If the economy was what people say it is, we would have figured out how to run it by now. But it always -…

If the economy was what people say it is, we would have figured out how to run it by now. But it always - always - just creates booms and busts. Because it isn’t what people say it is. It’s spin for ‘unregulated social life’. That’s all it is. /1 https://t.co/QCRHkUjiUE

Monetarism is part of the whole con, invented by political libertarians, just as they invented magical self-running equilibria via supply and demand. In reality society never changed, hierarchies form and vacuum up most of the wealth. /2

But when they invented the idea of ‘the economy’, it now rationalised this social process (feudalism) as something new, something modern, with pseudo-mathematical terms. Now feudalism was ‘the invisible hand’, distributing those hierarchical gains to the most deserving. /3

The most deserving being, of course, the political libertarians who invented the entire con. Without any intervention, this was the natural state of things, a market left free to find its own supply and demand-driven equilibrium. And that equilibrium, astonishingly, is always…/4

…just the current status quo. A miracle! If you want to read the history, look at the work of people like Milton Friedman, a key architect of the whole laughable heist. An adored figure amongst the political libertarians. Their victory is so complete that all sides…/5

…of politics, and all journalists, uncritically talk about ‘the economy’ more than anything else. It’s the Emperor Has No Clothes on steroids, everybody circling something that is a complete fiction. And underneath it all based on the utter nonsense idea, which you’ll…/6

…see everywhere from Covid to energy policy, that ‘the people’ are what lead and drive democracies. What the economy-heist calls ‘the market’. Billions of people just left to do whatever they all individually want to do leads to a magical supply and demand-driven optimum…/7

…state of society. Except there is no society, just a market. That’s not how people have ever behaved nor how they will ever behave. People look to what other people are doing, to decide what to do and how to think. Social conformity. It’s what has always created societies. /8

Just saying ‘conformity’, with our 50 years of libertarian brainwashing, makes people feel like this is a bad thing. That it means we’re all ‘sheep’. But looking to each other as a key to how to think and behave is the only reason we’re all still alive. We act together. /9

It happens all of the time in the fantasy of economic markets. The same libertarians who despise regulation are forced to constantly, brutally regulate with ‘competition policy’ and regulators, to try to undo the constant evolution of every market into the hierarchy…/10

…their whole belief system says shouldn’t exist. Nothing much has changed in centuries, we still live in feudal societies, but we changed the names of things to disguise it. As I’ve Tweeted about a lot, all that changed this constant in history was massive catastrophes,…/11

…most recently in the late-19th and early-to-mid 20th centuries, that disrupted existing hierarchies long enough to allow the creation of a ‘public’ for the first time in history. A politics of the whole interconnected population. But that’s what ‘the economy’ was invented…/12

…to unravel, and we’re living that right now. We will make no progress against Covid, climate or anything else, until this ridiculous fantasy is debunked. The economy will simply say ‘sorry we can’t afford to do any of that’. Checkmate. /end