Lara Merling — How the Government Deficit Helps the Economy

The Minskys
How the Government Deficit Helps the Economy
Lara Merling, UMKC

Jehu — Deficit reduction is not austerity; it kills capitalism

Nothing I have presented here should be a surprise since it is the conclusion of both labor theory and Keynesian theory together. For instance, according to the bourgeois simpleton economist, Hyman Minsky, aggregate profits of capital must equal aggregate investment of capital plus the deficit spending of the fascist state:...

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Peter Jones, a Marxist writer, has come to a similar conclusion regarding how fascist state deficit spending increases the wealth of the capitalists:....

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Thus, both labor theory of value and Keynesian theory suggest capitalism cannot survive without the deficit spending of the fascist state, although each school employs this conclusion for their own ends. 

You have to understand what a complete scam the federal deficit is: First, the rich are given a tax cut by fascist state politicians; then, the tax cuts is borrowed back by the fascist state; Finally, the fascist state issues a bond that entitles the rich to claim a portion of future fascist state tax revenues. And then, to top it all off, MMT comes along and dresses this scam up as “the cumulative financial assets” of the private sector....

It was Keynes's project after all to save capitalism from socialism. Keynes believed that capitalism would transform itself into a benign liberalism and distributed prosperity. See Economic Possibilities for our Grandchildren (1930).

 But unfortunately the transformation has been in the opposite direction toward neoliberal globalism, a euphemism for transnational corporatism and oligarchic "democracy."

The Real Movement
Deficit reduction is not austerity; it kills capitalism
Jehu

Background.

MMT and the heresy of the self-financing fascist state

More MMT boilerplate on how to fix capitalism without really trying

Follow up.

Even 80 years later the Left has learned nothing: A reply to Rschard1

Older posts

MMT and the United States as the international monetary sovereign

Fuck MMT: The Left had better start looking for an exit from capitalism