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“...the question of how to pay for it is a very complicated question but has much less to do with money than it does to do with social structure and industrial structure. And the quicker we can get away from centering the taxpayer as the goose that holds the golden egg money and more towards the questions of labor and industrial structure that are really going to affect how we provide healthcare, I think we're going to be in a better place.” — Rohan GreyIn 2022, Real Progressives helped our coalition partners, March for Medicare for All, organize a three-day educational summit on the healthcare crisis in the US. This week's episode is from the panel we put together on paying for national improved Medicare for All, featuring Geoff Ginter, Yeva Nersisyan, and Rohan Grey.The panelists discuss:The meaning of currency user vs currency creatorThe money story and order of operationsFinancial restraints vs resource constraintsThe importance of deficit spendingPrivate vs public investment and inflationary constraintsPotential impact of policies on the economyThe truth about the so-called national debtSpecific to Medicare for All, they address the problem of transitioning workers out of administrative jobs in the insurance industry. They explain why Medicare for All is likely to be deflationary rather than inflationary. And they look to history to suggest ways of attracting healthcare workers to underserved locations.Geoffrey Ginter is a New Jersey based certified medical assistant, activist, and MMT evangelist. Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College and a research scholar at the Levy Economics Institute at Bard College.Rohan Grey is an Assistant Professor of Law at Willamette University and the founder and president of the Modern Money Network. MintTheCoin.org@rohangrey on Twitter
Welcome to episode 27 of Activist #MMT. Today I talk with activist Erin Taylor (Twitter/@EMaddenTaylor). Erin and I were originally scheduled to record this interview on March 11th, but she had to postpone by two weeks because of what she thought at the time was "a flu virus that has become bronchitis." Erin first describes her whole family’s experience likely being infected with the coronavirus, which they are thankfully all now close to recovering from. Along with several previous interview guests, Ryan Mathis, Geoffrey Ginter, and Iryna Rychko, Erin and I roomed together at the September 2019, Third Annual International MMT conference in Long Island, New York. Erin was introduced to Modern Monetary Theory by macroeconomics expert Ellis Winningham. They met on Twitter for reasons on related to economics, but she soon noticed that Ellis his tweets were unique among everyone she followed. At the time, Ellis did lengthy Twitter thread "lectures" on economics. Erin recalls one of them to the effect of, "Do you think the United States government goes around begging for dollars? Hey, China, we want to start a war, could you lend us some dollars? We don’t have any." Erin and I have a wide ranging conversation on politics and economics. Here are four highlights: How the crisis is hitting her relatively wealthy neighborhood, including long lines for bag lunches at local schools, which is reminiscent of soup kitchen lines during the great depression. Avoiding overselling the job guarantee as activists, and emphasizing how its core is that it solves involuntary unemployment. The basics of the public option being proposed as an alternative to Medicare For All, and the negative affects of bolting it on top of our for-profit healthcare industry. Before we begin, a correction. When Erin uses the term "circling the drain" she’s actually referring to something called a "death spiral." This is a condition where healthy people leave an insurance plan, causing prices to rise for the less healthy people that remain. Finally, before getting to my conversation with Erin, I’m going to read a classic Facebook post by Ellis Winningham: Other resources and links The book Democracy in Chains by Duke university professor Nancy McLean Whistleblower and "former insurance propagandist" Wendell Potter on Twitter. My interview with a physician on the basics of coronavirus. My interview with Ryan Mathis. Steven Hail MMT and coronavirus lecture (full audio) given likely while infected by the virus. Nathan Tankus' substack blog on The Federal Reserve and its response to the health crisis. The scene from The Core evoking MMT: Link to video First person account from Italian resident that made it clear to me (and Ryan Mathis) that coronavirus was more than "just a serious flu." Ryan and I discuss this at the beginning of our recent interview. Link to tweet
Steve Grumbine’s guest is Raul Carrillo of the New Economy Project and Modern Money Network. As an anti-poverty & economic justice attorney he has a unique perspective on the monetary system. Raul talks about his seminal article, “The Dangerous Myth of Taxpayer Money,” and the legal history of taxation, citing the Supreme Court ruling that the gov’t has power to issue money backed only by the full faith & credit of the US gov’t - not backed by gold, taxes, or bonds. He reveals some startling facts about the connection between taxation and the civil rights struggle for public education. Raul & Steve discuss the scramble to find truncated ways to present complex ideas. Progressives must attack false scarcity, which is at the core of both conservative & liberal thinking. Raul says that fighting for the Job Guarantee brings people to understand the concentration of power. It’s an awareness that can create the momentum to take on the system itself. Racial Taxation: Schools, Segregation, and Taxpayer Citizenship, 1869-1973, by Camille Walsh https://www.uncpress.org/book/9781469638942/racial-taxation/ https://splinternews.com/the-dangerous-myth-of-taxpayer-money-1819658902 @RaulACarrillo on Twitter Modern Money Network https://modernmoneynetwork.org/ New Economy Project https://www.neweconomynyc.org/ Special Thanks to Geoffrey Ginter for the excellent intro song! And of course special thanks to our guest Christian Reilly, the donors of Real Progressives and our excellent staff of volunteers.
UK economic activist, musical comedian and co-host of the MMT Podcast Christian Reilly joins Steve to talk about their joint mission to spread MMT to the international activist community. Reilly explains the motivation that led him to create the seven point MMT Manifesto. They agree that the debate about including the Job Guarantee as an intrinsic component of MMT has been settled; it's not a political plank, it's an economic necessity. In a wide ranging discussion, they look at ways to use MMT to bridge the divide between conservatives, progressives and libertarians. Christian's Website - https://christreilly.com/ @christreilly & @MMTpodcast on Twitter The MMT Podcast - https://pileusmmt.libsyn.com/ Special Thanks to Geoffrey Ginter for the excellent intro song! And of course special thanks to our guest Christian Reilly, the donors of Real Progressives and our excellent staff of volunteers.
In this episode of Macro n Cheese, economy expert and blogger Ellis Winningham joins Steve Grumbine to talk about the biggest economic myths, exposing lies that neoliberals tend to consistently tell mainstream such as the need to "reduce the deficit" or have a "Government surplus". Ellis' passion for economic justice leads him to promoting Modern Monetary Theory relentlessly. He aligns himself with experts in the movement that promote Federal Government programs to end wage suppression. As Federal taxes DON"T fund spending, it is possible to fully implement programs that level the playing field and lift the 99% out of perpetual cycles of poverty that are brought about by austerity. Now..... Enjoy the very next episode of Macro n Cheese! Special thatnks to Geoffrey Ginter for the excellent intro song! And of course special thanks to our guest Ellis Winningham, the donors of Real Progressives and our excellent staff of volunteers.
In this episode of Macro n Cheese, Pavlina Tcherneva of Bard College, the Levy Economics Institute, and the Center for Full Employment and Price Stability (CFEPS) joins Steve Grumbine to talk about the prominent role of women in developing and promoting Modern Monetary Theory. As one of the leading architects of what is known as the Federal Job Guarantee, she explains how redefining work will liberate families as well as the marginalized. Now…. Enjoy the very next episode of Macro n Cheese! Special Thanks to Geoffrey Ginter for the excellent intro song! And of course special thanks to our guest Pavlina Tcherneva, the donors of Real Progressives and our excellent staff of volunteers.
Steve interviews Bill Mitchell on the controversial concept of “Theory” in Modern Monetary Theory, demonstrating that even the most complicated economic concepts can be made accessible to the layperson. They take on several of the predominant criticisms of #MMT including microfoundations while taking us on a journey through macroeconomics, from Keynes and Milton Friedman including today’s New Keynesians. Now…. Enjoy the very first episode of Macro n Cheese! Special Thanks to The MMT Podcast's own Christian Reilly for assisting in audio engineering for this episode! Special Thanks to Geoffrey Ginter for the excellent intro song! And of course special thanks to our guest Professor Bill Mitchell, the donors of Real Progressives and our excellent staff of volunteers