Why Censored by MMT ?
To me, it's a bad sign.
Not your doing, for sure.
NEP has censured all my comments for a couple of weeks.
I think it's the cause of the thin-skinned rep.
And no way to make progress.
joebhed | October 13, 2012 at 8:40 am | Reply
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Glad to see this media activity.
Let’s hope for lots more, because it does expand the dialogue.
But Stephanie’s point on modern fiat money uses a bit of governmental -sector slight of hand.
Where MMT calls for ‘fiscal’ stimulus – which can only be defined as government(Treasury) spending – to actually increase the demand in a consumer-based economy, her model for explanation – as always with MMT – is central-banker Bernanke s saying that the CB can create ‘money’ (which he doesn’t) by computer strokes.
None of those computer-generated assets are equivalent to the ‘government’ stimulus that drives the demand in the economy that Stephanie advocates. None of the CB machinations produce more fiat money. Rather, it merely trades more reserves for bank-corporate liabilities.
The proof that demand stimulus is achievable in a modern monetary economy needs a different vehicle – one that includes direct, non-debt based government spending, authorized by the Congress, for all of those things that Stephanie says we need to restore the economy.
And, y’all know where that vehicle resides.
For the Money System Common.