But since MMT seems to be the preferred description of the current monetary position of progressives, I am trying to get myself up to speed. First up is a positive explanation of MMT by L. Randall Wray of U Missouri Kansas City followed by a really thoughtful discussion of progressive monetary ideas by Bill Mitchell. All I can say is that if this is what they are calling MMT, it is certainly something that would have made old Peter Cooper happy.
Is It Time for MMT To Become Mainstream to Save Us from the Second Global Financial Crisis of the Millennium?L. Randall Wray · January 10th, 2015
Some of you will remember that MMT got its first huge mainstream exposure through a Washington Post article written by Dylan Matthews.
He’s just written another excellent story, this time about Stephanie Kelton going to Washington.
Finally, there might be an alternative to the deficit hawk and timid deficit dove lovefest!
As Dylan says: “For years, the main disagreement between Democratic and Republican budget negotiators was about how to balance the budget — what to cut, what to tax, how fast to implement it — but not whether to balance it. Even most liberal economists agree that, in the medium-run, it’s better to have less government debt rather than more. Kelton denies that premise. She thinks that, in many cases, government surpluses are actively destructive and balancing the budget is very dangerous. For example, Kelton thinks the Clinton surpluses are nothing to brag about and they actually inflicted economic damage lasting over a decade.”
Yep, there’s no daylight between a Bush or a Clinton.
Isn’t it pretty funny that if the mainstream Dems get their way, we will get a Bush or a Clinton this time around (again!). Yep, it will be a legacy hire either way, and it makes no difference which one wins–both will do their damnest to limit budget deficits even as the economy falls into the second Global Financial Crisis of this millennium.
There’s now a choice, folks. Just Say No!