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Jehu on MMT, privatisation and state fascism. 'Capitalists need someplace to park their excess capital and the state provides this service by running deficits. The state then pays interest on the debt, which adds to the profits of the capitalists — a return they could not get if they held their excess capital in a dead hoard of gold.'
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This is worth a close read and maybe several re-reads, thanks for sharing! I see MMT as the very first step in an attempt to bring the discourse of monetary policy closer to something resembling what’s actually going on. Right now the way monetary policy is discussed is so divorced from reality that the real mechanisms are completely hidden from view. But I do agree this is only the first step.