More on limits
Here's a partial reprint of an earlier thought:

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The advocates of Modern Monetary Theory 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.


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Expanding....

(5) Western wackos are also trying to remove limits and delete feedback mechanisms in morality and behavior and language. They believe they can pick any moral values they want, make words mean anything they want, even choose their own gender.

These actions are impossible. Not just unwise or inadvisable. IMPOSSIBLE.

Nature has feedback loops on morality, and Nature will instruct you when you violate basic rules. The old rules of public health, as written in books like Leviticus, are observations based on long experimentation. These rules are not "spiritual" or "theological". They are HARD SCIENCE in the strictest sense.

The problem with all of these limits, monetary and moral, is that Nature appears to be fairly loose when viewed from a small perspective. The rules are not always applied instantly or directly to individuals. A privileged class can get away with violating these laws for a limited time if the costs are paid by the non-privileged. A few people are durable enough to smoke and drink and fuck all the way to 100. These small sample spaces lead the privileged and durable to give bad advice to the non-privileged and non-durable. And that's when the feedback hits the fan.

Labels: MMT

  ¶ 5:02 AM