Podcasts about Full employment

As difficult as it is to get a handle on the chaos and confusion of Trump's shifting policies, we continue to ask wise friends for their perspective. This week Steve is speaking with Australian economist Bill Mitchell, a founder of MMT and a regular guest of this podcast. Bill helps us unpack the capitalist contradictions driving global instability. Steve asks if we should be looking at Trump's actions as a continuation of the neoliberal trajectory as described in Bill's book, Reclaiming the State. Bill replies that he doesn't even see it as a natural extension of neoliberalism:“Neoliberalism is about co-opting the state to pursue advantage for selected groups in the society, the top end of town, as I call them. So there's an element of that, but there's sort of a deep irrationality going on here. Neoliberalism is a systematic, contrived pattern of behavior and strategy, whereas it's hard to assess whether there is anything systematic and strategic going on here.”Bill elaborates on the irrational policy decisions like tariffs and their failure to revive American manufacturing, as well as the repercussions of reduced public investment in education and infrastructure. He talks about international reactions and global repercussions. He and Steve also critique the role of social media and the dangerous effects of the dominant ideological bias. Bill suggests that the disillusionment with traditional political parties is driving many towards reactionary extremism. They discuss the severe decline in education and the move to control universities through ideological audits.Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. His most recent books are Modern Monetary Theory: BIll and Warren's Excellent Adventure, co-authored with Warren Mosler (2024), and the Modern Monetary Theory textbook, Macroeconomics, co-authored with L. Randall Wray and Martin Watts (2019).Follow Bill's work at https://billmitchell.org/blog/

Dark MAGA dismantles America Become a member at https://plus.acast.com/s/the-other-hand-with-jim.power-and-chris.johns. Hosted on Acast. See acast.com/privacy for more information.

What's the point of understanding money if we don't look at the power relations controlling its distribution? Bill Mitchell, a key figure in the development of modern monetary theory, is back for his twelfth appearance on the podcast, beginning with Episode One, Putting the T in MMT. As a key figure in the development of MMT, Bill articulates how this theory fundamentally challenges conventional economic wisdom by asserting that governments, as currency issuers, are not financially constrained in the same manner as households or businesses. This critical insight dispels the prevailing narrative that insists the government cannot afford to invest in social programs. This forces us to look not only at political choices, but the class power behind those choices. The conversation delves into the dynamics of class conflict, inflation, and the role of private banks in shaping the financial landscape. Economic austerity, rising costs, and stagnant wages force the working class to take on more and more private debt. Bill Mitchell is Professor of Economics and Director of the Centre of Full Employment and Equity (CofFEE) at the University of Newcastle, NSW Australia. He is also the Docent Professor of Global Political Economy at the University of Helsinki, Finland, and Guest International Professor at Kyoto University, Japan. Bill is a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. Follow his work on https://billmitchell.org/blog/

Join economist Dr. Orphe Divounguy and Chris Krug as they discuss the latest jobs report on this episode of Everyday Economics! Everyday Economics is an unrehearsed, free-flow discussion of the economic news shaping the day. The thoughts expressed by the hosts are theirs, unedited, and not necessarily the views of their respective organizations.Support this podcast: https://secure.anedot.com/franklin-news-foundation/ce052532-b1e4-41c4-945c-d7ce2f52c38a?source_code=xxxxxx

Why are payroll numbers reported as "nonfarm" jobs? What other jobs are excluded from the unemployment rate? Why is "hours worked" an important recession indicator? For this shorter week, Liz Ann and Kathy discuss various aspects of the labor market and its indicators. They touch on the monthly jobs report from the Bureau of Labor Statistics, the overall unemployment rate, initial jobless claims, and other key metrics. They also discuss the uniqueness of the current labor market cycle and the challenges in analyzing it. The conversation then shifts to the Federal Reserve's focus on employment and inflation and the potential impact of the upcoming jobs report on Fed policy. Finally, Kathy and Liz Ann provide their outlook for the next week's economic data and market events.You can read more about the history of the Department of Labor in this article on their website and explore the data published by the Bureau of Labor Statistics.On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. All  names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.Investing involves risk, including loss of principal. ​Commodity-related products carry a high level of risk and are not suitable for all investors. Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions.Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.(0924-PYS2)

Ernie Tedeschi is the Direct of Economics at the Budget Lab and is a visiting fellow at the Psaros Center for Financial Markets and Policy. Recently, Ernie was a chief economist at the White House's Council of Economic Advisors, and he is also a returning guest to the podcast. Ernie rejoins Macro Musings to talk about the CEA and some of his recent work on the political risks to the US safe harbor premium and R-star. David and Ernie also discuss the benefits and healing properties of a high employment economy, Ernie's favorite measures of the labor market, the current and past trends in the path of R-Star, and more.   Transcript for this week's episode.   Ernie's Twitter: @ernietedeschi Ernie's Budget Lab profile   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *Political Risks to the U.S. Safe Harbor Premium* by Ernie Tedeschi   *Recent Movements in [R-star]: The Most Important Interest Rate That You have Never Heard Of* by Ernie Tedeschi   *The 2024 Economic Report of the President* by the White House Council of Economic Advisers   *The Fed Governor Who Proved Larry Summers Wrong* by Nick Timiraos   *Summers, Blanchard Say Waller's ‘Soft-Landing' Paper Has Errors* by Craig Torres   Timestamps:   (00:00:00) – Intro   (00:01:49) – Ernie's Experience at the CEA   (00:09:15) – The Benefits and Healing Properties of a High Employment Economy   (00:15:28) – Ernie's Favorite Measures of the Labor Market   (00:20:17) – The Broader Debate Surrounding Labor Market Measures   (00:24:07) – The Basics of a US Safe Harbor Premium   (00:28:56) – Political Risk vs. Exorbitant Privilege   (00:33:46) – Debt Ceiling Crises as a Political Risk Scenario   (00:37:01) – Fiscal Dominance as a Political Risk Scenario   (00:43:25) – Outlining the Distinction Between Different R-Stars   (00:48:39) – Past and Current Trends in the Path of R-Stars   (00:54:46) – Assessing the Sources of High Productivity   (00:58:22) – Outro

“Full employment” is often overshadowed by the better-known half of the Fed's dual mandate from Congress: “stable prices,” but both are equally important to the Fed. This overview defines full employment and looks at why some groups are struggling to reach it.

“I can generally, take an issue and argue both sides...ultimately you've got to weigh all the evidence and be honest with yourself and come up with the right answer… the ability to take an issue, see both sides, argue both sides, build a case for both sides…and that causes you to just dig and read and turn over stones and understand underlying processes and things like that.” - Warren Pies, 3Fourteen Research--This episode features Warren Pies of 3Fourteen Research. Chase and Warren dig deep into construction data, Warren's process, models, and why he finds construction so important for macro. Warren teaches us how to research trades like a lawyer, but also how important saying, “I don't know” is for your credibility…unless you're at a cocktail party. He argues that sticking to what you know and picking high quality businesses will keep you alive in the markets. We also learned that Gothic Western Fiction is an actual genre (!?). Enjoy this meeting of the minds and learn how to balance granularity with accuracy. --Timestamps:(00:00) – Intro & Plugs(01:20) – Warren's Charity: BridgeALife(02:57) – Warren's Framework on Housing, Construction, and Construction Employment(16:07) – Argue Both Sides of a Trade Like a Lawyer(18:49) – A Behavioral Edge Creates an Informational Edge (19:37) – Preempt a Bad Trade Through Research and Process(21:26) – Learn How To Say, “I Don't Know” Unless You're at a Cocktail Party(23:59) – Stick to Investing in What You Know & Pick Quality Businesses(27:45) –Speed Read Until AI Can Do it For You(31:13)— Exercise Your Nervous System to Help Connect the Dots (33:36) – Having to Rescind a Prediction Made Publicly is Tough (38:45) – Blood Meridian – Gothic Western Fiction?? (42:22) – Understanding Modern Money – A transformation for Warren(42:34) – Between Two Pines(47:48) – Are Higher Rates Stimulative?(50:52) – Self-Reinforcing Loops to the Downside(55:01) – Malinvestment in the 2020s (56:39) – Yellowstone is “Too Popcorn”(59:40) – Thank You Listeners --This Episode's Charity:Bridge A Life Charity – Local group in Sarasota Area, Florida that provides resources to foster families. Donate here: https://www.bridgealife.com/get-involved/donate-2021--Referenced in the Show: Warren's Market Huddle InterviewBooks: Blood Meridian by Cormac McCarthy & Understanding Modern Money: The Key to Full Employment and Price Stability by Randall Wray David Einhorn – The Long and Short of InvestingWarren Mosler – This Guy Says the Fed Has Got Everything Precisely Backward, 2022, NYT Article --Guest Plugs:Warren's X :

