There have been quite a few hit pieces written on MMT aka Modern Monetary Theory in recent months. I assume much of this has to do with the meteoric rise of freshman Congresswoman Alexandria Ocasio Cortez and her connection to MMT economists such as Stephanie Kelton and Pavlina Tcherneva. There are people amongst us that have either a philosophical or opportunistic need to stop the momentum that MMT has picked up in recent years. I recently read a truly egregious article by John Tamny published the 27th of January in Forbes titled, The Flamboyant Absurdity of 'Modern Monetary Theory'.
Bloomberg published an article by Michael Strain (director of economic policy studies at the American Enterprise Institute, a conservative think-tank) on January 17 entitled "Modern Monetary Theory is a Joke That's Not Funny." As a convert from the "tax-and-spend" theory to MMT (Modern Monetary Theory), I believe there are some major misunderstandings in this article that deserve correction and deeper examination.
Know your enemy, but trust your friends.
Cheerleading progressive favorites isn't enough to save the world, and neither is proclaiming that the system is hopelessly corrupt. Here are some things we can actually do and spread the word about to pave the way for better candidates and better policy in the future.
A comprehensive but time sensitive solution to head off oligarchy and plainly resolve the absurdity regarding the heinous Citizens United/ McCutcheon decisions. It's a viable plan to repair our campaign finance issues so we can get necessary representation, then resolve our economy so we can use it.
Understanding how our economic system really operates can give us insight into how we turned ideas into a prosperous reality in the past, and how we can do so again in the future. MMT is an area of economic study which looks at the overall economy rather than particular segments of the economy. MMT has been in the news lately, having been thrust into the limelight by the 2016 U.S. Presidential candidacy of Bernie Sanders, and the recent election of Alexandria Ocasio-Cortez to Congress. MMT is now being criticized by economic pundits, particularly from conservative think tanks. This commentary is a rebuttal to one such article.
An examination of the several camps calling themselves "Progressive" in the US today, with a discussion of the hsitory involved in how they came to be and the distinctions between them.
Having a FJG waiting in the wings for people who are impacted by any of these disruptions in our economy, however well-intended, is crucial.
It's all about perspective...
It was the race to watch, and they were the people to watch it.
For 40 plus years, the neoliberal era has reigned. During that time, people have had little by way of resistance from the lies, deceit and self imposed prisons of ineffectual domestic governance and austerity. The lies were baked into the school system, newspapers, sit coms, political debates even cartoons took the ideas of neoliberalism into the hearts and minds of our children...the people.
Remember when Martin Luther King Jr. urged the disenfranchised, 15% of the population, to relax and leave their aspirations for equality in the hands of the Democratic party leaders? Remember the speech he gave at Hunter College on Human Rights day? Remember the line, “Let my people go, but only a few at a time because covering all at once is too idealistic and impractical? Neither does anyone else. It was all or nothing and it was already 178 years overdue.
Something is stirring in the “Heartland”. Perhaps the finger of God. A Christian movement is taking place and growing. A rallying of Christian soldiers marching as to war. To be clear, the intent is spiritual. A pacifist movement. It’s focus is on re-establishing the basics of that great Religion. Not with swords but with a plowshare and seeds of faith and hope. This is not a tent revival stuffed with emotional sermons. These are true believers, Invested in the concept that God’s message is best conveyed through peace and example. Walking the walk, they are instruments displaying to the world the power of faith, not only in the Almighty but in the values which shaped America.
Well, the Democrats pulled off the impossible: they managed to win back the House. A feat accomplished against the underwhelming odds of this normally happening. Since 1960, the average loss for a sitting President’s party is twenty-two seats. Sometimes that tips it. Sometimes it doesn't. We now have a blue puddle lying on the floor of Congress. I have a feeling it’s going to rest on this win and just lay there cranking out prewritten legislation full of poison pills to create the appearance of activity. Someone, please stand at the ready to call Anthony Weiner for a clean up on aisle left.
The election results from last night were somewhat startling: Democrats took the House while the GOP strengthened their lead in the Senate and held onto key governorships. I believe that much of the inconsistencies result from the divided nature of our nation.