Podcast appearances and mentions of pavlina tcherneva

Part 2: Patricia and Christian continue their conversation with economist, author, and founder of Modern Money Lab Professor Professor Steven Hail about the well-intentioned (taxing the rich is good!) but counter-productive call for a wealth tax to “fund” life-saving support for vulnerable people (needlessly waiting for the rich to cough up while people suffer and die is bad!) and, of course - those beautiful tariffs.   Full conversation here: https://www.patreon.com/posts/126627127     Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767   LIVE EVENTS! Modern Money Lab UK weekend seminars in London featuring Dr Steven Hail:  June 21st & 22nd (White City) - Rethinking Capitalism June 28th & 29th (Finsbury Park) - Money, Government and the Public Interest - Beyond The Deficit Myth Details and tickets: https://modernmoneylab.org.uk/events/   JOIN PATRICIA'S MMT ACTIVIST NETWORK (MMT UK): https://actionnetwork.org/forms/activist-registration-form   MMT: THE MOVIE! “Finding The Money”, a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money Updates on worldwide screenings of “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: 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 “Federal Debt and Modern Money” by Steven Hail & David Joy: https://www.global-isp.org/wp-content/uploads/PN-121.pdf "There is no need to issue public debt” by Bill Mitchell: https://billmitchell.org/blog/?p=31715 “How to Fight Back Against the False Idea that the Government is at the Mercy of Financial Markets” by Sheridan Kates: https://thealternative.org.uk/dailyalternative/2025/3/10/scotonomics-monetary-autonomy Lecture: “The CFA Franc and Monetary Sovereignty in Africa”, by Dr Ndongo Samba Sylla: https://youtu.be/W3P14tpE70U?si=0Dv7dukz_bnQbIbN  “Who Is Ron Vara? The Truth Behind Peter Navarro's Fake Expert” by Brendon Beebe: https://brendonbeebe.substack.com/p/who-is-ron-vara-the-truth-behind For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 For more on the (Liz) Trussageddon, listen to Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421    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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   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   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/episode-197-with-127904530

Part 1: Patricia and Christian talk with economist, author, and founder of Modern Money Lab Professor Steven Hail about the well-intentioned but counter-productive call for a wealth tax to “fund” vital support for vulnerable people.   Full conversation here: https://www.patreon.com/posts/126627127     Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767   LIVE EVENTS! Modern Money Lab UK weekend seminars in London featuring Dr Steven Hail:  June 21st & 22nd (White City) - Rethinking Capitalism June 28th & 29th (Finsbury Park) - Money, Government and the Public Interest - Beyond The Deficit Myth Details and tickets: https://modernmoneylab.org.uk/events/   JOIN PATRICIA'S MMT ACTIVIST NETWORK (MMT UK): https://actionnetwork.org/forms/activist-registration-form   MMT: THE MOVIE! “Finding The Money”, a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money Updates on worldwide screenings of “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: 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 “Federal Debt and Modern Money” by Steven Hail & David Joy: https://www.global-isp.org/wp-content/uploads/PN-121.pdf "There is no need to issue public debt” by Bill Mitchell: https://billmitchell.org/blog/?p=31715 “How to Fight Back Against the False Idea that the Government is at the Mercy of Financial Markets” by Sheridan Kates: https://thealternative.org.uk/dailyalternative/2025/3/10/scotonomics-monetary-autonomy Lecture: “The CFA Franc and Monetary Sovereignty in Africa”, by Dr Ndongo Samba Sylla: https://youtu.be/W3P14tpE70U?si=0Dv7dukz_bnQbIbN  “Who Is Ron Vara? The Truth Behind Peter Navarro's Fake Expert” by Brendon Beebe: https://brendonbeebe.substack.com/p/who-is-ron-vara-the-truth-behind For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 For more on the (Liz) Trussageddon, listen to Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421    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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   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   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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

Patricia and Christian talk with author and activist Cory Doctorow about capitalism, culture and… [checks notes] marshmallows!     Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     TAKE ACTION ON DISABILITY RIGHTS: Find your MP: https://members.parliament.uk/FindYourMP Consultation on UK government “reforms” to benefits: https://www.gov.uk/government/consultations/pathways-to-work-reforming-benefits-and-support-to-get-britain-working-green-paper     LIVE EVENTS! March 22nd & 23rd Scotonomics Festival of Economics: https://scotonomics.scot/event/   SAVE THE DATES! Modern Money Lab UK weekend Seminars featuring Dr Steven Hail:  June 21st & 22nd - Rethinking Capitalism June 28th & 29th - Money, Government and the Public Interest - Beyond The Deficit Myth Further details here: https://modernmoneylab.org.uk/events/   JOIN PATRICIA'S MMT ACTIVIST NETWORK (MMT UK): https://actionnetwork.org/forms/activist-registration-form   MMT: THE MOVIE! “Finding The Money”, a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money Updates on worldwide screenings of “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: Buy Cory's Doctorow's latest book: https://us.macmillan.com/books/9781250865908/picksandshovels/ Cory's daily blog: https://pluralistic.net/  Cory's live dates: https://pluralistic.net/2025/03/20/birchpunk/#upcoming  “What is money” by A. Mitchell-Innes: https://www.community-exchange.org/docs/what%20is%20money.htm 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   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   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   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/124913674?pr=true

Patricia and Christian talk with economist and author Dr Dirk Ehnts about Elon Musk's nonsensical ideas about how the money system works.     Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! March 22nd & 23rd Scotonomics Festival of Economics: https://scotonomics.scot/event/   SAVE THE DATES! Modern Money Lab UK weekend Seminars featuring Dr Steven Hail:  June 21st & 22nd - Rethinking Capitalism June 28th & 29th - Money, Government and the Public Interest - Beyond The Deficit Myth Further details unavailable at time of publication, but will appear on this link as and when they do: https://modernmoneylab.org.uk/   JOIN PATRICIA'S MMT ACTIVIST NETWORK (MMT UK): https://actionnetwork.org/forms/activist-registration-form   “Finding The Money”, a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money Updates on worldwide screenings of “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: 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 “Federal Debt and Modern Money” by Steven Hail & David Joy: https://www.global-isp.org/wp-content/uploads/PN-121.pdf "There is no need to issue public debt” by Bill Mitchell: https://billmitchell.org/blog/?p=31715 For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421  Modern Money Theory: A Simple Guide to the Monetary System by Dirk Ehnts: https://www.amazon.co.uk/Modern-Money-Theory-Professional-Organizations-ebook/dp/B0CV7M25VT/       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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   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   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/124280013?pr=true