The Bar is open and back on the road! Join JD and Kerri at the Albuquerque Health Forum, where we kick off election season, and give an update on a handful of issues, including the prospect of new Pharmacy Benefit Manager legislation, mental health parity rules, and healthcare fiduciary lawsuits. There's also an update on ERISA, or as we at the Bar call it, the Full Employment for Benefit Lawyers Act. In Last Call, Kerri has a basketball-related dilemma.

A hundred years ago, John Maynard Keynes predicted we would see a massive expansion of growth and productivity under capitalism. Bingo. He got that right. He said this amazing efficiency would result in a shorter work week with far more leisure time for everyone. Oops. Not so much. The structure of capital ownership will never permit it.Bill Mitchell's blog post, Keynes Was Wrong Because He Failed to Consider Class Conflict, was the inspiration for this episode. Bill talks with Steve about many of the truths about capitalism economists and historians get wrong, beginning with the idea that capitalism freed workers from the bonds of feudalism.Bill covers the social democratic politics of the postwar era and how the ruling elites then ensured that government would only serve as their agent. He and Steve take a critical look at the dangerous power of institutions like the World Bank and IMF. Bill explains why he supports degrowth instead of “green growth.”Bill believes progressives shouldn't be working to reform the system; they must work to change it. Coming from the Marxian tradition, he says MMT is only part of the story.“Yes, it provides a first class lens into monetary operations but it doesn't have a theory of power. And you have to add that ideological layer for it to be, in my view, a purposeful framework for advancing systemic change. Just to have an MMT understanding provides you with no additional tools to work out systemic change.”Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. Follow his work on https://billmitchell.org/blog/@billy_blog on Twitter

Saxo Bank CIO Steen Jakobsen joins us for an in-depth discussion on the global economy, landing scenarios and why he sees deflation ahead! Where is the recession? How is the job market doing and what about commodities? Where does he see leverage and opportunity? #gold #recession #fed ------------ Thank you to our #sponsor MONEY METALS. Make sure to pay them a visit: https://bit.ly/BUYGoldSilver ------------ Guest: Steen Jakobsen, CIO Company: Saxo Bank

I spent most of last week fighting with a model.  Before anyone starts googling “Nerdy Economist in Fashion Week Brawl”, I should clarify.  I was fighting with a macroeconomic model that insisted on telling me something I didn't believe.  To be precise, it was projecting that, given the recent and projected pace of U.S. economic growth, the unemployment rate would slide to 3.0% by the end of 2025.  This I don't believe for reasons I'll explain.  But the changes in assumptions necessary to produce a more reasonable answer can tell us a lot about the likely path of economic growth, inflation, interest rates, corporate profits and the dollar over the next two years with significant implications for financial markets and investing.

(2/5/24) Getting February underway with an "amazing" Employment Report (with seasonal adjustments!) Full Employment is trending downward; where did 4-million people go?? Interest Rate cuts have been pushed farther out in the year. Markets don't care about economic reports' details. Why Markets continue to do better: They're focused only on the headline data. February is typically a weaker month: Will there be negative rates of return? A visit to Costco illustrates the bifurcated economy: The have's vs the have-not's. Almost all large-cap companies have reported Q4 earnings, and doing "well" (thanks to stock buy-backs). Lowered earnings per share estimates have resulted in higher "beat rates," but no one cares. Why stocks are popular hedges for retirees (with charts: See link below for full article); risking retirement in the markets because the gains are too large to resist. Understanding the Markets' Secular Cycles. How long will the current cycle continue? Gen-Z's "Loud savings" trend on Tik Tok: Being very vocal about things that do not fit within their budget. Dealing with peer pressure to spend money; post-pandemic revenge spending. Hosted by RIA Advisors Chief Investment Strategist Lance Roberts, CIO, SEG-1: Getting February Underway; Markets Don't Care SEG-2: Economics vs Reality: The Costco Indicator SEG-3: Why Stocks are a Popular Hedge for Future Retirees SEG-4: Understanding the Secular Cycles in the Market ------- Register for our next Candid Coffee: "Five Money Habits of Unhappy Couples," Saturday, February 24, 2024: https://streamyard.com/watch/TJz2bu2Xn9Hu -------- Watch today's show video here: https://www.youtube.com/watch?v=6Bq-hOZP95U&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=20s -------- The latest installment of our new feature, Before the Bell, "Markets Really Don't Care About Economic Reports," is here: https://www.youtube.com/watch?v=5Ix8w3gJHp0&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Our previous show is here: "Having the Money Conversation with Kids" https://www.youtube.com/watch?v=xLj4b6hAiQE&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=1s -------- Articles Mentioned in this Show: Retirement Savers Are Piling Into Stocks. Is That A Good Idea? https://realinvestmentadvice.com/retirement-savers-are-piling-into-stocks-is-that-a-good-idea/ ------- Get more info & commentary: https://realinvestmentadvice.com/newsletter/ -------- Register for our next Candid Coffee: https://us06web.zoom.us/webinar/register/6316958366519/WN_jCrzdX9uSJSrg5MBN5Oy8g ------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #InvestingAdvice #CorporateEarnings #Retirement #Markets #Money #Investing

(2/5/24) Getting February underway with an "amazing" Employment Report (with seasonal adjustments!) Full Employment is trending downward; where did 4-million people go?? Interest Rate cuts have been pushed farther out in the year. Markets don't care about economic reports' details. Why Markets continue to do better: They're focused only on the headline data. February is typically a weaker month: Will there be negative rates of return? A visit to Costco illustrates the bifurcated economy: The have's vs the have-not's. Almost all large-cap companies have reported Q4 earnings, and doing "well" (thanks to stock buy-backs). Lowered earnings per share estimates have resulted in higher "beat rates," but no one cares. Why stocks are popular hedges for retirees (with charts: See link below for full article); risking retirement in the markets because the gains are too large to resist. Understanding the Markets' Secular Cycles. How long will the current cycle continue? Gen-Z's "Loud savings" trend on Tik Tok: Being very vocal about things that do not fit within their budget. Dealing with peer pressure to spend money; post-pandemic revenge spending. Hosted by RIA Advisors Chief Investment Strategist Lance Roberts, CIO,   SEG-1: Getting February Underway; Markets Don't Care SEG-2: Economics vs Reality: The Costco Indicator SEG-3: Why Stocks are a Popular Hedge for Future Retirees SEG-4: Understanding the Secular Cycles in the Market ------- Register for our next Candid Coffee: "Five Money Habits of Unhappy Couples," Saturday, February 24, 2024: https://streamyard.com/watch/TJz2bu2Xn9Hu -------- Watch today's show video here: https://www.youtube.com/watch?v=6Bq-hOZP95U&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=20s -------- The latest installment of our new feature, Before the Bell, "Markets Really Don't Care About Economic Reports," is here:  https://www.youtube.com/watch?v=5Ix8w3gJHp0&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Our previous show is here: "Having the Money Conversation with Kids" https://www.youtube.com/watch?v=xLj4b6hAiQE&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=1s -------- Articles Mentioned in this Show: Retirement Savers Are Piling Into Stocks. Is That A Good Idea? https://realinvestmentadvice.com/retirement-savers-are-piling-into-stocks-is-that-a-good-idea/ ------- Get more info & commentary:  https://realinvestmentadvice.com/newsletter/ -------- Register for our next Candid Coffee: https://us06web.zoom.us/webinar/register/6316958366519/WN_jCrzdX9uSJSrg5MBN5Oy8g ------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #InvestingAdvice #CorporateEarnings #Retirement #Markets #Money #Investing

