Pavlina R Tcherneva

Two part answer: 1) You have to keep debt dynamics under surveillance. If you don't believe in debt dynamics at all, how can you arm the CB to manage a debt/gdp ratio of around 110% by 2030. Marxist political economy arms you in a way MMT does not to deal with this...

1) what is so important about that number? What do you mean by debt surveillance? If you mean, watch if the bond holders are launching a political revolution, that's different from watching if an accounting ratio exceeds 110% by 2030. My bet is it will and the sky won't fall.

I'd expect some retaliatory capital strike. Even if MMT proves a dynamo for growth, contrary to their financial interests the investor class may be so ideologically opposed to anti-austerity policy that they'll try to strangle any MMT government out of power.

hey, who needs a capital strike to strangle MMT, when the Left is doing their best to do that. the Right must be salivating at what's happening on this side of the aisle.

"WHAT ABOUT THE CLAAAAASS WAAAAARRRRRRR???"

I think it is more like, "What about meeeeeeeeeeeeeeeeee?"

Progressives who find fault with #MMT are stuck in a loanable funds mindset, and have overly synthesized monetarism into their principally Keynesian dispositions. Particularly a belief that transmission of interest rate policy to household well-being is reasonably efficient.

Im totally supportive as long as the gvt deficits are financed in domestic capital markets...

Why do you care if other countries hold our bonds? Would you care if other countries held our dollars? Because it’s basically the same thing. That’s a key MMT insight.