[Marxism] There's no need for all this economic sadomasochism | David Graeber | Comment is free | The Guardian

Gary MacLennan gary.maclennan1 at gmail.com
Thu Apr 25 18:09:02 MDT 2013

I am inclined to take this column more seriously than Andrew does.  Though
to begin with it does seem strange that the best an anarchist can come up
with is a return to Keynes and that is what the Modern Monetary theory is
in essence, I believe.  Equally strange is Graeber's choice of the metaphor
of sado-masochism.  Those who are imposing austerity are doing very nicely
thank you.  If that is masochism then I would not mind a dose of it.

However what is really in play as far as I can detect is the attempt by the
Keynesians to make a come back.  Graeber for his own reasons is using
the Reinhart and Rogoff spread sheet error to get on board and to boost the
return to Keynes.  That brings me right back to my first point.  How
unrevolutionary of him!  I have already said that a revival of Keynesianism
is not on the cards at the present time. Still I do not think any great
harm is done by attacking the legitimacy of the Austerians and that is what
the discrediting of R.& R. is all about IMHO.



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