Randy Wray deluded by Joe Sitlitz mis-information

What is the MMT alternative? Measured and targeted stimulus designed to restore confidence of firms and households. Ramp up the Social Security safety net to assure the Japanese people that they will be taken care of in their old age. Recreate a commitment to secure jobs and decent pay. Either promote births or encourage immigration to replace the declining workforce. Undertake a Green New Deal to transition to a carbon-free future.

This is a Naked Capitalism post talking about MMT policies for Japan.

Note, all of these MMT policies are a set of policies determined by other means, not MMT. Yives Smith, or her alias, described this issue quite clearly, MMT is an accounting event or standard, it says nothing about policies.  We can use MMT to make socialism and celebrate ourselves, bomb rice farmers or gas Jews; all of these easily accounted for under the MMT banner.

Stiglitz started this crap, calling for a single social compact for MMT, an impossibility and he knows it. Joe is passing around asymmetric information, the Naked Capitalism folks too dim to catch it.

 The correct answer is that Japa has an MMT period right after the USA has an MMT period, we are the reserve currency and importer of last resort. We do MMT first, another obvious result completely ignored by Sitlitz who participated in the last MMT and the last generation overlap meeting. He knows the sequence, he is lying to the Naked Capitalism folks, and they are dim bulbs.

Like I say, I see Stiglitz group suddenly changing signs, all perfectly predictable. Stglitz wants asymmetric information restored, Reinhart and Rogoff want us to ignore their book, Krugman wants us to forget about Hicks. What is the message? Old folks freaking and trying to slip their insurance programs into the MMT meet up, a really stupid idea.