Modern Monetary Theory

http://rt.com/programs/capital-account/stephanie-kelton-monetary-government/

The link is to a short video at RT on modern monetary theory.  The basic idea is that we have been had by economics.  Governments can print money and their basic job should be prioritising what this is spent on in democratic fashion.  We could even print such money in order to reduce taxes.  The video is very basic and includes such issues as creating full employment in order not to waste the 34 billion man-hours as current in the USA.

One can see many difficulties in the approach – but really we should be looking at this kind of stuff rather than clapped out, simplified BBC-bimbo programmes on Marx, Hayek and Keynes that make money for Stephanie Flanders and similar crew repeating ‘made facile’ textbooks as though they are knowledgeable.

Key problems in economics are really about why we allow competition on such grounds as ‘Chinese’ wages being so much lower and never give anyone any chance of voting for or against such ‘globalisation’.  There is no reason to do this I know of other than the ideology of free-trade and connected ideas on the ‘right to manage’.

MMT would require industrial/work democracy to work and to be taken up in large trading blocks like the Americas and Europe.  Most people have never heard of it – which just demonstrates the idea of voting ‘on the economy stupid’ is done in ignorant bliss.

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