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One of the amazing things about this moment is witnessing several self-avowed leftists such as Doug Henwood explicitly defend and lean further into the reactionary logics of sound finance against Modern Monetary Theory. 1/9

As @NMarxism has been pointing out, this gesture is taken to a new self-flagellating extreme in the above piece by @meadwaj, former economic advisor to @UKLabour's Shadow Chancellor @johnmcdonnellMP. 2/9
In opposition to "plenty of 'Keynesians' out there" (read "MMT"), Meadway claims that Labour must frame their message to voters in zero-sum and tightly-costed terms in order to win future elections. 3/9
Meadway's ideology of maximal scarcity is not only technically wrong, but also politically dangerous. 4/9
While expressly directed at procuring tax revenue from capitalists, the scarcity mindset in truth tethers ongoing social spending to the perpetuation of extractive private profits and ... 5/9
... fosters resentful and divisive nationalisms, as everyone fights to get theirs in the face of a government that simply cannot afford to serve all. Far from a winning strategy, these zero-sum politics are a recipe for perpetual neoliberalism, if not outright fascism. 6/9
Meadway warns against conflating his leftist version of scarcity politics with what he calls "the obvious and awful right-wing version of the zero-sum game." However, there is no "good" leftist version of an inherently right-wing framework. 7/9
Fiscal conservatism is political conservatism, full stop. 8/9
For a genuinely leftist and historically nuanced perspective on monetary politics upon which @UKLabour should draw, see @moneyontheleft's conversation with sociologist Jakob Feinig. 9/9 mronline.org/2019/09/13/mon…
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