MMT: Money Doesn’t Matter

I have, for a long time, been looking for a short, to the point, and intelligible explanation of a term that has been floating around a lot in progressive circles: “MMT,” which stands for Modern Monetary Theory, a name created by someone who commented on this academic interpretation of the government’s role in the economy. I think I have finally found it. (see the video interview below)

Perhaps MMT can be summed up with this statement: Deficit spending by the government is normal, common, modern practice, and not a problem. Austerity politics is deceitful idiocy. The size of the national deficit and debt doesn’t matter. What matters is what the government spends on. It can be a wasteful gift to the rich or a valuable investment (into infrastructure, employment, healthcare, education, and so on) that spurs on the economy and brings about all sorts of paid-for benefits (like better infrastructure, employment, healthcare, education, and so on). Unlike productivity and natural resources which do impose limits, money is not a limited resource for any government issuing its own currency, but a mere accounting and exchange tool to keep track of things. The things we spend it on is what matters as that reflects what we use our natural resources and productivity for and how evenly or unevenly we distribute our national prosperity.

Here is the succinct video of a prominent MMT economist explaining it in understandable terms:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Have You Heard of Modern Monetary Theory?”)

I’d like to note: Basically, the proof is right there under our noses.  Continue reading “MMT: Money Doesn’t Matter”

Video Weekend 9-23-2017 (8 Videos)

Once again, a collection of fine videos to brighten your weekend with enlightenment and fuel for our political revolution:

I.
Jimmy Dore and Lee Camp together. A fine duo. Unfortunately, I felt they had both made the same statements before, and better, when they did them alone and better prepared. Still, I like what comes up 14:20 minutes into this clip (asking why you would donate to the “Democratic Party” when its primaries are rigged by its own admission!). The talk then moves to the topic of our rigged debates keeping out third parties… handcuffing presidential candidates to keep them away from the rigged debates… and record climate events in the past two months. Later Lee Camp, talking about Bannon, reveals how our corporate media lift up right-wingers by allowing only THEM to criticize corruption even though they are part of it):

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Jimmy Dore On The Corporate State And The Power Of The Petrodollar “)

 

II.
Political wrangling surrounding Bernie’s Medicare for All bill:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Some Democrats Are Pretending Bernie’s ‘Medicare for All’ Bill Doesn’t Exist “)

 

III.
The usual lies about healthcare costs and single-payer:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Aetna CEO is Scared To Death of Single-Payer”)

Debunking one of the biggest lies: No, single-payer coverage such as Medicare for All is not single-provider healthcare, meaning a government-run healthcare, but merely a government-secured payment system. So, you can pick and choose your doctors as before, except this time their will be no question whether or not you can pay. It is simply our government doing its sworn duty to look out for its citizens.

 

IV.
Cha-Ching:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Obama Enriches Self With Back Room Oil Deal”)

 

V.
We have a responsibility not only for ourselves to fix our country:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Propaganda Buries Facts & Manipulates Emotions – Abby Martin with Chris Hedges”)

Various revelations about our country’s dark history. Also: an interesting and creepy revelation from former war correspondent Chris Hedges. He explains how the despotic regime in a foreign country went through the same motions as our southern states with their glorification of the Confederation: basically, when people are getting desperate over their worsening lives, give them a myth to feel good about, the better to control them. In our case, that myth would be the ‘noble heroism’ of our civil war’s slavery defenders, building up a white-against-black and south-against-north mentality that keeps us from uniting against the blood-sucking establishment controlling and exploiting us from above. The more divided we are, the better controlled from the top we are.

 

VI.
An older but very nice conversation:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Cornel West and Richard Wolff talk about Capitalism and White Supremacy”)

How much better off are freed slaves when they become enslaved by a wage slavery system? When one king of a company can hire and fire you, abuse you, rip you off and make you lick his boots – and every alternative job is just as bad – it is anathema to democracy!

 

VII.
Nice historic review of the last century of our economy and politics – the New Deal and its repeal:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Full Show 11/11/15: How Reaganomics Killed America’s Middle Class”)

Conclusion: we can’t keep a golden age after getting it, if we don’t topple the plutocrats who will roll back everything to resume their godlike status among a sea of serfs. The pendulum will always swing back to the dark side if we do nothing to lock it in place.

 

VIII.
And not to forget: the environment we depend on. One thing apparently forgotten in this conversation was the great danger that lies in our getting the permafrost soil to melt, releasing huge amounts of methane, which is a far worse greenhouse gas than CO2. Basically, we are terraforming ourselves off this planet:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “After Maria “Obliterates” Puerto Rico, Trump Pushes Dangerous Climate Policy”)


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