Don’t know why he wastes time criticizing him since JT doesn’t do anything wrong. Also really funny that him and other commenters are complaining about The Deprogram being like Chapo.
Upon deeper research, it turns out Day used to post on the subreddit to dunk on BadEmpanada, which is funny since Day himself has strong BadEmpanada vibes.
I think RD is being a bit too debatebroish with this. I just watched JTs video and didn't really see anything wrong with it, I don't think he's presenting it as this end all be all solution, just as a tool to get us to communism. He also made it clear he's aware that MMT would have severe limitations in a capitalist state.
my understanding is MMT doesn't work in countries outside the imperial core because they don't have currency sovereignty. MMT theorists are basically describing the USA leveraging its dollar hegemony.
I've been saying this for a while. If a country does not have a highly sovereign project or the ability to influence things such as credit ratings agencies, implementing MMT and printing money is a recipe for credit ratings downgrades, investment withdrawal, sanctions and hyperinflation/currency devaluation. And most countries in the global south do not have a sovereign project or have even begun the process of delinking from the imperial core. Even those in the global south that view MMT as a viable economic strategy place huge emphasis on delinking in order to solve the problem of sovereignty.
Look what happened when the MMT proponents got ahold of things in Greece. It failed rather quickly and buckled back into neoliberal economics because Greece has no sovereignty, it's an EU vassal
Yeah that's a good point, the video was pretty US centric tho but yeah I agree MMT doesn't make sense for a huge chunk of countries.
MMT is only coherent under a capitalist state. It's incoherent under a communist state, a communist state doesn't have monetary theory or money. A socialist transition state, ie. a dictatorship of the proletariat should be more concerned with the final outcomes of social policies and less concerned with costs and money printing, increasing planned portions of the economy when possible.
So basically.... it's either incoherent or extremely limited and reformist and we should move past it very rapidly in a dictatorship of the proletariat in a modern capitalist state that doesn't have to build productive forces or bide time. OK, I'm not really that interested.
I don't really see how MMT by itself goes against this. As I see it MMT would just be a framework for how you're allocating physical resources, I don't see how it'd stop you from implementing good social policies in a socialist country.
Also how would a transition period look like according to you before you can actually implement a planned economy?