Macron et al fronting for the banksters? The ideal of finance capital is private borrowing instead of public financing and the rationale for it is designed for purpose.
William Mitchell — Modern Monetary Theory
The New Global Financing Pact equals the old failed global financial arrangements
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
34 comments:
It's just another form of " Monetary silencing "
Looking at the comments section by MMT'rs on Bills blog, who should know better, they have fallen for it hook, line and sinker.
They think these people are stupid. Just need to learn MMT and they would get it right.
History shows very clearly exactly what these people are doing. That is " Monetary silencing " the monetary design is for the upper class only and history shows over many centuries the upper class know EXACTLY how money works.
Calling them art degree morons those that are the buffer between the upper class and the rest of us. Misses the point by a country mile. They have also been around for centuries and historically have always served a specific purpose . To make sure money is not part of what the upper class call democracy.
By calling the deliberate buffer between the upper class and us stupid.
For me is akin to Stockholm syndrome or battered wife syndrome. They still have a certain belief in their abusers nature and struggle to leave them.
"This time" they will change, "this time" they will get it right. " This time " they will understand MMT. " This time " if only they understood MMT.
It's completely insane. The upper class knows how it works and have done for centuries. There's no change coming and they have hundreds of years of experience in how to defeat any threat of changing money design into everybody's favour.
They see money design as their god given right and nothing short of revolution will take that right away from them.
JFK junior or Trump will change the money design to serve everybody and not the upper class.
Dream on, that is a complete and utter fantasy. A fairy tale told to children at bedtime as a pacifier. A comfort blanket for the deluded.
The same story and narratives and framing has been told in different ways over the centuries. JFK junior or Trump has been here many times before. With different names in a different time and place.
Rfk Jr a heroin addict…
“ if only they understood MMT.”
They DO understand it… they just don’t agree with it…
This is how the Art degree dialectical method operates…
Where does it say in the Socrates playbook that your interlocutor has to shit can his thesis and then agree with yours?
It doesn’t.,,
They are under NO obligation to agree with any opposing thesis….
Heroin addict trying to lecture us on healthcare…,
Probably the heroin addiction has him with some sort of PTSD fetish against hypodermic needles…
He's just another one of these
https://www.conter.scot/2023/6/20/caroline-lucas-scourge-of-democracy/
Then the huge U turns will be rewritten out of history.
Nothing short of a shays rebellion will be needed.
Only this time they have to win instead of being massacred.
The war in Ukraine shows what it really takes to change the money design in a geopolitical sense.
Domestically is the same only a little bit less brutal. Voting certainly won't do it.
Central bankers and economists know fine well they are unaccountable to the people - who can't vote for them or vote against them.
Many consider this a healthy separation of powers. It's really just naked class power, unconstrained even by a pretence of democracy.
People can't see it because they are up to their knees in left and right bullshit. Don't know their own history and via centuries of monetary silencing, live in a fictitious historic reality. Where the truth has been turned 180.
Monetary silencing has been so perfected after centuries of experience. That if you join a left or right wing blog. A blog or website from any part of the political spectrum that claims they are fighting back against the tyranny from above. What you very quickly find is that they are the vehicles that carry out the monetary silencing on behalf of the upper class.
They have very simply been potty trained to do so. Over a couple of generations their brains have been turned to mush from above. Why of course history was removed from the study of economics.
In complete tandem with NYT headline of 1896.
After William Jennings Bryan’s defeat in the 1896 presidential election, the New York Times immediately published an article entitled “Safeguard the Future.”
“at once and forever to cut the connection between politics and the currency” (New York Times 1896e).
Oh boy have they perfected it.
Monetary silencing, art degree morons, etc. are ways to avoid being blunt.
Democracy requires an informed electorate. Good governance requires the 'governors' to be held accountable for their actions. Without those elements, we have the world as it is.
This is not rocket science, folks.