Part 2: Patricia and Christian continue their conversation with economist and author Dr Phil Armstrong about the least useful pieces of economic coverage from 2024.   This episode:   7) “Markets are natural!” 8) “Banks create all the money!” 9) Labour's Fiscal rule 10) “The government is helpless!”   Full conversation here: https://www.patreon.com/posts/patron-only-top-119833826   Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     “Finding The Money”, a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money Updates on worldwide screenings of “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: 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 “Federal Debt and Modern Money” by Steven Hail & David Joy: https://www.global-isp.org/wp-content/uploads/PN-121.pdf "There is no need to issue public debt” by Bill Mitchell: https://billmitchell.org/blog/?p=31715 For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421  Episode 167 - Richard Tye: The Bank of England - The Prequel: https://www.patreon.com/posts/81601103?pr=true   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   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   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/episode-193-top-120962598

Patricia and Christian talk with economist and author Dr Phil Armstrong about the least useful pieces of economic coverage from 2024. This episode: “The fiscal black hole!” “Taxpayer money!”  “Government ‘borrowing!'” “Bond vigilantes!” More to follow in part 2.   Full episode here: https://www.patreon.com/posts/patron-only-top-119833826   Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     “Finding The Money”, a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money Updates on worldwide screenings of “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: 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 “Federal Debt and Modern Money” by Steven Hail & David Joy: https://www.global-isp.org/wp-content/uploads/PN-121.pdf "There is no need to issue public debt” by Bill Mitchell: https://billmitchell.org/blog/?p=31715 For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421  Episode 167 - Richard Tye: The Bank of England - The Prequel: https://www.patreon.com/posts/81601103?pr=true   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   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   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/120192465

Patricia and Christian talk to economist and author Professor Steven Hail about how Chancellor Rachel Reeves' views on government spending have changed since 2010.   Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     NEWSFLASH! “Finding The Money”, a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money Updates on worldwide screenings of “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: “The politics of the deficit” by Rachel Reeves: https://renewal.org.uk/wp-content/uploads/2020/09/renewal_autumn_2010_reeves_deficit-1.pdf  “Think About Minsky for a Moment” by Stephanie Kelton: https://stephaniekelton.substack.com/p/think-about-minsky-for-a-moment “This budget, amid talk of deficits, consider the lessons we ought to have learned” by Steven Hail https://theconversation.com/this-budget-amid-talk-of-deficits-consider-the-lessons-we-ought-to-have-learned-179310  Modern Money Lab YouTube Channel: https://www.youtube.com/@modernmoneylab5119 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 “Federal Debt and Modern Money” by Steven Hail & David Joy: https://www.global-isp.org/wp-content/uploads/PN-121.pdf For more on sectoral balances - “Why Are Democrats Bragging About Plunging the Private Sector into Deficit?” by Stephanie Kelton: https://stephaniekelton.substack.com/p/why-are-democrats-bragging-about?utm_source=publication-search  For more on the MMT Job Guarantee, read Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   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   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/113755872

The Roundtable Panel: a daily open discussion of issues in the news and beyond. Today's panelists are Aaron Pacitti is Professor of Economics at Siena College, Pavlina Tcherneva is an American economist, working as professor of economics at Bard College. She is President of the Levy Economics Institute and an expert at the Institute for New Economic Thinking, and Wall Street Investment Banker Mark Wittman.

Part 2: Dr Sam Levey answers listener questions about the mechanics of the monetary system.   Full conversation available here: https://www.patreon.com/posts/patron-only-sam-105296626   Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! Updates on worldwide screenings of the documentary “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: All our episodes with Sam Levey: https://www.patreon.com/posts/43189679 “Buffer Stocks: A Better Diagram” by Sam Levey: https://slevey087.medium.com/buffer-stocks-a-simpler-diagram-a462e9ea5359 “Monopoly Money: The State as a Price Setter” by Pavlina R. Tcherneva: http://moslereconomics.com/wp-content/uploads/2018/04/Tcherneva_MonopolyMoney_2002.pdf “Monopoly Money Redux” by Sam Levey: https://medium.com/@slevey087/monopoly-money-redux-a4d96f156f7 Video of Sam explaining his state-as-price-setter model: https://youtu.be/um2r5xpt1KU?si=-8EE6l-mMkRjtbxX  Explainer on how central banks achieve their target interest rate via a “corridor” or “floor” system: https://www.rba.gov.au/education/resources/teacher-updates/bridging-the-textbook-gaps-on-how-the-rba-implements-monetary-policy/?ref=aussienomics.com  Video explainer of the above: https://youtu.be/eTNUh8NW7QI?si=eqfAukidQyel6Sl_ Recent update on the Reserve Bank of Australia's interest-rate targeting regime: https://www.rba.gov.au/speeches/2024/sp-ag-2024-04-02.html     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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 quantitative easing: Episode 59 - Warren Mosler: What Do Central Banks Do?:https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on bank runs and banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT events and courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/111342577

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Part 1: Dr Sam Levey answers listener questions about the mechanics of the monetary system.   Full conversation available here: https://www.patreon.com/posts/patron-only-sam-105296626   Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! August 19th - 23rd Dirk Ehnts' Maastricht University Modern Monetary Theory and European Macroeconomics course: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics August  27-29 MMT Summer school (Poznan, Poland): https://fundacjalipinskiego.pl/wydarzenia/mmt-4th-summer-school-in-poznan/ August  30 - September 2nd, 4th European MMT Conference (Berlin, Germany) no details published yet, but updates will be here: https://www.mmtconference.eu/ Updates on worldwide screenings of the documentary “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: All our episodes with Sam Levey: https://www.patreon.com/posts/43189679 “Buffer Stocks: A Better Diagram” by Sam Levey: https://slevey087.medium.com/buffer-stocks-a-simpler-diagram-a462e9ea5359 “Monopoly Money: The State as a Price Setter” by Pavlina R. Tcherneva: http://moslereconomics.com/wp-content/uploads/2018/04/Tcherneva_MonopolyMoney_2002.pdf “Monopoly Money Redux” by Sam Levey: https://medium.com/@slevey087/monopoly-money-redux-a4d96f156f7 Video of Sam explaining his state-as-price-setter model: https://youtu.be/um2r5xpt1KU?si=-8EE6l-mMkRjtbxX  Explainer on how central banks achieve their target interest rate via a “corridor” or “floor” system: https://www.rba.gov.au/education/resources/teacher-updates/bridging-the-textbook-gaps-on-how-the-rba-implements-monetary-policy/?ref=aussienomics.com  Video explainer of the above: https://youtu.be/eTNUh8NW7QI?si=eqfAukidQyel6Sl_ Recent update on the Reserve Bank of Australia's interest-rate targeting regime: https://www.rba.gov.au/speeches/2024/sp-ag-2024-04-02.html     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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 quantitative easing: Episode 59 - Warren Mosler: What Do Central Banks Do?:https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on bank runs and banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT events and courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/108958736

