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Friday, August 12, 2011

Break free of modern discourse straightjacket

We on the left too often retreat when we should thrust, surrender when we should bear down … “I am concerned that too many of us are willing to play in the frame, the box, the straightjacket of modern discourse about fiscal and monetary policy.”
Excerpt and editing by Carolyn Bennett

Writing pseudonymously at Progressive Economics Forum this week, Arun DuBois urges, “No Retreat, No Surrender: Time for Progressives to Explode Deficit/Monetary Myths.”

The unrelenting truth of the Modern Monetary Theory (MMT) propositions become increasingly obvious, he writes —

Every day the economic crisis breathes another breadth

Every time inflation refuses to budge [despite tinkerings]

Every time U.S. treasuries rally after a credit downgrade (as they did in Japan, NOT the world’s reserve currency and ‘suffering’ a rating below that of Botswana)

Every time U.S. banks reel under the weight of a seemingly endless well of outright fraudulent products

Every time the economy perks up when deficit spending increases and seems to slump when austerity kicks in

Every time we read about more fat corporate profits that stay put (or paid out as dividends, share buybacks, instead of invested) 
Every time we hear about rising or unacceptably high levels of unemployment;

Every time Euro nations buckle under austerity.
An increasing number of economists — some quite senior, in civil service, none of whom can be called “instinctively progressive”… can no longer abide the untruth of our current discussions and are working quietly to change the debate from within. The course may be a tough, even impossible slog; but one which is “not helped when the outside community is quiet, willing to play the game.

“We can do better.
No retreat
No surrender
Time to explode deficit/monetary policy myths.”

Sources and notes

“No Retreat, No Surrender: Time For Progressives to Explode Deficit/Monetary Myths,” August 11, 2011, (Arun DuBois under debt, deficits, fiscal policy, monetary policy), http://www.progressive-economics.ca/2011/08/11/no-retreat-no-surrender-time-for-progressives-to-explode-deficitmonetary-myths/

Arun DuBois uses a nom de plume. “Nothing he writes should be associated in any way, shape or form with Canada’s New Government.”

Article also posted at http://rabble.ca/blogs/bloggers/progressive-economics-forum/2011/08/time-progressives-explode-monetary-myths


The Progressive Economics Forum aims to promote the development of a progressive economics community in Canada. PEF brings together more than 125 progressive economists, working in universities, the labor movement, and activist research organizations.

The site is also the home of Relentlessly Progressive Economics, the PEF’s blog, a source of real-time commentary on Canadian economic policy issues from favored progressive economists. Blog: http://progressive-economics.ca/relentless
RSS feed for the blog: http://progressive-economics.ca/feed


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