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Steven D Grumbine's avatar

What is amazing about this episode is it explicitly gives us permission to critique and embrace aspects of ideology while forcing us to really dig into history and understand the material conditions that led to each ideological break. Too many want to cheerlead and overlook the blindspots that keep us from meaningful organizing today. LARPING… vs real world.

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Klassik's avatar

Steve, regarding your point at the 49 minute mark and Varn’s response about Minskyites, the Minskyite Levy Economics Institute has their annual conference this week. Rep. Ro Khanna will be the keynote speaker.

This is the same Rep. Ro Khanna who has been openly pining for a return of support from Elon Musk in the past couple of weeks. To quote a recent report from Semafor:

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“’Having Elon speak out against the irrational tariff policy, against the deficit exploding Trump bill, and the anti-science and anti-immigrant agenda can help check Trump’s unconstitutional administration,” Khanna told Semafor on Friday. “I look forward to Elon turning his fire against MAGA Republicans instead of Democrats in 2026.”

Khanna, who has known Musk for more than a decade, has long argued that Democrats unwisely pushed him away from their party.”

https://www.semafor.com/article/06/06/2025/khanna-steps-up-his-work-to-pull-musk-toward-democrats

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There’s much which can be said about the above statement, especially given that Khanna has spoken at those farcical ‘Fighting Oligarchy’ events, but my focus went to the “deficit exploding” bit. While the Levy Institute might be a Minskyite organization, and Minsky might not have had a problem with the “deficit exploding” statement, the Levy Institute is also one of the leading pro-MMT institutions with Pavlina Tcherneva and Randy Wray on the organization’s board. Maybe Khanna might be inspired being around these leading MMTers. Building connections with prominent politicians can be beneficial, but I can’t help but to wonder if the Levy Institute is paying for a hotel room for Khanna where Khanna will be spending his time begging for the support from one of the biggest austerity merchants in the current century.

I know Bilbo keeps his distance from the Minsky worship which comes from certain circles of the US MMT community (I’m thinking Mosler has addressed this before, but I can’t remember what he had to say about it...I know Mosler, correctly in my opinion, openly rubbishes Michael Hudson, someone the Levy people usually hold in high regard). Perhaps Bilbo knows better than to associate himself with these circle-jerks with [social democratic party] politicians who want to portray themselves as pro-citizen progressives, but then who unfailingly associate themselves with neoliberalism even if they know that neoliberalism is built on intellectual dishonesty. Bernie and his national credit card is one thing, but the likes of Khanna appear to be even worse on the oligopolistic progressive posturing front.

I hope nobody thinks I’m throwing London at Wray and company. I’m sure there will be good discourse at parts of the Levy conference. I also realize that the Levy Institute is a think tank and a think tank completely separated from current policymakers is a rather failed think tank. Still, it is painful to see these respected figures associated with enablers of neoliberalism when I am sure that isn’t their goal.

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