What every voter needs to know: Patricia and Christian talk to economist and author of “MMT: A Simple Guide to the Monetary System”, Dr Dirk Ehnts about the upcoming UK election and what's missing from media coverage.   Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! July 15-17 Inaugural UK Modern Monetary Theory Conference (Leeds, UK): https://mmtconference.uk/conference2024/ August 19th - 23rd Dirk Ehnts' Maastricht University Modern Monetary Theory and European Macroeconomics course (application deadline 19th July): https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics August  27-29 MMT Summer school (Poznan, Poland): https://fundacjalipinskiego.pl/wydarzenia/mmt-4th-summer-school-in-poznan/ August  30 - September 2nd, 4th European MMT Conference (Berlin, Germany) no details published yet, but updates will be here: https://www.mmtconference.eu/ Updates on worldwide screenings of the documentary “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: “MMT: A Simple Guide to the Monetary System” by Dirk Ehnts: https://www.amazon.co.uk/Modern-Money-Theory-Professional-Organizations/dp/3031535367/ For more on how commercial banks fit into the credit creation system, listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 For more on the consensus among MMT economists on a permanent Zero Interest Rate Policy (ZIRP) for interbank lending, listen to Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 Explainer on how central banks achieve their target interest rate via a “corridor” or “floor” system: https://www.rba.gov.au/education/resources/teacher-updates/bridging-the-textbook-gaps-on-how-the-rba-implements-monetary-policy/?ref=aussienomics.com Video explainer of the above: https://youtu.be/eTNUh8NW7QI?si=eqfAukidQyel6Sl_ Recent update on the Reserve Bank of Australia's interest-rate targeting regime: https://www.rba.gov.au/speeches/2024/sp-ag-2024-04-02.html   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   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   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/106775864

Part 2: Christian talks to Dr Phil Armstrong about his recent paper: “History and origin of money in MMT and Austrian Economics: The difference methodology makes?”   Part 1: https://www.patreon.com/posts/102761654?pr=true   Full conversation available here: https://www.patreon.com/posts/95846517?pr=true   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! July 15-17 Inaugural UK Modern Monetary Theory Conference (Leeds, UK): https://mmtconference.uk/conference2024/ August 19th - 23rd Dirk Ehnts' Maastricht University Modern Monetary Theory and European Macroeconomics course (application deadline 19th July): https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics August  27-29 MMT Summer school (Poznan, Poland): https://fundacjalipinskiego.pl/wydarzenia/mmt-4th-summer-school-in-poznan/ August  30 - September 2nd, 4th European MMT Conference (Berlin, Germany) no details published yet, but updates will be here: https://www.pufendorf-gesellschaft.org/ Updates on worldwide screenings of the documentary “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: “History and origin of money in MMT and Austrian Economics: The difference methodology makes?” by Phil Armstrong: http://www.paecon.net/PAEReview/issue105/Armstrong105.pdf “Can Heterodox Economics Make a Difference?” by Phil Armstrong: https://www.e-elgar.com/shop/gbp/can-heterodox-economics-make-a-difference-9781800370883.html Phil is co-author of “Modern Monetary Theory - Key Insights, Leading Thinkers” - order here: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html Our episode with Richard Tye on the evolution of the BoE “The Bank of England - The Prequel”: https://pileusmmt.libsyn.com/167-richard-tye-the-bank-of-england-the-prequel Introduction to ergodicity: https://taylorpearson.me/ergodicity/   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/105030951

Part 1: Christian talks to Dr Phil Armstrong about his recent paper: “History and origin of money in MMT and Austrian Economics: The difference methodology makes?”   Full conversation available here: https://www.patreon.com/posts/95846517?pr=true   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! June 17-21 Bard College Summer Workshop in Public Finance and Economic Policy (online) applications close 30th April: https://edi.bard.edu/programs/osun-summer-workshop/ July 15-17 Inaugural UK Modern Monetary Theory Conference (Leeds, UK): https://gimms.org.uk/2024/03/04/final-call-for-papers-uk-mmt-conference-deadline-extended/ August 19th - 23rd Dirk Ehnts' Maastricht University Modern Monetary Theory and European Macroeconomics course: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics August  27-29 MMT Summer school (Poznan, Poland) - no details published yet, but updates will be here: https://fundacjalipinskiego.pl/ August  30 - September 2nd, 4th European MMT Conference (Berlin, Germany) no details published yet, but updates will be here: https://www.pufendorf-gesellschaft.org/ Updates on worldwide screenings of the documentary “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: “History and origin of money in MMT and Austrian Economics: The difference methodology makes?” by Phil Armstrong: http://www.paecon.net/PAEReview/issue105/Armstrong105.pdf “Can Heterodox Economics Make a Difference?” by Phil Armstrong: https://www.e-elgar.com/shop/gbp/can-heterodox-economics-make-a-difference-9781800370883.html Phil is co-author of “Modern Monetary Theory - Key Insights, Leading Thinkers” - order here: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html Our episode with Richard Tye on the evolution of the BoE “The Bank of England - The Prequel”: https://pileusmmt.libsyn.com/167-richard-tye-the-bank-of-england-the-prequel Introduction to ergodicity: https://taylorpearson.me/ergodicity/   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/102761654?pr=true

Money on the Left speaks with Pavlina Tcherneva, Professor of Economics at Bard College and leading scholar of–-and advocate for—Modern Monetary Theory (MMT). Many of our listeners will be familiar with Dr. Tcherneva's contributions to MMT, especially her book, The Case for a Job Guarantee (Polity Press, 2020). She is also Director of Open Society University Network's Economic Democracy Initiative, instrumental to the publication of a United Nations report on the job guarantee, titled “The Employment Guarantee as a Tool in the Fight Against Poverty.” We speak with Pavlina about her work, and also get her perspective on the causes and conditions of MMT's movement from the margins of economic discourse toward the mainstream of political economic thought. Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com

