Cui bono MMT?
MMT and Bitcoin are similar and parallel rackets. Both are pluponents, pretending to oppose the current monetary system by making the system EVEN WORSE IN THE SAME DIRECTION. More debt, more abstraction, more disconnection from real value, more disconnection from negative feedback.

The payoff for Bitcoin is obvious. NSA gets complete information about all transactions made in the pretend "dark world" by idiots who think they're "private", and NSA also gets free computation service by the "miners", who are solving hard cryptographic problems for NSA. The pushers and charter racketeers like Max Keiser are making money in the old-fashioned Ponzi way. 1. Buy a bunch of tulips. 2. Create a Theology Of Tulips with rabid followers who defend Sacred Infinitely Valuable Tulips from all doubters. 3. Profit. No missing steps, no mystery.

The payoff for MMT is completely opaque and possibly nonexistent. The founders of the racket are academic economists at UMKC. They don't seem to be getting rich, though they are certainly gaining academic prestige. The secondary pushers are "leftist" "progressives" who are also gaining coolness and respect but no obvious money.

Every racket involves a whole bunch of money sloshing around. Suckers are invited to grab some of the money after paying the swindler for the privilege of sticking your hand in the pool.

MMT doesn't have any money sloshing around YET. Part of its advertised advantage is UBI, a guarantee of "free" money for everyone, but the proposed amounts aren't enough to be worth all the effort.

Possible indirect explanation: UBI is the worst part of MMT because UBI supposedly eliminates the need for work. Deplorables who have been permanently disemployed by Goldman's debtism will supposedly feel better when they have money coming in. No they won't. What they need is USEFUL WORK verified by ACTUAL PAYCHECKS that are DIRECTLY COMPENSATING THEM for the USEFUL WORK BECAUSE THE WORK IS USEFUL.

From this angle, the payoff of UBI is to "justify" the total takeover of our economy by the debtists.

But again, how do the UMKC folks gain from this? Prestige, maybe consultant or advisor jobs? Nah. As economists they already get consultant and advisor gigs.

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Later, after letting the above simmer for a while, a better analogy for MMT but still no answer to cui bono.

Better analogy = Prosperity gospel. PG was created by Rome 1000 years ago to "justify" Rome's fabulous wealth and exquisite depravity. Rome reinterpreted the New Testament to turn Jesus into a superwealthy supermonster just like popes and priests. Because the bible wasn't accessible to ordinary folks, the trick was easy.

We deserve to be rich because we're like Jesus. Your job is to give us all your money so we can be EVEN MORE like Jesus. After you give us all your money, you will get an early parole from Purgatory.

Since Purgatory is a myth invented by the same Roman monsters, PG is the perfect protection racket. All money goes to the swindlers, NO money goes out. The suckers aren't even expecting real money, so they can't get pissed and try for revenge. The mobsters don't need to spend money on thugs and arsonists because the suckers are buying protection against future thugs who don't exist.

The Inquisition began as an attempt to silence a few academics who had read the real gospels and tried to correct the record. After Gutenberg leaked the truth more widely, the suckers were less willing to give, so the Inquisition had to become more like a secular Sicilian protection racket, with real arsonists providing a real-world threat.

MMT is identical to modern versions of PG. Give all of the economy to the NYC priesthood, and in return you will get "riches" in the form of UBI.

But again, how do the MMT pushers gain from this? They aren't Popes. They aren't Jim and Tammy Faye. At best they're ushers in the Goldman megachurch.

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Much later thought: Basically MMT is just a Democrat rebranding of the Repooflican ZERO TAX mantra. Both have exactly the same goal: Removing all input and feedback from the debtist Goldman-government. A government that relies on taxes is like a business that relies on profit. To gain more income tax or sales tax, the government has to shape its activities toward improving REAL VALUE production. A government that is free from taxes is like a business relying on share value. It doesn't need customers or employees or products; it can increase its budget by pure mathematical manipulation.

R and D are working toward the same demonic goal of total feedbackless tyranny.

Labels: MMT, Pluponents

  ¶ 3:05 AM