Defund the ABC

Modern Monetary Theory: How MMT is challenging the economic establishment

Illustration of a tree with money for leaves and lush flowers on the ground below where the money falls.

From the dumbest economic analysts in Australia, our very own ABC: Modern Monetary Theory: How MMT is challenging the economic establishment.

What if everything we thought we knew about public finance over the past 40 years has been wrong? A new economic theory has emerged that could rewrite our understanding of how governments create and spend money and what type of society we can afford to build.

And if it is correct, people may be furious. Because it could show that Australia’s political elite can afford to spend far more than they are on public health and education, social housing, scientific research and green energy schemes, while eliminating unemployment.

And yet they’re not — either from a misunderstanding of government finances or because they don’t want to. However, to embrace this radical economic theory you will have to forget what you’ve learned about budget deficits (that they’re bad) and government debt (that it burdens future generations).

Why? Because proponents of the theory say that far from being a problem, budget deficits are often a good thing — they can be the source of healthy economic growth.

More at the link and some previous discussion of MMT here.

Daniel Andrews is showing the way. He spends enormous amounts of money, but never finishes a project so that nothing is ever completed. Tunnels, train lines, you name it, he has left all kinds of useless projects halfway done, which even if completed would never earn as much in revenue as they cost to build. Just build it and they will come, they in this case being massive debt and deficits.

The ABC is filled with such deadheads. I never watch the thing myself but only found out about this from someone else who monitors the place. I don’t know how anyone can listen to such ignorance day after day, but I guess someone has to do it.

ABC delenda est which is Latin for Defund the ABC.

This entry was posted in Media, Politics of the Left. Bookmark the permalink.

34 Responses to Defund the ABC

  1. Yeah well. They’re from the government and they are here to help.

  2. stackja

    Make the ABC subscription only.
    If the ABC Friends want their ABC then they pay.

  3. Colonel Bunty Golightly

    Tax the rich (anyone who works or is not on welfare) and give it to the ever increasing number of bludgers in our midst. Yeah! Good luck with that – once the workers wake up to the scam and transfer to the bludger class who will foot the bills? Governments need money to waste and without people to work and pay taxes they will become a very unpopular waste free zone!

  4. Karabar

    Sinc Davidson and Chris Berg wrote a whole book on the subject. Their proposal seemed logical to me. Offer it for sale to Isa Buttcrack and her associates so that they can operate it at a profit (somehow).

  5. Professor Fred Lenin

    Hive off country radio totally ,make it a non comment local news product. Register the rest at the stock market and float it as a profit making potential . Pay all staff entitlements in company shares including pensions etc . Lease studios and equipment to new company at comercial rents ,and let the comrades go for it. Make a book on how long it will be before they go bust.

  6. duncanm

    fair enough.

    Let’s fix the ABC’s funding at $1B, then let MMT free reign.

    Should be costing us about $1M in 2020 dollars by 2030

  7. rich

    how are we as taxpayers paying for cranks that extol the virtues of printing money? How can such a crank cram so much wrong into one article?

  8. Suburban Boy

    Shut it down, sell off the physical assets and keep the journalistic staff on the Commonwealth payroll for another decade doing no work but with strict non-compete clauses. They can choose between a comfortable life doing nothing or plying their poisonous trade elsewhere without job security or even an assured job. I suspect most will choose doing nothing.

  9. egg_

    They’re from the government and they are here to help.

    Hence, as a Govt employer, they’re skewed by an over representation of freaks who’d never get a job in a Commercial environment, their Editorial policy reflecting the inmates.

    Well may they say “Planet America”, but “Planet Aunty” orbits Betelgeuse in a parallel clown Universe.

  10. Rohan

    “It’s not our tax money the government wants. It’s our time.

    And there we have it in one sentence. Complete control over society via a central planned economy.

    There’s a word for that starting with C, but it escapes me…

  11. Entropy

    essor Fred Lenin
    #3516118, posted on July 17, 2020 at 11:44 am
    Hive off country radio totally ,make it a non comment local news product. Register the rest at the stock market and float it as a profit making potential . Pay all staff entitlements in company shares including pensions etc . Lease studios and equipment to new company at comercial rents ,and let the comrades go for it. Make a book on how long it will be before they go bust

    No, all of it must die. If any of it is left to operate they progs is will use that to re expand under a future government.

    Nuke it from orbit, it is the only way to be sure.

  12. Roger

    From the dumbest economic analysts in Australia…

    I don’t know if they’re dumb or malevolent.

    Their senior business editor, for e.g., has stated that tax cuts to business are a hand out.

    I suppose they could be dumb and malevolent.

  13. Leo G

    What does “healthy economic growth” mean?

  14. Rohan

    The whole establishment is worth no more than 50c.

    Staff entitlements and outstanding liabilities roughly equal the value of equipment and assets.

    There is no net profit despite the hoovering of 1 bill large p/a and they’re continually bitching about their budget.

    Their ratings are terrible. Audience numbers have been in decline.

    There is no goodwill.

    50c is a fair asking price.

  15. Tom

    Imagine you live in a country where the dumbest people, who are also the most spiteful and vindictive, have the most power — even a $1.2-billion hate speech mouthpiece financed by their taxpaying enemies in the real world and politicians are too scared of being maligned by them and it to shut it down.

    You try to wake up, but you realise it’s not a nightmare. It’s real.

    Welcome to Orwell’s Australia.

  16. Bad Samaritan

    OK, so Mum gets laid off for a while and is no longer bringing $1000 per week into the household. Dad continues to get his $1000 clear pw from his employer.

