Don’t Listen to Milton Friedman. There is a Free Lunch If There is a Lunch to be Found


I don’t care what you do and do not understand about economics, this explanation is so simple and obvious that I doubt many will fail to understand it.

Ellis Winningham has posted his article Don’t Listen to Milton Friedman. There is a Free Lunch If There is a Lunch to be Found on his web site.

Is lunch what you used as payment to buy lunch, or is lunch what you eat? I’ll ask again – do you eat US Dollars or do you eat the food purchased with US Dollars? You can be hungry at noon and have $60,000 burning a hole in your pocket, but if there is no food anywhere to be found, what good does that $60,000 do you as far as lunch goes? Lunch is the thing you consume, not the thing used to purchase the thing you consume. Food is a commodity, US Dollars, British Pounds are not. US Dollars are just a voucher used to obtain lunch.

The article goes on to explain what MMT is saying and what it is not saying in terms so simple that most people should be able to understand it easily. Understanding may be different from accepting. I am sure that some people will continue to think that they must have been tricked into something by this article. In the long run, I don’t believe these doubters will be able to find any tricks in the article, and more and more people will get to acceptance.

Once we get to acceptance by a large enough population, the oligarchs will have lost their grip on our minds. From that point forward, anything becomes possible.

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