I just got yet another Tweet from someone saying that if we allow the Tories to privatise more it’ll be “too expensive” to reverse. This is from someone to whom I have explained the mathematics of national income accounting. He presumably has chosen to ignore my plea.
Here it is, yet again, broken down into simple words:
(1) The government cannot run out of its own currency. To talk about something being “too expensive” is a nonsense. It shows you don’t understand the basics of national income accounting.
(2) Let’s assume a future left-wing government DOES nationalise a privatised NHS. All it does is create the money to buy it. Ideally it DOESN’T reimburse the venture capitalists who are feasting on it. Ideally it simply passes a law saying “public bodies with shares in the NHS are reimbursed…..everyone else gets zilch”. End of story. FDR pretty much did this.
Stop perpetuating the “it’d be too expensive” meme. It shows one of two things. Either:
(1) You don’t understand money and the identity relationship in mathematics. Which particularly worries me if you have a maths PhD. It kinda suggests you should give it back. Or
(2) Your “I should read that MMT stuff sometime….” line is just a line. You actually have no intention of doing so. You are pushing a political agenda that is blatantly at odds with the rules of accountancy and mathematics. Which suggests you think you are entitled to your own facts….which I find hilarious given that your preferred insult to people like LEAVErs is that they are making up their own facts.
One rule for EVERYONE – READ THE FUCKING FACTS and DEBATE. BTW your “funny faces” you did for the REMAIN march just recruited an additional 10 people to the LEAVE side in Nottingham. On the other hand I talked about trade, money, etc and got people to think “hmmmm”.
Yet *I* got the “you’re getting too het up” insult? Because I READ stuff?????
Finally, I’ve been told: “It’s not sensible to expect someone who struggled through GCSE maths 30y ago and gets their news from tabloids to immediately adjust to the intricacies of a new macroeconomic model when their “understanding” of economics is “Labour spent all the money on immigrants”.
So, you think people are stupid?
You, by virtue of your education, should make the rules?
Funny, that’s NOT my experience. I talk to people with no education in a poor part of Nottm and regularly get nuanced views on Europe. I worry profoundly when “clever” people say “we shouldn’t listen to stupid people”. “Stupid” people often are keen to learn. “Clever” people can be remarkably inflexible and keep repeating shit like “we have no money”.
Here’s my answer: It’s not sensible to expect the discourse to move forward onto FACTUAL STATEMENTS regarding MATHEMATICAL IDENTITIES when people with a PhD in Mathematics, instead of reading MMT and quoting the (very short quotable) statements from it, instead keep quoting the “nifty but WRONG” statements that reinforces the crap the tabloids post; who retweet insulting tweets against us who understand MMT, who tweet their oh-so-funny painted facepics they had ready for the REMAIN march a few weeks ago. When their 1.5 hours could have been FAR MORE PROFITABLY SPENT reading Mosler and quoting stuff that is BY DEFINITION TRUE (since it is a mathematical identity). Quit moving the goalposts. Read the stuff we MMT have set out in VERY bite size chunks. Else, quit moaning when we crash out at end of October. YOU have the power to change things.
So next time you even THINK about saying “you’re getting a bit het up about MMT old chap”, be ready. Because first time you retweet an insulting comment about LEAVErs being stupid I’ll simply remind you of the hours you spent painting an infantile facepic for a march rather than engaging with real debate.