The Lighthouse | right wing economics

Debunking Modern Monetary Theory (MMT) & Understanding it First

By Erik Zimerman On April 21, 2014 · 56 Comments · In The Whiskey Room

Firstly, your humble writer, who was distracted first by untimely (though much enjoyed) reserve duty, and then quite a heavy workload, failed to convey his profound and (at the time) prophetic commentary on important recent events; Putin and Ukraine, the capture of El Chapo, and so forth. Though we shall hopefully revisit some of these in any event, a good way to get back into rhythm is write about a subject less pressing on the clock. And what better field than the “Voodo” mysteries on the attempts at making a science out of economics. In recent years, an imaginative group often going by “MMTers”, and usually finding the amiable and articulate Mr. Warren Mosler leading their charge, have caused quite a stir, at least among the more thoughtful part of the electorate. Firstly, we must point out that for the most part, proponents of MMT insist that it is not an ideology or even a proponent of any specific economic policy, but rather merely aims to describe the way money works in the modern world; hence Modern Monetary Theory. Specifically, they refer to a fiat currency regime (with the fiat as legal tender, and taxes) with a free-floating exchange rate. [...]

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A Major Reason for the left-right disconnect: The Worse Kind of Tax – And a much better Alternative

By Erik Zimerman On August 23, 2012 · 3 Comments · In The Whiskey Room

It probably comes with little surprise, that the "worse kind of tax" being referred to is the dreaded Income Tax; and with good reason, it is true. This article is the first in a series in which we will tackle ever more complex economics related and financial subjects to point out the increasingly inadequate systems most of the world is functioning under. They encourage boom-bust cycles, constant devaluation of a nation's currency, corporatism, debt, a constant unquenchable need for economic growth, government dependency, and the erosion of personal freedoms. At the same time they discourage that very same economic growth, true capital investment, work, savings, stability, individual risk taking, and self-reliance. Taxation is a good place to start. It is very interesting to note that large part of the disagreement between the right and the left on this matter (on the rate of income tax, not its existence), comes from a skewed perspective on the issue that I have never seen discussed. It will be herein.

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Debunking Modern Monetary Theory (MMT) & Understanding it First

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Debunking Modern Monetary Theory (MMT) & Understanding it First

A Major Reason for the left-right disconnect: The Worse Kind of Tax – And a much better Alternative

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