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View Diary: Why deficits don't matter - the reality of government finance (116 comments)

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  •  MMT may be not quite right, but economists (7+ / 0-)

    that approve of using money as a tool to manipulate and subordinate human populations are supporting a moral wrong -- a wrong that is greater than that committed against persons prevented from learning to read and write so they would be shut off from the information necessary to improve their living conditions. Now that most everyone in the US has gotten hooked on money to mediate most of their trade and exchange of goods and services, restricting their access to money effectively denies them access to food shelter and clothing unless and until they subordinate themselves to someone else and do what they are told and that's a moral wrong, even when it is backed up by the law. We should not forget that perhaps the most significant contribution by Western civilization to jurisprudence was to declare slavery not just legal, but an hereditary status. Using money as an enforcer makes the enslavement less obvious because indirect, but more onerous because there is no way out. In the beginning, slaves were able to purchase their freedom. That's not possible to people denied access to cash and dependent on food stamps that have to be earned with a "work requirement."
    Money is a tool and, like all other tools, can be abused. Using money to subordinate humans is abusive -- I.e. immoral, albeit legal.


    But don't take my word for it.

    The title of the video is "Money is no object" and features Bernanke and Greenspan and Nixon.

    Nixon wanted to make it impossible for international speculators to hold the US economy hostage. He probably did not anticipate that our own Congress would do so in the interest of asserting their own powers vis a vis not only the executive branch, but the American people. Of course, in Nixon's day, government by the people was just an aspiration. It is interesting to note that Nixon loosed the dollar from the bonds of gold the same year universal suffrage for all adult citizens was achieved, 1971.
    Why would the Congress want to enslave the citizenry? Because, if the people truly govern, then the role of the legislative body is reduced to one of stewardship. That's quite a come- down for people who see themselves as rulers.

    We organize governments to provide benefits and prevent abuse.

    by hannah on Sat Nov 10, 2012 at 02:08:40 AM PST

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