Patricia and Christian talk to Dr Dirk Ehnts about the origins and nature of money, and what it means for tackling our various planetary emergencies.     Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! June 17-21 Bard College Sumer Workshop in Public Finance and Economic Policy (online) applications close 30th April: https://edi.bard.edu/programs/osun-summer-workshop/ July 15-17 Inaugural UK Modern Monetary Theory Conference (Leeds, UK): https://gimms.org.uk/2024/03/04/final-call-for-papers-uk-mmt-conference-deadline-extended/ August 19th - 23rd Dirk Ehnts' Maastricht University Modern Monetary Theory and European Macroeconomics course: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics August  27-29 MMT Summer school (Poznan, Poland) - no details published yet, but updates will be here: https://fundacjalipinskiego.pl/ August  30 - September 2nd, 4th European MMT Conference (Berlin, Germany) no details published yet, but updates will be here: https://www.pufendorf-gesellschaft.org/ Updates on worldwide screenings of the documentary “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/     STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and short, standalone courses in economics: https://modernmoneylab.org.au/     Relevant to this episode: “Modern Money Theory: A Simple Guide to the Monetary System (Professional Practice in Governance and Public Organizations)” by Dirk Ehnts (Released 5th May 2024): https://www.amazon.co.uk/Modern-Money-Theory-Professional-Organizations/dp/3031535367/ “Revisiting MMT, Sovereign Currencies and the Eurozone: A Reply to Marc Lavoie” by Dirk Ehnts & L. Randall Wray: https://www.tandfonline.com/doi/full/10.1080/09538259.2023.2298448   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     Other MMT Events And Courses: Information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) will be published here it they becomes available: http://www.mmted.org/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/101300932

John Harvey, Professor and Hal Wright Chair of Economics at Texas Christian University talks with Levy Research Scholar and Director of the Bard Economic Democracy Inititiative, Pavlina R. Tcherneva, regarding Modern Monetary Theory and the case for a job guarantee.    Recommended readings:  The Case for a Job Guarantee, Pavlina Tcherneva "Seismic shifts in economic theory and policy: From the Bernanke Doctrine to Modern Money Theory," Pavlina Tcherneva and Eric Tymoigne "Unemployment: The Silent Epidemic," Pavlina Tcherneva The Lost Cause, Cory Doctorow “Japanese Monetary Policy: A Case of Self-Induced Paralysis?” Ben Bernanke

STOP PRESS! FOR OUR AUSTRALIAN PALS - THE “FINDING THE MONEY” FILM TOUR STARTS THIS WEEK - AS IN 27TH OF FEBRUARY! MORE DETAILS HERE: https://modernmoneylab.org.au/events/film-tour/ Patricia and Christian talk to Professor Steven Hail about behavioural economics as a vital corrective to the unreal assumptions in mainstream models. Just as MMT models the monetary system as it actually is, Dr Hail talks about the importance of modelling people as they actually are.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     MORE LIVE EVENTS! Economics Of The Real World (Edinburgh, 21st March 2024): https://scotonomics.scot/live-events/ Scotonomics Festival Of Economics (Dundee, Scotland, 22-24th March 2024): https://scotonomics.scot/live-events/ Inaugural UK Modern Monetary Theory Conference (Leeds, July 15-17, 2024): https://gimms.org.uk/2024/02/23/final-call-for-papers-uk-mmt-conference/     STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: Professor L Randall Wray | The History and Nature of Money: https://youtu.be/7cLDFjTt4Bs?si=ZWjMc4t1IKuveKGj Professor Stephanie Kelton | Finding The Money: https://youtu.be/viddh5Dft1A?si=UxZci7jo-OYZCsNb   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/99247785?pr=true

To Solve Crises, Biden is Increasingly Relying on His Enemies at Home and Abroad | Biden Should Bypass Netanyahu And Go to the Israeli Public With a Peace Plan | The Disconnect Between Biden's Great Economic Numbers and How Voters Feel about the Economy Host: Ian Masters Producer: Graham FitzGibbon Assistant Producer: Evan Green

One of the many exciting things about a federal job guarantee is its transformative potential in reshaping society's understanding of work and value. It can provide a dignified job for people in every possible situation with every ability and disability. Of course that's not all we love about the FJG. In this episode, Tyler Emerson and Steve also discuss the job guarantee's preventative possibilities in tackling social and environmental crises.Tyler is one of the younger generation of MMT scholars. He works with our good friend Pavlina Tcherneva at the Economic Democracy Initiative (EDI). We recommend everyone check out their website, jobguarantee.orgThe conversation touches on the idea of money as a public resource and the need to challenge the mentality of scarcity that dominates society. The job guarantee will address poverty and provide opportunities for individuals to have agency and dignity in their work.Tyler Emerson is an economist working as a research assistant for the OSUN Economic Democracy Initiative at Bard College in New York's Hudson Valley. His research on the link between unemployment and disability culminated in his thesis The Job Guarantee as it Relates to People with Disabilities. Tyler's area of interest continues to be the history and future of people with disabilities in the American labor force and how macroeconomic and sociological trends affect their economic position.@EDI_tweets

Christian talks to Mark Diesendorf, a physicist and professor in the Environment & Society Group at the University of New South Wales, about the economics underpinning his latest book, “The Path To An Ecologically Just Civilisation”.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! A presentation by Bill Mitchell (London, January 26): https://www.eventbrite.co.uk/e/gimms-event-professor-bill-mitchell-tickets-788915095287 Economics Of The Real World (Edinburgh, 21st March 2024): https://scotonomics.scot/live-events/ Scotonomics Festival Of Economics (Dundee, Scotland, 22-24th March 2024): https://scotonomics.scot/live-events/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: Buy “The Path to a Sustainable Civilisation: Technological, Socioeconomic and Political Change” by Mark Diesendorf & Rod Taylor:  https://www.amazon.co.uk/Path-Sustainable-Civilisation-Technological-Socioeconomic/dp/9819906628/ For more on the mechanics of the banking system, see “Episodes on monetary operations” (below) “The appallingly bad neoclassical economics of climate change” by Steve Keen: https://www.researchgate.net/publication/344034609_The_appallingly_bad_neoclassical_economics_of_climate_change   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/95792606?pr=true

Christian talks to author Cory Doctorow and MMT founder Warren Mosler about Cory's latest book “The Lost Cause” (set in a post-Green New Deal future), framing the MMT Job Guarantee, and more.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! Economics Of The Real World (Edinburgh, Scotland 21st March 2024): https://scotonomics.scot/live-events/ Scotonomics Festival Of Economics (Dundee, Scotland 22-24th March 2024): https://scotonomics.scot/live-events/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: Buy “The Lost Cause” by Cory Doctorow: https://craphound.com/shop/ “Moneylike” by Cory Doctorow (Cory applies MMT insights to crypto in this article): https://pluralistic.net/2022/09/16/nondiscretionary-liabilities/ “Maximizing Price Stability in a Monetary Economy” by Warren Mosler & Damiano B. Silipo: https://www.levyinstitute.org/pubs/wp_864.pdf     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/95211955?pr=true

