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When Rick Perry and Paul Krugman both pooh-pooh MMT....

... then someone must be doing something right:

ThinkProgress has video of Perry in Iowa explaining that if Bernanke "prints more money between now and the election, I don't know what y'all would do to him in Iowa, but we would treat him pretty ugly down in Texas." Perry went on to say that if Bernanke printed more money, the act would be "almost treasonous in my opinion."

He added, “We’ve already tried this. All it’s going to be doing is devaluing the dollar in your pocket and we cannot afford that. We have to learn the lessons of the past three years that they’ve been devastating. The President of the United States has conducted an experiment on the American economy for almost the last three years, and it has gone tragically wrong and we need to send him a clear message in November of 2012 that new leadership is coming.”

Perry, who officially entered the presidential race on Saturday, was responding to a question from a member of the audience at a backyard county Republican Party fundraiser here who asked him what he would do with the Federal Reserve.

why would he even think that was a possibility, in this era of bipartisan austerity? Something tells me even if Versailles pretends not to know which way the wind blows, the radical right's getting prepared to fight MMT by any means necessary -- it's a weapon that would smash every vampire squid precept they've grown fat on....

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Eureka Springs's picture
Submitted by Eureka Springs on

I am assigning inappropriate definitions to words such as deficit and debt... but I find the Krug argument yesterday over deficits to be evasive of what mattered most to those who argued in favor of PPCS first. Debt doesn't matter, especially if used to stop lending/needless interest payments to banksters and bondsharks, etc.

It would seem to me that is also what Krugman is not discussing/perhaps defending most. No?

Anyway, it will be interesting (for about 5 minutes) to see how PK reacts to the tea fervor. I hope the MMTers sit back and let him respond first.

Eureka Springs's picture
Submitted by Eureka Springs on

when MMTers need to be very specific in very simple bullet points as to how and what they would do with "printed money"... and then what they absolutely would not do.

One of my least enthusiastic reasons for championing this is - what if/when the criminals in charge find approval to utilize/abuse this for more looting. It still looks like a ponzi to me.. which is fine if the ponzi is utilized to a positive end. I don't see anyone in charge who would do that.

MMTers better be very clear (KISS) as this opportunity to garner a few teabaggers attention comes into play. They haven't been among liberal ranks so far.

Submitted by dirac on

'the act would be "almost treasonous in my opinion."'

Well, I'm glad your ill-informed opinion doesn't matter as any literate person knows Treason has a strictly delineated legal definition in the Constitution [yet...I know the social contract is broken at this point so maybe that doesn't matter]. Yes, Rick Perry's an asshole who wouldn't know MMT if it slapped him upside the head. Really just an asshole who distracts us from the asshole on the other side who wouldn't know MMT if it slapped him upside the head and openly says cutting demand during a depression is a "responsible" path.