Guns and Butter, for April 18, 2012 - 1:00pm
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"Modern Money Theory Explained" with Stephanie Kelton. Myths about taxation and government revenues in a sovereign currency situation; debts and deficits; full social security and price stability; the use of sectoral balances to analyze the financial position of the different sectors of the macro economy; the three sectors of the macro economy; the two rules governing the three sectors; the financial balance model.
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For a transcript of this broadcast, please visit Indybay.org: http://www.indybay.org/newsitems/2012/04/20/18711690.php
Thank you for the very interesting MMT series. As a futures industry professional I can vouch for many of the aspects of MMT. Its very interesting, to say the least. Id like to hear a debate between defecit hawks, keynesians and MMT's.
Yes! We need more debate! MMT is the most fascinating perspectives on economics, especially as Dr. Stephanie Kelton lays it out. She basically confirmed all of my questions I had in Econ 101, which my professor scoffed at, but didn't answer substantively.
On a certain level, it's common sense. It really exposes the chasm between science and a will toward greater equality and socioeconomic justice (on one hand) and political tyranny and Sophistical deception (on the other). The G8/G20 nations have been captured by decadent factions and their citizenries have been misled into voting in their own oppressors, so naturally the economists they choose to validate call for giveaways to bankers/corporations and endless cutbacks to the social safety net, the foundation for the consent of the governed in the first place. The whole reason people come together under a state, per the consent of the governed, is for the collective wellbeing, not to be impoverished wage slaves and underemployed/unemployed subjects of increasingly fascistic tyrannies.
Zeitgeist: Addendum's 'Resource-Based Economy' is similarly quite a common-sense approach, kind of like Star Trek, where money has been abolished and society is meritocratic. But because people are so well educated, they have harmony and social cohesion. And people compete academically to be the ones to volunteer to fulfill the few jobs, which humans must fulfill, which technology and automation cannot.
Of course, that's a Resource-based economy is a ways away before humanity matures to that level, I'm afraid. But for the time being, we could definitely stand some debate between MMT (post-Keynesians), Keynesians, deficit hawks, and the misguided Ron Paul followers' Austrian School.