MMT = Mass Murder Theory
Forceful thought hit me just now.

The advocates of MMT are the same people who like to quote 'Limits to Growth'.

Absolute contradiction. Let's follow both sides of the reductio and see why.....

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(1) The 'Limits' philosophy makes sense, but it has been used for bad purposes by eco-genocidists.

Carrying capacity is a hard fact, and our pre-cultural instincts understand it. We produce lots of children when we feel that the children will live and be useful. When we sense that children are useless or unlikely to thrive, we produce few children. A farmer on fertile land has a fertile wife; city dwellers in crowded apartments are infertile.

This feedback mechanism works beautifully when our sense of resources and usefulness is clear and unobstructed. It doesn't work at all when we are dazzled by false mirages and impossible dreams. Best example: Peasant farmers who move into big cities because they see mirages of abundance on TV. Each abandoned farm diminishes the food resources that the city relies on, and each new city-dweller brings the city closer to non-functional collapse. Hypnotized by TV, they often continue bearing lots of kids.

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(2) MMT is a bizarre cancerous outgrowth of the Keynes-Krugman line of economics.

Keynes originally said that government should act like a reservoir, taxing and storing up money in good times then discharging it back into the economy in bad times. This makes sense.

Trouble is, no modern gov't is capable of storing, so Keynesians end up borrowing huge amounts to "stimulate" without ever refilling the reservoir.

MMT starts from the historically false idea that money is nothing more than gov't borrowing. From this bizarre and false axiom they proceed to an infantile "system" of pure magic. All problems can be solved by ex nihilo creation of infinite amounts of money.

MMT advocates say "2008 was bad! Let's do it again, a trillion times larger! This will make it good!"

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(3) In fact money predates humans by 400 million years. Until extremely recently money has always represented labor or potential labor. A 'rigid' labor-based economy with lots of saving and minimal borrowing keeps our feedback vision clear. When you MUST rely on your own labor and storage, AND when you CAN rely on your own labor and storage, you know your boundaries. You will consume stuff and bear children accordingly. NOTE: The conjunction of MUST AND CAN is crucial. If you can't find decent work, or you can't securely save up your money for emergencies or charity, there's no point in anything.


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(4) So here's the collision point. When borrowing is strongly favored over savings, and when decent jobs are impossible for most ordinary people, trouble ensues. That's the present condition in Western countries. MMT wants to expand this condition to infinity.

When borrowing is effectively the ONLY way to acquire money, consumption grows without Limits and labor is crowded out. Labor is worthless when money is free. Draw your own conclusions.

Labels: Danbo, MMT, Natural law = Sharia law, the broken circle

  ¶ 3:24 AM