Dr. Mark Blyth has a new video. Titled, “So can we have it all?” He says a lot of MMT like things. - Politics Forum.org | PoFo

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#15032825
Prof. Mark Blyth has a new video out. Titled, “So can we have it all?” It’s dated 7/16/2019.

McMaster Humanities
Published on Jul 16, 2019
This lecture is part of the McMaster Department of Philosophy’s Summer School in Capitalism, democratic solidarity, and Institutional design.


He says quite a lot about MMT. Like, he says that after Brexit the UK will see food prices rise because the Pound will fall. He doesn’t say one way or the other if this will stabilize {which would mean the there would be no inflation, because inflation must be ‘on-going’} or if it would not stabilize and there would be inflation. This is to Prof. Bill Mitchell a huge difference. Mark says that because the dollar is the world’s reserve currency the US can do much more deficit spending by taking advantage of what MMT allows, but doesn’t say that Canada, Australia, etc. can. He never mentions Japan which Prof. Bill Mitchell says has been deficit spending for 20 to 30 years and not seen a fall in the yen.

I have a lot of trouble following it on the 1st watch. It seems like he uses many words and phrases that an economics student will know, but I don’t .

Prof. Blyth is even talking about an MMT type Job Guarantee program but with a different name. A JG replaces using a buffer against inflation using the suffering of the unemployed with a buffer against inflation using a JG program where everyone who wants a job {and can show up on time and to the work} will have a job until the private sector offers her/him a better job.
In the US with a wage of $5 over the current $7.35/hr. But he doesn’t mention ‘benefits’, so only a sort of MMT like JG program.

The link,

If you want to listen to a 1 hr. talk by Mark to see what this currently popular contrarian economist is saying to his followers.
#15032881
Steve_American wrote:Prof. Mark Blyth has a new video out. Titled, “So can we have it all?” It’s dated 7/16/2019.



He says quite a lot about MMT. Like, he says that after Brexit the UK will see food prices rise because the Pound will fall. He doesn’t say one way or the other if this will stabilize {which would mean the there would be no inflation, because inflation must be ‘on-going’} or if it would not stabilize and there would be inflation. This is to Prof. Bill Mitchell a huge difference. Mark says that because the dollar is the world’s reserve currency the US can do much more deficit spending by taking advantage of what MMT allows, but doesn’t say that Canada, Australia, etc. can. He never mentions Japan which Prof. Bill Mitchell says has been deficit spending for 20 to 30 years and not seen a fall in the yen.

I have a lot of trouble following it on the 1st watch. It seems like he uses many words and phrases that an economics student will know, but I don’t .

Prof. Blyth is even talking about an MMT type Job Guarantee program but with a different name. A JG replaces using a buffer against inflation using the suffering of the unemployed with a buffer against inflation using a JG program where everyone who wants a job {and can show up on time and to the work} will have a job until the private sector offers her/him a better job.
In the US with a wage of $5 over the current $7.35/hr. But he doesn’t mention ‘benefits’, so only a sort of MMT like JG program.

The link,

If you want to listen to a 1 hr. talk by Mark to see what this currently popular contrarian economist is saying to his followers.


Mark Blyth is not exactly a supporter of MMT by the way. He just explains that it can be implemented in positive and negative ways. His general opinion is to be a bit suspicious about it due to the fact that he doesn't think that it will be used in a proper way in general. As he puts it, it was invented basically by Finance and who is to benefit the most from basically unlimited spending and low taxes? This is asset bubble creation at the expense of the 95% people who live of wages and not capital/assets.

His main points are usually:
1) Capitalism is not a static system. There are flavours of capitalism if you will.
2) We have shifted from Lazay fair of pre World War 1 - Inbetween 2 wars to Full employment/Labour empowered capitalism of Coldwar to once again Lazay fair neoliberalism since the 80s and now that system requires a shift back to Full employment/Labour empowered capitalist model if we don't want to see Nazis and Commies running around again.
3) The economic models and philosophies that he discusses to achieve that are basically tools on how it might be possible to do it.
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@JohnRawls,
With all due respect, John; the title of my OP clearly implied that I was aware the Mark Blyth is not an MMTer.
However, he is moving toward accepting the MMT positions. In this video he {for the 1st time} talks about a job guarantee program. It's not a full MMT type JG, but Mark s getting there.
I've seen many of Mark's videos and I've NEVER seen where he says that MMT would be applied wrong. There is always that risk though.

I disagree the MMT was created by Financiers. Yes, one of the early MMTers was one but he is one of 6 {or so} and he hasn't struck me as being all in for himself. Quite the opposite. [For those who care, his name is DR. Warren Mossler.]
All MMTers are in agreement that the only policy they demand is their real JG {job guarantee} program must replace unemployment as the way the gov. avoids inflation. They all agree that otherwise MMT is meerly the correct way to actually see what is going on. That Neo-liberal economics is intended to hide the truth of what is going on behind a bunch of lies. The main one being that govs. like the US, UK, NZ, Japan, etc. {but not Greece and Spain, etc} are like a comp. or family. MMT says the govs. are the opposite of families, because they actually can never pay off their debts without forcing the national economy into a very deep Depression. And, that the Gov. debt is actually an asset of its holders; taking it away seems unfair. This is true if it is done slowly with a surplus or fast {overnight} by just defaulting on the whole debt. Note that I'm saying that defaulting on it or taxing it away are really the same thing, both are "a taking".

[For those who care and have an open mind, this is because taxes destroy currency & money and the only way to pay off the debt is to tax and run a surplus. And the economy needs the cash or income to keep it going. In about 1836 or so the US Gov. did pay off its national debt, but this did cause a very bad Depression that lasted until the Mexican War 10 years later increased Gov. spending and much {or most?} of the money came from land sales in the states between the then frontier and the Mississippi {in AL, MS, TN, KE, OH, ID, IL, MI, etc.}, not from taxes.]
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