Modern Monetary Theory: How MMT is challenging the economic establishment
From the dumbest economic analysts in Australia, our very own ABC: Modern Monetary Theory: How MMT is challenging the economic establishment.
What if everything we thought we knew about public finance over the past 40 years has been wrong? A new economic theory has emerged that could rewrite our understanding of how governments create and spend money and what type of society we can afford to build.
And if it is correct, people may be furious. Because it could show that Australia’s political elite can afford to spend far more than they are on public health and education, social housing, scientific research and green energy schemes, while eliminating unemployment.
And yet they’re not — either from a misunderstanding of government finances or because they don’t want to. However, to embrace this radical economic theory you will have to forget what you’ve learned about budget deficits (that they’re bad) and government debt (that it burdens future generations).
Why? Because proponents of the theory say that far from being a problem, budget deficits are often a good thing — they can be the source of healthy economic growth.
More at the link and some previous discussion of MMT here.
Daniel Andrews is showing the way. He spends enormous amounts of money, but never finishes a project so that nothing is ever completed. Tunnels, train lines, you name it, he has left all kinds of useless projects halfway done, which even if completed would never earn as much in revenue as they cost to build. Just build it and they will come, they in this case being massive debt and deficits.
The ABC is filled with such deadheads. I never watch the thing myself but only found out about this from someone else who monitors the place. I don’t know how anyone can listen to such ignorance day after day, but I guess someone has to do it.
ABC delenda est which is Latin for Defund the ABC.