New Thread On Stephanie Kelton’s Substack Newsletter With Challenge To Her

KC: “If deficits don’t matter, why do we need to tax anyone’s income at all?”

Me: Because MMTers are still stuck in the old paradigm that says we have to worry about inflation. MMTers are right about money mechanics and you are wrong, make no mistake about that, but neither you nor them are looking at what a policy of a 50% Discount/Rebate policy at retail sale would do. It would end inflation forever. That would free us to run the kind of fiscal deficits to renew our infrastructure and confront climate change. It would also claw back the purchasing power everyone has lost over the last 50+ years due to inflation and shipping jobs overseas.

I’ve rebutted every misconception and every critique, here and elsewhere, that is simply the assertion of an orthodoxy that the new monetary paradigm destroys. Neither Stephanie not Steve Keen will answer my posts. I suspect that’s because they don’t actually have answers to my new paradigm’s policy program…except in their own minds which again still have orthodoxies that the new paradigm destroys. I’m happy to be questioned by them. Bring it on. Lets see whether I’m a crack pot or the monetary version of Copernicus, Gallileo and Kepler all wrapped up in one.

The clock is ticking on our socio-economic and political instability and on climate change. It’s time to “go long, go deep.” And remember, to hold onto a good reform like MMT when a paradigm change is possible is an unethical act.

KC: Where in the Founding documents will we find the language saying governments job is to protect the weak from the ruthless? If MMT works, we never need to tax again. Just print money.

Me: Its simply a matter of elementary ethics that government should protect the weak from the powerful. Conservatives and libertarians often forget that ELEMENTARY consideration. That’s also how they can always manage to side with the powerful in the maintenace of their power.

The truth is both liberals and conservatives are mostly stuck in the obsessive dualism of thesis vs antithesis instead of seeking a genuine synthesis. And of course Finance loves the fact that both sides love yelling at each other instead of LOOKING for the synthesis of a paradigm change.

A genuine synthesis benefits EVERYONE and SOLVES problems. You have to decide whether you like solving problems more than arguing about them.


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