Me: Reforms, which is what MMT and with the the thrust of which I agree, will guarantee that economics will progress “one funeral at a time”. Perceiving and understanding the new tool and/or discovery that enlightens a new paradigm by definition changes the character and realities of the ENTIRE pattern of the system/area of human endeavor that the paradigm applies to.
If we here are truly serious about change we will focus on analysis from the mentally integrative and ultimately inclusive level of the paradigm. Time in fact is of the essence.
JD: I’m not quite sure what your final paragraph suggests. Actually since AOC linked MMT with the Green New Deal in Congress It has suddenly been seen as an opponent These all came out of the woodwork and therefore must be denigrated. It isn’t going to work but will delay progress.
Me: Economists are stuck in the old paradigm, politicians are there to invalidate and further obfuscate the new one. NEITHER capitalism NOR socialism are the answer…Direct monetary distributism within the new paradigm of Gifting is. And a new monetary authority must be created to distribute the monies required based on the policy strategically implemented at the point of retail sale in order to drive a stake through the heart of private for profit money creation.
Do MMTers think for a minute that the FED won’t raise the FED Funds rate to 18-20% like Volker did under Reagan out of fear of inflation? Do they not think that the banks will try to game and de-stabilize the abundance aligned fiscal deficits they hold up as a solution when it is only a palliative reform?
They will not be able to do this if we have a national non-profit making banking, financial and monetary system with the new paradigm’s policies. Get real, we have to cut off the head and the nuts of the present paradigm’s primary structural impediment to the new paradigm. MMT doesn’t do that. It punts. It is reform.
We don’t need caution. We don’t need reform. We don’t need reactionary responses to false assumptions. We don’t need endless unfruitful debates between capitalists and socialists, and we particularly do not need the disintegrative bashing together of ideas in the vain hope that a more ethical elite will arise out of the ashes of collapse like the erudite dunce Steve Bannon believes and the very stable idiot Donald Trump advocates.
We need paradigm change with the very expression of the new one with the 50% Discount/Rebate policy at the point of retail sale. And we need it yesterday.