Can the USA afford to pay for pandemic relief? MMT vs. Marx!
So far the government has pledged to spend about 8 trillion dollars into the economy. Can we afford it? Should we risk our health to return to work for the economy? Must we sacrifice our lives worship THE LINE, that it may forever go up? To find out we must turn to… MONETARY THEORY!
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Comments (43)
NonCompete
10 Jul 2020If you think this video is weird, you must not have seen zardoz
It's 10x more weird
Go watch it it's great
Thought Ray
10 Jul 2020Referencing this video in my next video and also, forever.
Jon Vondross
10 Jul 2020Thanks for making this, it helped me get a basic grasp on MMT that shitty Vox articles were never able to.
bpansky
10 Jul 2020@1:20 get you a man who can do both
Plura Kök
10 Jul 2020THIS IS YOUR BEST VIDEO
Shawn Wesley
10 Jul 2020Just as an aside, even without MMT, the criticism of "Tax and Spend" doesn't make any sense as a criticism. Assuming the classical view, you tax people — bringing in revenue — and then you spend that tax money (revenue) on things you need. You improve infrastructure and services — things any good "business" should do according to conventional wisdom. Versus… what? Tax and horde? Tax people and then do nothing with it? That's dumb. And if you're one of those libertarian types who think government should run like holy business (as business is their religion) then it makes even less sense to be against taxation because that's your revenue stream, that's how you MAKE MONEY. Cutting taxes is like a business giving away products for free — or just shutting down. That's no good, that's not good business.
Bisquick
10 Jul 2020Man this was good. Awesome job as per usual.
If I can add Michael Hudson's analysis of foreign policy as it relates to maintaining a strong fiat currency in what he terms 'superimperialism' (basically the mechanism of debt control employed by policy like the washington consensus).
You can download his book on his site here if interested:
https://michael-hudson.com/wp-content/uploads/2010/03/superimperialism.pdf
Paxton Ghandi
10 Jul 2020awesome video, not boring at all 🙂
Leftist at the Party
10 Jul 2020Join the IWW.org
Leftist at the Party
10 Jul 2020FYI, This did draw me in.
pnyc
10 Jul 2020@28:31, your point #3 ignores the role of speculation and bank credit as the source of new money creation (for the speculation). Your (MMT's) assertion that all money comes originally from the state is not accurate. Commercial banks lend against collateral. They are backstopped by reserves, theoretically. The reserves generally come from Treasuries, but lending occurs and the scramble for reserves comes later. In our post 2008 QE world, excess reserves are in abundance, so there is a shortage of demand for loans in relation to the amount of reserves on hand. Anyway, my point is that the money supply should more accurately be called the credit supply. New money creation is exclusively done by commercial bank lending, 80% of which is towards real estate, and 80% of those loans for homes that already exist, meaning they are not for new construction and do not create new jobs. They are speculative loans and extract from the economy and further inequality.
MMT does not recognize the importance of commercial bank lending. MMT asserts that the dollar is created by the U.S. government, which is also not true. Notes and coins are. The electronic money we use with ATM debit cards is bank money, or more accurately bank debt. MMT does not advocate stopping the practice of selling Treasuries in conjunction with federal deficit spending, but it should. These Treasuries are the cornerstone of U.S. imperialism. They are the collateral that all countries need in order to safeguard their future purchasing power. Our ability to run a "twin deficit" of both the federal budget and the current account budget (the trade deficit) depends on demand for our Treasuries. Michael Hudson wrote Super Imperialism in 1972 about this, and he was 100% correct. MMT doesn't address this use of Treasuries. There is nothing in the U.S. Constitution that says we must issue bonds to pay for federal deficit spending. We could choose not to create debt when we deficit spend. That money would be equity and an investment in the country, as opposed to a loan by private owners of capital. The group Positive Money understands these "nuances," while MMT officially refuses to acknowledge them. MMT is capitalism 2.0. It's a trick. I confess, I have only watched until the 28:30 mark. Great show so far. I will watch the rest tomorrow.
Steph Ss
10 Jul 2020That explains why Trumps government is making all those protected areas open for resource management…and the reversal of bills….to free up– resources. They're handing out cash, at the environments expense. Interesting.
