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TMBS - 110 - Postgame ft. Ryan Grim (Patreon)

Published:
2019-10-17 01:04:04
Imported:
2026-06
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TMBS - 110 - Postgame ft. Ryan Grim

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Bijou Smith

I think Bernie will be the next President of the USA. Having said that, I do find it a little disturbing so much of the focus is on "Bernie vs Warren", i.e., on names. If I listen carefully to Brooksy and filter out the name "Bernie Sanders" I hear the voices and democracy of hundred of millions of people, even a billion people world-wide. (That's WHY I think Bernie will be the next President, his only obstacle is, "Will enough people register to vote in the Primaries?") It is a Movement period in politics. So no matter what happens with Bernie, things are going to fire up, and the end of neoliberalism is nigh. That's something people should focus on, and sure, signal boost The Bern, but also highlight the Movement. That's what those slicker produced 15 sec tv ads need to do. There is a fever burning, not just in the rain forest. Here in New Zealand (not a great bastion of the left by any standard, and a country totally infested with New Labour neoliberalism) we just had local government elections, and there was a wave of young 30 something service sector workers and university students elected to the councils. People are really sick of the sight of the arrogant Boomers and cynical X-Geners who have formed the elite credentialed neoliberal consensus -- their faces are all over our media, tv shows, sports commentary, comedy, news presentation, and they are holding us all back, there are no genuine leftists like Bernie visible. But there is this much younger rising tide. It's the only good kind of sea level rise, am I right?

Bijou Smith

Just for the record here on TMBS Patreon: what you TMBS'ers should know and frankly be waaayyy more clued up on, is the intellectual driving force behind the Bernie-Warren-AOC economic teams. Bernie has Kelton & Wray & Tcherneva, AOC has Andres Bernal, and Warren has Robert Hockett (who also advises AOC and Bernie on GND and JG issues). But AOC is far closer to the MMT crowd than Warren, and Bernie is deep in MMT with Kelton. AOC early on attended an MMT conference and was deeply impressed. This was why I have been telling people AOC will endorse Bernie, I knew it a long time ago. It's always "jobs and the economy stupid", and MMT allows one the freedom to think in moral terms, in social justice terms, not in financially constrained terms. The constraints on government deficits are not monetary, they are real material constraints only. This opens up vast social justice economic policy space. And moral arguments are what drive AOC, not financial budgeting crap. (As for Omar, I am not sure who her economics advisors are...? But my guess is Ilhan is also driven by moral justice arguments as well.) All of these advisers are post-Keynesian MMT experts. They know taxes do not fund fiat currency governments. They know resource use and inflation are key, but full employment is even more critical. So when you hear Bernie call for taxes to "pay for things" and Warren trying to skirt the question by pointing out overall costs will be lowered with M4A, you are hearing some grade-A realpolitik. Bernie & Warren know the MMT Lens is correct, but are afraid to say it out loud in the open for fear of being branded lunatics. But you will see mainstream economics slowly grudingly admitting most of MMT is correct. Even the ECB now admits fiscal policy needs to be explored. And the Bundesbank and Bank of England chiefs have both acknowledged the way MMT says the money operations work is correct: banks create credit money with loans, but government creates debt-free money by electronically incrementing accounts, and this is a huge qualitative difference: government spent money carries no debt, it only carries an indirect tax liability. So despite being only 3% of money in circulation, government deficit spent money is the only debt-free money we have for our household savings, so it is absolutely crucial for governments to be running net deficits (after trade balances). Even Greenspan acknowledged out in the open that the government always has the money to pay for anything. So there is never a shortage of money, never a true debt the government ever needs to repay, there is only scarcity of spending approval, and weakness in knowing how to target taxes to shift resources to the green economy away from the predatory economy. When the horrifically misleading and outright false idea that "taxes pay for things" becomes general public knowledge, then the leftist economics agenda will be literally unstoppable. Mark those thoughts you are now having! Taxes (or levies or fines) are needed to fund local municipalities, but they are not needed to fund a money sovereign state. This is key. Government is not like a household, never needs to save, and has inexhaustible pockets to spend from. So the key to constraint and inflation is first to get full employment (no wasted people) and then to shift resources by targeting deficit spending on what will suit public purpose and not be wasteful, fraudulent or lead to inflation. The USA Congress budget constraints are not monetary, they are about real resource usage constraints. Knowing this will unleash the progressive agenda for full employment and a Green New Deal. Once you realize the money is not an issue, but real material resources are the only issue, the you are free from neoliberalism and the false doctrines of austerity for ever.

Bijou Smith

@1:23:00 Before thinking about decriminalizing sex work, how about implementing a Federal Job Guarantee. Then if people want to enjoy sex they will need to find someone who is not desperate for money. If there is any residual market for commercialized sex then sure, decriminalize it, since then, and only then, can you have some measure of trust that sex workers are really doing their thing without being exploited and doing so not out of desperation and maybe just for fun(?) & it pays well.

Joshua Baker

Well said Bijou! Thank you for your in-depth analysis of who the economic advisors are and how they affected the political calculus.

Bijou Smith
>>28060335

Cool Joshua. Thanks for the comment too, I suffer from acute anxiety and depression and so I'm always hesitant to comment and then read replies!!! So thanks again.