In its quest to combat inflation the Federal Reserve has seemingly done everything in its power to engineer a recession, which would throw millions of people out of work. Rather than question the Fed's actions, mainstream economists cheered them on, claiming that we need multiple months of high unemployment to bring inflation down. But do we really need to immiserate America's working class in order to save the economy? Today's guest, Arnab Datta, and his colleagues at Employ America are producing research that suggests we should instead be using macroeconomic policies to steer the economy to high employment and robust wage growth—which would reduce inequity, spur economic development, and expand the availability of good-paying jobs for all Americans. Arnab Datta serves as the Senior Counsel for Employ America, which is an organization focused on economic policy research and advocacy that prioritizes full employment, wage growth, and economic stability. Employ America seeks to influence economic policy discussions and shape the narrative around employment and economic well-being. Twitter: @ArnabDatta321, @employamerica Website: www.employamerica.org The Fed Is Trying To Engineer A Recession https://www.employamerica.org/blog/the-fed-is-trying In The Right Context, Full Employment Can Support A Pickup In Productivity https://www.employamerica.org/blog/in-the-right-context-full-employment-can-support-a-pickup-in-productivity Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick's twitter: @NickHanauer

What will be the business and economic consequences of the Dublin riots?There is often trouble when large pools of uneducated, unemployed young men are organised by old men - mad mullahs, army councils, Trump-style demagogues. The list of suspects is a long one. Whether that trouble fizzles out or leads to revolution depends on many things. Mostly how the rest of us react to far right (or left) neo-fascism.Data continue to point to a very robust Irish labour market. Export (especially chemical & pharma) weakness has yet to lead to significant net job losses. Similarly, high profile layoffs in the tech sector are not showing up in the job stats. We are still short of workers. But not, apparently, rioters on scooters. Are they on benefits?The UK's Autumn Statement was a blast from the past. Transparent fiddling of the numbers, utterly unrealistic forecasts of fiscal austerity post-election and an unaffordable, unsustainable tax cut. Whoever wins the next election will have to reverse that tax cut and then some. Somebody needs a plan to get the UK economy going again. Become a member at https://plus.acast.com/s/the-other-hand-with-jim.power-and-chris.johns. Hosted on Acast. See acast.com/privacy for more information.

Russian economy surges. Full employment, labor challenge

William Mitchell exposes the many ideological maneuvers progressives need to confront in disputing the supremacy of profits over employment and people's dignity. That goes for disciplining the state to appease foreign exchange markets, the problems with Basic Income proposals, and much more. Lynn Fries interviews William Mitchell on GPEnewsdocs.

How does the recent white paper plan to address under and unemployment? A former RBA board member reflects on the early days of the GFC when financial contagion threatened the global economy. Mid-week golf is booming but shouldn't you be at work?

ABC business and economics reporter Gareth Hutchens joined Philip Clark with the latest on economic news.

The Squiz is your shortcut to the news. More details and links to further reading for all of today's news can be found in The Squiz Today email. Click here to get it in your inbox each weekday morning. #Sponsored: Sign up to Cashrewards using the code “SQUIZ” and spend $20* within 7 days to receive a $20* welcome bonus. *T&C and exclusions apply Find our Shortcut on the Murdoch empire here. You can check out the red carpet gallery from the 2023 Brownlow Medal here. Here's the job opening with us here at The Squiz. Other things we do: Squiz Shortcuts - a weekly explainer on big news topics Squiz Kids - a news podcast for curious kids. Age-appropriate news without the nasties!

Treasurer Jim Chalmers unveiled the Working Future white paper yesterday. We unpack what it means for inflation and the underemployed. Find out more about The Front podcast here and read about this story and more on The Australian's website or search for The Australian in your app store. This episode of The Front is presented and produced by Kristen Amiet, and edited by Lia Tsamoglou. Our regular host is Claire Harvey. Original music is composed by Jasper Leak.  See omnystudio.com/listener for privacy information.

**On Tuesday evenings, Real Progressives hosts Macro ‘n Chill, an informal listening party for members of the community to discuss an episode of this podcast. For the Zoom registration link go to realprogressives.org/rp-events-calendar/When someone associates Modern Monetary Theory with left or right wing politics, they're signaling they know nothing of MMT and are simply associating it with some of its proponents. MMTers are political, MMT is not. Regarding degrowth, this week's guest, Bill Mitchell, explains:“The way I think about it is that MMT is compatible with deep, hard industry pollution and massive growth if you want it to be. And it is also compatible with a highly sustainable strategy to reduce our reliance on mass consumption and to divert our economic activity, which we normally think is gross domestic product, to divert that into sustainable products. In other words, radically change the composition of our output.”In other words, MMT neither supports nor opposes the degrowth agenda. In this episode, Bill describes degrowth as a value system and strategic approach to the future of humanity on the planet.MMT, on the other hand, is a lens or framework for understanding the capacities of currency issuance and the consequences of using that capacity. He and Steve highlight that MMT is compatible with both growth-oriented and sustainable strategies, and that degrowth policies would require significant investment from the state. They also discuss the challenges and obstacles to implementing a degrowth agenda, including the resistance of powerful vested interests and the potential for military conflict.The conversation also delves into the historical and political factors that have shaped the current domestic and global politics, including the counterattack by corporations and the wealthy against social democratic majorities in the early 1970s. They discuss the role of ignorance and media manipulation in perpetuating the current system and the importance of education and knowledge in empowering individuals and fostering solidarity movements.Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. Follow his work on https://billmitchell.org/blog/@billy_blog on Twitter

Photo: LA 1922. No known restrictions on publication. @Batchelorshow #USA: Full employment and the welcome.mat for migrants Jim McTague, former Washington Editor Barrons immigrant mat in Lancaster, Pennsylvania https://www.msn.com/en-us/travel/tripideas/celebrate-lancaster-highlights-citys-rich-culture-and-diversity/ar-AA1fsGRt

We are excited to rerelease our inaugural episode of Money on the Left alongside a brand new transcript. Conversation originally published on May 27, 2018 Money on the Left is the official podcast of Modern Money Network: Humanities Division (@moneyontheleft).In our inaugural episode, we consider the recent resurgence of full employment politics in the United States from both a political and historical perspective with historian David Stein (@davidpstein). Stein is currently a fellow at UCLA's Luskin Center for History and Policy and a lecturer in the departments of History and African American Studies. Check out his recent article in Jacobin: David Stein, “Full Employment and Freedom.”Intro music by Hillbilly Motobike.

