MMT has money creation right. Full stop. They just don’t follow through with their own insight that accounting is the tool to create money…and then apply that with a 50% Discount/Rebate policy at retail sale which would transform chronic erosive inflation into beneficial deflation and double the purchasing powr of EVERYONE.

As for worrying about having the resources thats just caving to the “everything is unresolvably complex and worrisome” delusion of “free” market theoretics. You want change that benefits everyone? Double everyone’s purchasing power and see if the market, restrained by a few ethical regulations that stabily secure the huge benefits of that single policy, will provide the resources. And you could also implement a policy of a sliding scale percentage of gifted money required to be invested into eco-energy and infrastructure bonds…just to help that process along.

Or we can wring our hands and do nothing for a few more decades until there’s billions on the left and billions on the right dying from converging crises…that could be resolved by integrating Monetary Gifting into the Debt ONLY system. The Martians must be laughing their asses off.

A: The national government subsidising half the purchase price of all goods and services sold in the economy is similar in operation to a UBI and would be equally pointless. Both a goods and services subsidy and a UBI would increase consumption, employment would fall to zero (so far so good) but after that wage inflation would occur. Ever higher goods and services subsidies or UBI payments will further drive up inflation without much increase in productive capacity. The MMT economists instead recommend that the national government spend more than it taxes until the full employment condition is reached and this is optimally accomplished through a nationally funded and locally administered Job Guarantee program. Through well targeted government spending and regulations that prioritised human wellbeing such as healthcare, education and infrastructure, and beneficial market forces the productive capacity, productivity, competitiveness and societal relevance of the national economy can improve over time.

Me: You’re not looking at the deflationary effect of a 50% discount at retail sale. We’ve never had a 50% rate of inflation y/o/y let alone a moment to moment one which is the effect of the 50% discount/rebate policy. Actually I advocate for a 52% discount/rebate which would allow a 2% per annum increase in profit margin before any revenue an enterprise garners from an additional rise in prices would be taxed at a rate of 100%. The discount would also be indexed to any further computed inflation. If you can’t appreciate a single policy that doubles the potential demand for every one of your goods and services YOU are the problem NOT the new monetary paradigm’s incredible benefits. Free market theoretics are a fetish and a misnomer for what they actually are which is chaos created by the present paradigm that allows Finance to dominate every other legitimate enterprise and create serial crises from which only Finance emerges basically unscathed and still wielding their monopoly monetary paradigm.