Patricia and Christian talk to economist, author and Modern Money Lab instructor Dr Erik Dean about the history of Keynesianism, BS jobs, and Keynes' “Economic Possibilities For Our Grandchildren”.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! Economics Of The Real World (Edinburgh, Scotland 21st March 2024): https://scotonomics.scot/live-events/ Scotonomics Festival Of Economics (Dundee, Scotland 22-24th March 2024): https://scotonomics.scot/live-events/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     Relevant to this episode: Dr Erik Dean's YouTube channel: https://www.youtube.com/@erikdean9269 “Economic Possibilities For Our Grandchildren” by J.M. Keynes: http://www.econ.yale.edu/smith/econ116a/keynes1.pdf Erik recommends the 3rd and 4th issues of the Journal Of Economic Issues from 1987 as a starting point for researching the foundations of institutionalist economics. I've linked to those here, but a library login is required: https://www.jstor.org/stable/i389846 , https://www.jstor.org/stable/i389847?typeAccessWorkflow=login     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/91146282?pr=true

To commemorate the anniversary of Trussonomic Mini-budgeting, Christian talks to Professor John T. Harvey about what determines currency prices and more.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS!   Economics Of The Real World (Edinburgh, Scotland 21st March 2024): https://scotonomics.scot/live-events/ Scotonomics Festival Of Economics (Dundee, Scotland 22-24th March 2024): https://scotonomics.scot/live-events/   Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   Relevant to this episode: All our episodes with John T. Harvey: https://www.patreon.com/posts/44371783 John's Cowboy Economist channel: https://www.youtube.com/@cowboyeconomist8126 John's Forbes blog: https://www.forbes.com/sites/johntharvey/?sh=4ec648f3685c “Taxes For Revenue Are Obsolete” by Beardsley Ruml: https://realprogressives.org/taxes-for-revenue-are-obsolete/ “Money Growth Does Not Cause Inflation!” by John T Harvey: https://realprogressives.org/money-growth-does-not-cause-inflation/ Our episodes with Dr Sam Levey about war mobilisation: Episode 32 -How Uncle Sam Paid For World War II (part 1): https://www.patreon.com/posts/30005574, (part 2) https://www.patreon.com/posts/30112818, Episode 76: MMT For Mainstream Economists And Mobilisation Theory (part 1): https://www.patreon.com/posts/43697752, (part 2): https://www.patreon.com/posts/43886189     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/     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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/89667799?pr=true

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

“...Because we recognize that taxes are not a funding operation, there's this myth that people who support MMT don't want to use fiscal policy to promote equity. Of course, taxes are redistribution … Things have gotten way out of hand, so taxation is also intended to promote equity, to affect distribution and allocation. Resource allocation.”Mat Forstater was on this podcast four years ago (episode 21!) recounting the history of MMT. He described his early days at Levy Institute and UMKC, his relationship with Warren Mosler and Pavlina Tcherneva, and how they established MMT as interdisciplinary, expanding into law and humanities. If you haven't listened to that episode, we urge you to check it out.This week, Mat talks to Steve about the role of taxation in the economy and its relation to government spending. It's not enough to understand how taxes create a demand for the nation's currency and give it value. Mat always reminds us to consider the total impact of any policy — from using taxation to encourage or discourage behavior, to its ripple effects and unintended consequences.They touch on the importance of decoupling taxation from federal programs and the need to design tax policies that consider the indirect effects on society. They also talk about the potential deflationary impact of programs like Medicare for All, and whether a job guarantee can address unemployment and provide quality jobs.Dr. Mathew Forstater is a professor in Economics at the University of Missouri/Kansas City and the Research Director of the Global Institute for Sustainable Prosperity. having received a Ph.D. at The New School for Social Research. His research focuses on the History of Economic Thought, Economic Methodology, Political Economy, Public Policy, Economics of Discrimination, Environmental Economics, African and African American Economic History. @mattybram on Twitter

Patricia & Christian conclude their conversation about Stephanie Kelton's best-seller The Deficit Myth.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! “Rethinking Capitalism” weekend event with Dr Steven Hail (Canberra, 26th-27th August): https://modernmoneylab.org.au/events/ Sign up to the Gower Initiative For Modern Money Studies' mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): https://gimms.org.uk/mailing-list/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/     Relevant to this episode:   Our “Unpacking The Deficit Myth” series: https://www.patreon.com/posts/47191289 For more on MMT and the NHS/Medicare4All, listen to: Episode 42 - John T Harvey: The NHS And Healthcare Economics: https://www.patreon.com/posts/33460238 and Episode 96 - Deborah Harrington: The Fight For The NHS: https://www.patreon.com/posts/49819223 For more on MMT and ecological economics, listen to: Episode 39c - Steven Hail - Green Economics, A Just Transition and The 2020 Sustainable Prosperity Conference https://www.patreon.com/posts/32431123, Episode 108 - Steven Hail & Gabrielle Bond: Achieving Sustainable Prosperity: https://www.patreon.com/posts/54178535, Episode 172 - Steven Hail: Bond Vigilantes! Inflation! The National Debt! The Excuseonomics Killing The Planet: https://www.patreon.com/posts/84572294?pr=true, Episode 138 - Stephen Williams: Economics vs The Planet: https://www.patreon.com/posts/69831268?pr=true, Episode 140 - Michael Hoexter: Hard Money Ideology Won't Save The Planet: https://www.patreon.com/posts/70471081?pr=true and Episode 141 - Phil Lawn: On Ecological Economics: https://www.patreon.com/posts/70826821?pr=true For more on Overt Monetary Financing, read “Overt Monetary Financing – again”, by Bill Mitchell: https://billmitchell.org/blog/?p=32361 For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around - listen to episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887, 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 For more on the MMT Job Guarantee, see “Our Job Guarantee episodes” (below). For more on MMT and inflation, see “Episodes on inflation” (below)   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   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 Quick explanation of government debt and deficit: “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 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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/86849221?pr=true