Welcome to my new Series "Can you talk real quick?" This is a short, efficiently produced conversation with someone who knows stuff about things that are happening and who will let me record a quick chat to help us all better understand an issue in the news or our lives as well as connect with each other around something that might be unfolding in real time.  Today I zoomed up with my favorite economist Dean Baker to talk about the Federal reserve announcement that it won't raise interest rates for the first time in over a year and we also discussed his recent piece on the impact AI will have on the future economy. Read his piece about that here  Dean Baker co-founded CEPR in 1999. His areas of research include housing and macroeconomics, intellectual property, Social Security, Medicare and European labor markets. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. His blog, “Beat the Press,” provides commentary on economic reporting. He received his B.A. from Swarthmore College and his Ph.D. in Economics from the University of Michigan. His analyses have appeared in many major publications, including the Atlantic Monthly, the Washington Post, the London Financial Times, and the New York Daily News. Dean has written several books including Getting Back to Full Employment: A Better Bargain for Working People (with Jared Bernstein, Center for Economic and Policy Research 2013), The End of Loser Liberalism: Making Markets Progressive (Center for Economic and Policy Research 2011), Taking Economics Seriously (MIT Press 2010) which thinks through what we might gain if we took the ideological blinders off of basic economic principles; and False Profits: Recovering from the Bubble Economy (PoliPoint Press 2010) about what caused — and how to fix — the current economic crisis. In 2009, he wrote Plunder and Blunder: The Rise and Fall of the Bubble Economy (PoliPoint Press), which chronicled the growth and collapse of the stock and housing bubbles and explained how policy blunders and greed led to the catastrophic — but completely predictable — market meltdowns. He also wrote a chapter (“From Financial Crisis to Opportunity”) in Thinking Big: Progressive Ideas for a New Era (Progressive Ideas Network 2009). His previous books include The United States Since 1980 (Cambridge University Press 2007); The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer (Center for Economic and Policy Research 2006), and Social Security: The Phony Crisis (with Mark Weisbrot, University of Chicago Press 1999). His book Getting Prices Right: The Debate Over the Consumer Price Index (editor, M.E. Sharpe 1997) was a winner of a Choice Book Award as one of the outstanding academic books of the year. Among his numerous articles are “The Benefits of a Financial Transactions Tax,” Tax Notes Vol. 121, No. 4 (2008); “Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence,” (with David R. Howell, Andrew Glyn, and John Schmitt), Capitalism and Society Vol. 2, No. 1 (2007); “Asset Returns and Economic Growth,” (with Brad DeLong and Paul Krugman), Brookings Papers on Economic Activity (2005); “Financing Drug Research: What Are the Issues,” Center for Economic and Policy Research (2004); “Medicare Choice Plus: The Solution to the Long-Term Deficit Problem,” Center for Economic and Policy Research (2004); The Benefits of Full Employment (also with Jared Bernstein), Economic Policy Institute (2004); “Professional Protectionists: The Gains From Free Trade in Highly Paid Professional Services,” Center for Economic and Policy Research (2003); and “The Run-Up in Home Prices: Is It Real or Is It Another Bubble,” Center for Economic and Policy Research (2002). Dean previously worked as a senior economist at the Economic Policy Institute and an assistant professor at Bucknell University. He has also worked as a consultant for the World Bank, the Joint Economic Committee of the U.S. Congress, and the OECD's Trade Union Advisory Council. He was the author of the weekly online commentary on economic reporting, the Economic Reporting Review (ERR), from 1996–2006.   Stand Up is a daily podcast. I book,host,edit, post and promote new episodes with brilliant guests every day. Please subscribe now for as little as 5$ and gain access to a community of over 700 awesome, curious, kind, funny, brilliant, generous souls Check out StandUpwithPete.com to learn more

When economist Pavlina Tcherneva was last on this podcast, we were a few months into the pandemic. She and Steve talked about nationalizing payroll and the heightened need for a federal job guarantee during a time of crisis.In this episode, the neoliberal approach to unemployment comes under scrutiny. Pavlina explains the inadequacy of official unemployment data. She looks at the problem from several angles, including geography, demographics, and of course, economics.Pavlina and Steve discuss MMT, the politics of NAIRU, and the debt ceiling. They look at a job guarantee as an automatic stabilizer, similar to entitlements like social security and unemployment insurance, possibly shielding it from shifting political tides.Pavlina tells Steve about her collaboration with the Democratizing Work Initiative, a group of academics who are organizing around the principles of democratizing work, decommodifying labor, and decarbonizing the planet.Pavlina 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 Twitter

The RBA review is in with 51 recommendations. Full employment is discussed but what does this look like in Australia?  

The RBA review is in with 51 recommendations. Full employment is discussed but what does this look like in Australia?  

Inside Economics regular Dante DeAntonio joins us for the March release of the US employment report. Down the strike zone.  In the middle of the uprights. Down the fairway. Sticking to script.  All apt descriptions of the job market in the month of March. But this is all before the fallout of the banking crisis has become evident.Follow Mark Zandi @MarkZandi, Cris deRitis @MiddleWayEcon, and Marisa DiNatale on LinkedIn for additional insight.

It's another Jobs' Friday and colleague Dante DeAntonio is here to discuss February's employment report. Wage growth is moderating and the unemployment rate ticked up, but labor supply among prime age workers reached a post-pandemic high--is that enough evidence to say we are at full employment? Also on the agenda is discussing the failure of Silicon Valley Bank, the 2nd largest bank collapse in U.S. History. We are already seeing the disruption in financial markets but what does it mean for the broader economy?Follow Mark Zandi @MarkZandi, Cris deRitis @MiddleWayEcon, and Marisa DiNatale on LinkedIn for additional insight 

Welcome to episode 141 of Activist #MMT. Today's part two of my three-part conversation with Scott Fullwiler, on his 2008 paper, Modern Central Bank Operations: The General Principles. Last time in part one, we discussed some generic but related topics, and then principles one and two. Today in part two, we discuss principles three to six. Next time in part three, we discuss seven through ten. My full and detailed question and summary list can be found in the show notes to part one. Also, be sure to check out the list of audio chapters at the bottom of today's show notes, to find precisely where each principle, and otherwise, can be found. (A list of the audio chapters in today's episode can be found at the bottom of this post.) Principal three is that, outside of a floor system, it's not possible for the central bank to target the quantity of reserves. This is for two reasons: first, as in principle one, banks need reserves to settle payments and meet reserve requirements. Both of these are rigid needs. They need exactly that amount, no more no less. In other words, banks' demand for reserves is always vertical. Any less, and the payment system, and consequently society, breaks down. Any more and the reserves sit around unused. (The excess may earn a bit of interest, but, outside of a Volcker shock, where rates are set up around 20%, it's not much.) This means the amount of reserves in the system is determined by commercial banks (that is, it's endogenous) not the central-bank (which would be exogenous). The other reason the central bank can't set the quantity of reserves (outside a floor system), is because many transactions occur that are outside the central bank's control. A few examples are government spending and taxation (both of which the central bank must do), and calendar factors such as more cash being desired by the public as each weekend and vacation day approaches. Related is principle four, which is that all of these extra transactions must be offset. This is required if banks' demands for reserves is to be met, which is required to manage the payment system, which is required to have a stable society. Specifically, these extra transactions result in reserves entering and leaving the system in an uncontrollable and volatile fashion, making it less likely that banks' needs will be met. Therefore, the central bank must buy and sell bonds in order to keep reserve levels sufficient. Principal five is that reserve requirements are not for controlling reserve aggregates (which as in the previous principal, isn't possible anyway), but rather are an additional tool for reducing interest rate volatility. Although nothing changes what the central bank has to do, correctly designed reserve requirements allow the actions to occur at a more measured pace. They also provide some foresight and notification before some actions become urgent. (Think of it in terms of the tickets and doors at a sports stadium. Everyone with a ticket needs to get inside before the game starts and outside after it ends. The doors and the tickets make it such that the crowd enters and exits in a controlled fashion, distributed over time.) Finally, principle six is that volatility in the target rate can only exist within the central bank's corridor, meaning interest on reserves at the minimum and the discount window's penalty rate at a maximum. The decision to not regulate, or not enforce existing regulations, is just another form of regulation. When there is no deliberate floor or ceiling, as is our current reality, it means the highs will be dangerously high and lows dangerously low. In the same way, Minsky's financial instability hypothesis is only true within the ceiling and floor set by governments. We could set a rigid floor and ceiling such as with a job guarantee, but then, as Kalecki says in his 1942 paper, Political Aspects of Full Employment, if the government governs, then the rich and their feelings can't. This is why the rich pay our legislators to not legislate, especially when it comes to employment. Principals seven through ten come in part three, but for now, let's get right back to my conversation with Scott Fullwiler. Enjoy. Audio chapters 6:07 - Relation between fractional reserve banking and money multiplier 9:10 - Principle 3: Outside a floor system, it's impossible for the central bank to target the quantity of reserves. 15:12 - Another comment regarding the Fed being in charge of the government (not) 15:54 - Principle 4: The CB must offset many things out of its control, and government spending is mind-twisting! 28:21 - Principle 5: Unless using a floor system, it's impossible for the CB to control the amount of reserves. It can only control the price of those reserves (the interest rate). Also, reserve requirements (and TT&L accounts) are to BUFFER. 34:51 - Using the target rate to manage inflation is a terrible thing to do (it has real-world consequences) but does not limit the ability of the central bank to manage the stability of the payment system. 38:28 - Liar, Liar reference 39:18 - Principle 6: How does the CB defend a precise target, as opposed to only ensuring it's remains within the corridor? 48:38 - What if the penalty rate was intentionally set below interest on reserves (IOR)? 52:16 - It would mean they could buy reserves for low interest (penalty rate) and then earn high interest for holding it (IOR) 54:33 - Principle 7: There is no "liquidity effect" associated with central bank changes to its operating target. (Apologies for the very long question! I got it wrong at first, and scrambled to rewrite it at the last minute.) 58:36 - Duplicate of introduction, with no background music (for those with sensitive ears)

