YouTube has the video Common Good Economics – What Biden’s Big Spending Plan Means for the Economy
Economics Professor Fadhel Kaboub joins us to talk about what $6 TRILLION in federal spending would mean for the economy.
Fadhel never disappoints. I have been saying for years that the MMT proponents need to explain things the way Fadhel Kaboub does. It frustrates the heck out of me that other MMT folk just do not explain things as well as Fadhel does. For years I have been urging MMT people to talk about the inflation of the 1970s as Fadhel Kaboub does here. I have been so insistent about this one issue that I have been banned from a few MMT web sites and Facebook pages.
If you are a proponent of MMT, but you cannot explain the inflation of the 1970s, then you don’t understand MMT as well as you claim you do. Steve Grumbine attacked me personally on social media because I kept saying this. When I complain about this, I am not attacking the ideas of MMT. I am attacking the proponents of MMT who won’t explain what is so easy to explain in terms of MMT.
Some MMT proponents are their own worst enemies. Warren Mosler sticks to his way of not explaining even though he could explain in ways that more people would understand. It is not for lack of me understanding that I complain. I complain of the adamant refusal to reach more people with easy to understand simple explanations.
One thing I remember about the oil embargo by OPEC in the 1970s was that inflation was already happening. The OPEC countries were getting about $2.50 per barrel of oil. They came to realize that with inflation of the dollar running rampant, $2.50 was not near enough to pay for the valuable commodity they were selling. Sure, their conflict with Israel ws part of the issue, but there was a pure economic issue, too.