Farewell MMT
At the end of last semester, there was a debate between Matthew, Sloan, and Coop over the merits of Modern Monetary Theory. Matthew obviously lost the debate, but had by far the best arguments. This piece was created in remembrance of those three brave souls who dared to boldly go where no economist had gone before.
The Somewhat Burned Journals of the Lord of the Hourglass, Master of Years and Dates
April 11
After flipping a coin 80 times and seeing 80 heads, I began to suspect that currency was two-faced… Heads should not come up 80 times in a row. It’s ridiculous… As Dazai once said, “What frightened me was the logic of the world”. Perhaps…
April 15
…Only Modern Monetary Theory offers a true alternative. MMT is a rejection of…. painfully clear it’s due in… Why won’t anybody accept the beauty that is negative interest rate… it’s clearly a fool’s errand… A fort shall be built as a great bastion of...
April 16
Divisions are quickly emerging... do not recognize the truth of MMT. MMT is vastly superior to other macroeconomic strategies. It features…
April 17
…8 days remain… Construction on the fort continues apace. Those heretics must not be allowed to dismember…
April 20
…Things are looking bleak. Everyone else is bent on refuting MMT. How can they not understand that endless printing of money won’t result in inflation unless… Clearly… what we need is more time… The fort must be complete before…
April 21
Mars is bright tonight.
April 23
…governments mandate the collection of taxes in a given currency. Without this requirement… it is clear that MMT is the future… MMT embodies the soul of… obvious that MMT is slightly worse than negative interest rate bonds?... Enemy troops are marching toward... It’s not like I wanted to overwhelm everyone with the brilliance that is MMT or anything… my guitar is flat….
April 24
…dare they lead an army against me? …those people whom the world considers good and respects are all liars and fakes. Tomorrow, yes, tomorrow, those who oppose me will be crushed like the cockroaches that they are. Econ club can only accept MMT and reject… all other theories are merely imposters… The fort is finished.
April 25
The sound of gunshots approaches as dawn arrives. It appears that the enemy has surrounded us on all sides. Regrettably, it seems that there will only be precious few minutes until the fighting begins. We attack forthwith... Forgive them, for they know not what they have done… Engage all defenses, and get this man a shield… all-out war for the soul of the Econ club… fire has broken out in... life is too dreary… MMT has fallen.
Epilogue
Remember MMT.
Remember, if the time should come when you must make a choice between what is easy and what is right, remember an economic theory that embodied the soul of econ club.
Farewell, MMT.