AK: Oh, Stephanie, there are days I just want to scream and this is one of them. I’ve been avoiding your newsletter throughout all the inflation talk, because I knew that every day would be a day I would want to not only scream, but perhaps try to kill anyone who uttered one more ridiculously false myth about inflation or economics in general.
When the Bidens went to Saint Croix for their holiday, I could not believe the missed opportunity. Saint Croix is, of course, where Warren Mosler lives, and I had this glorious fantasy of the Bidens enjoying a long, leisurely lunch at the Mosler’s. In my dream, I could see Biden’s eyes light up in that moment of comprehension – not unlike Luigi Spaventa’s did when he was the Assistant Treasury Secretary or Treasury Secretary in Italy and Warren, with a couple of questions, enabled him to see that the Italian Treasury was acting procyclical for absolutely nothing. I love that story.
But, as to the urge to scream or maim this morning … What can be done?
First, I thought of an open letter by the country’s thinking economists, but you’ve done that in support of child care relief. I haven’t followed up to see what, if any, effect that letter had or is having, but I’m certain it didn’t sway the hearts or minds of the millions of Americans who have such strong opinions about economics.
The way that misunderstood economic terms trigger reactions in the minds of the public has to be addressed. I mean nearly everyone in the entire country believes the false narratives of economics. Hell, most economists believe them. Changing people’s minds about these corruptive myths is an overwhelming endeavor. How do we do it?
When I think about this (and I think about it a lot), the only solution that keeps coming back, over and over again, is ADVERTISING. Yep, the good old American way. Too simplistic? I don’t think so; the brilliance of MMT is its simplicity, exactly as is the brilliance of Warren Mosler’s mind. Very few people have the ability to look at a thing as something that didn’t exist before and to apply pure logic to it. Warren has that kind of mind. As does advertising.
ADVERTISING is designed to cut through all preconceptions and apply a logical conclusion. The logical conclusion doesn’t even have to be the truth, as far as advertising is concerned, because in itself, advertising has no bias; it has only the parameters we assign to it, be they true or false. But when it’s good, advertising is simple and logical. It’s not easy to make it good, and acquiring converts to a macroeconomics seen through an MMT lense, will make it more difficult than usual because, well … economics.
Deeply entrenched misconceptions for the entirety of our lives. But what could be more challenging, more important, and more fun than creating that campaign? What’s the target group? Everyone? Do you create different campaigns for different target groups – age, economic status, culture, politics, etc?
Hey, the fascists have been doing it for as long as they’ve been around. Keep it simple. Capture minds. Kill everyone!
Me: “When I think about this (and I think about it a lot), the only solution that keeps coming back, over and over again, is ADVERTISING.”
You are absolutely right!
“What’s the target group? Everyone?”
Yes! And what is the single point in the entire economic process that is universally participated in, making any policy implemented at that very point both macro-economically/aggregatively effective and relavant? Retail sale. That is why a 50% Discount/Rebate policy at retail sale is so paradigm changing all by itself. It immediately doubles everyone’s purchasing power, potentially doubles the available demand for every enterprise’s goods and services and as a kicker…ends the biggest present time economic problem everyone is beefed about, namely inflation…by (amazingly) implementing BENEFICIAL price and asset deflation!
And all we need to do is advertise these empirical, temporal universe, universally effecting, macro-economic facts and benefits. All we need is a platform for that paradigm change. It even implements what MMT and every other leading economic reform movement want, handle inflation while increasing fiscal deficits and increase individual demand without causing inflation. Throw in a $1000/mo. universal dividend for everyone 18 and older for life and it even satisfies conservative/libertarian agendas because if every adult is guaranteed $2000/mo. of purchasing power…what are we bothering to pay payroll taxes for welfare, unemployment insurance and social security???
Hit people directly and beneficially right in the pocket book and it’s imminently real to them. Talk about the national debt as if it really doesn’t matter (and as we all know here it doesn’t) and you have to confront 6000 years of the acculturation of the civilization-long paradigm of Debt Only as the sole form and vehicle for the creation and distribution of new money.
Stephanie, are you reading what Alexis and I have posted here?