Carlitos Wrote: MMT/UMKC's "Sheriff" William K. Black at New Economics Perspectives: Deprogramming Progressives Indoctrinated into Supporting Austerity.
"A little bit of economics can be a truly terrible thing, for the introductory classes in micro and macro-economics are the most dogmatic and myth-filled part of the neo-liberal curriculum. Dogmas that have been falsified for 75 years (such as austerity) are taught as revealed truth. The poor indoctrinated student is then launched into the world “knowing” that austerity is the answer and that mass unemployment and prolonged recessions are small prices to be paid (by others) to achieve the holy grail of a balanced budget. Students are taught that national budgets are really just like household budgets. These dogmas are not simply false, they are self-destructive and cruel. Neo-liberal economics is so bad and has gone downhill at such a rapid rate that it now worships the economic analog to bleeding patients – austerity – as a response to a Great Recession. Millions of people are indoctrinated annually into believing this long-falsified nonsense, and that includes people who consider themselves progressives.
The remarkable aspect of neo-liberal economics is that the power of its myth has survived for many progressives even after its failed dogmas caused massive economic destruction, massive elite fraud with impunity, and crony capitalism so corrupt that it cripples democracy. Indeed, the brainwashing they received is so effective that even after the eurozone ran a massive experiment with austerity that proved (again) to be a catastrophic failure they remain neo-liberal acolytes. This column discusses three examples that exemplify the problem."
MMT is here to help. Liberals, Progressives, & Democrats need to start listening. NOW. It's gonna take going back to school so to speak. You all have a lot of reading to do. But if you still think government is operationally constrained from spending, base interest rates are subject to the control of market forces, that government can default on its payments owed, that we are burdening our grandchildren with a debt to China, that banks lend our deposits, etc., etc., & etc., YOU NEED TO WAKE UP! That's all right-wing religion and it's the equivalent of a bacterial infection that leads to ZOMBIE thought and policy. MMT is the antibiotic and the Change that We've Been Waiting For.
Being RIGHT should count for something! How many times do we have to prove the neoliberals wrong?
The only way great evil can be committed is if good men do nothing.
-FULL PAYROLL TAX RELIEF NOW
-ALLOW NET-SAVINGS IN US DOLLARS
-PRICE STABILITY VIA FULL EMPLOYMENT
Carlitos, I would put this post of yours in the running for one of the best I've seen in the DemocraticHub. One of the points I would take issue with , however, is the idea that the system could me made viable if only we could put some reasonable shackles on the Republicans. Capitalism has its own dynamic and if you could remove the exploitative element from its core it would no longer be capitalism. As it is....the system is what it is and cannot be reformed. Certainly, it can be forced to serve the needs of the majority to some degree. This happens, as it did in the thirties, when there is a lot of social unrest in the nation. But as soon as the majority goes back to sleep the agents of the system begin their campaign to undermine and/or destroy the modest gains that were made......Hard as it is to imagine....what needs to be changed is not the heads in Washington but the system itself.
-GOVERNMENT FOR PUBLIC PURPOSE
MMT maximizes output and economic freedom for the benefit of all. MMT-Progressives are the only ones that can lay claim to the ideals of the New Deal, New Frontier, and Great Society. And it's getting back to those values that will win Democrats elections. Understanding modern currency operations allows us the opportunity to change what our forefathers got wrong and improve our world for the good of mankind.