As opposition politicians lecture their constituents about not loving growth enough, and vow to keep children in poverty to achieve it, Patricia & Christian talk to award-winning economist and author of “Money For Beginners - An Illustrated Guide” Professor L. Randall Wray about how governments spend and the legacy of 40 years of ignoring it.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! Rethinking Capitalism weekend (Canberra, 26th - 27th August): https://modernmoneylab.org.au/events/ Sign up to the Gower Initiative For Modern Money Studies' mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): https://gimms.org.uk/mailing-list/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/     Relevant to this episode: All our episodes with L. Randall Wray: https://www.patreon.com/posts/44467066 Books By L. Randall Wray: https://www.amazon.co.uk/kindle-dbs/entity/author/B001HP7OPG Papers By L. Randall Wray: https://www.levyinstitute.org/publications/l-randall-wray Public sector pay rises of 10% would add little to inflation, says UK thinktank: https://www.dumptheguardian.com/society/2023/jul/18/sector-pay-rises-10-per-cent-add-little-to-inflation-uk-thinktank-ippr-rishi-sunak For more on MMT-informed perspectives on the euro, listen to: Episode 55 - Dirk Ehnts: A Way Forward For The Eurozone: https://www.patreon.com/posts/38252014 , Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/72906421?pr=true and Episode 160 - Stuart Medina Miltimore: The Euro Is The Problem: https://www.patreon.com/posts/79507827?pr=true For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 For more on why government bond issuance (so-called government “borrowing”) does not “crowd out” private sector investment under a floating exchange rate currency regime, listen to episode 142 - Every Deficit Is Good For Someone: https://www.patreon.com/posts/71264759?pr=true For more on the MMT Job Guarantee, see “Our Job Guarantee episodes” (below).     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   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   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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/86526849?pr=true

Patricia & Christian talk to economist, author and one of the organisers of the 2023 European MMT conference (September 9th & 10th, details below) Dr Dirk Ehnts about Bidenomics, Britain's bankrupt water utilities, and how understanding the plumbing of modern money is vital to bringing about a just and green energy transition in the face of multiple crises facing the world today.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! Rethinking Capitalism weekends (Sydney 22nd and 23rd July, Canberra 26th and 27th August): https://modernmoneylab.org.au/events/ Sign up to the Gower Initiative For Modern Money Studies' mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): https://gimms.org.uk/mailing-list/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/     Relevant to this episode: All our episodes with Dirk Ehnts: https://www.patreon.com/posts/44467243 Dirk Ehnts' website: https://www.dirk-ehnts.de/ Dirk Ehnts on Twitter: https://twitter.com/DEhnts For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around - sometimes called “Wicksellian money” after Knut Wicksell), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 For more on why government bond issuance (so-called government “borrowing”) does not “crowd out” private sector investment under a floating exchange rate currency regime, listen to episode 142 - Every Deficit Is Good For Someone: https://www.patreon.com/posts/71264759?pr=true For more on the MMT Job Guarantee, see “Our Job Guarantee episodes” (below).     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   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   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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/85988155?pr=true

Patricia & Christian talk to Kremer Endowed Chair of Economics at Willamette University, Professor Yan Liang about China's economy, international trade, sovereign wealth funds, de-dollarisation, and more.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! Rethinking Capitalism weekends (Sydney 22nd, 23rd July and Canberra 26th, 27th August): https://modernmoneylab.org.au/events/ Sign up to the Gower Initiative For Modern Money Studies' mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): https://gimms.org.uk/mailing-list/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/     Relevant to this episode: Yan Liang on Twitter: https://twitter.com/YanLian31677392 For more on international trade through the MMT lens, listen to episode 158 - “Winning” At Trade: https://www.patreon.com/posts/78800108?pr=true For more on Warren's Mosler's view that prices paid by government are the source of the price level, listen to episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 For more on inflation see our episodes on inflation (below) Our two-part interview with Steven Hail explaining the terminology and the mechanics of government bonds: Episode 30 - Understanding Government Bonds (Part 1): https://www.patreon.com/posts/29621245 and episode 31 - Understanding Government Bonds (Part 2):https://www.patreon.com/posts/29829500     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   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   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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/85584105?pr=true

As the Bank of England plays one-club golf with interest rates, (using the wrong end of the golf club while dressed in scuba gear) Patricia & Christian talk to economist and author of “Can Heterodox Economics Make A Difference?” Dr Phil Armstrong about changing the game.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767   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     LIVE EVENTS! Rethinking Capitalism weekends (Sydney 22nd, 23rd July and Canberra 26th, 27th August): https://modernmoneylab.org.au/events/ Sign up to the Gower Initiative For Modern Money Studies' mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): https://gimms.org.uk/mailing-list/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th): https://www.mmtconference.eu/ 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     Relevant to this episode: All our episodes with Phil Armstrong: https://www.patreon.com/posts/42072846 Phil on Twitter: https://twitter.com/PhilArmstrong58 For more on inflation see our episodes on inflation (below) Our two-part interview with Steven Hail explaining the terminology and the mechanics of government bonds: Episode 30 - Understanding Government Bonds (Part 1): https://www.patreon.com/posts/29621245 and episode 31 - Understanding Government Bonds (Part 2):https://www.patreon.com/posts/29829500 For more on Warren's Mosler's view on interest rates, and how central bank base rate rises likely have an inflationary bias, listen to Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf       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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/85216072?pr=true

Patricia & Christian talk to MMT founder Warren Mosler about bond markets, Beyoncéflation and degrowing the financial sector.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767   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     LIVE EVENTS! Rethinking Capitalism weekends (Sydney 22nd, 23rd July and Canberra 26th, 27th August): https://modernmoneylab.org.au/events/ Sign up to the Gower Initiative For Modern Money Studies' mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): https://gimms.org.uk/contact/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/     Relevant to this episode: All our episodes with Warren Mosler: https://www.patreon.com/posts/42918786 Warren on Twitter: https://twitter.com/wbmosler Warren's website: https://moslereconomics.com/ Our two-part interview with Steven Hail explaining the terminology and the mechanics of government bonds: Episode 30 - Understanding Government Bonds (Part 1): https://www.patreon.com/posts/29621245 and episode 31 - Understanding Government Bonds (Part 2):https://www.patreon.com/posts/29829500 For more on Warren's view on interest rates, and how central bank base rate rises likely have an inflationary bias, listen to Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Two articles on Warren's visit to Argentina in May 2022, with links to presentations: https://gimms.org.uk/2022/05/16/journey-to-the-heart-of-argentina/ , https://www.redmmt.es/warren-mosler-talks-with-grupo-bolivar-in-argentina-english-parts-only/     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf       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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/84857445?pr=true

