Thursday, January 09, 2014
  MMT is a fraud.

I've been reading various explanations of 'Modern Monetary Theory' with an open mind and with considerable sympathy. I wanted to find a system that could improve things. The people who are pushing MMT seem to be reformers. They seem to be opposed to standard US/UK economics, genuinely opposed to Krugman and Bernanke and Yellen.

After reading several explanations, I've reluctantly concluded that MMT is just a scam, just another Useful Idiot trick. The difference between MMT and the usual economics is just a dose of crack.

Krugman/Bernanke/Yellen economics consists of the following set of ten elegant autistic axioms:

(1) STIMULATE! (2) STIMULATE! (3) STIMULATE! (4) STIMULATE! (5) STIMULATE! (6) STIMULATE! (7) STIMULATE! (8) STIMULATE! (9) STIMULATE! (10) STIMULATE!

MMT extends those axioms to this larger set of turbo-autistic axioms:

(1) STIMULATE! (2) STIMULATE! (3) STIMULATE! (4) STIMULATE! (5) STIMULATE! (6) STIMULATE! (7) STIMULATE! (8) STIMULATE! (9) STIMULATE! (10) STIMULATE! (11) STIMULATE! (12) STIMULATE! (13) STIMULATE! (14) STIMULATE! (15) STIMULATE! (16) STIMULATE! (17) STIMULATE! (18) STIMULATE! (19) STIMULATE! (20) STIMULATE! (21) STIMULATE! (22) STIMULATE! (23) STIMULATE! (24) STIMULATE! (25) STIMULATE! (26) STIMULATE! (27) STIMULATE! (28) STIMULATE! (29) STIMULATE! (30) STIMULATE!

Neither theory has any answers to the basic questions that a leftist or populist economic view should handle. Neither theory does anything for working men and ordinary families. Neither set would impose 1000% tariffs on all imported or outsourced materials and labor, neither theory would wipe out the EPA, neither would torture and execute feral bankers and feral lawyers. Both theories steal everything from the poor and give everything to the superrich. MMT does it twice as fast.

If you want to solve our problems, you have to start with Mohammed's concepts, if not all of his details. Start with labor as the sole source of value. Shape the system to encourage productive labor and discourage counterfeiting, borrowing and abstractions.

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