The current drama over interest rates and inflation is another legacy of the neoliberal/libertarian…

The current drama over interest rates and inflation is another legacy of the neoliberal/libertarian ascendancy since the 1970s. The idea that the money supply is pivotal to economies was N=1 politics trying to turn societies into self-regulating…/1 https://t.co/gtUm23slWs

…markets, what we now call economies, excluding as much as possible any role for the State. It’s entirely political, as all economics is. it used to be called political economy, but they removed the ‘political’ to give an impression of apolitical objectivity. /2

So they fiddle with interest rates in the belief that by tweaking money supply, the self-regulating market (the laughable N=1 fiction) will fix the problems of prices out of control. In actual reality, in the world of political economy, all they’re doing is impoverishing…/3

…the vast majority of the population, to put out the fires of decades of speculative investment, with the top end of town gorging itself on fantasy financial products to make quick bucks. It’s using a sledgehammer to swat a fly, rather than target the speculators, who are…/4

…the darlings of the aspirational N=1 belief system, the people who ‘had a go, to get a go’ (a.k.a. screwed everybody else), we’ll bankrupt most of the population to give the speculators a much smaller pot of suckers to prey upon. Just pause to think about the ridiculous…/5

…assumptions in monetary theory. That the reason prices are going up right now, inflation, is that people have too much money, driving up prices for goods. The ridiculous supply-demand nonsense at the heart of market theory. Who do you know that has too much money? /6

A tip for Jim Chalmers. We don’t need values-based capitalism. Let’s go back to being a common-wealth. It’s already on all of the stationery, a much cheaper transition, all it means is excising the tiny handful of financial parasites from the face of democracies. /end