Patricia & Christian talk to economist and founder of the ground-breaking Modern Money Lab project Professor Steven Hail about the urgency of a swift and just transition to a sustainable economy and examine some of the excuses politicians selectively employ to avoid policymaking as if people and the planet matter.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767   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   LIVE EVENTS! Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/ To attend James K. Galbraith's Keynote Lecture, (June 15th, 2023, 1-2:30pm ET) RSVP at the bottom of this page: https://edi.bard.edu/events/     Relevant to this episode: All our episodes with Steven Hail: https://www.patreon.com/posts/43083051 Find out more about Modern Money Lab courses and “Rethinking Capitalism” events here: https://modernmoneylab.org.au/events/ Our two-part interview with Steven explaining the terminology and the mechanics of government bonds: Episode 30 - Understanding Government Bonds (Part 1): https://www.patreon.com/posts/29621245 and episode 31 - Understanding Government Bonds (Part 2):https://www.patreon.com/posts/29829500 Steven mentions Warren Mosler's view on interest rates, and how central bank base rate rises likely have an inflationary bias. For more on that listen to Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Steven mentions the dubious theory that interest rate hikes fight inflation by creating an expectation that inflation will fall (I know, right?) Turns out expectations converge to reality, and not the other way around, as L. Randall Wray explains in episode 163: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf       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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/84572294?pr=true

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

Patricia & Christian talk to economist and author of “The Case For A Job Guarantee” Professor Pavlina Tcherneva about her chapter in the recently-published “MMT: Key Insights, Leading Thinkers”. Three Lessons From Government Spending And The Post-Pandemic Recovery: (1) The funding is always there. (2) Unemployment is a policy choice. (3) Large government spending is not the inevitable source of inflation. Also under discussion: the US debt ceiling drama, Universal Basic Income and more.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast         All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767   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 LIVE EVENTS! Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/ To attend James K. Galbraith's Keynote Lecture, (June 15th, 2023, 1-2:30pm) RSVP at the bottom of this page: https://edi.bard.edu/events/     Relevant to this episode: All our episodes with Pavlina Tcherneva: https://www.patreon.com/posts/44405631 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/ Christian mentions Pavlina's lecture where she describes the “original sin” of money systems (that they necessarily create unemployment). That's in this episode, along with the route to “redemption” - Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Pavlina mentions the NAIRU (Non-accelerating inflation rate of unemployment). More here: https://en.wikipedia.org/wiki/NAIRU   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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf       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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/84268974?pr=true

Patricia & Christian talk to acclaimed author and activist Cory Doctorow, about his new crypto heist thriller “Red Team Blues”, and the real-world money mechanics and shady shenanigans that inform the story.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     Order “Red Team Blues” here: https://craphound.com/shop/   LIVE EVENT! Christian will be interviewing Cory Doctorow in Nottingham (UK!) on Tuesday 30th May 2023, tickets here: https://www.waterstones.com/events/an-evening-with-cory-doctorow/nottingham     All our episodes in chronological order: https://www.patreon.com/posts/43111643   Patron-only episodes: https://www.patreon.com/posts/57542767   Patron-only GIMMS Book Launch Presentations [audio]: Daniel Kostzer on Argentina's “Jefes de Hogar” Public Employment Programme: https://www.patreon.com/posts/gimms-book-on-de-82501900 Phil Armstrong On Useful Economists: https://www.patreon.com/posts/gimms-book-phil-82502071 Neil Wilson On How The Government Spends: https://www.patreon.com/posts/gimms-book-neil-82502270   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     Relevant to this episode: All our episodes with Cory Doctorow: https://www.patreon.com/posts/41970049 Cory's podcast: https://craphound.com/podcast/ Cory's upcoming live events: https://craphound.com/category/redteamblues/ We talk a little more in-depth about crypto tokens as “proof of work” and “proof of stake” in this episode: Episode 135 - Cory Doctorow: Blockchain, Bitcoin & Selling The Brooklyn Bridge: https://www.patreon.com/posts/68946334 “The Inevitability of Trusted Third Parties” by Cory Doctorow: https://onezero.medium.com/the-inevitability-of-trusted-third-parties-a51cbcffc4e2 Cory mentions previous guest Daniel Kostzer likening capitalism to a car with no steering wheel being driven at high speed down a road - that's from this episode: https://www.patreon.com/posts/episode-169-job-82743393 Cory mentions the inspirational economist and teacher Dr Fadhel Kabuob - here are all our episodes with him: https://www.patreon.com/posts/43484621  Cory mentions our episode on tally sticks and the history of UK exchequer with Richard Tye. It's great! Have a listen here: https://www.patreon.com/posts/episode-167-tye-81601103 “Tiktok's enshittification” by Cory Doctorow: https://pluralistic.net/2023/01/21/potemkin-ai/     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   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf       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   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 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     Episodes 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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: https://fundacjalipinskiego.pl/wydarzenia/ Website of the 3rd International European MMT Conference (September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/83036883?pr=true

Patricia & Christian talk to Daniel Kostzer, chief economist at the International Trade Union Confederation and contributor to “Modern Monetary Theory: Key Insights, Leading thinkers” about his chapter, which revisits Argentina's 2002 Jefes de Hogar employment guarantee programme, and details considerations to be weighed in the implementation of any future Job Guarantee programme.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   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   LIVE EVENT! Christian will be interviewing Cory Doctorow in Nottingham (UK!) on Tuesday 30th May 2023, tickets here: https://www.waterstones.com/events/an-evening-with-cory-doctorow/nottingham     GIMMS Book Launch Presentations: Daniel Kostzer on Argentina's “Jefes de Hogar” Public Employment Programme: https://www.patreon.com/posts/gimms-book-on-de-82501900 Phil Armstrong On Useful Economists: https://www.patreon.com/posts/gimms-book-phil-82502071 Neil Wilson On How The Government Spends: https://www.patreon.com/posts/gimms-book-neil-82502270     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       All our episodes in chronological order: https://www.patreon.com/posts/43111643     Relevant to this episode: Daniel Kostzer on Twitter: https://twitter.com/dkostzer To understand why the Job Guarantee is core to MMT, rather than peripheral or optional, listen to our Job Guarantee episodes (listed below), particularly this one: Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/ We also talked with Argentinian economist Agustin Mario about the Jefes Program in episode 119 - MMT In Latin America & Argentina's Jefes Y Jefas Program: https://www.patreon.com/posts/57888740 “Zimbabwe for hyperventilators 101” by Bill Mitchell: https://billmitchell.org/blog/?p=3773 We touch on inflation in this episode, and for more on inflation, see  our episodes on inflation (listed below).         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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf       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   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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: https://fundacjalipinskiego.pl/wydarzenia/ Website of the 3rd International European MMT Conference (September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/82743393?pr=true

