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130 - Against Essentialism & For Liberation ft. Adolph Reed (Patreon)

Published:
2020-03-11 23:04:23
Imported:
2026-06
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TMBS - 130 - Against Essentialism & For Liberation ft. Adolph Reed

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Bijou Smith

Tell you what, TMBS and other leftie communities have well-understood working class anxieties, but the PMC have a set of anxieties and fears too, which need to be attended to even if they are gross and self-indulgent. NotMeUs did not adequately address them. I don't wish to be a scold, but to fix this problem next time around (if it is too late this year) y'all need to seriously put away your own anxiety and displeasure with monetary macroeconomics, and frickin sit down with a nice friend and learn MMT. There is absolutely no question that MMT is the lens needed for a bold progressive left agenda. Bernie got that wrong, despite having Prof Kelton's advice. Note that MMT is superficially a description of how the money system works (which seems to put lefties off), but it is really much more than that it is about legal realities and economic justice. If you understand that, then you should be able to get into it from a gritty leftie perspective, and not be put off by the geeks and nerds who are pushing MMT. It is not a field of political economy that should be owned by the nerds, it needs to be understood and owned by "we the people". And MMT is grossly and poorly classified by guys like Matt Lech and Prof Wolff when they say it is only about "deficits do not matter". Look into MT, it is much more than that, and it is the genesis of where the modern concept of the Job Guarantee came from (updated from Keynes and Kalecki). And MMT is not a mere palliative for capitalism. If you want democratic socialism with a monetary system, and public purpose finance for things like a Green New Deal, free healthcare, free education, then you will need to learn MMT, one way or another, the only question is how long will you procrastinate. A good place to begin might be with this talk: https://youtu.be/H0Px4Jpxst4?t=443 because the Aussies do not mince words!!!

Bijou Smith

@1:45:00 someone tell Griscomb the Federal Reserve has an interest rate target mandate and that's it! (Supposedly inflation too, but they never act on that mandate, because they can't.) They have no power to spend on investment or on people. The power to spend on green energy infrastructure, Job Guarantee, free education and the rest is entirely with Congress. They tell the Treasury/Fed what to do. The Congress instructs the Fed to control the interest rate and voluntarily gives the Fed board the responsibility, so the fault of a poor economy rests almost entirely on US Congress. Monetary policy (IR control) is very weak, almost ineffective and even when they try it they get it backwards: low interest rates depress the economy, because folks saving earn less interest. The low IR means "cheap money" idea is a myth. Except for mortgages people never check the interest rate to determine whether they need a bank loan or not. Low interest rates hardly effect loans at all except for mortgages. So the Fed has very little control over the economy. The fiscal policy of Congress is a proverbial hundred times more powerful.

Lucas Costello

The narcissism piece re: Warren is so bang on - reminds me of a “progressive” politician I used to work for who would change most of the “our”, “we” text in speeches and letters to “me”, “my”, “I” - was also big into policy, one-on-one meetings vs building actual community power.

Kathy Ross

Love all of the TMBS Warren coverage.