Jesse Haffner
10 Jul 2020This is a phenomenal vid. Being both a leftist and someone who is very well educated regarding MMT, i find it both irritating as well as astonishing just how little most other leftists actually understand the ins and outs of our monetary system. Constantly promoting concepts like the petro-dollar and how it's that OIl that gives our currency value, and i mean brilliant leftist journalists, scholars, and activists like Noam Chomsky, Chris Hedges, and so many others. MMT is no replacement for Marx, nor is Marx really a replacement for MMT, seeing as how MMT describes the way our currency system works since we hadn't adopted a fiat free-floating currency until the 1970's and he never forsaw a system such as ours coming into existence. MMT is merely an accurate description of how our system actually operates and what are it's constraints, Marx gives you what you need to know in order to understand the inherent faults and even the inevitable failure of capitalism as a whole. Both are extremely useful for understand the way capitalism operates in countries like the US. Sadly it seems too many fellow leftists misconstrue MMT as being some sort of pro-banking set of prescriptions rather than being purely descriptive in nature. So that reflexively attack it and those who are proponents of it, largely due to years of being misinformed on the subject of our monetary/currency system sadly. To be good leftists we have got to actually become knowledgeable about how the system actually functions if we want to affect any real long-lasting change.
Zeek F.
10 Jul 202035:20 It's very strange, I used to be a die-hard commie and converted tons, but after slowly building an online business and more-so visiting developing countries like Nepal…well things have changed a bit. I don't believe these things are a result of capitalism per se, but protection of the incompetent and vile.
I'm still definitely an anarchist — but I can't entirely say I'm an anarcho-communist anymore. However I'm definitely not a hippity hoppity off my property type either. I'd say humans are humans — they can seek a profit, and be unequal. But if someone is vile, it's societies choice what to do with them and what they have.
Functionally this means there would definitely be capitalism — but ultimately it means if someone overstepped and put profit above all and destroyed the land or wasted something there would, hopefully, be a massive mob, or simply an angry neighbor who will take matters into his own hands.
I believe this would regulate the world, as bad business would be made to have such high protection costs (private security) and terror against their business that they'd generally go out of business, while modest small businesses that employ few and treat them like family, they would still be allowed to thrive — and those who wished to simply give to the world or share could easily do so together.
If someone was wasting their crops and didn't let someone take them for free, well you could just kill them, destroy the road to their home, or generally terrorize them, and that'd be entirely up to you and entirely on them to stop.
mrzack888
10 Jul 2020gotta add endogenous money into it. majority of ebb and flow money in the economy is bank created money out of thin air. The Savings you and I have come from federal spending. This is why tehre are more private sector debt than federal debt. Majority of money in the system is private bank loan creation. The loans becomes the deposit, so a zero sum game. When the loans are paid back, it nets back to zero.
Feroste
10 Jul 2020Every dollar in existence is owed to federal reserve, with interest.
Skullsgate
10 Jul 2020This is one of your best videos.
Jonathan Bailey
10 Jul 2020I love you, EJ. But, you went a weird direction with this one that I wasn't expecting 😂 good info on a dense topic, and perhaps the obscure (at least to me) reference was appropriate 😁 eh, whatever – not like I paid for it (although I would love to shove hundys at you and Luna if I could afford, and not that I'd be trying to buy influence). Always love your vids though, even when references go over my head! 😁
Enjolras Waters
10 Jul 2020And don't forget, 300 billion dollars could help heavily with climate change
merops
10 Jul 2020Why do you imply that Marx is not a "classical" economist? The classical school of economics is generally accepted to be the tradition going from Smith to Ricardo to Marx. It appears like you're using "classical" to mean "neoclassical", which is indeed subjective-value market fundamentalism.
Jirka Balhar
10 Jul 2020Wow! Great video, I am glad YouTube recommended it to me 🙂 I have one question – if I understood correctly according to mmt you should balance debt to match the total productivity. So debt is good but you should not go overboard. In our situation now we are going to see decline in productivity, since people can't work and economic recession is setting in. So we shouldn't print more money, because it wouldn't match the declining total production, right? I feel like I didn't understand something because in the video you say that we can print money right now…
Old Gringo
10 Jul 2020People don't even understand the basics of MMT, how do we abolish Capitalism?
Old Gringo
10 Jul 2020Which MMT proponents have you spoken with? Pavlina Tcherneva has proposed a guaranteed jobs program. Point well taken though about "governments drool, capitalists rule"
Old Gringo
10 Jul 2020Yes … I'm crazy, I'm watching this again.
Old Gringo
10 Jul 2020BTW Real Progressives uses MMT plus progressive ideas combined, so, while MMT is just descriptive, RP is prescriptive.
