Posted To Stephanie Keltons Substack Nesletter and Steve Keen’s Podcast 02/20/2023

Kelton’s Substack

Me: This is good exegesis of the creation and flows of money, but it’s still a “missing of the mark” because its full of ifs, buts and maybes. It shows that theory within the current monetary paradigm still thinks you can only be pulled five ways from the middle and so accomplish little…or nothing. It’s monetary “epicycles”.

I’m sorry, I absolutely affirm that MMT and all of the other progressive theorists and reforms go in the right direction. To paraphrase Alan Ginsberg in his epic poem Howl!

I saw the best economic minds of my generation destroyed by the madness of Debt ONLY, starving hysterical naked,

dragging themselves through its theoretical negro streets at dawn looking for an angry reformist fix,

angelheaded hipsters burning for the ancient heavenly connection to the starry dynamo AKA a paradigm change in the machinery of neo-classical night,

who poverty and tatters and hollow-eyed and high sat up smoking in the supernatural darkness of cold-water flats floating across the tops of cities contemplating the jazz of the new concept, that applied, would enlighten and actually resolve,

who bared their brains to Heaven under the El and saw Mohammedan angels staggering on tenement roofs illuminated, but forgot that the new paradigm requires the recognition that conceptual opposition is the only route out of the current reality,

who passed through universities with radiant cool eyes hallucinating Arkansas and Blake-light tragedy among the scholars of the current paradigm,


Stephanie, Steve, Warren, Michael and Ellen, I’m with you in Debt ONLY

where 6000 years of acculturated slavery forces us onto “all fours” and prohibits us from “standing in the light of the required new reality,

I’m with you in Debt Only,

where we wake up electrified out of the coma by our cogniting on the fact that the effect of every historical paradigm change has always been the expression of an aspect of the natural philosophical concept of grace…like Gifting.

Keen’s Podcast

Me: Nice to see you using the word paradigm so often recently. Ptomaic cosmology never actually changed until helio-centrism was conceived, Gallileo observed it in the temporal universe and Kepler discovered elliptical orbits.

As fiscal deficits, debt jubilee and UBI are all monetary gifting, then:
1) the discovery that direct and reciprocal monetary gifting utilizing accounting at retail sale is the single marco-economic/aggregative policy point in the entire economic process because everyone participates in/experiences its economic effects and
2) a high percentage discount/rebate policy, say 50%, at that point mathematically implements beneficial price and asset deflation.

So why not advocate for that?

Be happy to discuss and attempt to rebutt objections to any of this.


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