UPDATE!!! Please note, that I was mistaken here in my comments about Warren Mosler. He did not insult me here, he was talking about the Monetarists as Scott Fullwiler later pointed out. My apologies Mr. Mosler. You are of course always welcome here!
He is Mr. MMT-actually Scott Fullwiler dropped by before, and he's Mr. MMT as well-however, he's not Mr. Personality. Mosler, as seems usual for him, evidently insulted me. I think. It was only one half sentence.
"The $ is a simple public monopoly.
How hard is that o understand?"
http://diaryofarepublicanhater.blogspot.com/2012/02/real-battle-lines-monetarism-vs-mmt.html
It is not hard at all to understand, and I understand that's a core belief of MMT, as a Chartalist monetary system it believes that money is essentially government tokens. I actually understood this before Mosler's snarky question that implied I'm a mental defective.
This is perhaps one reason that MMT has a hard time making friends-some of its proponents always seem to be in "that time of the month."
In fairness, Scott Fullwiler was fine when he dropped by as have others like Letsgetitdone. I find MMT a very interesting system and wont get discouraged because Mosler personally can be a jerk.
I still think MMT may be the way out from Monetarism-my whole point is the idea that money is a public or government monopoly is a radical departure from the Monetarist idea that money started in a barter economy-and that if only the Fed does monetary policy right we could be back in effectively a barter economy.
In the Monetarist-Metallist conception, money is a more or less privately chosen medium of exchange to make the barter economy run more efficiently. In the MMT-Chartalist view, money has always been the creation of the state, there never was a barter economy.
I don't know if Mosler read more than a couple of words or simply wholly didn't understand. I'll say this for the Market Monetarists, they may be wrong-I think they are-but at least they are not so stupid as Mosler in insulting possible friends.
Even Lars Christensen wrote a great post about me recently in the face of my criticism of Monetarism.
Hi Mike,
ReplyDeleteFYI, I think Warren's comments were targeted at the Monetarists, not you. Note the smiley face afterward. Can't be sure without him actually weighing, but that's my interpretation. that was a good post, IMO, btw.
Best,
Scott Fullwiler
Oh, Ok Scott. You may be right. I didn't know that symbol meant a smiley face-LOL!
ReplyDeleteIf so my apologies to Warren.
To me the idea that money is a government monopoly is very interesting-and I got a feeling may well be right.
The Monetarists can't get this as their entire Metallist philosophy is predicated on the idea of private commodity money.
My apologies for my "shooting first and asking questions later" approach, Mr. Mosler! Please know you are always welcome here!
ReplyDelete