JD: Bill Mitchell said in a recent lecture the the paradigm shift is under way.
Me: Bill Mitchell is using the word paradigm shift to attempt to bolster MMT’s claim that it is such a phenomenon. Unfortunately it is just one of several reforms that are aligned with the actual monetary, financial and economic mega-paradigm change whose simple yet transformative operation is entirely expressed in the 50% Discount/Rebate monetary policy at the point of retail sale.
Visualize a large circle with smaller circles within it entitled MMT, Public Banking, Keen’s Minsky financial instability hypothesis and disequilibrium theory and Michael Hudson’s financial parasitism. Then place blogs like this one in a circle outside of the large circle representing abstract thinking about those reform circles inside the big circle. Draw several circles entitled Anthropology, History, Sociology, Psychology outside of the large circle. Then put the words Wisdom/Grace/Graciousness in parentheses precisely in the center of the large circle and draw arrows from all smaller circles pointing toward (Wisdom/Grace) which of course is the discipline and the concept behind the new mega-paradigm. Title the illustrationMonetary Gifting: The New Mega Paradigm in Economics, Finance and The Money System and draw an arrow down into the large circle toward the actual concept and expression of the new paradigm itself: Abundantly Direct and Reciprocal Monetary Gifting At Retail Sale. Finally, draw an arrow toward the words (Wisdom/Grace/Graciousness) in the very middle of the large circle to emphasize that all theories and data need to be integrated toward and with the discipline that is Wisdom and its highest concept and experience Grace/Graciousness.
Aligned reforms are good, but “It’s the monetary, financial and economic mega-paradigm, stupid.”