It's great you are familiar with the stuff, but you against skirted the question I asked. I'll repeate what is so bad about inequality? To be clear I don't think it's good either, and I would not be opposed to all manner of wealth taxes. But just saying "It's bad, duh", "MMT is a con for Mosler" doesn't give me anything concrete to respond to.
I mean really, would would you want me to say in response? Mosler would need a time machine to con Abba Lerner or Kalecki.
> Then consider that none of the social democracies that have large safety nets use MMT principles and all of them run fairly balanced budgets for a reason. That reason is not lack of knowledge about fiat currencies.
A good reason? The Euro is constitutionally ordoliberal and fucking over Greece in a way that makes the even Krugmans cringe doesn't look like deep wisdom to me. German nuclear policy is also insane, fwiw. I don't see the EU as being especially enlightened at all, I just saw a better and stronger legacy of the postwar era than over here, and better voting systems on the national level.
I can well believe they don't get it same as over here by and large, and the left fringe is only "wiser" in the anglosphere as a consequence of being radicalized harder by pan-Anglo austerity. That's certainly not an accelerationism worth being proud of.
> ZIRP is also a great way to privilege land over productive investment, because when you increase the duration of assets, then you want more stable assets whose value is guaranteed at the expense of more risky (productive) assets.
So do the hardcore form LVT where we essentially, and instant-auction keeps self-assessments honest.
> Anyways, if you want to create a feudal society, then this is a good way to do it. But don't worry, there will be a job guarantee in there for you.
FWIW I am clearly not a 100% MMT orthodox person because I kept on bringing up UBI in a positive light. I do want to reduce working hours and the cultural valorization of work too and so I find pure JG kind of aethetically abhorent, even if it could put preasure on the workweek.
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To sum up, I fully grant that unchecked unequality could allow a new powerful elite to suddenly end the JG or UBI. But a world in which either of those are possible in the first place is a) quite different b) should allow for the type of politics that also go after wealth / massage private property / undemocratic workplaces / whatever your boogieman is.
But I believe that in great powers not savaged by war, there can't be good politics without tight labor markets, so to the extent there is a economic--political chicken and egg problem, Post-Keynesian ideas like this provide when of the few forseable bootstraps.
If we fail to do so, we will get to that neo-feudalism you fear by austerity anyways, as lax labor markets make capital investment including maintainence uneconomical, and we barrel towards a less productive more dysfunctional society.