it was a purely political project always run by the upper class.
Read the book Matt you will love it. A blow by blow account of how settlers because they did understand money fought back. The truth of it is the real and truthful American history is a very simple one - Can be summed up as Money users V's the new North Eastern American upper classes. The exact same class battle MMT'rs face today. Who gets to design money.
Then you had the war against the British and the American civil war and the greenbacks etc, etc. All this monetary knowledge they had gained from the early 17 th century onwards enabled them to create institutions based on MMT today that allowed them to win the different wars.
What is also clear is from very early on the US was a one party nation state based on class power. Who got to design the monetary system everybody had to use. Which always favoured the bond holders or those that had easy access to specie, gold and silver.
If the history of America doesn't convince you about neoliberalism nothing will. Then Matt for me you have your own art degree bull shit going on in your own head. For me you will be forever in complete denial. History just repeats itself over and over and over again. We are fighting the exact " SAME" battles as Money users centuries ago. The upper class know EXACTLY how it works. History proves it beyond any doubt.
Which of course is nothing new
https://moneyontheleft.org/?s=Neoliberalism
"They probably confiscated the wampum mines from the Indians in order to buy materials from them…"
ReplyDeleteThey were already using wapum to trade with the natives. It was how they got credit with British and European merchants as they had nothing else to give.
Then Pequots had made wampum scarce and expensive and were competitors in the fur trade.
So they massacred them then aka Mosler with his British coffee plantations example. Enslaved the natives with a wapum tax.
There's a British version of this still to be written.An historical record of the complete British monetary system told as a story with a human touch and a history of people's lives.
ReplyDeleteRather than just T - accounts and historical laws and acts.I know Chritine Desan and other studies has covered some of it.
https://moneyontheleft.org/2021/01/01/money-as-a-constitutional-project-with-christine-desan-2/
But a full and complete British picture like Jakob has done with American history is needed. A human story side by side with the facts would be a game changer.
Which would show just like Jakobs book. That 90% of Conservative voters are On the wrong side of history and have their facts muddled up by " Monetary silencing "
I just wish I had the brains to write it.
@Footsoldier
ReplyDeleteJFK Jr. wrote a book detailing the corruption of the pharmaceutical industry. A well researched book, but not a game changer. A majority continue to trust their public "health" officials and believe that vaccines are miracle drugs.
History suggests that 10% of the population do the 'game changing' while 90% remain passive.
Pete you know he is a heroin addict? Talking about health?
ReplyDeleteAnd Scott Ritter is a pedophile, taking about military strategy.
ReplyDeleteWhat's your point?