Modern Monetary Theory: The Emperor Rampant, and Barking

I do not mean to pick on Warren Mosler and the proponents of Modern Monetary Theory. For they are merely saying what many more are thinking, whether they admit it or not.

I think their contributions have been useful, because they plainly state what is going on behind the curtain at the Federal Reserve, under the guise of sensible and neccessary policy wrapped in deceptively opaque explanations.

The MMT crowd are really only taking the dollar regime and US financial system to its logical conclusion, and the necessary increase of arbitrariness as it deteriorates, the impulse to expand one's power to enforce valuations. And fiat money, corrupted, compels the necessity of empire.

Do not trouble yourself if you do not feel 'smart enough' to understand this. It is a more a belief system than a rational monetary system, and the confusion and complexity of these systems is always part of the cult. It is Bernanke as Mad Hatter.

But when things get much worse, watch for a savior to arise, who will have all the answers and give the people hope, even if they do not understand it. And the only price will be to allow this person or group to decide what is value and what is not, and by distributing that value, who can buy and who cannot.  And finally at the end, who is human, and who is not.

This is the man behind the mask, the plain face of the oligarchy. It is the same old thing, the will to power, to create out of nothing. But what the ungodly create is ashes.

"'When I use a word,' Humpty Dumpty said, in rather a scornful tone, `it means just what I choose it to mean -- neither more nor less.'

`The question is,' said Alice, `whether you can make words mean so many different things.'

`The question is,' said Humpty Dumpty, `to be master -- that's all.'"

Lewis Carroll


"Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."

Charles Mackay

The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustained recovery. Until then all plans, from austerity to stimulation, will be turned to no good by the influence of corruption.

When logic and proportion
Have fallen sloppy dead
And the White Knight is talking backwards
And the Red Queen's "off with her head!"
Remember what the dormouse said;
Feed your head.