Roadside Fruitstand
10 Jul 2020at around 23 minutes you explained something very simply and clearly, and then re-explained it in a much more jargony complex way, then said that the second way was better because it was simpler
AnkhAnanku
10 Jul 2020STOP QUESTIONING THE ZARDOZ AND COMMIT!
The moment you drop it I’m closing the vid.
NotInOrder
10 Jul 2020Thanks for explaining this. But two things bothered me. Personally could not take it seriously that you were in costume the whole time since you made it 'parody' as a bad joke instead of actually making it work, ended up just listening to it as a radio program. (The Zardos bit was really good though.) Second, the jab at philosophy tube seemed really mean spirited. Maybe that's unintentional, but if someone wasn't already willing to listen to you that would turn me away at least.
Assad has his own nazbol gang now
10 Jul 2020Lol, philosophy tube btfo.
caosXIII
10 Jul 2020…. Nice bulge there..
Patrick Holt
10 Jul 2020The thing lacking from MMT, and from social democracy in general, is a realistic strategy in terms of class power. Neither MMT nor a strong social democratic welfare state puts real political and economic power in the hands of workers. For that matter, neither did Stalinism, which was another form of non-proletarian oligarchy, which is why it had to destroy civil rights and representative democracy and rule by fear, and why in the end it couldn't be sustained politically, because it never had real popularity or legitimacy. Marx's goal was working class power, and workers controlling the economy directly. The concept of rational planning has been a snare and a delusion used to justify keeping power in the hands of professional class planners and bureaucratic managers, and of avoiding enterprise and industry democracy. MMT and social democracy also valorise, or even reify middle class intellectuals as economic and political rulers providing social justice to workers as a form of ethical excellence or charity, whereas the real politics of centre-left parties, as we've just been reminded in the Democrats and the Labour party, is one of real socialists and working class militants having to fight tooth and nail to force hostile class elements in those parties to give any least crumbs of MMT or social democracy-inspired policies. To that extent, MMT, Social Democracy, and yes, Stalinism, are all just variants of utopian socialism – retaining rule over workers by another class to enact some sophisticated (and Sophist) Plan for society preconcieved by utopian thinkers, instead of permitting real direct democratic rule by the poor which alone can be trusted to eliminate class inequality and poverty.
Ras P.
10 Jul 2020A comment for the Al Gore Rhythm and also for our precious sexy comrades NonCompete and PhilosophyTube, making the world a better place by flustering viewers one leftist propaganda video at a time. I watched this when it first came out but I think I forgot to leave a comment. Had to come back and appreciate the outfit again.
Mia Couch
10 Jul 2020I wanted to watch a 40 minute video about economics but got scared off by the Zardoz stuff.
keep experimenting tho? lol
frosted
10 Jul 2020MMT is just closeted marxian economics with keynesian characteristics t . b . h .
Old Gringo
10 Jul 2020END CAPITALISM … HOW????
Old Gringo
10 Jul 2020Wow, NonCompete, you have really done your homework … bravo!
Old Gringo
10 Jul 2020The Federal Government as the SOLE issuer of US currency does not NEED to borrow money. and the FED is controlled by US Congress (although not very well, it could clamp down a lot more if it so chose)
Dusk Malice
10 Jul 2020Another vid where you've outdone yourself! And a wealth of information too! Gonna be difficult showing this to my friends though lol. I LOVE your sense of humor and all the costumes, but some people don't share our tastes! (That's a compliment to us, comrade!)
Suadela
10 Jul 2020Personally, talking about things we make up and treat like a hard science is pretty interesting to me. I like it when youtubers explain it as my auditory comprehension is much better than my literary comprehension… plus I can work and listen at the same time so…
Anyway, thanks for this. I’ll probably have to listen a few times to be able to discuss it with people who still wonder how I can learn things from YouTube. Like, isn’t YouTube just full of cat videos and talk shows?
bento barreirinhas
10 Jul 2020Excellent video! the beginning was strange, but further on I liked it more. I think it could be even cut in several shorter videos explaining small bits of information.
Literally Graphic
10 Jul 2020This is the top notch Zardoz content I have been searching for 🙂 it almost makes watching the movie worth it!
dontcare
10 Jul 2020just watched zardoz, its on putlocker….its insane. and giant angry stone karl marx was barely in it! also copious amounts of tits, would recommend 10/10
Matt W
10 Jul 2020Excellent video. Thanks.