Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "Modern monetary theory is not a policy" video.

  1. Beliefs may or may not be based on facts. And our education system can't always subvert other forces that promote bad ideas. That's why we should hold our ideas lightly and test them often, because as a famous British statistician said, "All models are wrong, but some are useful."
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  2. MMT doesn't do anything. People do. Thats why billionaires spend millions every year trying to shape their opinions. And people like Richard try to come back to the beaten path. Sadly, nothing will change until we do. Until we start challenging assumptions we guide ourselves by.
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  3. MMT is a description of "what is." The Job Guarantee is something that some people think that Government "ought" to do. Therefore, they are two different things. Just because some of those who accept the description MMT offers, then go on to argue that Government "should" use its money creation function to give jobs to everyone who wants one, is nothing more than a policy recommendation based on the beliefs of the people who are promoting it. It's remains nothing more than a belief that other might find attractive or be threatened by. Although it is often very hard to do, we need to be careful not to conflate "oughts" with "what is." That sort of approach leads off the certain road of facts, into the less certain road of beliefs, and ultimately ideologically driven debates. We see this now with the tendency for the footballification of ideas. Ideas are supposedly binary, when as we know that that they tend to run along a spectrum. So the Job Guarantee debate is about whether one is a necessity, and if it is, how one should be funded. This bleeds into the debates about what the role governments "should" have in the economy. And of course, the current illusory binary is "small" vs "big" government, and that debate goes away whenever there is a crisis, doesn't it? Follow the solid path of established facts, and then on policy, inform your opinion by analysing the arguments.
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  4. Actually, no. What is devaluing the value of money is our consumer spending-driven economy. We have encouraged rentier economics, and that relies on debt to be sustained. As long as policy favours asset owners over the rest of the economy, wealth inequality is inevitable, and the value of currency will be degraded because the flow of funds is not being directed toward constructive economic investment, but malinvestment.
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  5. And aren't they people? They're human, aren't they? Democratic deficits reflect the society that created them. Over the last 5 decades we have changed, and what we have now is a result of that. So, we have to change again, or suffer the consequences.
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  6. This comment says so much more about you than anything else.
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