Me:  Nice critque Mish. Only problem is nobody on the right has any real answers either. There’s actually nothing but reactionary orthodoxy on both sides presently. Only Wisdom integrates truths, every other mindset can only react and defend some particle of truth and untruth. To have economic wisdom you’d have to have a Wisdomics, and for actual economic freedom in a system that is INHERENTLY unbalanced and cost inflationary you’d have to have an economic philosophy and policies that conscientiously adhered to a concept that is entirely about freedom as in the FREE GIFT….like the concept of Grace, a Gracenomics if you will.

And for all of you reactionary modernists or orthodox transcendental religionists out there, no, I’m not talking about religion here, but rather economic philosophy and spirituality. There’s a difference there you know.

wisdomicsblog.com

Stuki Moi:  The only way to keep the Progressive Delusion afloat, is via pervasive indoctrination. Which is why Progressivism only became a force with the advent of technology that enabled one-to-many, centrally disseminated media. This enabled propaganda to reach far and wide unchecked, unquestioned and unopposed.

Me:  You’re quite right. But only an economics based on freedom and the actual solution to an inherently cost inflationary system, namely the free gift, is up to the task of saving profit making systems. This leaves out any economic theory that adheres to general equilibrium. That is false orthodoxy just as much as re-distributive taxation and heavy handed intrusion into pricing policy are non-solutions on the left-progressive side.

Peterblogdanovitch:  When Paul Krugman dissed Steve Keen by terminating further debate by saying: Thats like no economics I understand. I knew we were screwed. Krugman meant it. He couldn’t understand what Keen was saying or the new fangled differential equations Keen was using so debate was over.
I don’t mind when politicians don’t play fair. Public policy debate is always nutty and politicians always use every trick in the book to push their cause forward. But it’s Paul Krugman’s friggin job to engage in honest debate with Steve Keen. Our system has worked for centuries because our politicians reliably took a break from mouthing off for the cameras and held hearings to listen to experts for serious rational advice. Experts who had actually proven their competence by performing in the real world took center stage. In the Great Depression Mariner Eccles played that role. Read about Eccles life. He was quite a guy. And Eccles listened to many expert voices, reached his own conclusions, and told the politicians to clean house in banking and finance. Today we get Janet Yellen, Paul Krugman, Larry Summers and no debate, no hearings, nothing. So yes, we are well and truly screwed.

Me:  Also quite correct. What you are describing is the process of integration which is the process of Wisdom itself. The only problem was it was not a sufficient integration and hence left open the possibility of the system morphing into neo-liberal economics which is a Finance dominated tool of global proportions. To finish the job of integration-Wisdom we require a Wisdomics/Gracenomics. Only its concept of Grace as in the free economic gift is sufficient to balance Finance Capitalism’s paradigm of Loan and Debt ONLY. You only overcome one idea with another idea, one paradigm with another even broader and more relevant paradigm.

Keen, who is undoubtedly the most astute economist on the planet, still has not fully cognited on this idea and policies fully aligned with it yet.

Jon Sellers:  “For globalism, or international liberal democracy, a strong belief in free markets, free trade, and openness towards the sorts of human migrations that such systems inevitably produce.”

How did “liberal democracy” become just another word for being pro-big business?

Me:  It became that way because the paradigms of Debt and Loan ONLY were never questioned and balanced by a concept that was economically valid and powerful enough to actually do that job. And that is why the business model of Finance is so overweeningly powerful….and arrogantly entrenched.