About 10% of the population are able to understand and accept MMT. The rest are stuck at a "vaccines are safe and effective" level of groupthink. Social inclusion is more important to them than factual information, or even the well-being of their children.
You cannot do other people's homework for them. You can present the information, lead them to water, but they have to go through the learning process themselves. When they refuse, there is no one else to blame. Not the elites, not Klaus Schwab, not the art degree'd middle management morons/shills/crooks what have you.
The 90% are as much a stumbling block as the 1%. As an activist, where do you want to direct your energy?
Btw, ordinary people don't give a flying F about global financing pacts. This sort of thing is for policy wonks and pundits.
“ Many consider this a healthy separation of powers. It's really just naked class power, unconstrained even by a pretence of democracy.”
Completely false….
Fed tried to increase rates in 2018 and Trump made them reverse…. Fed was looking at “inflation” as transitory last year and Brandon made them increase rates in unprecedented manner to try to help him with the political problem the “inflation “ was for him and still is…
Brandon only says his Fed is independent to try to shirk responsibility for “inflation “ which is his MO…
“ “at once and forever to cut the connection between politics and the currency”
Well that didn’t work they had a big crash and had to put the political Federal Reserve Act together pretty quickly…
Prediction: if Trump can get back in there he will (in his unique manner) immediately get his Fed to slash the policy rate… to help finance the recovery, etc….
He’s said recently that rates are too high and so has Judy Shelton who he tried to get on the Fed…
Derek it’s not “monetary silencing”… it’s just that other theses of “money” (MMT, etc) are not being accepted currently in the Art Degree academe of Economics….
The accepted theory is monetarism/QTM….
If you haven’t been subjected to the academe (Art Degree side or Science Degree side) you may not understand how it works… you come out of that with a type of permanent cognitive functionality… any trained cognitive function is permanent….
The only way cognition can be changed is thru expenditure of greater than the equivalent energy it took to establish the current cognitive functioning… which nobody ever does it’s too hard…
Trump won't change anything Matt. You are walking around blind.
Trump already has shown when he was president he was just as good at Monetary silencing as the rest of them. The war room is just another buffer between the upper class and us.
Trump will not and never will betray his class. Even his drain the swamp was a fiction of the immigination. He packed his team with a dozen or more P. T. Barnum’s from the Heritage Foundation.
New York Times archives 1896
https://www.nytimes.com/1896/09/23/archives/wage-earners-in-debate-merits-of-gold-and-silver-coinage-discussed.html
PT Barnum - the art of money getting 1880
https://openlibrary.org/books/OL37044572M/The_Art_of_Money_Getting
That's the modern day Trump to a tee in those 2 articles.
Trump is the complete opposite of what he claims to be and the deluded that have nobody to vote for has been taken in by him.
https://en.m.wikipedia.org/wiki/People%27s_Party_(United_States)
And He is certainly no Coxey's army
https://en.m.wikipedia.org/wiki/Coxey's_Army
There is a whole chapter on FDR in the book.
That's exactly how Trump would act under those very same conditions and ensure monetary silencing had been priority before anything else.
FDR performed a lot of changes to the monetary design but at the same time made sure that the truth about money creation stayed off limits.
They all knew how it really worked. But hid the truth under certain acts they passed from the money users. So that money users stayed in the dark and could not participate democratically in the new design.
Derek do you think that the problem with that submarine that just sank was because the operator of the sub didn’t argue properly with the submarine to tell it not to sink? Didn’t use the proper rhetoric and figures of speech?
And PV=mRT had nothing to do with it?
Apparently the engineer who designed the sub was being "innovative".
Welcome to the Darwin Award for 2023... nominee #1...
I thought I saw pressurized tubes attached to railings with plastic zip ties…,
Matt history reveals the truth each and every time.
If you read the book it will be impossible for you to squeeze your art degree thesis into any of it.
It is a class war always has been and the deliberate buffer that has been put in place between you and the upper class that you call morons are not part of the upper class.
