William Mitchell — Modern Monetary TheoryAfter all these years of trying, the insights provided by Modern Monetary Theory (MMT) still haven’t cut through. One doesn’t even need to accept the complete box of MMT knowledge to know that, at least, some of it must be factual. For example, how much brainpower does a person need to realise that a government that issues its own currency surely doesn’t need to call on the users of that currency in order to spend that currency? Even if we could get that simple truth to be more widely understood it would change things. But every day, economists and journalists, that just give platforms to the economists write and say things that demonstrate even that simple understanding of the monetary system fails them. Are they stupid? Some. Are they venal? Some. What other reason is there for continuing to use major media platforms, which give the author a massive privilege in terms of influence and reach, to pump out fiction masquerading as informed economic commentary? And the gullibility and wilful indifference of the readerships just extends the licence of these liars. Some days I think I should just hang out down the beach and forget all of it....
Government debt fears – more fiction from the mainstream media
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
When the fix is in, you may as well spend more time at the beach. Choose your battles.
ReplyDelete“ fiction masquerading as informed economic commentary”
ReplyDeletelol it’s not fiction to them it is their thesis… they think YOUR thesis is fiction…
Where in you Art Degree peoples Socrates playbook does it say they can’t have their own thesis?
Existing differing theses like these are the basis of the whole Art Degree method…
When their thesis is the equivalent of 'the Earth is flat' we're under no obligation to accept it.
ReplyDelete