Is MMR just politics?
MMR seems to claim that MMT does not focus enough on private sector credit expansion and banks (what Mosler calls the horizontal element) and fixates excessively on the Government deficits (vertical element). This is news to me, as I came to MMT through bank operations, and think that it considers and embraces both. Indeed, hard to make sense of the monetary system without looking at both, even though operationally the lines are not always as clear as one would like.
Maybe "economics without politics" just means libertarian politics, which tries to take politics out of the financial system altogether? There is a natrual affinity between Austrians, gold bugs, and libertarians precisely because of this interest in making things less political. So, what I first dismissed as a cynical platitude, I now salute as a clever pun on words.
Pull from the comments:
'Actually, MMT’s design to bring the state back to “center stage” is wrong. There’s no “money monopolist”. There’s no “Without a government deficit, there would be no private saving.” There’s no rationale for setting prices. There’s no rationale for the job guarantee. That’s the whole point. When you visualize the picture correctly...MMT’s desire to bring the state “back to center stage” is wrong.'This is purely a list of political oughts, so I guess that is at the heart of what MMR is. An (ironically) pro-bank political take on MMT. Because the Government is a "money monopolist" if your definition of "money" is NFA(e). There's over $10T worth of this stuff outstanding, and it's doing something, and it only has one source. You cannot ignore it, you need to understand it. And there are rationals for setting prices and the job guarantee -- rationales I find unconvincing -- but to deny their very existence is an exaggeration.
--Cullen Roche, bit.ly/GJyjRt
If MMR is all about facts, then why exaggerate and say things that just aren't true?
Finally, I don't see MMT as desiring to bring the state "back to center stage" but simply looking at things as they are. The State already occupies some stage -- center, left, right, forward, aft, whatever -- and the stage occupied in a fiat economy is simply different from a stage occupied in a gold-standard economy. This is a fact, not a political position, just as a country that uses a foreign currency locally is different from one that uses its own. You may disagree with the degree of sovereignty a state has, or should have, but that's different from refusing to recognize what actually is.