Ignorant drivel from Iain Macwhirter on MMT.

 

 

That’s in an article of his entitled “How governments learned to stop worrying and love debt.”

 

He claims MMTers think “Governments can run big deficits indefinitely so long as the debts aren’t called in.” Complete BS. MMTers are well aware that inflation poses a limit (gasps of amazement) to the size and duration of deficits.

 

In similar vein he claims MMTers “say that an independent Scotland shouldn’t bother about debt either, so long as it has control of its currency, because it can just print Scottish pounds to pay for it.” Yet more bollocks.

 

But then Macwhirter contradicts himself when he says MMT “contains an important kernel of truth: that government spending, given low inflation, does not need to be directly financed by tax revenue.”

 

Quite. Put another way the basic MMT claim is that the size of the deficit and the debt do not matter as long as the effect is not excess inflation.

 

So what was all the stuff a few paragraphs above about MMTers being totally unconcerned about inflation?

 

Macwhirter’s article is self-contradictory BS.

 

Afterthought: how do I get a job writing for some respectable newspaper or think tank? Ah yes: I think I’ve got it. Talk BS..!!!!!