Today's show recaps the weekend news for 15 minutes then I talk to Dean Baker and at 42 minutes my conversation with Maura begins. Thanks so much for listening. Please give the show 5 stars and a review on Apple and Spotify Stand Up is a daily podcast. I book,host,edit, post and promote new episodes with brilliant guests every day. Please subscribe now for as little as 5$ and gain access to a community of over 740 awesome, curious, kind, funny, brilliant, generous souls. Dean Baker co-founded CEPR in 1999. His areas of research include housing and macroeconomics, intellectual property, Social Security, Medicare and European labor markets. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. His blog, “Beat the Press,” provides commentary on economic reporting. He received his B.A. from Swarthmore College and his Ph.D. in Economics from the University of Michigan. His analyses have appeared in many major publications, including the Atlantic Monthly, the Washington Post, the London Financial Times, and the New York Daily News. Dean has written several books including Getting Back to Full Employment: A Better Bargain for Working People (with Jared Bernstein, Center for Economic and Policy Research 2013), The End of Loser Liberalism: Making Markets Progressive (Center for Economic and Policy Research 2011), Taking Economics Seriously (MIT Press 2010) which thinks through what we might gain if we took the ideological blinders off of basic economic principles; and False Profits: Recovering from the Bubble Economy (PoliPoint Press 2010) about what caused — and how to fix — the current economic crisis. In 2009, he wrote Plunder and Blunder: The Rise and Fall of the Bubble Economy (PoliPoint Press), which chronicled the growth and collapse of the stock and housing bubbles and explained how policy blunders and greed led to the catastrophic — but completely predictable — market meltdowns. He also wrote a chapter (“From Financial Crisis to Opportunity”) in Thinking Big: Progressive Ideas for a New Era (Progressive Ideas Network 2009). His previous books include The United States Since 1980 (Cambridge University Press 2007); The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer (Center for Economic and Policy Research 2006), and Social Security: The Phony Crisis (with Mark Weisbrot, University of Chicago Press 1999). His book Getting Prices Right: The Debate Over the Consumer Price Index (editor, M.E. Sharpe 1997) was a winner of a Choice Book Award as one of the outstanding academic books of the year. Among his numerous articles are “The Benefits of a Financial Transactions Tax,” Tax Notes Vol. 121, No. 4 (2008); “Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence,” (with David R. Howell, Andrew Glyn, and John Schmitt), Capitalism and Society Vol. 2, No. 1 (2007); “Asset Returns and Economic Growth,” (with Brad DeLong and Paul Krugman), Brookings Papers on Economic Activity (2005); “Financing Drug Research: What Are the Issues,” Center for Economic and Policy Research (2004); “Medicare Choice Plus: The Solution to the Long-Term Deficit Problem,” Center for Economic and Policy Research (2004); The Benefits of Full Employment (also with Jared Bernstein), Economic Policy Institute (2004); “Professional Protectionists: The Gains From Free Trade in Highly Paid Professional Services,” Center for Economic and Policy Research (2003); and “The Run-Up in Home Prices: Is It Real or Is It Another Bubble,” Center for Economic and Policy Research (2002). Dean previously worked as a senior economist at the Economic Policy Institute and an assistant professor at Bucknell University. He has also worked as a consultant for the World Bank, the Joint Economic Committee of the U.S. Congress, and the OECD's Trade Union Advisory Council. He was the author of the weekly online commentary on economic reporting, the Economic Reporting Review (ERR), from 1996–2006.    Maura Quint  is a humor writer and activist whose work has been featured in publications such as McSweeneys and The New Yorker. She was named one of Rolling Stone's top 25 funniest twitter accounts of 2016. When not writing comedy, Maura has worked extensively with non-profits in diverse sectors including political action campaigns, international arts collectives and health and human services organizations. She has never been officially paid to protest but did once find fifteen cents on the ground at an immigrants' rights rally and wanted to make sure that had been disclosed. She was the co founder and executive director of TaxMarch.org  Check out all things Jon Carroll Follow and Support Pete Coe Pete on YouTube Pete on Twitter Pete On Instagram Pete Personal FB page Stand Up with Pete FB page

In the wake of the Great Financial Crisis, the work of John Maynard Keynes experienced a revival, as people sought answers to the problem of sluggish growth. In this cycle, sluggish growth isn't the problem. If anything, you hear business leaders and central bankers talking about the labor market being "too hot," and the need for the unemployment rate to rise. So what explains the current dynamic? And how can we sustain a hot economy without the pain of inflation? Perhaps the work of the lesser-known Polish economist Michał Kalecki holds the answers. Like Keynes, he also viewed the free market as being inherently unstable, but he came to different conclusions about why. He also explored the political economy of full employment and why this condition frustrates business leaders. On this episode, we speak with Jan Toporowski, professor of Economics and Finance at SOAS University of London, about Kalecki's work and how it can help us understand today's economy.See omnystudio.com/listener for privacy information.

Tisha Schuller welcomes Arnab Datta, senior counsel at Employ America, to the Real Decarbonization podcast. Listeners will hear Arnab talk about the importance of stable oil prices in maintaining an economy with tight labor markets and rising wages. Before his start at Employ America in 2020, Arnab worked on housing policy as a legislative fellow for Sen. Michael Bennet (D-CO). He also was a law clerk on the Senate Judiciary Committee. Arnab has teaching experience from his time as a school leader and teacher in Bombay, India. He received a J.D. from the George Washington University Law School and a M.S. in Foreign Service from Georgetown University. Follow all things Adamantine Energy and subscribe to Tisha's weekly Both of These Things Are True email newsletter at www.energythinks.com. Thanks to Adán Rubio who makes the Real Decarbonization podcast possible. [Interview recorded on Jan. 10, 2023]

John Roberts is a 36-year veteran of the Federal Reserve Board and mostly recently was the Deputy Associate Director in the Division of Research and Statistics, overseeing the board's domestic macroeconomic modeling efforts. From 2017-2019, John also served as a special advisor to Federal Reserve Governor Lael Brainard, where his responsibilities includes preparation of speeches, providing advice on monetary policy, macroeconomic forecasting, and regulatory attending FOMC meetings. John joins Macro Musings to talk about his time at the Fed, macroeconomic modeling at the institution, his work on the zero lower bound, and current Fed policy. Specifically, David and John also discuss the art of interpreting the Fed's Summary of Economic Projections, the future of modeling for policymakers at the Fed, the state of FAIT at the central bank, and a lot more.   Transcript for the episode can be found here.   John's blog John's paper archive   David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *Monetary Policy in a Low Interest Rate World* by Michael Kiley and John Roberts   *Monetary Policy Strategies for a Low-Rate Environment* by Ben Bernanke, Michael Kiley, and John Roberts   *Unconventional Monetary Policy According to HANK* by Eric Sims, Jing Cynthia Wu, & Ji Zhang

Stand Up is a daily podcast. I book,host,edit, post and promote new episodes with brilliant guests every day. Please subscribe now for as little as 5$ and gain access to a community of over 740 awesome, curious, kind, funny, brilliant, generous souls. Bill Boyle is a well sourced and connected businessman who lives in Washington DC with his wife and son. Bill is a trusted friend and source for me who I met after he listened and became a regular and highly respected caller of my siriusxm radio show. Bill is a voracious reader and listeners love to hear his take. I think his analysis is as sharp as anyone you will hear on radio or TV and he has well placed friends across the federal government who are always talking to him. As far as I can tell he is not in the CIA. Follow him on twitter and park at his garages.  48 minutes   Dean Baker Senior Economist Expertise: Housing, consumer prices, intellectual property, Social Security, Medicare, trade, employment Dean Baker co-founded CEPR in 1999. His areas of research include housing and macroeconomics, intellectual property, Social Security, Medicare and European labor markets. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. His blog, “Beat the Press,” provides commentary on economic reporting. He received his B.A. from Swarthmore College and his Ph.D. in Economics from the University of Michigan. His analyses have appeared in many major publications, including the Atlantic Monthly, the Washington Post, the London Financial Times, and the New York Daily News. Dean has written several books including Getting Back to Full Employment: A Better Bargain for Working People (with Jared Bernstein, Center for Economic and Policy Research 2013), The End of Loser Liberalism: Making Markets Progressive (Center for Economic and Policy Research 2011), Taking Economics Seriously (MIT Press 2010) which thinks through what we might gain if we took the ideological blinders off of basic economic principles; and False Profits: Recovering from the Bubble Economy (PoliPoint Press 2010) about what caused — and how to fix — the current economic crisis. In 2009, he wrote Plunder and Blunder: The Rise and Fall of the Bubble Economy (PoliPoint Press), which chronicled the growth and collapse of the stock and housing bubbles and explained how policy blunders and greed led to the catastrophic — but completely predictable — market meltdowns. He also wrote a chapter (“From Financial Crisis to Opportunity”) in Thinking Big: Progressive Ideas for a New Era (Progressive Ideas Network 2009). His previous books include The United States Since 1980 (Cambridge University Press 2007); The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer (Center for Economic and Policy Research 2006), and Social Security: The Phony Crisis (with Mark Weisbrot, University of Chicago Press 1999). His book Getting Prices Right: The Debate Over the Consumer Price Index (editor, M.E. Sharpe 1997) was a winner of a Choice Book Award as one of the outstanding academic books of the year. Among his numerous articles are “The Benefits of a Financial Transactions Tax,” Tax Notes Vol. 121, No. 4 (2008); “Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence,” (with David R. Howell, Andrew Glyn, and John Schmitt), Capitalism and Society Vol. 2, No. 1 (2007); “Asset Returns and Economic Growth,” (with Brad DeLong and Paul Krugman), Brookings Papers on Economic Activity (2005); “Financing Drug Research: What Are the Issues,” Center for Economic and Policy Research (2004); “Medicare Choice Plus: The Solution to the Long-Term Deficit Problem,” Center for Economic and Policy Research (2004); The Benefits of Full Employment (also with Jared Bernstein), Economic Policy Institute (2004); “Professional Protectionists: The Gains From Free Trade in Highly Paid Professional Services,” Center for Economic and Policy Research (2003); and “The Run-Up in Home Prices: Is It Real or Is It Another Bubble,” Center for Economic and Policy Research (2002). Dean previously worked as a senior economist at the Economic Policy Institute and an assistant professor at Bucknell University. He has also worked as a consultant for the World Bank, the Joint Economic Committee of the U.S. Congress, and the OECD's Trade Union Advisory Council. He was the author of the weekly online commentary on economic reporting, the Economic Reporting Review (ERR), from 1996–2006. Check out all things Jon Carroll Follow and Support Pete Coe Pete on YouTube Pete on Twitter Pete On Instagram Pete Personal FB page Stand Up with Pete FB page  

Welcome to episode 137 of activist #MMT. Today I talk with Steve Kelsey, about what money and money issuance, and our entire money system, should and could be, if we could start over and design it from scratch. You'll find two of his papers linked below (in the Resources section). Before that, we discuss Steve's Twitter thread, which is one of the most viral MMT tweet threads of all time more than 3000 retweets and nearly 7000 likes. The topic of his thread is the big lies told by former UK Prime Minister Margaret Thatcher. The first big lie is "TINA" which stands for "there is no alternative." This is how those already on top tell the rest to sit down, shut up, and take what you can get. The second big lie is "there is no government money, there is only taxpayer money." This is a statement by those who have taken control of government that they will do whatever it takes to prevent its powers from being used for regular people. This is true even for things desperately needed and obviously within its capabilities. The third big lie is that the government is nothing more than a gigantic household or company, and so must balance its spending with revenue. This is basically the justification used by those in power to deceive the rest into thinking that deliberate mass neglect is "unfortunate, but necessary." The fourth big lie, despite not being included in Steve's Twitter thread, is most closely related to today's conversation. That is, "there's no such thing as society, there's only household individuals and families." This is just another version of, "you're on your own. We could help you (and we're the only institution that can help you!) but we're not gonna do that. So, good luck!" If healthcare had no cost, then rising healthcare costs, obscene pharmaceutical prices, and medical debt, would become an impossibility. If education had no cost, then student debt – and the faux concern that canceling it is regressive and will cause terrible inflation – would also be impossible. Finally, if everyone who wanted a job, could have a job, then "the sack" could no longer be used as a tool to discipline workers. Much of these things boil down to what Michael Kalecki describes in his 1942 paper, The Political Aspects of Full Employment: the rich pay legislators to not legislate. When the government doesn't govern, who's left to control our lives but those who pay legislators the most? Those on top cannot remain on top unless they exploit the rest. They will not stop until they are stopped. Needless to say, overhauling our current system is a daunting task. But what if we could? Even if unlikely, you can't achieve a goal if you don't first dream and design it. Today's conversation with Steve is a thought experiment to dream about what a new system could be. Steve's idea is to replace national money issuance with community-based money issuance. Importantly, these communities don't have to be limited to small geographical regions. They could be trans-jurisdictional, meaning they could span multiple national borders, even dispersed across the world, coordinated by tools such as the internet. Something that spans borders cannot be conquered without the cooperation of all the nations in which the community exists. One historical example of mass collective action is the hole in the ozone layer, which took the cooperation of nations from around the world to reduce chlorofluorocarbons (CFCs) and greatly reduce the hole. We currently have a society where the vast majority are not cared for. This drives us apart and into the arms of precisely those who pay our legislators to not care for us. Let's replace that with caring for each other, which would drive us together, making it possible to ignore those who personally benefit from mass exploitation and neglect. There's much more to Steve's idea but I'll leave it there. As a reminder, you'll find two of his papers linked in the show notes. Sadly, Steve's mother passed away a week before this episode was released. Here is Steve's tribute to her on Twitter. And now, onto my conversation with Steve Kelsey. Enjoy. Resources Steve Kelsey's Physical Money Propositions v1.5 Steve Kelsey's Transactional Logic v3.0 Milton Friedman on inflation Audio chapters 6:28 - Viral Twitter thread on Thatcher's Great lies 10:48 - New era of my podcast because of Torrens 12:53 - Introducing himself and his ideas 24:05 - My one big question: Once we get there, how do we stay there? 44:47 - Follow ups by me 50:54 - His responses 1:09:02 - Final comments by me 1:13:28 - Goodbyes 1:17:12 - Duplicate of introduction with no background music (for listeners with sensitive ears)

The unemployment rate will rise above the Fed's natural rate of unemployment by 2024, says Ben Emons. He discusses the year-end outlook for the markets. He talks about how downshifting the pace of tightening is now a public communication strategy. He also goes over how even if inflation eases, the Fed won't want to stimulate into full employment/strong demand economy. He notes that credit's breather won't last very long in 2023. Finally, he mentions the drop in bitcoin (/BTC) and what's next for crypto. Tune in to find out more about the stock market today.

Nick Dyer-Witheford on biocommunism, "a communism emerging from the catastrophes capital now inflicts throughout the bios, the realm of life itself".   Future Histories International Find all English episodes of Future Histories here: https://futurehistories-international.com/ and subscribe to the Future Histories International RSS-Feed (English episodes only)   Shownotes Nick Dyer-Witheford (University of Western Ontario): https://www.fims.uwo.ca/people/profiles/nick_dyer-witheford.html Dyer-Witheford, Nick. 2022. Biocommie: Power and Catastrophe.: https://projectpppr.org/populisms/biocommie-power-and-catastrophe PPPR - Platforms, Populisms, Pandemics and Riots (Research Project): https://projectpppr.org/ Dyer-Witheford, Nick. 2013. Red plenty platforms. Culture Machine 14 (PDF).: http://svr91.edns1.com/~culturem/index.php/cm/article/view/511/526 Dyer-Witheford, Nick. 2007. Commonism. Turbulence 1: http://www.turbulence.org.uk/turbulence-1/commonism/index.html Dyer-Witheford, Nick. 1999. Cyber-Marx: Cycles and circuits of struggle in high-technology capitalism. University of Illinois Press.: https://www.press.uillinois.edu/books/?id=p067952 Dyer-Witheford, Nick. 2015. Cyber-proletariat: Global labour in the digital vortex. London: Pluto Press. (PDF available): http://digamo.free.fr/dyerwith.pdf Dyer-Witheford, Nick, Atle Mikkola Kjøsen, and James Steinhoff. 2019. Inhuman power. Artificial intelligence and the future of capitalism. London: Pluto Press.: https://www.plutobooks.com/9780745338606/inhuman-power/   Further Shownotes Bastani, Aaron. 2019. Fully Automated Luxury Communism. London: Verso.: https://www.versobooks.com/books/3156-fully-automated-luxury-communism Helen Hester: https://www.uwl.ac.uk/staff/helen-hester Laboria Cuboniks Collective. 2018. The Xenofeminist Manifesto: A Politics for Alienation. London: Verso: https://www.versobooks.com/books/2887-the-xenofeminist-manifesto Srnicek, Nick und Alex Williams. 2016. Inventing the Future. London: Verso: https://www.versobooks.com/books/2315-inventing-the-future Tooze, Adam. 2021. Shutdown: How Covid Shook the World Economy. New York: Viking.: https://www.penguinrandomhouse.com/books/669575/shutdown-by-adam-tooze/ The New Age of Catastrophe - Alex Callinicos's Farewell Lecture: https://www.youtube.com/watch?v=C-DTifOGfM4 Negri, Antonio. 2005. Crisis of the Crisis State. Libcom: https://libcom.org/library/crisis-state-antonio-negri Terranova, Tiziana. 2009. Another Life: The Nature of Political Economy in Foucault's Genealogy of Biopolitics., Theory, Culture & Society, 26(6), 234–65.: https://journals.sagepub.com/doi/10.1177/0263276409352193 Fraser, Nancy. 2016. Contradictions of Capital and Care. New Left Review 100, 99-117.: https://newleftreview.org/issues/ii100/articles/nancy-fraser-contradictions-of-capital-and-care Klein, Naomi. 2008. The Shock Doctrine: The Rise of Disaster Capitalism. New York: Picador.: https://www.penguin.co.uk/books/55595/the-shock-doctrine-by-naomi-klein/9780141024530 Buck, Holly Jean. 2021. Ending fossil fuels: Why net zero is not enough. Verso.: https://www.versobooks.com/books/3879-ending-fossil-fuels Cox, Stan. 2013. Any way you slice it: the past, present, and future of rationing. The New Press.: https://thenewpress.com/books/any-way-you-slice-it Benanav, Aaron. 2020. Automation and the Future of Work. London: Verso.: https://www.versobooks.com/books/4029-automation-and-the-future-of-work Jameson, Fredric. 2016. An American utopia. Dual Power and the Universal Army. London: Verso, 1-96.: https://www.versobooks.com/books/2118-an-american-utopia Doctorow, Cory. 2020. Full Employment. Locus Magazine: https://locusmag.com/2020/07/cory-doctorow-full-employment/ Out of the Woods. 2018. The Uses of Disaster. Commune Magazine: https://communemag.com/the-uses-of-disaster/  Out of the Woods. 2020. Hope Against Hope: Writings on Ecological Crisis. New York: Common Notions.: https://libcom.org/article/hope-against-hope-out-woods-book-coming-soon Foucault, Michel, & Michel Senellart (transl.). 2008. The Birth of Biopolitics: Lectures at the Collège de France, 1978-79. Palgrave Macmillan: https://us.macmillan.com/books/9780312203412/thebirthofbiopolitics [German] Sutterlütti, Simon & Meretz, Stefan. 2018. Kapitalismus aufheben. Hamburg: VSA Verlag. (PDF verfügbar): https://www.rosalux.de/fileadmin/rls_uploads/pdfs/sonst_publikationen/VSA_Sutterluetti_Meretz.pdf Malm, Andreas. 2020. Corona, Climate, Chronic Emergency: War Communism in the Twenty-First Century. London: Verso.: https://www.versobooks.com/books/3704-corona-climate-chronic-emergency Nunes, Rodrigo. 2021. Neither vertical nor horizontal: A theory of political organization. London: Verso.: https://www.versobooks.com/books/3810-neither-vertical-nor-horizontal Excerpt from Neither Vertical nor Horizontal: A Theory of Political Organization (Verso 2021): https://projectpppr.org/platforms/the-traumas-of-organization Interview by Nick Dyer-Witheford with Rodrigo Nunes: https://projectpppr.org/platforms/neither-vertical-nor-horizontal-interview-with-rodrigo-nunes Diane DiPrima: https://de.wikipedia.org/wiki/Diane_DiPrima  Regarding scarcity in liberalism see the Future Histories Episode with Ute Tellman as well as: Tellmann, Ute. 2017. Life and money: The genealogy of the liberal economy and the displacement of politics. Columbia University Press.: http://cup.columbia.edu/book/life-and-money/9780231182263   Further Future Histories Episodes on related topics S02E10 | Aaron Benanav on Associational Socialism and Democratic Planning: https://www.futurehistories.today/episoden-blog/s02/e10-aaron-benanav-on-associational-socialism-and-democratic-planning/ [German] S01E47 | Stefan Meretz zu Commonismus: https://www.futurehistories.today/episoden-blog/s01/e47-stefan-meretz-zu-commonismus/ S01E31 | Daniel E. Saros on Digital Socialism and the Abolition of Capital (Part 1): https://www.futurehistories.today/episoden-blog/s01/e31-daniel-e-saros-on-digital-socialism-and-the-abolition-of-capital-part-1/   (German) Episoden zum Thema alternative Regierungskünste S02E25 | Bini Adamczak zu Beziehungsweisen: https://www.futurehistories.today/episoden-blog/s02/e25-bini-adamczak-zu-beziehungsweisen/ S02E24 | Gabriel Kuhn zu anarchistischer Regierungskunst: https://www.futurehistories.today/episoden-blog/s02/e24-gabriel-kuhn-zu-anarchistischer-regierungskunst/ S02E08 | Thomas Biebricher zu neoliberaler Regierungskunst: https://www.futurehistories.today/episoden-blog/s02/e08-thomas-biebricher-zu-neoliberaler-regierungskunst/ S02E06 | Alexander Kluge zu Zukünften der Kooperation: https://www.futurehistories.today/episoden-blog/s02/e06-alexander-kluge-zu-zukuenften-der-kooperation/ S02E03 | Ute Tellmann zu Ökonomie als Kultur: https://www.futurehistories.today/episoden-blog/s02/e03-ute-tellmann-zu-oekonomie-als-kultur/ S01E53 | Kalle Kunkel zu Herrschaftstechnologien in der Krise: https://www.futurehistories.today/episoden-blog/s01/e53-kalle-kunkel-zu-herrschaftstechnologien-in-der-krise/ S01E25 | Joseph Vogl zur Krise des Regierens: https://www.futurehistories.today/episoden-blog/s01/e25-joseph-vogl-zur-krise-des-regierens/ S01E11 | Frieder Vogelmann zu alternativen Regierungskünsten: https://www.futurehistories.today/episoden-blog/s01/e11-frieder-vogelmann-zu-alternativen-regierungskuensten/   Find a collection of Future Histories episodes related to democratic economic planning here: https://www.listennotes.com/playlists/zeitgen%C3%B6ssische-planwirtschaft-in-future-S9jTkXfb-gp/episodes/ If you like Future Histories, you can help with your support on Patreon: https://www.patreon.com/join/FutureHistories? Write me at office@futurehistories.today and join the discussion on Twitter (#FutureHistories): https://twitter.com/FutureHpodcast or on Reddit: https://www.reddit.com/r/FutureHistories/ or on YouTube: https://www.youtube.com/channel/UCfRFz38oh9RH73-pWcME6yw www.futurehistories.today   Episode Keywords: #FutureHistories, #FutureHistoriesInternational, #Podcast, #JanGroos, #Interview, #Biocommunism, #Dyer-Witheford, #Commonism, #Platforms, #Biocommie, #HelenHester, #NickSrnicek, #AlexWilliams, #Accelerationism, #Ecosocialism, #Rationing, #PowerandCatastrophe, #Capitalism, #AaronBenanav, #Postcapitalism, #Polycrisis, #EconomicPlanning, #Crisis, #Capital, #Rationing, #Hegemony, #Governmentality, #Foucault, #RadicalTransformation, #SocialTransformation, #Democracy, #Socialism, #DesasterCapitalism, #PoliticalEconomy, #Scarcity, #Communism

Repeat episode - Full employment has changed

After seeing an oversold market in June, we saw a huge recovery in July. This week we look at what's driving the rally and if it still has potential. Then, a review of mixed reports on Generac. Companies mentioned in this episode include GNRC.

In a recent episode of Macro N Cheese, Steve spoke with a guest about the MMT view of exports as a benefit and imports as a cost. There ensued some disagreement on social media (where else?) This week Steve invited Bill Mitchell to weigh in on the topic. As their discussion develops, this becomes an episode we'd recommend to anyone who is still unclear on the meaning and consequences of foreign trade deficits. “Exports have to be a cost because you're foregoing real resources that you could use yourself. And imports have to be a benefit because you're getting real resources from other countries that you didn't previously have which allow you to expand your consumption possibilities. The question then is: does that mean that exports are bad and imports are good? Well, not really. That's where people get tripped up.” (Mitchell) MMT isn't a theory of everything. It doesn't pass judgment or recommend policy. “To me, it's an interesting intersection... MMT allows us to understand what we can and can't do and our theory of politics and the commons will inform what we do with that knowledge.” (Grumbine) They discuss national debt, both before and after Bretton Woods. As a bonus, Bill dispels fears of Big Bad China holding too many US dollars. “They're not funding the US government. They've got US dollars because they sold more stuff to you than you sold to them.” The government can always restrict or regulate foreign direct investment. Who should be able to own a country's natural resources? Bill and Steve talk about imperialism, globalization, the pandemic, and climate disaster. Bill suggests we start thinking in terms of poly crises. If every crisis is connected to multiple others, does it make sense to take them on one by one? Bill's visits usually review some core MMT principles and provide answers to some of the critics. This episode is no exception. Every topic of discussion loops back to the fact that money is not the issue – real resources are. Understanding MMT flushes out political motivation. There's nowhere left to hide. From http://bilbo.economicoutlook.net/blog/ Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band, Pressure Drop. The band was popular around the live music scene in Melbourne in the late 1970s and early 1980s. The band re-formed in late 2010. @billy_blog on Twitter

Stocks, bonds, gold and crypto fly after FED hike. Q2 GDP contracts for second consecutive quarter. META reports its first-ever quarterly sales decline.Leftovers: Most popular online payment methods.

Stocks, bonds, gold and crypto fly after FED hike. Q2 GDP contracts for second consecutive quarter. META reports its first-ever quarterly sales decline.Leftovers: Most popular online payment methods.

Two years on from the start of the pandemic, Australia's unemployment rate is now at a near 50-year low of just 4 per cent. The share of under-employed Australians – those in work but who want more hours – is at its lowest level in more than a decade. But what is full employment? Who benefits most when unemployment is low? And what lessons should we learn from our rapid economic recovery from the pandemic? Kat Clay, Head of Digital Communications, discusses the latest Grattan report, No one left behind: why Australia should lock in full employment, with Brendan Coates, Economic Policy Program Director, and Alex Ballantyne, Senior Associate. Read the report: https://grattan.edu.au/report/no-one-left-behind-why-australia-should-lock-in-full-employment/

Hello everyone, it's Bill Thompson – T Bill Some of the things covered on today's session: A Fundamental vs. an Emotional Market Decline A possible full employment economy The true debt level of the United States The upcoming Consumer Price and Producer Price Index inflation reports An underlying reason for the $1.7 trillion student loan debt level Dr. Strange movie is looking like a big opening weekend

Jan Toporowski joins Long Reads for a discussion about Polish economist Michal Kalecki. Kalecki is best known for his celebrated essay on full employment, which has lost none of its topical value. Jan is a professor of economics at SOAS in London and the author of a two-volume intellectual biography of Kalecki.Read Jan's article "Michal Kalecki and the Politics of Full Employment" here: https://jacobinmag.com/2022/01/michal-kalecki-keynes-full-employment-political-economyYou can also find Michal Kalecki's classic 1943 essay, "The Political Aspects of Full Employment" here: https://jacobinmag.com/2018/05/political-aspects-of-full-employment-kalecki-job-guaranteeLong Reads is a Jacobin podcast looking in-depth at political topics and thinkers, both contemporary and historical, with the magazine's longform writers. Hosted by Features Editor Daniel Finn. Produced by Conor Gillies, music by Knxwledge. See acast.com/privacy for privacy and opt-out information.

Mark, Ryan, and Cris welcome back Marisa DiNatale, Senior Director at Moody's Analytics, to breakdown the March U.S. Employment Report. They also discuss inflation, wage growth, and the current state of the economy.Follow Mark Zandi @MarkZandi, Ryan Sweet @RealTime_Econ and Cris deRitis on LinkedIn for additional insight. 

Today we're joined by guest Matt Darling as he walks us through the problems with America's broken UI system, the reforms that could take place, his thoughts on the current employment recovery, and his take on the elusive James Medlock. Follow: Matt Darling: https://twitter.com/besttrousers Us: https://twitter.com/TheNordicModel Sid: https://twitter.com/lilbabygandhi