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Greek Stav

6 Sep, 6 tweets, 2 min read

https://twitter.com/meadwaj/status/1434496224636411907

"If ever there was demonstration as to *the political futility of MMT*"
The "political futility" of a neochartalist theory of modern money and monetary economies, folks! #smh

https://twitter.com/meadwaj/status/1434496224636411907

It's almost unimaginable that a person allegedly desirous of political actions resulting in improvements in the material and symbolic well-being of "the many" AND their autonomy (capacity for self-government) would ...

... critique as "politically futile" a theory/approach which establishes/clarified/focuses on the fact that nominally democratic 'national' governments which spend in the fiat, unpegged, currency they exclusively issue (and in which they impose non-reciprocal obligations) ...

... are actually NOT exogenously constrained in their own currency, that their spending is NOT limited by how much "revenue" in that currency they collect, or how much (and at what 'price' and terms) of that currency they collect from issuing& selling interest-bearing securities.

How the heck is THAT "politically futile"? How is even highlighting (let alone demonstrating/proving) that what is generally taken to be "hard constraints" are not, in fact, so "politically futile"?

By that "logic", a theory which demonstrated that there are no actual "graced/chosen by God" human beings or categories of them such that THEY exclusively are entitled to RULE would be "politically futile"? What the heck????

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Greek Stav

@GrkStav

8 Sep

No matter how "well-paid" one is as a waged/salaried worker, no matter how safe & pleasant the working conditions and work-place may be, no matter how much autonomy and discretion as to the pace, direction, etc. of one's waged/salaried work one is allowed by one's employer ...

... no matter how "important" and "strategic" one waged/salaried work contributions and output are treated and experienced as being, waged/salaried work and workers are DEPENDENT on the will of employers (who may be/are themselves in part subject to the will of still others).

No waged/salaried employee is ENTITLED to, has an enforceable right to, anything other than the agreed-upon compensation package for surrendering the right to use their working capacities to their employers.

Read 7 tweets

Greek Stav

@GrkStav

7 Sep

"If we are able to study subjectivity and identity as media and outcome of these forces, we might, however, better trace the lines of constitutive instability that shadow and subtend the reduction and abstraction of social relations into the economics of wage-effort bargaining."

If your reaction to the above is "wha?", you're not alone, and it's "not you". Gobbledygook of the highest order, right there!

"When the ownership of ideas, knowledge and image rights cannot be unambiguously claimed there is not only an incentive to establish and assert identity,
but also a constitutive impossibility or existential indeterminacy that usurps this desire." #gobbledygook

Read 5 tweets

Greek Stav

@GrkStav

7 Sep

"[Τ]he financial relationships reflected on balance
sheets and the real activities of production and consumption compose two separate systems, governed by two distinct sets of relationships."

"Explanations that reduce debt to the financial counterpart to some real phenomena ignore the specifically financial factors governing the evolution of debt. "

"The evolution of demand and production has to be explained in *its* own terms, and the evolution of debt and other financial commitments has to be explained in *its* terms. No simple story combining the two is likely
to be useful or reliably consistent with the facts."

Read 5 tweets

Greek Stav

@GrkStav

6 Sep

(1) The U.S. Govt issues, on its own authority, U.S. Dollars (in every possible form, paper, coin, electronic).

(2) It does not promise that it will exchange said U.S. Dollars for anything else, including foreign currencies, precious metals, agricultural commodities, oil, coal, anything at a fixed price.

(3) Its only promise is that 1 US Dollar will extinguish or fulfill, finally, 1 U.S. Dollar's worth of public OR private debt or obligation.

Read 6 tweets

Greek Stav

@GrkStav

6 Sep

MMT correctly warns against treating fiat, unpegged, currency-issuing governments as if they are individuals, households, businesses, local governments and other currency USERS. Fair enough. (1)

Still, a proper 'analogy' of the position such governments find themselves in at the individual level is, I claim, desirable and useful. (2)

@wbmosler

Warren Mosler (@wbmosler ) is not daft for encouraging adults to use their experience as parents of minor children and (co-) heads of family households to understand the position such governments are in. (3)

Read 15 tweets

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