[P2P-F] Regarding MMT being a cult

Tue Sep 27 03:04:45 CEST 2011

I don't know about "cult" but everything I've read by MMT advocates assumes
either that governments serve the public interest or that, if they don't
they *should* serve the public interest. Yeah? Well, I agree they "should"
but what is going to make them? That's what I find distressing. A political
disconnect. Marx at least posited a revolutionary subject, the proletariat.
The big question for me is not would MMT work but who is going to implement
it?

I continue to operate on the premise that the State is inherently hostile or
at best is passive and will only reluctantly pursue a progressive program,
however it may be couched technically, if compelled to by a mobilized civil
society.

On Mon, Sep 26, 2011 at 2:05 PM, <ideasinc at ee.net> wrote:

>  From Stephanie Kelton at the UMKC economics department
>
>
> Date: Mon, 26 Sep 2011 16:15:13 -0400
>
> Have these folks look at our Twitter following.  Journalists, progressive
> groups, reporters (Reuters and such, not crackpots), MPs (two of them,
> actually, one a Labor MP from Wales and one from Netherlands (socialist
> party).  Randy and I are now recognized as "contributors" at Truthdig.
> Anything we write for them (as our New New Deal piece of 2 weeks ago) will
> be picked up by scores of other progressive sites (Counterpunch ran our
> latest after it appeared in Truthdig), as well as less progressive places
> like Global Economic Intersection (which also ran it).  Roughly half of
> MMT blogs are run by traders -- not economists (Pragmatic Capitalism,
> Center of the Universe, Naked Capitalism, CreditWritedowns (and Ed Harris
> was an Austrian before he discovered, and then wrestled with, MMT).  We
> are becoming the mainstream in economics, and history will not be kind to
> the holdouts.  We have been right about every major economic event (both
> forecasting it and then explaining why the policy response would fail to
> bring about the desired results).  Krugman didn't say that QE wouldn't
> work.  We did.  Dean Baker is moving toward OUR position.  His latest
> piece on SocSec is a clear indication.  In it, he says that there is no
> reason that SocSec can't be funded out of general revenue FOREVER.  That
> IS MMT.  Affordability is not the issue.  Why do you think he said that?
> We know Dean.  We like him as a person.  But he is NOT a macro economist,
> and he does not understand the monetary system/government finance.  Same
> goes for Krugman.  Not a macro person.  Ellen Brown has gotten much
> better.  Why?  Because behind the scenes, she is sending e-mails like
> crazy, seeking input from Randy, Marshall and other MMTers!!!  It's nuts.
> They love these guys, and they are getting their material from us.
>
> snip
>
> Stephanie
>
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-- 
Sandwichman
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