this post was submitted on 16 Oct 2024
44 points (100.0% liked)
GenZhou
924 readers
12 users here now
GenZhou is GenZedong without the shitposts
See this GitHub page for a collection of sources about socialism, imperialism, and other relevant topics.
We have a Matrix homeserver and a Matrix space (shared with GenZedong). See this thread for more information.
Rules:
- This community is explicitly pro-AES (China, Cuba, the DPRK, Laos and Vietnam)
- No ableism, racism, misogyny, transphobia, etc.
- No pro-imperialists, liberals or electoralists
- No dogmatism/idealism
- For articles behind paywalls, try to include the text in the post
- Mark all posts containing NSFW images as NSFW (including things like Nazi imagery)
- Shitposts will be removed (please post them to /c/GenZedong or elsewhere instead)
founded 3 years ago
MODERATORS
MMT is just a description of how fiat monetary sovereignty works. It’s not prescriptive, and it’s not comprehensive. For instance, it says nothing about international trade / international balance of payments / currency exchange.
Liberals, being liberals, take this description, expand it in liberal ways, add liberal prescriptions, and then call that mess—which can’t work—MMT as well.
Michael Hudson: The Use and Abuse of MMT
J.T. does a decent job toward the end of his video to explain to the liberal audience how the bourgeoisie will severely limit what they naïvely & over-exuberantly imagine can be done with money printer go brrr: Why The Government Has Infinite Money
I think this is a good summary of my position as well. MMT as a description of how it works is far better than the dominant ideological description of how it works. Reasoning from that to prescriptions must always, inherently, be experimental and that means until MMT theorists get control of monetary policy, all prescriptions are going to be suspect.
Unfortunately, liberals and conservatives alike have no interest in scientific politics.
The Chinese state has control, and I try a little to see what they do with it, holding MMT in the back of my mind, to see how well it holds up.
I found a YouTube link in your comment. Here are links to the same video on alternative frontends that protect your privacy: