Podcast appearances and mentions of fadhel kaboub

“When you are a dominant empire like the US, economically, militarily, geopolitically, and you make bets that are exclusively based on power rather than technology, innovation, research and development, education, a growing prosperous middle class, history tells us that you will eventually fail. And that's the ugly reality.” Like most media nowadays, we seek to make sense of the confusing, contradictory, and often absurd Trump policies. So of course we turn to our best friend and most frequent guest, economist Fadhel Kaboub.Fadhel suggests that Trump has two missions: reinforcing the US imperialist-dominant position that is currently under threat, and reinforcing his legacy, the MAGA movement, and the supremacy of the Republican Party for years to come. Ironically there are even two Elon Musks in the White House: “There's Elon Musk, Twitter, and there's Elon Musk, Tesla, and the other tech stuff. The interest that the Trump administration is going to serve is not Tesla. It's going to be the Facebooks, the cloud technologists ... the techno-feudalists who run the world today. “The importance of the techno-feudalists is that they don't actually manufacture things, they don't produce things. They control the cloud, they control the mind, they control your feelings, your choices... not just consumer choices, but political social worldviews are controlled and manipulated by social media and by the big data centers that collect and analyze and feed you choices and filter the news and filter information for you.” In their discussion, Fadhel points out the absurdity of thinking tariffs will “bring back jobs” to the US. He also explains that companies like Apple aren't manufacturing in China for cheap labor, but because China has the high-skilled workers. Instead of investing in education in the US, Trump boasts of making cuts.Fadhel explains that Trump's negotiation strategy relies on creating chaos and confusion. In comparison, China's path is starkly different, including creation of the digital yuan as an international payment system to bypass SWIFT and the dollar.Fadhel and Steve remind us that both US political parties are guilty of perpetuating the false narrative of fiscal constraints. As always, listeners are challenged to question the prevailing mainstream rhetoric and look for the deeper motivations behind it.Fadhel Kaboub is an associate professor of economics at Denison University (presently on leave) and the president of the Global Institute for Sustainable Prosperity. He's the author of Global South Perspectives on Substack. Find his work at globalsouthperspectives.substack.com @FadhelKaboub on Twitter

Subscribe to Bad Faith on Patreon to instantly unlock our full premium episode library: http://patreon.com/badfaithpodcast Leftist economist Fadhel Kaboub returns to Bad Faith to deepen last week's conversation on Tariffs following "Orange Monday." He assesses Elon's discovery of "magic money machines" -- confirming that the government doesn't need to tax to spend, and breaks down what Democrats should (but won't) say to exploit mass frustration with Trump's economic policy. Subscribe to Bad Faith on YouTube for video of this episode. Find Bad Faith on Twitter (@badfaithpod) and Instagram (@badfaithpod). Produced by Armand Aviram. Theme by Nick Thorburn (@nickfromislands).

Get access to The Backroom and over 55 exclusive podcast episodes on Patreon: https://www.patreon.com/OneDime⁠⁠In this episode of 1Dime Radio, I am joined by Professor Fadhel Kaboub, Professor of Economics at Denison University, specializing in Modern Monetary Theory (MMT) in the Global South, particularly Africa. In this conversation, I ask Fadhel about whether MMT applies to developing countries in the "third world" and how developing countries can achieve monetary sovereignty and economic independence. I also asked him questions about BRICS, decolonization, Degrowth, and various related topics.  A lot of gold  Timestamps:00:00 BRICS Won't Save the Global South03:03  How Fidel Kaboob got into Modern Monetary Theory 06:48 Monetary Sovereignty13:20 Inflation and Monetary Sovereignty 20:18 Currency Sovereignty in the Global South33:09 Case Studies: Venezuela and Zimbabwe50:09 Economic Sovereignty in Developing Countries59:48 The Geopolitical Bargain of the Century01:06:29 Uniting the Global South01:23:37 Degrowth01:33:39 Migration as Economic Imperialism01:43:26 Decolonization 01:54:21 MMT and Statism02:00:41 Price Setting and RedistributionCheck out Fadhel Kaboub on Twitter/X: https://x.com/FadhelKaboubMore 1Dime MMT Content: https://youtube.com/playlist?list=PLyytc2-LIrN7kIRyPXghWjeb4MV_DDqBK&si=s7aBz5IfLSYEK6X3Follow me on Instagram: ⁠instagram.com/1dimeman⁠Outro Music by Karl CaseyBe sure to give 1Dime Radio a 5 Star Rating if you enjoy the show!

Episode 195: The Colonial Roots of Climate Injustice in Africa: A United Front for Strategic Repositioning of the Global South   In this lecture, Dr. Fadhel Kaboub identifies the political and economic dynamics between the Global North and South since the wave of African independence in mid-20th century, by which the former has continued its colonial methods of resource extraction, steering the economies of the latter towards dependence on European and American technology and financing. By drawing on examples of large-scale agricultural and energy projects in Ethiopia, Namibia, and Uganda, Dr. Kaboub outlines the process by which African, Latin American, and Middle Eastern resources are captured by foreign energy companies. As Dr. Kaboub explains, poor countries are prevented from developing a domestic manufacturing base, rendering them dependent on companies from the industrialized economies of the Global North, which both produce the technology necessary for resource-harvesting and conduct post-extraction processing or refinement. As such, economies of the Global South are intentionally prevented from industrializing and are instead encouraged to invest heavily in primary resources for subsequent extraction by actors from the Global North. In the final part of his presentation, Dr. Kaboub dedicates his attention to the “carbon credit” scheme, by which large Western energy companies purchase the right to pollute, which they offset by preventing pollution (read: industrialization) in the Global South, in what amounts to painting an environmentally-friendly veneer over the same colonial process. Fadhel Kaboub is Associate Professor of Economics at Denison University (on leave), and the president of the Global Institute for Sustainable Prosperity. He is also a member of the Independent Expert Group on Just Transition and Development and serves as senior advisor with Power Shift Africa. He has recently served as Under-Secretary-General for Financing for Development at the Organisation of Southern Cooperation in Addis Ababa, Ethiopia. Dr. Kaboub is an expert on designing public policies to enhance monetary and economic sovereignty in the Global South, build resilience, and promote equitable and sustainable prosperity. His recent work focuses on Just Transition, Climate Finance, and transforming the global trade, finance, and investment architecture. His most recent co-authored publication is Just Transition: A Climate, Energy, and Development Vision for Africa (May 2023, published by the Independent Expert Group on Just Transition and Development). He has held a number of research affiliations with the Levy Economics Institute (NY), the John F. Kennedy School of Government at Harvard University (MA), the Economic Research Forum (Cairo), Power Shift Africa (Nairobi), and the Center for Strategic Studies on the Maghreb (Tunis). He is currently based in Nairobi, Kenya and is working on climate finance and development policies in Africa. You can follow him on Twitter @FadhelKaboub and you can read his Global South Perspectives on substack where he blogs regularly. This podcast was recorded on the 9th of March 2024, at the Centre d'Études Maghrébines à Tunis (CEMAT) with Dr. Max Ajl, Senior Fellow at the Department of Conflict and Development Studies, Ghent University, researcher with the Observatoire de la Souveraineté Alimentaire et l'Environnement (OSAE), and research fellow at the Merian Center for Advanced Studies in the Maghreb (MECAM). We thank Mr. Souheib Zallazi, (student at CFT, Tunisia) and Mr. Malek Saadani (student at ULT, Tunisia), for their interpretation of “el Ardh Ardhi” of Sabri Mesbah, performed for the introduction and conclusion of this podcast. Souheib on melodica and Malek on guitar. Production and editing: Lena Krause, AIMS Resident Fellow at the Centre d'Études Maghrébines à Tunis (CEMAT).

"Colonized people have the right to resist." Economist and friend of the podcast Fadhel Kaboub talks with Steve about the effects of global hegemony and the ongoing attempts to shift the balance of power. They look at BRICS, though it's perhaps too soon to predict its ultimate outcome and influence. Fadhel argues that a true multipolar world cannot emerge without placing the Global South at the center of economic decision-making, challenging the existing economic domination by the US and other nations. The history of colonial exploitation continues to affect the resource-rich region.Fadhel also addresses the ways in which Israel is carrying out the US agenda in Gaza. He points out that the world's reaction is being influenced by the ready availability of direct information via social media. "The world didn't start on October 7th. There was a world before that. And there is a colonial project that was being built in Gaza and Palestine. "Every colonial case we've seen in Africa and the rest of the Global South created resistance movements and resistance. Some people resist in the streets, some people resist with little pebbles and stones, some people resist with weapons. Some people resist with their voice, some people resist with their pen. But it's resistance. And it's a legitimate right to resist. "It's beginning to click for a lot of people that colonized people have the right to resist." Fadhel Kaboub is an associate professor of economics at Denison University (presently on leave) and the president of the Global Institute for Sustainable Prosperity. He's the author of Global South Perspectives on Substack.Find his work at kaboub.com and globalsouthperspectives.substack.com@FadhelKaboub on Twitter

Subscribe to Bad Faith on Patreon to instantly unlock our full premium episode library: http://patreon.com/badfaithpodcast From time to time there's an interview that fundamentally alters and enriches my understanding of how the world works. This is one of them. Professor of Economics at Denison University Fadhel Kaboub returns to Bad Faith to explain how developing Africa may be the key to the climate crisis as well as to the prosperity of a billion comrades on the continent -- but significant political barriers are in the way. Dr. Kaboub explains how America is failing catastrophically to stop climate change, how China shows a different path forward, and why anticapitalist global solidarity movements are necessary to save us all. Subscribe to Bad Faith on YouTube for video of this episode. Find Bad Faith on Twitter (@badfaithpod) and Instagram (@badfaithpod). Produced by Armand Aviram. Theme by Nick Thorburn (@nickfromislands).

** If you haven't yet come to our Tuesday night listening party, this is the week to do so. Join the Real Progressives community as we dive in and discuss this episode. The registration link is posted on our Events Calendar prior to each Tuesday's session — it's usually up by Saturday. Look for Macro ‘n Chill. https://realprogressives.org/rp-events-calendar/This week Steve talks with our friend, economist Fadhel Kaboub. Followers of this podcast will recognize some of the themes we regularly focus on, including the debt trap facing countries of the global South, and the need for climate action and transformative economic development. Current plans under consideration are extractive and paternalistic, continuing the patterns of colonial exploitation.At the root of the external debt problem are three major structural issues: food deficits, energy deficits, and manufacturing deficits. Fadhel breaks down each of these problems, tracing the origins and suggesting how solutions will benefit not just Africa and the global South, but the international working class.“So, the type of thinking that we need to have today is one of two options. Do we work towards reforming this global economic architecture that was designed for these purposes? Or do we build a parallel, alternative economic architecture from the ground up? I'm of the opinion that the countries that dominate the current economic architecture will fight to death to keep their supremacy.”Steve and Fadhel also discuss MMT, degrowth, and the job guarantee. They look at the role China could play in Africa.Fadhel Kaboub is an associate professor of economics at Denison University (on leave), and the president of the Global Institute for Sustainable Prosperity. He is also a member of the Independent Expert Group on Just Transition and Development and serves as senior advisor with Power Shift Africa.@FadhelKaboub on Twitter

Did you know the government doesn't spend your taxes?Welcome to the world of Modern Monetary Theory, a revolutionary way of decoding our monetary systems—and making them work better for us. I'm joined by Steven Hail, economist and lecturer, who explains, using MMT, what we get wrong about money, taxes, inflation and even currency. Steven reveals how the notion of states not being able to afford certain necessities—like education, health, the green transition—is nonsense, explaining how the supply of resources impacts our economy, not running a deficit. Alongside debunking a range of money myths, he also reveals the fascinating history of taxation as a means to create a citizenry and their dependence on a centralised state.This is a technical episode, but Steven's explanations are clear and concise, and we successfully cover a lot of ground to uncover the real relationships between governments, markets and the monetary system they swear by.Episodes referenced include my interviews with Fadhel Kaboub, Jason Hickel and Kate Raworth.© Rachel DonaldPlanet: Critical investigates why the world is in crisis—and what to do about it. Support the project with a paid subscription. Get full access to Planet: Critical at www.planetcritical.com/subscribe

In an extended Taxcast edition this month, a century of tax rule setting by the former imperial powers has been overturned: we look at the UN vote on global tax reform. Taxcast host Naomi Fowler follows events at the UN, the failed efforts to block it and explores what it all means with Alex Cobham of the Tax Justice Network. Featuring: Alex Cobham of the Tax Justice Network UN representatives from Nigeria, South Africa, the Bahamas, the UK, the US, Spain, Russian Federation, Cameroon. Hosted by Naomi Fowler of the Tax Justice Network, produced by Naomi Fowler and Jo Barratt. Transcript available here: https://taxjustice.net/wp-content/uploads/2023/12/TRANSCRIPT_Taxcast_Dec_23.pdf "If the time of crisis imposes the time of change, then it's time for cooperation to take precedence over competition. It's time for international solidarity to take precedence over particular and selfish interest in the short term. African people are tired of numbers about assistance for development. They do not request more assistance. They request every partner running business, the physical or digital, individuals and companies making profit should pay the right price, the fair and just percentage in terms of tax. Then we could keep our promise to transforming our world, to ensuring the world we want, the future we want is a reality." ~ UN Representative from Cameroon "It's a century waiting to have a globally inclusive body to set tax rules to throw over the decisions made by the League of Nations in the 1920s and 30s that we're all stuck with the consequences of today. We don't actually need tax rules that were set by the imperial powers, honestly, we can do better." ~ Alex Cobham, Tax Justice Network Further reading: The UN adopts plans for historic tax reform, Tax Justice Network “No” voters on UN tax reform enable 75% of global tax abuse, Tax Justice Network Follow developments on tax reform at the UN on the Tax Justice Network's live blog: Road to UN vote on global tax reform Decolonising the International Tax System from Fadhel Kaboub's blog A new UN Tax convention – how will it change global tax governance? From Martin Hearson You can WATCH the vote at the UN here (the discussion on tax matters starts around 35 minutes) More Taxcasts on https://www.thetaxcast.com 

Le charbon, le gaz et le pétrole sont à la base de la révolution industrielle qui a façonné le monde dans lequel nous vivons. Leur combustion est aussi la principale cause du changement climatique puisqu'elle produit 75% des gaz à effet de serre. Une émission enregistrée à Dubaï. Invités : - Matthieu Auzanneau, directeur de The Shift project spécialisé dans la transition énergétique, auteur de Or noir, la grande histoire du pétrole aux éditions La Découverte- Youba Sokona, expert en Énergie pour le continent africain, ancien vice-président du GIEC de 2015 à 2023- Fadhel Kaboub, président du Global Institute for Sustainable Prosperity, conseiller principal de Power shift Africa.Reportage en Côte d'Ivoire. 

Le charbon, le gaz et le pétrole sont à la base de la révolution industrielle qui a façonné le monde dans lequel nous vivons. Leur combustion est aussi la principale cause du changement climatique puisqu'elle produit 75% des gaz à effet de serre. Une émission enregistrée à Dubaï. Invités : - Matthieu Auzanneau, directeur de The Shift project spécialisé dans la transition énergétique, auteur de Or noir, la grande histoire du pétrole aux éditions La Découverte- Youba Sokona, expert en Énergie pour le continent africain, ancien vice-président du GIEC de 2015 à 2023- Fadhel Kaboub, président du Global Institute for Sustainable Prosperity, conseiller principal de Power shift Africa.Reportage en Côte d'Ivoire. 

**If you've been enjoying – and learning from – this podcast for the past five years, you'll want to know about the end of the year fundraiser for Real Progressives. For the rest of 2023, your donation will be fully matched by a generous supporter. If you donate $100 or more, you get a free t-shirt. We count on our community to help us pay for the equipment and platforms to bring you this important content.Donate here or go to our website, realprogressives.orgFadhel Kaboub is back for his lucky 13th episode. He talks with Steve about the concept of climate reparations and its significance in tackling the climate crisis. True reparations go beyond financial compensation; they must include transferring technology, repairing our ecosystem, and restructuring the global financial and trade systems.The global North must not shirk its historic responsibility and disproportionate impact of climate change on the Global South. Fadhel and Steve discuss the need for truth and reconciliation as a starting point for reparations. They highlight the significance of addressing the structural issues that perpetuate harm. Fadhel emphasizes the need for transparency and decentralized systems in order to prevent corruption and ensure that reparations reach those who need them most.Fadhel Kaboub is an Associate Professor of economics at Denison University and the president of the Global Institute for Sustainable Prosperity. Check out his recent work at https://justtransitionafrica.org/@FadhelKaboub on Twitter

**Tuesday evenings, Real Progressives and friends gather on Zoom for a listening party and discussion of Macro N Cheese. To register, go to the events calendar on our website and look for the upcoming Tuesday: https://realprogressives.org/rp-events-calendar/ This week's episode welcomes back Fadhel Kaboub, a valued friend of this podcast. He and Steve discuss the concept of just transition and the problems with carbon markets as a solution to climate change. They stress the injustice of historic polluters buying carbon credits to continue polluting while displacing vulnerable communities in developing countries. It is yet another capitalist solution. The current global financial architecture, established during colonial times, is neither designed to address the climate crisis nor to promote sustainable prosperity.They emphasize the need for systemic change and a new vision for Africa and the global South that prioritizes food sovereignty, energy sovereignty, and industrial policy. They talk about the power dynamics between labor and capital, the role of governments in perpetuating inequality, and the importance of mobilizing and organizing for change.They highlight the narrow constructs that society is allowed to consider, which prevent true transformation and progress. They emphasize the importance of recognizing our interconnectedness and the need for what Fadhel calls “a movement of movements.”Fadhel Kaboub is an Associate Professor of economics at Denison University, the president of the Global Institute for Sustainable Prosperity. Check out his recent work at https://justtransitionafrica.org/@FadhelKaboub on Twitter

RP Book Club spent four weeks on The Case for a Job Guarantee, by Pavlina R. Tcherneva. Each week featured a different guest expert who led the discussion and answered questions. Listeners to this podcast will recognize their names, including Pavlina herself, Fadhel Kaboub, Ben Wilson, and Rohan Grey. We were also honored to have Bill Black and June Carbone join in.For this episode, Macro N Cheese is releasing the audio recording of all four sessions. Since it is unusually long, the time codes for each segment are included below.[00:03:09 - 01:55:41] Session OneGuest: Fadhel KaboubIntroductionChapter 1, “A Public Option for Good Jobs”Chapter 2, “A Steep Price for a Broken Status Quo”[01:55:41 - 03:17:41] Session TwoGuest: Pavlina TchernevaChapter 3, “The Job Guarantee, a New Social Contract and Macroeconomic Model”Chapter 4, “But How Will You Pay for It?”[03:18:44 - 04:41:57] Session ThreeGuest: Ben WilsonChapter 5, “What, Where, and How: Jobs, Design, and Implementation”[04:41:57 - 06:29:43] Session FourGuest: Rohan GreyChapter 6, “The Job Guarantee, the Green New Deal, and Beyond”Use this link to order a copy of The Case for a Job Guarantee, by Pavlina R. TchernevaDr. Fadhel Kaboub is Under-Secretary-General for Financing for Development of the Organisation of Educational Cooperation (OEC). He is an Associate Professor of Economics (on leave) at Denison University and President of the Global Institute for Sustainable Prosperity.@FadhelKaboub on TwitterPavlina R. Tcherneva is an Associate Professor of Economics at Bard College, the Director of OSUN's Economic Democracy Initiative, and a Research Scholar at the Levy Economics Institute, NY.  She specializes in modern money and public policy. Find her work at pavlina-tcherneva.net@ptcherneva on TwitterBenjamin C. Wilson is an Associate Professor of Economics at the State University of New York at Cortland and a research scholar at the Global Institute for Sustainable Prosperity.@autogestion77 on TwitterRohan Grey is an Assistant Professor of Law at Willamette University in Salem, Oregon, and the founder and president of the Modern Money Network. MintTheCoin.org@rohangrey on Twitter

Dr. Fadhel Kaboub was recently appointed Under-Secretary-General for Financing for Development of the Organisation of Educational Cooperation (OEC), an international intergovernmental organisation founded by countries from across the Global South. In honor of Fadhel's new position, we're releasing Steve's very first interview with him from back in the day when we live streamed onto Facebook. Steve thinks his questions are very different today — more disciplined. Some of us can't get over how young he sounded. It was only five years ago!Fadhel and Steve discuss the spectrum of monetary sovereignty from full sovereignty to completely non-sovereign. Fadhel explains the structural debt traps developing nations find themselves in. They have deficits related to lack of sufficient food or energy production, forcing them to rely on imports.“Those are things that, no matter what you do as a central bank, you're not going to eliminate those structural issues unless as a country you start investing in renewable energy so that you don't have to import fossil fuels anymore or you invest in a sustainable agricultural policy to let you have food self-sufficiency.”The hole in their trade deficit leads to depreciation of their exchange rate.“And then the next morning or the next month when you as a country try to import food or fuel, you're going to import it at a higher price. So you'd be importing inflation into your domestic economy ... The inflation is related to a weakness of the productive capacity of the domestic system plus the imported inflation that happens because of the depreciation of the exchange rate.”Fadhel and Steve also discuss the devastating effects of unemployment and the potential of a Job Guarantee Program for developing countries.Dr. Fadhel Kaboub is Under-Secretary-General for Financing for Development of the Organisation of Educational Cooperation (OEC). He is an Associate Professor of Economics (on leave) at Denison University and President of the Global Institute for Sustainable Prosperity.@FadhelKaboub on Twitter

Part 5: Patricia and Christian continue their conversation about Stephanie Kelton's best-seller The Deficit Myth.   In this episode: what does it mean for a nation to “win” or “lose” at trade?   As the global 99% are pitted against each other in an increasingly gigified international job market, who's “we” and what is “winning”?   In an effort to dodge their responsibility for domestic unemployment, politicians have become very adept at mesmerising electorates with trade three-card Monte - focusing our attention on jobs and potential income flowing overseas, when a focus on real goods and services flowing *in* from the rest of the world reveals that trade deficits actually *improve* living standards for importing nations in real terms.   Nevertheless, in pursuit of political “wins”, leaders squander actual wins in pursuit of arbitrary economic indicators with the only economic management tool they think they have: unemployment.   Understanding modern money shows how we can truly succeed without sacrificing people or the planet.   =============   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast       For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Our “Unpacking The Deficit Myth” series: https://www.patreon.com/posts/47191289   All our episodes in chronological order: https://www.patreon.com/posts/43111643   Relevant to this episode: Shop to Win! Warren Mosler on Trump Tariffs: https://moslereconomics.com/2018/03/02/light-vehicle-sales-trump-tariffs/ Pavlina Tcherneva lays out why the Job Guarantee is core to Modern Monetary Theory in Episode 148: https://www.patreon.com/posts/73211346?pr=true Fadhel Kaboub defines monetary sovereignty in Episode 12 - Monetary Sovereignty, Colonialism and Independence: https://www.patreon.com/posts/41790149 Dirk Ehnts lays out a plan for a Eurozone-wide Job Guarantee in Episode 155: https://www.patreon.com/posts/38252014 Paper on the above proposal - “Completing The Euro: The Euro Treasury And The Job Guarantee” by Esteban Cruz Hidalgo, Dirk H. Ehnts & Pavlina R. Tcherneva: https://www.researchgate.net/publication/334226761_Completing_the_Euro_The_Euro_Treasury_and_the_Job_Guarantee Warren Mosler and Damiano B. Silipo's Job Guarantee proposal for the eurozone is within this paper - “Maximizing Price Stability in a Monetary Economy”: https://www.levyinstitute.org/pubs/wp_864.pdf For more on the Job Guarantee as a “labour standard” (as opposed to a gold standard) to achieve superior price stability to our current system, listen to our episode 125 - Sam Levey: Monopoly, Monopsony, And What To Do About Them: https://www.patreon.com/posts/61954971       Quick MMT reads: Warren's Mosler's MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail's quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 On government debt: “Some Numbers Are Big. Let Me Help You Get Over It”: https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/   For a short, non-technical, free ebook explaining MMT, download MMT founder Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   Order “The Deficit Myth” by Stephanie Kelton: https://www.amazon.co.uk/gp/product/B081JVRT57/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0   Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers” (2023): https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   Order L Randall Wray's latest book, “Making Money Work for Us” (2022): https://www.amazon.co.uk/gp/product/B0BDCS46BG/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0       Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929    Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   More on government bonds (and “vigilantes”): Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421 Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true   Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701 Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346   Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   MMT Events And Courses In 2023 Apply for Professor Bill Mitchell's short, free online course in Modern Monetary Theory (February 15th - March 14th) here: https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century More information about Professor Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Tickets to the very first Scotonomics festival (online or in-person, Dundee, Scotland 24th-26th March) are available here: https://scotonomics.scot/live-events/ Apply for Dr Dirk Ehnts' Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Extensive list of MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship   MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies       A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Show notes: https://www.patreon.com/posts/78800108?pr=true

Fadhel Kaboub is a former Associate Professor of Economics at Denison University where he researched political economy, decarbonisation, colonialism, and the financial and agricultural policies necessary to facilitate a global—and just—green transition. Since recording, Fadhel has been appointed Under-Secretary-General for Financing for Development at the international intergovernmental organisation, Organisation of Educational Cooperation.This episode is thrilling. Fadhel explains the traps of inflation, debt, globalisation, and the financial and agricultural policies weaponised by the global north to exploit the global south. He walks us through the three structural traps which keep wealth pouring out of the global south into the global north, amounting to modern colonialism. And he explains why we can afford a just transition, revealing the exciting mechanisms of Modern Monetary Theory by exploring the solutions global south countries can implement to ensure their sustainable development."You can't decarbonise a system that hasn't been decolonized yet, economically speaking. Similarly, you can't democratise a system that hasn't been decolonised yet.Because you can't meet the aspirations of your people and meet their needs in terms of food or housing or quality of life if your economic paralyses you and prevents you from serving those needs, and requires of you to serve the needs of the global supply chains in manufacturing or energy and so on."Planet: Critical investigates why the world is in crisis—and what to do about it.© Rachel Donald Get full access to Planet: Critical at www.planetcritical.com/subscribe

Dennison University economics professor Fadhel Kaboub discusses the reality of inflation. Dr. Kaboub has recently been appointed as Under-Secretary-General for Financing for Development of the OEC. See: https://oec-oce.org/en/secretary-general-appoints-fadhel-kaboub-under-secretary-general-for-financing-for-development/ Here's the video of this snippet, with thanks to KRTD Media: https://youtu.be/obSc-Ddcpwc It was extracted from this video, starting at around the seventeen-minute mark: https://youtu.be/ggcsd08LXFA This video was curated by Activist #MMT - the podcast, and produced by KRTD Media. Follow Fadhel Kaboub on Twitter at @FadhelKaboub Follow Activist #MMT at @ActivistMMT Follow Kerberos Media at @KRTDMedia

Dennison University economics professor Fadhel Kaboub discusses the reality of inflation. Dr. Kaboub has recently been appointed as Under-Secretary-General for Financing for Development of the OEC. See: Here's the video of this snippet, with thanks to KRTD Media: It was extracted from this video, starting at around the seventeen-minute mark: This video was curated by Activist #MMT - the podcast, and produced by KRTD Media. Follow Fadhel Kaboub on Twitter at @ Follow Activist #MMT at @ Follow Kerberos Media at @

Clint Ballinger is an economic geographer, a path he followed in search of answers to what he calls fundamental questions of political economy. Why did the Industrial Revolution occur in England and western Europe? What is the reason for the radically uneven distribution—radically unequal material well-being—around the world? It exists not only between countries, but within countries. As listeners to this podcast know, economics departments aren't teaching this stuff.Modern economists take money out of the equation. How absurd is that?“You have incredibly complex mathematical models being developed all through the forties, fifties, sixties... but they don't discuss all the things about money that matter. Because as we learned in 2008, they didn't even have money or a banking system in their equations, basically. So that's a huge problem.…Regardless of how you get it, once you have some kind of basic monetary unit, everything that comes after that in a monetary production economy is what got ignored.”Steve and Clint talk about the history of money and David Graeber's book, Debt: The First 5000 Years. Debunking the “myth of barter” and understanding the history of money allows us to break through the misconceptions of money at the root of the misguided political stances that abound in our society. We can't fix what's broken without this clarity.Money is a token, not a commodity. Steve likens it to a concert ticket; the little square of cardboard has no intrinsic value. Yet not a single politician gets this right.Clint takes the discussion into property rights—not the rights of the rentier class, but the state's role in protecting an individual's resources.“We always have to get back to the real economy. That's always the fundamental thing. We make things—goods and services. People use those goods and services. Money per se, it's all accounts, accounts are always property rights. Every account in the world is a claim on real resources in some way. So that's why it gets back to the very basic ideas of property rights.”Much of this interview connects to topics covered in past episodes with Fadhel Kaboub and Rohan Grey, among others. Links can be found in the “Extras” section on our website, where you will also find a transcript of the episode. realprogressives.org/macro-n-cheese-podcast/Clint Ballinger got his MA in Political Science at the University of North Carolina at Chapel Hill, where he focused on modern uneven economic development and went on to specialize in the interpretation of global econometric data for his PhD in Geography at Cambridge University. His book, 1000 Castaways: Fundamentals of Economics, was published in 2019.@clintballinger on Twitter

**Thank you to our listeners! Can you believe this is our 200th episode? Crazy, right? Well, it wouldn't have been possible without the efforts of a dedicated team. Our sound editor and engineer, Andy Kennedy, has spent thousands of hours (literally) producing these weekly gems. Then there's the diligent band of copy editors—Brad Sandler, Jonathan Kadmon, Jay Spencer, and yours truly, Virginia Cotts, (plus, in earlier days, Rose Ann Rabiola Miele and Rob Baxter)—who pore over every AI-generated transcript, correcting mistakes and fixing punctuation for clarity. Julie Alberding, the RP website's reigning eminence, created the layout. Each week she meticulously formats and posts the transcript, show notes, and extras. And let's not forget our inimitable host, Steve Grumbine, who invites us along on his personal quest for knowledge. The journey has resulted in some unforgettable interviews, invaluable content, and a few “aha!” moments.**It's fitting that our 200th episode is also Fadhel Kaboub's 10th. Fadhel is the non-economist's economist. You don't need a new language to learn from him. In this episode he revisits some familiar themes, expands upon them and draws conclusions that... well, they just make so much sense.He looks at global changes, post-2008, post-Covid, and post-Russia/Ukraine. To avoid future disruptions to the supply chain, the three major power blocs—the US and North America, the EU and western Europe, and China, with Russia and central Asia in the hub—are looking to repatriate strategic industries. They are consolidating their sovereignty in terms of food, energy, high-tech manufacturing, strategic industries, and geopolitical, geostrategic sovereignty within each region. That leaves the global South as the place all three blocs perceive as the source of cheap raw materials, the dumping-ground for surplus output, and the site for low-cost assembly line manufacturing.“So that's the world that is emerging. The question for me and for the global South in general, and for Africa as a continent in particular, how do we position ourselves on this new map? And I think I said it before to you on the show, Steve. If you don't have a long-term strategic vision for yourself, you're going to be part of somebody else's strategic vision.”Fadhel proceeds to describe the structural deficiencies that neocolonial nations must overcome and then lays out his vision for the solution.“And that's been one of the most important things that I'm trying to convey to global South activists, academics, public intellectuals, and people who have influence in government policy on the African continent, is formulating that coherent pan-African vision for economic sovereignty, food sovereignty, energy sovereignty, technological sovereignty, and then leveraging that coherent vision—on African terms—to partner with anybody, including China.”He talks about the IMF and its debt traps. He talks about the built-in roadblocks on the path to energy independence. He talks of the need for truth and reconciliation commissions and looks at what post-colonial reparations must include. If you made a diagram of this discussion, there would be arrows connecting each piece to all the others. Sounds dialectical, doesn't it?Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity.@FadhelKaboub on Twitter

Professor of Economics Fadhel Kaboub joins Doug Pagitt and Dan Deitrich to talk about inflation: what really causes it and what we can do to fight it.   Fadhel Kaboub, Ph.D. is President of the Global Institute for Sustainable Prosperity and Associate Professor of economics at Denison University. His research focuses on the Political Economy of the Middle East and the fiscal and monetary policy dimensions of job creation programs. He is a widely published author and his recent work has been presented at many prestigious institutions including the Harvard Kennedy School of Government, Harvard Law School, Cornell University, Columbia University, Sorbonne University, and the National University of Singapore. twitter.com/FadhelKaboub   Doug Pagitt is the Executive Director and one of the founders of Vote Common Good. He is also a pastor, author, and social activist.  @pagitt   Daniel Deitrich is a singer-songwriter, former-pastor-turned-activist, and producer of The Common Good Podcast. @danieldeitrich Our theme music is composed by Ben Grace. @bengracemusic   votecommongood.com votecommongood.com/podcast facebook.com/votecommongood twitter.com/votecommon

The movement for free universal healthcare is under attack. Groups like March for Medicare for All, National Single Payer, and others, have been criticized for not buying into the Democratic Party's agenda promoting individual state healthcare initiatives. The party wants us to stop pressuring Congress. They tell us to go home. They say there's more likelihood of success in our statehouses. Well, MMT-informed activists can see through the party's obfuscation. The single-state solution is no solution at all. The US federal government is the currency issuer; it creates US dollars by spending them into existence. States and cities are currency users. Before they can spend, they must somehow earn or borrow that money, ultimately placing the burden onto the citizens, whether through taxes or cuts to other programs. It doesn't matter how fat their tax base is, even the state of California and the city of New York must balance their budgets. The difference between currency issuer and currency user is at the heart of the matter. Since its founding, Real Progressives' stated mission has been to help arm activists with a useful understanding of Modern Monetary Theory. “We're not going to move the needle unless we mobilize and organize. And as I say, sometimes it's not enough to be angry and it's not enough to raise the pitchforks. We want not just organized pitchforks but well-informed pitchforks. And I think MMT provides the right framing to mobilize this movement.” This week's episode comes from the webinar we hosted as part of our RP Live series for our friends at M4M4ALL. It gave them the opportunity to talk with one of our favorite economists, Fadhel Kaboub, who spent the hour answering their questions and arming them against the “taxpayer dollars” bamboozlement of those in power. In the Macro N Cheese clubhouse, we like to say we're weaponizing knowledge. ***** Be sure to check out our website, realprogressives.org, where you will find additional resource material. Use the Media drop-down menu and select Macro N Cheese to access past episodes of this podcast (192 so far!), each accompanied by a transcript and an “Extras” page of useful links. Visit m4m4all.org to learn how you can help their efforts. Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. @FadhelKaboub on Twitter

Economist Fadhel Kaboub, from Denison University, helps us understand how the economy really works when the Federal Government spends money or cancels borrowers debt. And, we see how you, and your children, are not paying for the cancelation of others people debt.   Fadhel Kaboub, Ph.D. is President of the Global Institute for Sustainable Prosperity and Associate Professor of economics at Denison University. His research focuses on the Political Economy of the Middle East and the fiscal and monetary policy dimensions of job creation programs. He is a widely published author and his recent work has been presented at many prestigious institutions including the Harvard Kennedy School of Government, Harvard Law School, Cornell University, Columbia University, Sorbonne University, and the National University of Singapore. twitter.com/FadhelKaboub   Doug Pagitt is the Executive Director and one of the founders of Vote Common Good. He is also a pastor, author, and social activist. @pagitt   Robb Ryerse is a pastor, author, and Political Organizer at Vote Common Good. You can find his book about running for congress as a Progressive Republican in Arkansas here: Running For Our Lives  @RobbRyerse   The Common Good Podcast is produced and edited by Daniel Deitrich. @danieldeitrich Our theme music is composed by Ben Grace. @bengracemusic   votecommongood.com votecommongood.com/podcast facebook.com/votecommongood twitter.com/votecommon  

Welcome to season 2, episode 12 of Modern Money Doughnuts (MMD), hosted by Steven Hail and Gabrielle Bond. MMD is an international show about modern monetary theory and ecological economics. This week, Steven and Gabie talk to Fadhel Kaboub, the President of the Global Institute for Sustainable Prosperity and consultant to Modern Money Lab , is one of the world's leading MMT economists and an expert on sustainability, and the global south. We asked Fadhel about what has been driving global food prices, about his role in climate change discussions among African politicians and diplomats. (All episodes of Modern Money Donuts can be found on this page by Modern Money Labs.) Here's the video from which this audio comes from. (The audio is unedited.) MMD is hosted by Kerberos Media, and the audio podcast is, for now, hosted by Activist #MMT. So if you'd like to be automatically notified of each new MMD episode, then subscribe to Activist #MMT on your favorite podcast platform.

Welcome to season 2, episode 12 of Modern Money Doughnuts (MMD), hosted by Steven Hail and Gabrielle Bond. MMD is an international show about modern monetary theory and ecological economics. This week, Steven and Gabie talk to Fadhel Kaboub, the President of the Global Institute for Sustainable Prosperity and consultant to Modern Money Lab , is one of the world's leading MMT economists and an expert on sustainability, and the global south. We asked Fadhel about what has been driving global food prices, about his role in climate change discussions among African politicians and diplomats. (All episodes of Modern Money Donuts can be found on by Modern Money Labs.) Here's from which this audio comes from. (The audio is unedited.) MMD is hosted by Kerberos Media, and the audio podcast is, for now, hosted by Activist #MMT. So if you'd like to be automatically notified of each new MMD episode, then subscribe to Activist #MMT on your favorite podcast platform.

Let's talk todays episode with Fadhel Kaboub on price controls & Bernie's airline plan, and catch up on all I missed last week while I was away. Lots to discuss today! Download the Callin app for iOS and Android to listen to this podcast live, call in, and more! Also available at callin.com

Subscribe to Bad Faith on Patreon to instantly unlock this episode and our entire premium episode library: http://patreon.com/badfaithpodcast    This week, economist Fadhel Kaboub returns to the podcast to follow up on a recent conversation about price controls with Richard Wolff. Are they really the solution? What are the pros and cons? How do you respond to people who point to Nixon's price controls as proof that price controls don't work? And what is the left's final word on how to respond to inflation?   Subscribe to Bad Faith on YouTube to access our full video library. Find Bad Faith on Twitter (@badfaithpod) and Instagram (@badfaithpod).   Produced by Armand Aviram.   Theme by Nick Thorburn (@nickfromislands)

Patricia and Christian talk to economist and president of the Global Institute For Sustainable Prosperity, Professor Fadhel Kaboub about some of the events featured at this year's World Economic Forum summit in Davos.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417 And Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   All our episodes in chronological order: https://www.patreon.com/posts/43111643   Fadhel Kaboub's work: http://www.global-isp.org/president/   Fadhel on Twitter: https://twitter.com/FadhelKaboub   All our episodes with Fadhel Kaboub: https://www.patreon.com/posts/43484621     For more on the Edward Lipiński Foundation's MMT Summer School in Poznań, Poland (10th - 14th August 2022): https://fundacjalipinskiego.pl/wydarzenia/mmt-summer-school-2022/   Sign up for alerts from The Gower Initiative For Modern Money Studies about their forthcoming MMT book: https://gimms.org.uk/       More on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824   Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887   Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 “An Accounting Model of the UK Exchequer – 2nd edition” by Andrew Berkeley, Richard Tye & Neil Wilson: https://gimms.org.uk/2021/02/21/an-accounting-model-of-the-uk-exchequer/ Our episodes about “An Accounting Model of the UK Exchequer”: Part 1: https://www.patreon.com/posts/46352183 Part 2: https://www.patreon.com/posts/46865929    On digital currency Rohan Grey's writing: https://rohangrey.net/writing/ Our Rohan grey episodes: https://www.patreon.com/posts/43558419     Full list of World Economic Forum panels: https://www.weforum.org/events/world-economic-forum-annual-meeting-2022/programme Panel - The View from Capitol Hill: https://www.weforum.org/events/world-economic-forum-annual-meeting-2022/sessions/the-view-from-capitol-hill Panel - What Next for Global Growth? (featuring Mariana Mazzucato): https://www.weforum.org/events/world-economic-forum-annual-meeting-2022/sessions/aligning-on-new-approaches-to-economic-policy-making Panel - The Four-Day Week: Necessity or Luxury?: https://www.weforum.org/events/world-economic-forum-annual-meeting-2022/sessions/the-four-day-week-necessity-or-luxury     More on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   Our Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701   Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543     A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Transcript for opening monologue: https://www.patreon.com/posts/68600332   Show notes: https://www.patreon.com/posts/68600373

Our listeners know that Steve is a perpetual student -- his YouTube show is called The Rogue Scholar. He makes no apologies for past incomplete or erroneous thinking; he just soldiers on, deepening his understanding of the issues and course-correcting his analysis. He is a voracious reader and we can identify at least three books that led to this week's episode: https://bookshop.org/a/82803/9780393651362 (The Divide), by Jason Hickel, https://bookshop.org/a/82803/9780872863293 (Blackshirts and Reds), by Michael Parenti, and https://bookshop.org/a/82803/9781913026028 (Imperialism, the Highest Stage of Capitalism), by Vladimir Lenin.* They have all fed into his obsession with neocolonialism and the unholy trinity of the IMF, World Bank, and WTO. The problem predates the modern neoliberal era: “Lenin talks extensively about taking out these loans. Now, mind you, the IMF wasn't around ... But this whole concept of global finance capital was already being talked about at the turn of the century. And what he showed was that these countries that took on these big loans, they would be fine for a year. And then by the next year, they were already losing money, deeply in debt, and by the third year, they had to take out another loan.” Steve summoned our old friend Fadhel Kaboub to take us through the history of the unholy trinity, connect it to monetary sovereignty, and untangle the cat's cradle of international power and oppression. Who better than Fadhel, whose superpower is his ability to explain complicated systems in words anyone can understand? Fadhel begins with the currency wars in the period between the first and second World Wars. After WWII the allies gathered to establish a means of preventing currency wars in the future. You've heard of Bretton Woods? Well, did you know two competing plans were presented? Keynesian and... not Keynesian. Keynes's plan was designed to promote full employment globally. The universe ended up with the non-Keynesian International Monetary Fund, or IMF, and the World Bank. “The World Bank was initially designed to be the bank for the reconstruction of Europe, essentially. And eventually after Europe was rebuilt, it was reinvented as an economic development bank for the global south, because in 1945, when the World Bank was designed, there were no developing countries, there were just colonies. So by the mid 1960s, all of those colonies are now developing countries, and the world needed a World Bank for economic development ... it's designed for long-term infrastructure, major projects, as opposed to the IMF, which was designed as the emergency room for financial crises.” The third leg of the unholy trinity is the World Trade Organization. Fadhel guides us through its origins and evolution. It turns out the entity committed to free trade limits itself to “free trade in everything but arms and farms.” Once the former colonies became independent, the former colonizers looked around and said, “Uh-oh, where are we getting our food?" With food now an issue of national security, powerful nations are subsidizing agricultural staples; farmers in the developing world cannot compete. Throughout the episode, Fadhel illustrates how these three institutions are able to ham-string the global south. He talks about the three main structural traps – food, energy, and low-tech manufacturing. The further the developing world is pushed into desperation, the greater the benefits to the global elite. Can the post-colonial nations cast off the chains of economic oppression and poverty? Fadhel provides answers, showing how the MMT analysis not only brings the problems into focus, but provides solutions. The final twenty minutes of this episode are perhaps the most important. *When you purchase these books through RP Bookshelf on our website, we make a small percentage on the sale. We are an affiliate of bookshop.org, not that online megamonster whose name shall not be spoken. Dr....

**Transcripts and extras for this episode can be found at realprogressives.org/macro-n-cheese-podcast.** Iceland's economy is an example of MMT working the way MMT economists say it works. It is the second smallest free-floating currency in the world. However, despite its size, conditions are dramatically different than in a country like Greece, shackled to a currency outside its control. For better or worse, Iceland has a bit of monetary sovereignty. “When you have your own currency, you can develop your economy by very smart economic decisions, domestic investments that build up the production capacity of the economy. Or you can use that currency to basically create a credit bubble, which then runs the economy to the ground.” Steve's guest, Ólafur Margeirsson, has written more than 250 articles on the Icelandic economy over the past decade and, until recently, had a unique vantage point as an alternate member of the Central Bank of Iceland's Supervisory Board. Despite Icelandic society's Nordic influences, in this episode you'll hear echoes of our past interviews with Fadhel Kaboub on the global South. With those countries it shares obstacles that arise from not producing all that they need. Its currency isn't internationally accepted, so exports must generate income in foreign currencies to pay for imported goods. Iceland relies on three main exports - aluminum, fishing, and tourism – each about a third of the gross exports. These are vulnerable to all the problems of modern economies. The aluminum smelters are owned by foreign companies, so the profits do not benefit Iceland. Poorly managing their resources resulted in over-fishing, a blight on both the environment and the livelihoods of a sector of the population. Tourism, which helped Iceland recover from the 2008 global financial crisis, is dependent on the economic health of other countries. Like the US, shadow banking has been a huge problem, but unlike the US, it's not a problem anymore. Not since 2008. There are other differences. Unlike the US, Iceland has a strong social welfare system. By saying no to austerity, it recovered from the GFC more rapidly. Instead of a standing military, Iceland has a SWAT team (of maybe 20 people?) which is the only weaponized force in Iceland. Imagine that. One more thing - shortly after the 2008 crisis they had a Debt Jubilee. “...proving the point that an economy that has its own currency can finance whatever it wants to. If it wants to finance a Debt Jubilee for the people, it can finance a Debt Jubilee for the people. Will it have economic consequences? Obviously.” … “So it goes back to the point that MMT always hammers on. If the problem is money, it's not a problem. If the problem is inflation, it is a problem. and that's something that actually I think Iceland has proven as well. Repeatedly.” Iceland is not a socialist paradise, but its story is instructive. With the clarity of his MMT perspective, Ólafur is an ideal tour guide. Ólafur Margeirsson writes about the Icelandic economy and specializes in financial instability, foreign direct investment, MMT, and real estate. Until recently he sat on the Supervisory Board of the Central Bank of Iceland as an alternate member. Currently, he is head of Global Real Estate Research at Credit Suisse. https://www.patreon.com/icelandicecon @icelandicecon on Twitter

Patricia and Christian talk to economist and President of the Global Institute For Sustainable Prosperity Professor Fadhel Kaboub about how global food and energy systems have been fostered to benefit the global north at the expense of the global south, and how understanding modern money is vital to untangling the mess.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Fadhel Kaboub: https://www.patreon.com/posts/43484621   Stay current with Fadhel via Twitter: https://twitter.com/FadhelKaboub   Episode 12 - Fadhel Kaboub: Monetary Sovereignty, Colonialism and Independence: https://www.patreon.com/posts/41790149   Bill Mitchell - “Zimbabwe for hyperventilators 101”: http://bilbo.economicoutlook.net/blog/?p=3773     Register for events at the Modern Money Network's 4th Annual MMT Conference (held online over the next six weekends in April and May): https://events.modernmoney.network/category/7/     More on monetary operations: Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887   Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683     More on inflation: Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757 Details for the Levy Economics Institute of Bard College 2022 Summer Seminar: https://www.levyinstitute.org/news/summer-seminar-2022   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Transcript for opening monologue: https://www.patreon.com/posts/65378023   Show notes: https://www.patreon.com/posts/episode-131-free-65377999

Welcome to episode 116 of Activist #MMT. Today I talk with author, financial analyst, and applied mathematician, Brian Romanchuk. We talk about his journey from mainstream economics, to Minsky, to MMT; and his experience writing the 2021 book Modern Monetary Theory and the Recovery. He also describes some of his concerns regarding the common MMT assertion that government spending always comes before taxation. (Here are links to parts two and three. A list of the audio chapters in this episode can be found at the bottom of this post.) This is part one of a three-part conversation. In parts two and three, we discuss the many varied techniques used by bad-faith critics of MMT, which more broadly are the techniques used by simple bullies who want their followers to think that they're not. The second two parts were inspired by chapter five in Brian's book, his recent appearance on MMT Podcast, and my own post documenting several good-faith critiques and the MMT responses to them [a link to which can be found in the show notes]: What are some **good-faith** criticisms of Modern Money Theory (MMT)? Regarding the assertion that government spending always proceeds taxation, Brian's concerns are not related to its accuracy. In my view, it remains a valuable and important insight. Rather, the problem is that it's a cycle that can only be resolved by going back. in the words of Fadhel Kaboub, "to the beginning of the beginning." After that, it's so close to a chicken and egg question that, in the context of public conversations, it can sometimes cause more problems that it solves. Instead, Brian suggests asking why the assertion is so important. The answer is the assurance that the national government, the currency issuer, can never default on its obligations. In other words, regardless whether the chicken or the egg came first, the government can always pay its bills. If you like what you hear, then I hope you might consider becoming a monthly patron of Activist #MMT. Patrons have exclusive access to several full-length episodes (including parts two and three with Brian), right now. A full list is here, each with a brief highlight. Patrons also get the opportunity to ask my academic guests questions, such as my recent episode with Warren Mosler. They also support the development of my large and growing collection of learn MMT resources. To become a patron, you can start by going to patreon.com/activistmmt. Every little bit helps a little bit, and it all adds up to a lot. Thanks. And now, onto my conversation with Brian Romanchuk. Enjoy. Audio chapters 4:19 - Hellos, curling 7:24 - From mainstream, to Minsky, to MMT 14:11 - Mainstream maths and DSGE 17:46 - Did learning MMT change your trading? (No. It better validated my decisions.) 22:37 - Chicken and egg, spending must come first; versus default risk 30:08 - Trillion dollar coin, needle in a haystack, institutionalism 41:47 - Good-faith critique- a definition 47:32 - Duplicate of introduction, but with no background music

Welcome to episode 117 of Activist #MMT. Today I talk with author, financial analyst, and applied mathematician, Brian Romanchuk. We talk about his journey from mainstream economics, to Minsky, to MMT; and his experience writing the 2021 book . He also describes some of his concerns regarding the common MMT assertion that government spending always comes before taxation. (A list of the audio chapters in this episode can be found at the bottom of this post.) This is part one of a three-part conversation. In parts two and three, we discuss the many varied techniques used by bad-faith critics of MMT, which more broadly are the techniques used by simple bullies who want their followers to think that they're not. The second two parts were inspired by chapter five in Brian's book, his on MMT Podcast, and my own post documenting several good-faith critiques and the MMT responses to them [a link to which can be found in the show notes]: Regarding the assertion that government spending always proceeds taxation, Brian's concerns are not related to its accuracy. In my view, it remains a valuable and important insight. Rather, the problem is that it's a yccle that can only be resolved by going back. in the words of Fadhel Kaboub, "to the beginning of the beginning." After that, it's so close to a chicken and egg question that, in the context of public conversations, it can sometimes cause more problems that it solves. Instead, Brian suggests asking why the assertion is so important. The answer is the assurance that the national government, the currency issuer, can never default on its obligations. In other words, regardless whether the chicken or the egg came first, the government can always pay its bills. If you like what you hear, then I hope you might consider becoming a monthly patron of Activist #MMT. Patrons have exclusive access to several full-length episodes (including parts two and three with Brian), right now. A full list is , each with a brief highlight. Patrons also get the opportunity to ask my academic guests questions, such as my recent episode . They also support the development of my large and growing collection of . To become a patron, you can start by going to . Every little bit helps a little bit, and it all adds up to a lot. Thanks. And now, onto my conversation with Brian Romanchuk. Enjoy. Audio chapters 4:19 - Hellos, curling 7:24 - From mainstream, to Minsky, to MMT 14:11 - Mainstream maths and DSGE 17:46 - Did learning MMT change your trading? (No. It better validated my decisions.) 22:37 - Chicken and egg, spending must come first; versus default risk 30:08 - Trillion dollar coin, needle in a haystack, institutionalism 41:47 - Good-faith critique- a definition 47:32 - Duplicate of introduction, but with no background music

Welcome to episode 115 of Activist #MMT. Today I talk with PhD political scientist, author, and MMTer, Joe Firestone about the many reasons why "printing money causes inflation" is wrong. The original and unedited video of this conversation can be found on YouTube/Kerberos media. (A list of the audio chapters in this episode can be found at the bottom of this post.) This conversation was inspired by the middle of episode 95 with Graham Elwood. Graham expresses concern with "all this money printing" during the coronavirus pandemic as the primary cause of "all this inflation". At the same time, he's a strong advocate for helping those who need it most, such as with healthcare, education, and union and worker rights. These two things are contradictory. The government can only spend by creating more money, and there is little the government can do without spending as part of the process. The assertion that government money creation is inherently and always harmful, is very close to saying that the government doing anything for anyone is inherently and always harmful. When the government does less, who always gets the short end of the stick? The answer, of course, are those who already get the short end of the stick. (The full segment with Graham, which is about ten-minutes long, can be found in full after today's closing music.) This conversation with Joe, our sixth episode on my podcast, is, as always, enlightening. My biggest takeaways are the following: the only thing that can be inflationary is: money that is created, that goes into the hands of citizens (in the real economy), who spend it, in sectors of the economy that cannot increase production to meet that demand. Much of the money created by the government never reaches those hands to begin with, such as bank reserves and as through QE (or quantitative easing), or a potential trillion dollar coin. The money that does reach the real economy may be invested or spent overseas. Since taxes and debts are highly regressive, much of it isn't spent, but rather is used to pay off those debts and taxes. Much of the money that is spent, is done in sectors of the economy that can increase production to match the demand. The amount left over, that is indeed spent in potentially inflationary sectors, is very small. My second take away from Joe is that the government can do bold things that can greatly reduce inflationary pressures. Some of it requires little-to-no money creation, such as by jailing corrupt CEOs, prosecuting and preventing price gouging, negotiating pharmaceutical prices, and increasing union and worker rights. Some of it may require lots of money creation, such as by providing healthcare, education, and a livable planet for all. The world is not zero-sum, it's positive sum. Some kinds of government spending is desperately needed and obviously beneficial. Some kinds of current spending is terribly harmful. The idea that government spending can only be harmful is, in addition to being wrong, anti-government, and more precisely anti-poor, propaganda. If you like what you hear, then I hope you might consider becoming a monthly patron of Activist #MMT. Patrons have exclusive access to several full-length episodes, right now. {A full list is here, each with a brief highlight.} Patrons also get the opportunity to ask my academic guests questions, such as my recent episode with Warren Mosler. They also support the development of my large and growing collection of learn MMT resources. To become a patron, you can start by going to patreon.com/activistmmt. Every little bit helps a little bit, and it all adds up to a lot. Thanks. And now, on to my conversation with Joe Firestone. Enjoy. Resources My new introduction to real-world economics, as mentioned at the start: A political introduction to real-world economics Fadhel Kaboub's interviews on inflation with Briahna Grey Joy, Sabby Saabs, and Modern Money Doughnuts 2022 paper by Andrés Bernal: Inflationary Pressures in the Time of Covid-19: MMT as a Theory of Inflation 2019 Financial Times post by Scott Fullwiler, Rohan Grey, and Nathan Tankus: An MMT Response on What Causes Inflation (alternate) 2021 post by Jonathan Wilson, Why the Quantity Theory of Money is Wrong 2011 post by John Harvey, Money Growth Does Not Cause Inflation! Audio chapters 6:39 - Hellos 8:08 - My new introduction post- A political introduction to real-world economics 8:59 - My current understanding of "printing money causes inflation". 18:45 - How far can the central bank prop up banks and corporations? 24:35 - Mark to market 26:05 - "The national government purchases" 28:22 - Back to "printing money causes inflation" 52:29 - I review what I've learned. 53:29 - Government spending can decrease and prevent inflation, and increase productivity and supply. 1:00:35 - Goodbyes 1:04:17 - Full segment with Graham 1:14:14 - Duplicate of introduction, but with no background music

Weekly roundup for April 2, 2022 A month ago, Stephanie Kelton and Rohan Grey appeared on Jon Stewart's podcast. I think everyone should listen to this interview, as well as another interview with Fadhel Kaboub on the Scotonomics podcast. Links are provided in the notes below. Today I focus on the narratives and stories we tell ourselves to justify the decisions we've made -- whether personal decisions about our lives or political decisions we make collectively. Many times these stories distract us from seeing the world around us and recognizing mistakes we may have made. What stories are we telling ourselves in California as we watch American democracy in crisis? Are we being honest with ourselves, or are we doubling down on old comfortable ideas? NOTES: 1. "Jon Referees an Economist Battle", The Problem with Jon Stewart, February 24, 2022; https://podcasts.apple.com/us/podcast/jon-referees-an-economist-battle/id1583132133?i=1000552086865 2. "How Do We Fix The Economy? Modern Monetary Theory, Explained", The Problem with Jon Stewart, February 24, 2022; https://www.youtube.com/watch?v=0G6obeUKWmw 3. Scotonomics podcast homepage, accessed April 1, 2022; https://scotonomics.scot/ 4. "SCOTONOMICS. Ep one. Economic Sovereignty", IndependenceLive, June 9, 2021; https://www.youtube.com/watch?v=AF3mRrwQqb0 MUSIC CREDIT: "Angry Bass Line", by Adigold; elements.envato.com IMAGE CREDIT: "Kelton classroom photo", by Paul Thomas, Creative Commons Attribution-Share Alike 4.0 International, https://commons.wikimedia.org/wiki/File:Kelton_classroom_photo.png

Dr. Fadhel Kaboub is an Economics Professor at Denison University and the President of the Global Institute for Susatainable Prosperity. We discuss Climate Change and MMT, the latest IPCC Report, and the society transformation necessary to adapt.

**Every episode of Macro N Cheese has a full transcript and an “extras” page with links to additional resources. Find them at https://realprogressives.org/macro-n-cheese-podcast (realprogressives.org/macro-n-cheese-podcast/) Fadhel Kaboub introduces us to the best people, including Yeva Nersisyan, a Research Scholar at the Global Institute for Sustainable Prosperity who joined Steve to talk about a paper she recently co-authored with Randall Wray, "Are We All MMTers Now? Not So Fast." The COVID pandemic has put MMT in the news, with plenty of critics mistaking stimulus spending with “MMT policy.” This absurdity creates a convenient narrative for detractors: MMT is a failure! Our argument was that MMT-inspired fiscal policy is targeted fiscal spending and in particular spending on jobs. Job creation, the job guarantee that Pavlina Tcherneva has been talking a lot about... a jobs policy rather than just indiscriminate stimulus kind of policy. MMT economists were not at the table when COVID stimulus policy was being decided, nor were they at the table when Larry Summers and Jason Furman were crafting the inadequate response to the global financial crisis – another missed opportunity for fiscal policy to serve the public good. Yeva describes the different government responses to World Wars One and Two, compares Keynesian and MMT-prescribed policies, and lays out the consequences to the states – AKA the race to the bottom – when the federal government shirks its responsibilities. In the second half of the episode Steve brings up the roles of the Fed, Treasury, and private banks and asks Yeva to take us through their processes and explain reserve accounting. If you're at all confused about this, you'll want to hear what she says. Yeva Nersisyan is a Research Scholar at the Global Institute for Sustainable Prosperity and an Associate Professor of economics at Franklin and Marshall College. She received her B.A. in economics from Yerevan State University in Armenia, and her M.A. and Ph.D. in economics and mathematics from the University of Missouri-Kansas City. Her research interests include monetary theory, financial instability and regulation and macroeconomic policy. Yeva has published a number of papers on the topics of shadow banking, fiscal policy, government deficits and debt, financial fragility and instability, financial reform and retirement policy.

Thus far, the MMT series has focused mainly on the United States, home of the world's reserve currency. How would MMT work in the Global South? The boys turn to Fadhel Kaboub (@FadhelKaboub), president of the Global Institute for Sustainable Prosperity and professor of economics at Denison University. This episode was originally published on December 2, 2020 on the Current Affairs podcast feed, and is being republished now as the Rabbithole podcast picks up the question of "is MMT real?" Please excuse any outdated references, and stay tuned as we continue our investigations down the rabbithole. This episode was edited by Dan Thorn (@danieljtvthorn) of Pink Noise Studios in Somerville, MA, and it features theme music by Danny Bradley. If you liked the podcast, please consider supporting our investigations on our Patreon. Find Pete on Twitter at @PeteDDavis and Sparky at @sparkyabraham

Welcome to episode 106 of Activist #MMT. Today I talk with lawyer and independent economics researcher Jonathan Wilson, on the reality of the petrodollar or reserve currency, focusing especially on his unique and easy-to-understand "Cool Stuff" hypothesis. Jonathan's article on the topic can be found on pmpecon.com. Here's a direct link: The Cool Stuff Hypothesis Versus the Petrodollar (A list of the "audio chapters" in this episode can be found at the bottom of this post. Here's a link to parts two and three.) Links to snippets from this three-part episode with Jonathan Wilson: From ep107: Stephanie Kelton, Pixar, and TMBG From epEPISODENUMBERJONATHANPART3: Polanyi's Great Transformation From epEPISODENUMBERJONATHANPART3: Precision versus accuracy The Cool Stuff hypothesis is a realistic look at how and why a country's currency is desired, spent, and saved – by people both in and out of that country. The playful phrase "Cool Stuff" was inspired by Stephanie Kelton and her 2020 book The Deficit Myth, which takes twenty-five years of MMT academic scholarship and boils it down for a popular, non-academic audience. Aside from the academic concepts, what most impressed me about the book is how Stephanie successfully and simultaneously teaches these concepts to those who know nothing, and also teaches me, who at the time had been studying the topic for two-and-a-half years, things I never knew. I compare this to how the best movies and kids' music can appeal to both adults and kids. Now, regarding the Cool Stuff hypothesis. A gallon of 2% milk is not Cool. You can go into one of many stores and reliably and inexpensively find a decent gallon of milk. The stores that sell these Un-Cool products products are Un-Cool stores. They're a dime a dozen. On the other hand, some products are Cool. They're unique and more difficult to get, and you can only find them at a select number of stores, or maybe only one. These stores are, therefore, Cool. We go out of our way to shop there because we want their Cool Stuff. It's no different on the international scale. Most countries sell Un-Cool stuff, and some sell very Cool Stuff that can't be obtained anywhere else. An example of Un-Cool Stuff is a customer-support call center or website and content creators. An example of Cool Stuff is the airplanes and airplane parts sold in the United States, such as by Lockheed Martin. A distant second are those sold by Airbus in France. Of course, a store can be cool because it genuinely makes Cool Stuff. It can also be cool by killing off all its competitors so it's the only game left in town. An example is an international conglomerate entering a local market, charging below cost for as long as it takes to kill off every local competitor, and then using its monopoly power to price gouge. On the international level, as illuminated by the work of Fadhel Kaboub and others, a common example is a less-powerful country being deceived into a predatory loan by a more powerful country. This foreign-denominated debt puts the less-powerful nation into debt peonage, and a perpetual cycle of doing what's best to pay off that short-term debt at the cost of its citizens' daily, and long-term, survival. It also makes it impossible for that country to ever become Cool. What's unique in the international context, however, is that the products from a country can only be purchased with that country's currency. This is because the companies therein must pay taxes in that currency, and also must pay their employees and suppliers in that same currency, because they too have that tax obligation. It means that anyone who wishes to buy a product from a country, whether a citizen of or not, must obtain that currency. Just like a national deficit is the only thing that can give citizens wealth, a trade deficit is the only thing that can give foreigners the money with which to buy their Cool Stuff – both now and in the future. The former by spending, the latter by saving. This interview with Jonathan is in three parts. In part one, he describes how he discovered MMT starting with Sam Levey at the University of Southern California, where they were both in the marching band from 2009-2012. The first MMT book Jonathan purchased was Clint Ballinger's 1,000 Castaways (I interviewed Clint on his book in episodes 39 and 40). Jonathan then summarizes his Cool Stuff hypothesis. In part two he finishes that summary and then we connect the hypothesis to the ridiculous and hyperbolic theory of the petrodollar. In part three we drastically change subjects. For the past nine months, Jonathan has assisted me in developing a full and free online course that's not directly or explicitly MMT, but is critical for those who want to better understand it. It's based on the work of Asad Zaman (who was my guest in episodes 56 and 57) and is titled Historical Context for Real-World Economics. The course is produced by Activist #MMT, and hosted by Bill Mitchell's MMTed and Esha Krishnaswamy's Historic-ly. More on that in part three. If you like what you hear, then I hope you might consider becoming a monthly patron of Activist #MMT. Patrons of Activist #MMT have exclusive access to several full-length episodes (including part two with Warren), right now. A full list is here, each with a brief highlight.">If you like what you hear, then I hope you might consider becoming a monthly patron of Activist #MMT. Patrons of Activist #MMT have exclusive access to several full-length episodes (including parts two and three with Jonathan), right now. A full list is here, each with a brief highlight. Patrons also get the opportunity to ask my academic guests questions (like last week's episode with Warren), and they support the development of my large and growing collection of learn MMT resources – among other MMT things. To become a patron, you can start by going to patreon.com/activistmmt. Every little bit helps a little bit, and it all adds up to a lot. Thanks. And now, let's get to part one of my conversation with Jonathan Wilson. Enjoy. Resources 2021 post by Jon that's very complementary to John Harvey's 2011 (former!) Forbes post on the topic: Why the Quantity Theory of Money is Wrong 2021 post by Jon that he briefly summarized in our interview: What really happened during the Volcker years? BANKING PAPER LINK? Rick and Morty destroy the government by changing a one to a zero. Sam Levey plays a one-stringed instrument in NYC Audio chapters 08:17 - First Hanukkah in the new house 09:58 - Late for the interview 10:14 - Jonathan introduces himself 11:09 - MMT is correct despite commercial banks creating most money in the economy (upcoming paper) 18:41 - Before MMT- Increasing the national debt can only result in global thermonuclear war 23:08 - Learned MMT from Sam Levey (marching band) 29:13 - Consuming MMT videos, papers and books 30:41 - Starting a currency, the difficulties of the Confederacy 33:21 - UBI, provisioning government 34:10 - Timeline of his discovering MMT 35:56 - First MMT books 36:31 - Remembering The Deficit Myth 39:24 - The Deficit Myth, simple language, reaches multiple audiences (music and movies) 44:41 - Domestic versus international MMT, core versus peripheral MMT 46:25 - Money is valuable because (post office stamps) 49:05 - Cascade of liabilities (domestic) 50:36 - Cascade of liabilities (international) 52:20 - Jonathan's new post- The "Cool Stuff" hypothesis versus the petrodollar - summary 56:02 - People want dollars because the United States has Cool Stuff 58:11 - Struggle with terminology, multiple points of view 1:02:19 - Floating versus pressed exchange rates (gold standard)

Professor Fadhel Kaboub joins Doug Pagitt and Robb Ryerse to  talk about why inflation happens and why more spending - in strategic areas - is actually the solution. Fadhel Kaboub, Ph.D. is President of the Global Institute for Sustainable Prosperity and Associate Professor of economics at Denison University. His research focuses on the Political Economy of the Middle East and the fiscal and monetary policy dimensions of job creation programs. He is a widely published author and his recent work has been presented at many prestigious institutions including the Harvard Kennedy School of Government, Harvard Law School, Cornell University, Columbia University, Sorbonne University, and the National University of Singapore. twitter.com/FadhelKaboub   Doug Pagitt is the Executive Director and one of the founders of Vote Common Good. He is also a pastor, author, and social activist. @pagitt   Robb Ryerse is a pastor, author, and Political Organizer at Vote Common Good. You can find his book about running for congress as a Progressive Republican in Arkansas here: Running For Our Lives  @RobbRyerse   The Common Good Podcast is produced and edited by Daniel Deitrich. @danieldeitrich Our theme music is composed by Ben Grace. @bengracemusic   votecommongood.com votecommongood.com/podcast facebook.com/votecommongood twitter.com/votecommon  

Welcome to episode 2 of Modern Money Doughnuts (MMD), hosted by Steven Hail and Gabrielle Bond. MMD is an international show about modern monetary theory and ecological economics. Today Steven and Gabie talk with Fadhel Kaboub, discussing the following questions: What is inflation, what causes it, what doesn't cause it and why has the inflation rate spiked in the USA and some other countries (not all – much less so in Australia and virtually not at all in Japan)? What are the best ways of managing inflation pressure points? What links the present inflation scare to the barriers to a Green New Deal and the problem of building a distributive and regenerative economy. Here's the from which this audio comes from. The audio is unedited. MMD is hosted by KRTD Media, and the audio podcast is, for now, hosted by Activist #MMT. So if you'd like to be automatically notified of each new MMD episode, then subscribe to Activist #MMT on your favorite podcast platform.

Welcome to episode 2 of Modern Money Doughnuts (MMD), hosted by Steven Hail and Gabrielle Bond. MMD is an international show about modern monetary theory and ecological economics. (All episodes of Modern Money Donuts are listed on this page by Modern Money Labs.) Today Steven and Gabie talk with Fadhel Kaboub, discussing the following questions: What is inflation, what causes it, what doesn't cause it and why has the inflation rate spiked in the USA and some other countries (not all – much less so in Australia and virtually not at all in Japan)? What are the best ways of managing inflation pressure points? What links the present inflation scare to the barriers to a Green New Deal and the problem of building a distributive and regenerative economy. Here's the video from which this audio comes from. The audio is unedited. MMD is hosted by KRTD Media, and the audio podcast is, for now, hosted by Activist #MMT. So if you'd like to be automatically notified of each new MMD episode, then subscribe to Activist #MMT on your favorite podcast platform.

Subscribe to Bad Faith on Patreon to instantly unlock our full premium episode library: http://patreon.com/badfaithpodcast This week, Brie spoke to economics professor and exceptional communicator Fadhel Kaboub about what really causes inflation, how Modern Monetary Theory can help, why the Federal Reserve should mint a trillion dollar coin, how to curb education and healthcare inflation, and why elected progressives aren't talking nearly enough about any of this. If you aren't already familiar with the Denison University professor, you're in for a treat. Subscribe to Bad Faith on YouTube for video of this episode. Find Bad Faith on Twitter (@badfaithpod) and Instagram (@badfaithpod). Produced by Ben Dalton (@wbend). Theme by Nick Thorburn (@nickfromislands).

Welcome to episode 104 of Activist #MMT. Today's part two of my two-part conversation with Warren Mosler, where he answers several patron questions. You'll find all them, with written responses from Warren (including data from FRED) in the show notes. In part one Warren talked about how his ideas for MMT came partially from a love of tinkering and, more broadly, a desire to understand complex systems. Those systems can be physical, such as controlling electricity with wires, batteries, light bulbs, and soup cans as a child, or race cars and large passenger ferry boats as an adult. These systems can also be conceptual, such as by playing chess and bridge as a teenager. Before we begin part two, a few notes: First, a country trading raw resources such as coal, for highly processed products such as televisions, is, as Warren says, not inherently a bad thing. What's bad, as illuminated by the work of Fadhel Kaboub and others, is when a country is coerced into making a trade they don't want to make. Second, Warren gives many examples of how government's interface with its citizens is poor, from anxious cops during routine traffic stops, to regulators making blatant mistakes that can only be undone through inordinate – and very expensive – red tape. I believe strongly, and as best as I understand, that these incidents are symptoms of the larger problem that the rich bribe our so-called elected representatives, and lock the poor out of their government in myriad ways. The poor have no avenues to stand up to these small injustices, so the rich have no incentive to stop this terrible behavior. And finally, Warren describes one of these incidents, when his company was extorted by the IRS for a million dollars, to resolve a blatant error by the IRS. Like student loans, of which ninety percent are owned by the US Department of Education, this is another example of a currency issuer demanding money that it clearly does not need in any practical sense. And now, back to my conversation with Warren Mosler. Enjoy. Patron questions, with written answers by Warren Mosler Nathan Becker While it is true that the federal government is a net interest payer and higher interest rates would lead to the government paying more in interest income; isn't it also true that the majority of Americans do not hold government debt as an asset that would earn them higher income but hold mortgages and other debt instead which have a negative impact with higher interest rates? So wouldn't higher interest rates be less inflationary given these circumstances in the US? What would be your recommendation for controlling inflation while also stimulating economic growth in such a situation? Warren's response: Households are net savers https://imgur.com/XMdOUKk.jpg (For much more on Nathan's question, including more detailed responses by Warren, please see the bottom of next week's interview, episode 105, which is a written interview with Nathan [the link will be made available here on Sunday, January ninth]). Susan Eldridge, question one of two If we have to tax to give value to the USD, what is the best way to to ensure everyone shares this tax obligation fairly? Warren: Free healthcare, Free education, Job Guarantee, 0 rate policy, property tax, high quality low cost public transportation, etc. Susan: What about taxing corporations? Regressive- it's paid by the consumer Susan: Can we reduce wealth inequality by a wealth tax? Warren: Maybe some, but easier/more effective to eliminate the source as per my proposals Susan: Since we already have progressive taxation isn't the problem due to tax loopholes? Would enforcing tax laws already on the books reduce wealth inequality? Warren: Probably not. And more important, the real compliance costs are something like 15% of gdp and those real resources could otherwise be for the benefit of all. Ganesh Balamitran When the Govt spends (say to create infrastructure), doesn't it create new assets in exchange for the spending? Warren: Spending adds $ to bank reserve accounts and those $ are new net financial assets. Ganesh: Could we say the budget is balanced with these new assets that are created against the liabilities of the Treasuries issued. Warren: You can say the accounts balance but 'the budget' has its own definition. Ganesh: Does it need to be balanced with revenues (taxes or pay-fors)? Warren: Not per se. Ganesh: Where (in its books) does the government value and list all the new assets created? (If we spend billions to educate our youth, those human resources are also new assets worth billions to the economy, if not more). Warren: That would be on the balance sheet which it generally doesn't prepare or present. Ganesh: Just trying to see if there is another way to work around the 'Balancing the Budget' argument. A friend of mine (who I introduced to MMT) asked me this question, so I thought I would pose it here. He felt like if we could keep some of the sound economics framework by speaking of all the new assets that come from the spending, it would be more palatable to people and politicians. Warren: Doesn't work that way, sorry. Advait What does Warren think of the idea to eliminate all sub-national taxes? Instead of states, cities, counties, localities, etc collecting local taxes, all of them just submit budgets to the national govt and the govt gives them whatever money they demonstrate that they need. Warren: I've proposed those taxes be eliminated and the states get per capita annual grants sufficient to cover desired state and local budgets. Advait: Get rid of all the many layers of sub-national tax collecting apparatus and staffing. The national govt would have sufficient budget analysts and auditors to make sure all the budgets are reasonable and sufficient for the well-being of local citizens. Warren: The per capita formula simplifies that as well. Advait: There could be a national "standards of public service" which dictates and mandates all the public services to be provided to all citizens for their well-being and flourishing. No more instances of localities going bankrupt or defaulting. No more blatantly unfair local tax codes. Eliminate all sales tax except as needed to encourage socially healthy behavior (like taxes on cigarettes, alcohol, yachts, luxury items, unhealthy foods, etc.) Also eliminate all local taxation to fund public schools; all schools get the same money per child from the national govt (perhaps adjusted for local cost-of-living variations). Imagine the elimination of all the time and effort that goes into calculating, paying and processing the myriad of local taxes. Warren; your thoughts? Warren: Yes, as above. Advait: And many thanks to you, Warren, for your tireless efforts to spread the word on MMT! Great work! Warren: Thanks!!! Greg Olsen Since the MMT lens reveals that foreign exports are a real cost for the exporting countries, why do sovereign governments place foreign trade so highly? Warren: Their exporters are in control of the narrative maybe? Greg: In Australia, where I live, the performance of our economy is always predicated on a favourable export market. This is never challenged by politicians nor economics media journalists. Why is this so? Warren: How powerful politically are your exporters? Greg: I would imagine that exports are OK when a sovereign country's needs have been fully met through their own production of goods and services. Does that align with the MMT view of the value of exports? Warren: Yes. Exports are the cost of imports. Kevin Shea Ask Warren to comment on the velocity of money vis-a-vis the money supply and inflation, and the effects fiscal spending has on the money supply, the velocity of money and inflation. Warren: No need to do that. Just count bodies in the JG pool and decide if it's too many or too few, then adjust fiscal accordingly. Kevin: Ask Warren to please provide data on his interpretation of the effects of rate increases through the interest income channel, i.e., specifics on the amounts of interest income pumped into the economy with a rate increase versus the slow down effects of the same rate increase on lending and the economy. Warren: Those are the propensity to spend from interest income. My Fed contact said they are pretty close to equal, but that he believed they may be a bit higher for borrowers. Susan Eldridge, question two of two A little euro centered but my other question has to do with the oft repeated refrain that other countries pay much more in taxes (eg Denmark, Sweden, Norway) but they get more social services. So we should do the same here. But while they issue their own currencies even though they belong to EU (I think) they are pegged to the euro so is that why they pay much higher taxes? Warren: No, it's because of the higher public spending on goods and services, including healthcare. Tax liabilities create sellers so gov can buy. More buying requires more tax liabilities, all else equal.

**SPECIAL NOTICE** Macro N Cheese listeners are invited to a live event, Inflation: Fact & Fiction, with Fadhel Kaboub. Bring your questions and join us for this intimate evening! RP Live, Tuesday, December 28, 8pm ET/5pm PT. https://us06web.zoom.us/webinar/register/WN_uRs3YK-7SfOVFH8aFJUWOQ (Register here). This week's episode is the audio portion of a presentation by our friend Professor Fadhel Kaboub when he spoke with the Hanon Project's Yousra Magouri in September about the causes and effects of inflation during the pandemic. It's a beautiful illustration that you don't need an education in MMT to make sense of the economy. With Fadhel's characteristic cogency, complex subjects are made accessible without sacrificing depth. He opens with basic definitions of inflation and how it is measured. He describes the two main types – demand pull and supply push -- then contrasts the mainstream and MMT explanations of inflation and the connection of our current circumstances to the pandemic. For the last several decades since the 70s, the mainstream economist will tell you too much government spending will cause inflation, right? Whether it's government subsidies or government contracts, you're just flooding the system with cash, giving people dollars to go out and shop and increase demand way beyond the capacity of the economy to keep up with it. Needless to say, different explanations of the causes lead to very different prescriptions for the solutions, as evidenced by political opposition to further pandemic relief measures and spending on social programs and infrastructure. Fadhel maintains the risk of inflation is triggered by the lack of productive capacity, including the supply chain disruptions during the pandemic. These problems exist on a global scale. The second source of inflation, which is the most important, I think, and most neglected by the economics profession is what I call the abusive market power and price setting behavior of key players in the economy. Think of big pharma, think of the energy companies, think of companies that have high degrees of market concentration that allows them actually to set prices simply because they can, because there isn't enough competition, because consumers don't have a choice... …Now, that type of inflation is not going to go away by spending less on the unemployed, on the pandemic, on education or infrastructure. It's got nothing to do with it. The episode goes into creative solutions for the global South, the danger of deflation, the limits of quantitative easing, the effect of climate change on the economy, and much more. Full transcripts of this and every episode of Macro N Cheese can be found at realprogressives.org/macro-n-cheese-podcast Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. He holds a Ph.D. in Economics & Social Science Consortium, 2006, University of Missouri - Kansas City; M.A. in Economics, May 2001, University of Missouri - Kansas City; B.S. in Economics, June 1999, with Distinction. Emphasis: Money & Banking. @FadhelKaboub on Twitter Support this podcast

Economics Professors Scott Fullwiler and Fadhel Kaboub will discuss the current inflation risk when investing in bonds and explore ways to mitigate it. Practical considerations will include: Is it possible to beat inflation by investing in bonds? Will inflation get worse? What are the current signs telling us? Are certain markets going to fair better than others? Will nation states with sovereign currencies, such as the US and UK, fare better than the Eurozone, even if they have borrowed more extensively in their Covid responses? Do governments look like they have taken lessons of MMT responses to the crisis, or are they reverting to the tried and tested policies of the past? How does the current labor market situation fit in to everything?

Economics Professors Scott Fullwiler and Fadhel Kaboub will discuss the current inflation risk when investing in bonds and explore ways to mitigate it. Practical considerations will include: Is it possible to beat inflation by investing in bonds? Will inflation get worse? What are the current signs telling us? Are certain markets going to fair better than others? Will nation states with sovereign currencies, such as the US and UK, fare better than the Eurozone, even if they have borrowed more extensively in their Covid responses? Do governments look like they have taken lessons of MMT responses to the crisis, or are they reverting to the tried and tested policies of the past? How does the current labor market situation fit in to everything?

Welcome to Activist #MMT candidate interview number three, hosted by Ramona Massachi and co-hosted by me. Today, we talk with Neal Walia, who is running to represent Colorado's first Congressional district. In his very first quarter as a candidate, in his first time running for office, Neal raised $100,000. It's both extraordinary, and not nearly enough, paling in comparison to the $2 million expected to be raising each quarter by his incumbent opponent who is, no surprise, a powerful corporate Democrat. Neal, however, raises money from only actual human beings, so beating his opponent's fundraising numbers is only possible by becoming someone he's not. Neal is a candidate who cares about all people, and is standing toe-to-toe with a candidate who cares about some people more than others. Neal is dedicated to proving that it's possible to win a campaign without compromising your soul – or your constituents – in order to inflate your fundraising totals. (Here's a list of .) Although policy is paramount, Neal also discusses some of the secondary goals of his campaign and once in office. This includes supporting other progressive candidates, educating his constituents on policy, how Congress negotiates, and how bills are actually funded. Neal also mentions how sharing part of his personality with voters and constituents provides important context when evaluating him and his policy platform. As the host of a podcast substantially about providing context through personal stories, I obviously agree this is important. (A big thanks to for the "MMT Candidate" logo.) Finally, Neal indirectly inspired this MMT candidate interview series. Fadhel Kaboub, who I recently interviewed in episodes and , asked if I would consider interviewing Neal. Having already worked with Ramona to , I asked if she would consider hosting. She not only said yes, we decided to create an entire series, as we discuss and EPISODE_96. Since Ramona is in contact with well over 100 candidates, finding interview subjects has not been one of our problems. You can support Neal's candidacy by visiting and NealforCD1 on and . You'll also find a link to in the show notes. Neal's Instagram is @ and his YouTube channel is There are three goals of this MMT candidate interview series: the first is to support and give a platform to candidates who care about all people, and because of this, are ignored by the so-called news outlets that are, in reality, news of, by, and for the rich. The second goal is to determine what these candidates need to beat corrupt opponents supported by a corrupt party in a corrupt campaign finance system, and especially, once in office, to avoid becoming corrupted themselves. Finally, the third goal is to create a community of like minded, MMT-aware candidates who can support each other through their campaigns, and especially once in office. The latter is in order to remain focused on what really matters, which is all their constituents, in an environment where there is overwhelming pressure to focus only on the needs, favors, promises, and especially money of big donors – both in and out of their district. If you're a candidate and would like to be interviewed by Ramona, please contact her directly on Twitter at @, or me at . If there's a candidate you would like to see interviewed by Ramona, please let us know, and please recommend us to them! If you like what you hear and would like to support this interview series and this podcast, please consider becoming a monthly patron at . And now, onto our conversation with candidate for Colorado's first congressional district, Neal Walia. Enjoy.

Welcome to Activist #MMT candidate interview number three, hosted by Ramona Massachi and co-hosted by me. Today, we talk with Neal Walia, who is running to represent Colorado's first Congressional district. In his very first quarter as a candidate, in his first time running for office, Neal raised $100,000. It's both extraordinary, and not nearly enough, paling in comparison to the $2 million expected to be raising each quarter by his incumbent opponent who is, no surprise, a powerful corporate Democrat. Neal, however, raises money from only actual human beings, so beating his opponent's fundraising numbers is only possible by becoming someone he's not. Neal is a candidate who cares about all people, and is standing toe-to-toe with a candidate who cares about some people more than others. Neal is dedicated to proving that it's possible to win a campaign without compromising your soul – or your constituents – in order to inflate your fundraising totals. (Here's a list of all MMT candidate interviews.) Although policy is paramount, Neal also discusses some of the secondary goals of his campaign and once in office. This includes supporting other progressive candidates, educating his constituents on policy, how Congress negotiates, and how bills are actually funded. Neal also mentions how sharing part of his personality with voters and constituents provides important context when evaluating him and his policy platform. As the host of a podcast substantially about providing context through personal stories, I obviously agree this is important. (A big thanks to Beyond the Spectrum for the "MMT Candidate" logo.) Finally, Neal indirectly inspired this MMT candidate interview series. Fadhel Kaboub, who I recently interviewed in episodes 91 and 92, asked if I would consider interviewing Neal. Having already worked with Ramona to introduce candidates to a MMT in late 2019 and early 2020, I asked if she would consider hosting. She not only said yes, we decided to create an entire series, as we discuss and EPISODE_96. Since Ramona is in contact with well over 100 candidates, finding interview subjects has not been one of our problems. You can support Neal's candidacy by visiting nealwaliaforcongress.com and NealforCD1 on Facebook and Twitter. You'll also find a link to donate to Neal's campaign in the show notes. Neal's Instagram is @neal_k_walia and his YouTube channel is Neal Walia for Congress There are three goals of this MMT candidate interview series: the first is to support and give a platform to candidates who care about all people, and because of this, are ignored by the so-called news outlets that are, in reality, news of, by, and for the rich. The second goal is to determine what these candidates need to beat corrupt opponents supported by a corrupt party in a corrupt campaign finance system, and especially, once in office, to avoid becoming corrupted themselves. Finally, the third goal is to create a community of like minded, MMT-aware candidates who can support each other through their campaigns, and especially once in office. The latter is in order to remain focused on what really matters, which is all their constituents, in an environment where there is overwhelming pressure to focus only on the needs, favors, promises, and especially money of big donors – both in and out of their district. If you're a candidate and would like to be interviewed by Ramona, please contact her directly on Twitter at @RamonaMassachi, or me at activistmmt@gmail.com. If there's a candidate you would like to see interviewed by Ramona, please let us know, and please recommend us to them! If you like what you hear and would like to support this interview series and this podcast, please consider becoming a monthly patron at patreon.com/activistmmt. And now, onto our conversation with candidate for Colorado's first congressional district, Neal Walia. Enjoy.