Their buffer serves a specific purpose and this changed over time as those who were actually allowed to vote changed over the centuries. From your status, skin colour and sex until everybody was allowed a vote.
This is closer to the truth than your art degree thesis Matt.
https://www.conter.scot/2023/2/7/tom-nairn-globalisation-and-the-new-middle-class/
As Jakob points out in the book..
"Monetary silencing enabled racists to see themselves as taxpayers who contributed their share which enabled them to say who had not done their part: Black populations, whose children should not have the same access to educational resources as their white counterparts.
Monetary silencing made it plausible to think of money as a finite quantity that individual households contributed, and people who enacted their taxpayer identity could attempt to deny everybody else who didn't pay taxes based on an invented scarcity of public money.
These money users did not engage democratically with monetary design but embraced the idea that money was a scarce quantity of privately owned things, which “kept them from reviving the idea of money as a public good” that money users recognised it was a public good centuries before them."
Monetary silencing has enabled this type of thinking to spread right throughout society.
They understood If you allow an Oligarchy to exist then an Oligarchy is produced in every sub sector of the economy. The middle class with with an upper class mindset, as they are desperate to be and take part in the upper class.
This buffer between us and the upper class might be a bunch of art degree morons. However, that completely misses the point of why they are there in the first place. A reading of history shows clearly why they are there and how they were encouraged to develop over time.
You can't shoe horn your art degree thesis across history because it didn't exist. You live in the here and now and ignore everything that went before and Matt that is a huge mistake. Waters down the importance of history.
Mike deals with this buffer every single day. He lumps them altogether and labels them Monetarists. Which is a mistake as the complete buffer is more than Monetarism. It is everybody who has suffered from monetary silencing from above.
“ You can't shoe horn your art degree thesis”
I’m not doing that I don’t have any thesis I don’t have an art degree,,, Art degree people have theses..,
I’m saying they are not qualified to be working in the administration of these systems they don’t have the proper education and training…
They don’t work in scientific abstractions they use figurative language and discussion/dialog…
Your “monetary silencing” is a thesis for example… MMT is a thesis/Theory….
“Quantity Theory of Money” is a reification error… they think the accounting abstractions are real… just read what they write and listen to what they say…
“ Trump won't change anything Matt. ”
He will if elected change the interest rate policy back to ZIRP…
I think in 2024 (when he thinks too late for Brandon to copy) he will announce this as a campaign promise…
Tell all the young people he will lower their mortgage rates and auto loan rates…
This is where the brains of the MMT movement is right now and had their conference last week. Combines so many of the MMT movements in one place.
https://justmoney.org/
I can see what they are doing they are collecting all of the historical facts and overlaying those facts with a human story. It is very powerful.
They are so good at it Jakob's book and Christine Desan book and Nathan Tankus new book covering the last 10O years will be the go to MMT books in the future. I'm convinced of that after reading Jakob's book. They are human stories not T - accounts that people will be able to relate to.
The problem is once the historical record has been told then in my own personal view, after going all the way back to the 12 th century, action will be required and there is virtually no vehicle for that. It will need to be created and a move from the class room to the streets will be required for the movement to be successful.
Introduce MMT in vaccine form. The sheeple might go for it.
Foot, if there are other things you'd rather do with the time you have left, do them. Don't spend another ten years following a movement that is going nowhere.
FDR performed a lot of changes to the monetary design but at the same time made sure that the truth about money creation stayed off limits.
Took a look at that book. Quite in line with the tradition of truly crappy books on the New Deal, FDR & WWII by selecting the 2% of the evidence that supports a predetermined thesis and ignoring the 98% that refutes it. The New Deal was the opposite of monetary silencing - there was nothing in recent world history that did more to proclaim "the truth about money creation". Look at the Second Fireside Chat or the message to the London Conference. Pure MMT.
That book will change the world. You gotta have faith.
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