    Junior has found a bag of money stashed in the woods, and tells dad, who then borrows $500 per week off Junior and gives it to mum to spend (where she used to have $1000 pw to spend). Over six months dad racks up $13,000 in debt to Junior, until Mum gets her job back. Junior then announces that he’s cancelling the debt. This = MMT ; or = QE to partially cover the income / spending shortfall.

    Will this have an adverse effect down at the supermarket etc where Mum is spending the free money? If so: why so. Would this have a different effect to if Mum had simply bought everything on her credit card for six months?

    C.mon Cats: time to think.

  17. RJH

    Entropy – totally agree there must be no chance offered to these ABC parasites who bludge off the taxpayers of Australia to be allowed in the future to remerge to try and indulge themselves in their warped views of disseminating News/Journalism & failed ideologies. Their indulgent & lack of any professional behaviour is best exemplified in them never apologising for the many proven lies & misinformation that they continually refuse to even correct. As just one glaring example, being their unproven & false accusations of Navy personnel burning the hands of refugees and to add further insult some of the “journalists” involved received promotions to overseas postings!

    Having spent the last 25+ years living/working in Rural & Regional Australia I have never once felt the need to avail myself of any of the “services” offered by their ABC. This idea that there are no alternative News & Information Services in the 21st Century for Country people, and they somehow need to rely on their ABC, is only evidence of their own self seeking propaganda to weak, gullible & uninformed politicians.

  18. Damian of Lathlain

    Incredible – the article quotes some dunderhead on what a success the Australian Wool Reserve Price Scheme was. Claims it evened out supply and demand and gave wool producers a steady regular income. No mention of the 4 million bale wool stockpile and the mass shooting of sheep in 1991 when the Australian Wool Corporation decided we should be paid to reduce the flock. I know because I was there on the farm shooting them.

    Even an economics undergraduate could surely look at a case study of the disaster of the intervention in the Australian wool and recognise what a mess it was.

  19. RobK

    Australian Wool Reserve Price Scheme was…an unmitigated disaster.

  20. RobK

    It seems to me that MMT is fodder for technocracy and the death of anything resembling a free market.

  21. Professor Fred Lenin

    How long do you think the abc would last in a competative environment with no taxpayer funding ?
    I advocate my plan so we taxpayers woukd not have to pay them entitlements ,the new company would assume those responsibilities . The people wouls still own the fixed assets to dispose of when they went broke , the employeess could sue the shareholders (_themselves and anyone else foolish enough to buy shares ) for any entitlements they thought was due ,with buckleys chance of getting them . This would inflict pain and reality on the lefty gangrene tossers introduce them to reality ,something very rare at the abc .

  22. Old Lefty

    ABC delenda est? None of that old-fashioned airy-fairy arty-farty Latin jibber jabber from stupid useless old dago books here mate. You’ll have Daniel Tehan after you as well as Daniel Andrews.

  23. Zulu Kilo Two Alpha

    No mention of the 4 million bale wool stockpile and the mass shooting of sheep in 1991 when the Australian Wool Corporation decided we should be paid to reduce the flock. I know because I was there on the farm shooting them.

    Guess who drew the short straw for that one….

  24. H B Bear

    What does Emma Alberscreechi “think”or is she on a WEB in Umbria?

  25. Damian of Lathlain

    Guess who drew the short straw for that one….

    Not sure what you mean by that Zulu but we were paying 25% wool tax at one point to service the debt that had accumulated when the Wool Corporation was buying most of the fresh wool coming onto the market. It is part of the reason the Eastern wheatbelt of WA has been deserted – the sell off of the national sheep flock has seen a reduction in the labour force that used to service the wool industry.

  26. Watch Your Back

    Bad Samaritan,

    Very funny. Unfortunately Junior didn’t find a bag of money in the woods, he borrowed it in the form of a subprime mortgage by lying about his income.

    So now Junior is borrowing to lend to Dad who lends it, at zero interest, to Mum. Mum is spending money that doesn’t exist. The spending she makes goes back to dad who then pays less back to Junior. Junior stops paying the mortgage company. Everyone is fucked.

  27. Bad Samaritan

    Watch Your Back (5.10pm). Pleased to see someone give it a try = no other Cat can explain what’s wrong with the scenario, so the next best thing is to change the hypothesis. Good effort.

    Junior is the RBA. The RBA does “find bags of money” to give to Dad (govt) to pass on to Mum (the citizenry) and it will eventually cancel the debt.

    This has been the MO in Japan for thirty years, and in many other countries via QE off and on for yonks. Despite not fostering strong economic growth, it has not destroyed their economies, caused interest rates to soar, nor currencies to collapse. Thus; what is your own fear of moderate money printing based on exactly?

  28. Watch Your Back

    Bad Samaritan,

    I don’t disagree with you, although I think your metaphor was obtuse!

    Good stuff.

  29. Squirrel

    “…. it could show that Australia’s political elite can afford to spend far more than they are on public health and education, social housing, scientific research and green energy schemes,….

    The phrase they coyly omitted from that shopping list is “and public broadcasting” – that’s what this is really all about.

  30. Zulu Kilo Two Alpha

    Not sure what you mean by that Zulu

    My father didn’t want the job of shooting his cherished sheep, so I got the job.

  31. Fair Shake

    What goes up must come down. Unless it is ABC funding.

  32. DrBeauGan

    C.mon Cats: time to think.

    As a cheap alternative to leaving bags of money in the wood for kids to find, why not simply have the government declare every dollar is worth two dollars? Or ten dollars? Hell, the sky’s the limit!

    Or legislate that tree leaves are legal tender, a leaf = one dollar. C’mon, bad Samaritan, time to think!

Comments are closed.