[P2P-F] A bit of MMT humor: How I tracked down "The Market"

Mon Oct 10 09:42:07 CEST 2011

Saturday, October 08, 2011
  How I tracked down The Market

By Dr. Gal Noir*

http://neweconomicperspectives.blogspot.com/2011/10/how-i-tracked-down-market.html#more

Partial text below

I have been working as an undercover investigator of hijacked economic  
truths for many years. It doesn’t pay much, I work long hours, but I sleep  
well at night. It is the nagging questions that help me get up in the  
morning and do what I do. What is the economy for? Where has the middle  
class gone? Why have manufacturing jobs fled the US? Why is CEO-to-worker  
pay ratio 471:1 in the US, while it is only 20:1 in Canada?  Why haven’t  
we wiped out unemployment once and for all? No, really. Permanently! Why  
do we have child hunger, mass poverty, and stunning income inequality in  
the richest country in the world? And everywhere I turn, I keep getting  
the same answers: “Because The Market said so! Because this is how The  
Market works. Because these are the laws of The Market.”

After years of hearing about The Market, I had one simple question:

Who. Is. The Market?

Has anyone seen him? Has anyone talked to him? Gotten answers? Maybe asked  
him to change his ways? I cannot think of a single journalist, economists,  
or policy maker who has interviewed The Market. And then I knew…this was  
only a job only for Dr. Gal Noir. I wanted to hear more about The Market’s  
rationale for what seemed to be very disturbing developments.  I wouldn’t  
normally investigate questions that are only of interest to me, but it  
turns out that The 99% have been asking the same questions too. Of course,  
we all know who The 99% are. Here are their stories and their faces. But  
no one seems to know exactly who The Market is!

I kept hearing that if governments tried to regulate consumer products  
like home mortgages, credit cards, grocery food, children’s toys, etc…  
they will invariably injure The Market by interfering with his operations.

So I wondered.  What does The Market do?

Is his work more sacred than mine or yours? Is his health more important  
than ours? Is his business so vital that he should never be disturbed?

Perhaps I could find answers to these questions if I understood what The  
Market was for. What he was trying to do. What purpose did he serve? How  
did he work to achieve his goals?

I figured that if I found him, I could interrupt him for just a little bit  
to ask him some questions. I meant no harm and I surely didn’t wish to  
injure him. A short little interview never hurt anybody, right?

(continued at   
http://neweconomicperspectives.blogspot.com/2011/10/how-i-tracked-down-market.html#more