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So now the truth is really out. More than a few Wall Street practitioners like myself have helped many institutional investors - like Allianz Global Investors, who I have advised for over two decades - make successful investment decisions with many of the analytical tools of MMT.
That means The Big Lie that Headline Keynesians like @paulkrugman & @LHSummers and @delong and Ken Rogoff have been feeding u of late the MMT= Nonsense is simply sheer nonsense itself. We r practitioners. We get fired if we give bad advice. The oroof of concept is in our careers.
Like Paul McCulley and the others mentioned in this NYT article, I do not subscribe to every word printed or said by MMT developers and advocates. We are paid to think independently. I also create analytical tools and parallel money forms that MMT folks use in their work.
It is a shame & a disgrace the way the Headline Keynesians have engaged w/MMT. HK ideas are hardly even related to the work of John Maynard Keynes. They r more like Irving Fisher devotees, before he lost his shirt in the Great Depression and did a debt deflation rethink about GE.
The next step is for the MMT folks to resurface the Full Employment fiscal policy work that was written by 1st gen Keynesians in the 1940s and 1950s, before the Powell Memo initiative launched the Monetarist & Ratex Counter Revolution that cowed Marty Feldstein & his proteges.
As MMT is applied to the challenges of addressing the largest national security threat the US has ever faced, global climate disruption - and just ask any farmer underwater in the Heartland if u don't get it yet - much of the analysis of war time fiscal policy becomes key.
Essays like War-Time Inflation, The Economics of Full Employment, Obstacles to Full Employment in Volume 1 of Joan Robinson's Collected Economic Papers are good places to starts. And you Bastard Keynesians still owe her a Nobel Prize - she beat u at ur own game. and u know it.
The point of reading this 1st gen Keynes material is to extract policy design lessons to apply to the many challenges that markets alone have failed to address. Do not waste any more time debating the New Keynesians. There models are largely irrelevant to the world we live in.
Do not distract yourself responding to the endless barrage of disinformation articles getting printed about MMT (WTF WSJ?). Train your efforts on designing apt policy responses using the analytical tools and frameworks of MMT. Spend your time persuading sympathetic policy makers.
For example, y'all need to insist on automatic inflation stabilizers in any spending program using the MMT brand. Or else you won't be able to deflect the Weimar v2.0 attacks, which the New K's already have launched upon you, and Republicans will mostly take up in 2020.
Keep refining your memes and your YouTube vids that boil down the essence of MMT and its application to policy proposals that you also refine into credible bills that Congresspeople can propose. Win hearts and minds of informed citizens. Forget about the Headline K's: they failed
