Mission Improbable

I recently came across this quote from Hyman Minsky from the year before he died “..As a minimum the bottoms to incomes need to be compatible with sustaining self esteem and the tops need to be such that a few cannot undermine democracy by using the power their wealth brings them to subvert the political process.”

Subversion seems to be inherent in controlling society. I used to think it improbable that even our recent ancestors were so captivated by religious non sequiturs and inconsistencies.

I don’t now.

The lure of gold, which once was used for the communion wine vessel, and which is now still widely presumed to be important in currency matters, doesn’t help. As Warren Mosler wrote:

Our (Western) democracy has clearly been definitively undermined. Or, as the economist, Stephen Hail, puts it “The life of an MMT economist or activist involves going around explaining things that would be completely obvious to everyone, had they not spent their lifetimes surrounded by propaganda, misleading metaphors, and deluded neoclassical macroeconomics.”

History, both ancient and modern, as it were, seems to show that you can delude most of the people most of the time.

At least somebody in America has made a start on the changes: