Posted To RWER Blog 04/10/2018
MMT, as Steve Keen correctly states, talks about government debt which is a smallish percentage of private corporate and personal debt. The paradigm of Debt Only of course is about all debt and its inevitable negative effects (the continual build up of debt costs and so prices to the point of deflationary collapse) as is its replacement Monetary Gifting which resolves that problem with a new economic philosophy, the comprehension of insightful stable datums within the chaos-complexity of modern economies that virtually all current economists are missing for a variety of reasons and enables the crafting of new policies whose temporal universe effects are the inversion and beneficial transformation of the problematic ratio of the greater flow of total debt costs/prices to rate of flow of total individual incomes simultaneously created.
MMT has the mechanics of money creation correct, but it is mostly just an ideology looking for justification….the same as Keynesianism was and its various derivatives still are.
It’s about the paradigm-pattern…not the details fallacious or true.