:seinfeld:
Is it all lib hokum? I was in my local theory shop yesterday and was looking at The Deficit Myth by Stephanie Kelton, something I put on my reading list a year and a half ago.
Since then I've listened to and read Matt Bruenig's criticisms of MMT and found them pretty convincing but I haven't really spent much time reading the anything on the "pro" side.
Is this worth my time to read a book on MMT or is it just a distraction? Thoughts?
I don't know that there are sufficient control mechanisms in place if the inflation got out of hand though. It's a very drastic measure to adopt MMT, and I'd definitely want to make sure that we take inventory of the risks and prep for them before any attempt at it.
There's also the problem that it assumes the state is working in the interests of the people. With our government all I can imagine happening is an out of control party in which every politician sprays as much money as they can at every company who will smile at them and at their own personal business ventures. But then nothing for regular people because it's not like the political barriers to displeasing capitalists would dissolve. We'd have 100 the budget for the military and exactly the same budget for healthcare.
we were already doing mmt, though just for the rich as usual, not that i would implement mmt though, my preference would be a reversal of the money system where debt no longer exists. The government might not be working in our interests, but depoliticizing money AND pretending technocrats are neutral is worse, both for heightening contradiction purposes and if we manage to wrest the state power, plus it will make the shutdowns less likely, it is amazingly working in japan, against all economist predicitions (even mine lol), and they're not exactly staunch leftists. Don't underestimate the bipartisan consensus for borrowing to supply the MIC, printing more money is simply gonna lower a bit the interests the US pays, that's it, otherwise it is jst political power and potentialities