As the UK celebrates the coronation of its most famous pensioner and its central bank tells everybody else to accept being poor, Patricia and Christian continue their conversation about Stephanie Kelton's best-seller, The Deficit Myth and ask: can the world's 5th richest economy afford dignity for all, or just those with their own anthem? Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   LIVE EVENT! Christian will be interviewing Cory Doctorow in Nottingham (UK!) on Tuesday 30th May 2023, tickets here: https://www.waterstones.com/events/an-evening-with-cory-doctorow/nottingham   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: For more on ensuring the sustainability of Social Security/state pensions with this one not-so-weird trick that unmitigatedly works for all other types of government spending, listen to Episode 164 - Yeva Nersisyan: Saving Social Security From Its Saviours: https://www.patreon.com/posts/80870597?pr=true We briefly touch on how the central bank reserve system impacts commercial banks and vice-versa, for more on that listen to Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 For more on the effective dependency ratio, see “Ageing, Social Security, and the Intergenerational Debate” by Bill Mitchell: https://billmitchell.org/blog/?p=25377 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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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 Quick explanation of government debt and deficit: “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 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     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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses In 2023 More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: https://fundacjalipinskiego.pl/wydarzenia/ Website of the 3rd International European MMT Conference (September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/82602167?pr=true

Patricia & Christian talk to Richard Tye, contributor to the recently-published “MMT: Key Insights, Leading thinkers”, about his chapter: “Credit and The Exchequer since the Restoration”. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   Free tickets for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on Thursday 20th April: https://gimms.org.uk/event/book-launch/   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   All our episodes in chronological order: https://www.patreon.com/posts/43111643   Richard Tye on Twitter: https://twitter.com/DEhnts   Relevant to this episode: “A History Lost – The English Tally” by Richard Tye: https://gimms.org.uk/2019/03/08/history-english-tally/ 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  In this episode, Richard advocates for the MMT Job Guarantee - for more on that, see our Job Guarantee episodes listed below. Richard also advocates for the abolition of corporation tax. To find out more about why that isn't the regressive policy it may sound like, listen to episode 110 - L. Randall Wray: Are We Living In An MMT World?: https://www.patreon.com/posts/54750022   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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   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   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   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     MMT Events And Courses In 2023 More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: https://fundacjalipinskiego.pl/wydarzenia/ Website of the 3rd International European MMT Conference (September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/81601103?pr=true

For currency-issuing governments, taxes for revenue are obsolete, so what *are* they for? Patricia & Christian talk to economist and author Dr Dirk Ehnts about the role of taxation in modern money systems, banking regulation, inflation, new eurozone fiscal rule proposals, and more.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     Apply for Dr Dirk Ehnts' Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th): https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics   Website of the 3rd International European MMT Conference (September 9-10: https://www.mmtconference.eu/     Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   Free tickets for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on 20th April: https://gimms.org.uk/event/book-launch/     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     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Dirk Ehnts: https://www.patreon.com/posts/44467243 Dirk Ehnts' website: https://www.dirk-ehnts.de/ Dirk Ehnts on Twitter: https://twitter.com/DEhnts     Relevant to this episode: For more on the interplay between commercial bank money (deposits) and central bank money (reserves), listen to our Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to: Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 “Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775” by Farley Grubb: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2039611 “What Are Taxes For? The MMT Approach” by L. Randall Wray: https://neweconomicperspectives.org/2014/05/taxes-mmt-approach.html “Taxes for Revenue are Obsolete” by Beardsley Ruml https://realprogressives.org/taxes-for-revenue-are-obsolete/ “COVID-19 and its economic consequences for the Euro Area” by Dirk Ehnts and Michael Paetz: https://link.springer.com/article/10.1007/s40822-020-00159-w “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 More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html Details of the Finnish translation of Dirk Ehnts' “MMT essentials”: https://talousdemokratia.fi/kirjat/johdatus-moderniin-rahateoriaan/ Dirk talks about price-setting power being one of the causes of inflation, for Warren Mosler's view of the state as price-setter listen to this episode - Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: https://fundacjalipinskiego.pl/wydarzenia/     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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   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   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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     MMT Events And Courses In 2023 More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/ Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: https://fundacjalipinskiego.pl/wydarzenia/ Website of the 3rd International European MMT Conference (September 9th-10th: https://www.mmtconference.eu/   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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/81501115?pr=true

Christian talks to Edward Cornell Professor of Law, public finance consultant, and author of “Financing The Green New Deal” Robert Hockett about the recent collapses in the banking system and how to make banks work for people, rather than the other way around.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     Order “The Citizens' Ledger: Digitizing Our Money, Democratizing Our Finance” by Robert Hockett: https://www.amazon.co.uk/Citizens-Ledger-Digitizing-Democratizing-Finance/dp/3030995658/     Sign up to Robert Hockett's Substack: https://roberthockett.substack.com/   Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   Free tickets for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on 20th April: https://gimms.org.uk/event/book-launch/     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     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Robert Hockett: https://www.patreon.com/posts/63228139   Relevant to this episode: “How to Spark a Nationwide Main Street Industrial Renewal with Universal Deposit Insurance” By Robert Hockett: https://www.forbes.com/sites/rhockett/2023/03/18/how-to-spark-a-nationwide-main-street-industrial-renewal-with-universal-deposit-insurance/?sh=5b6bcc1c50c5 Robert's Draft legislation, the Federal Deposit Insurance Completion Act and the Treasury Dollar Act, and explainers for each are on this link: https://twitter.com/rch371/status/1638229758419902468 In this episode, Robert talks about Wicksellian credit money creation. Knut Wicksell was one of the earliest financial practitioners to observe that bank loans create bank deposits, rather than the other way around. This is known as the endogenous money view. Robert talks more about Wicksell in these episodes: Episode 73: Spreading The Fed & Why Wicksell Matters (part 1): https://www.patreon.com/posts/43321755 Episode 74: Spreading The Fed & Why Wicksell Matters (part 2): https://www.patreon.com/posts/episode-74-fed-2-43487286 For more on the endogenous money view (again, the non-fringe, now very mainstream view that bank loans create deposits, not the other way around), listen to: Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Robert Hockett's Forbes blog: https://www.forbes.com/sites/rhockett/?sh=51cf341ee54a     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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   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     MMT Events And Courses In 2023 More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/       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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/81084983?pr=true

Patricia & Christian talk to Associate Professor of Economics at Franklin & Marshall college Yeva Nersisyan about ensuring the sustainability of Social Security (state pensions) with this one not-so-weird trick that unmitigatedly works for all other types of government spending.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   Free tickets for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on 20th April: https://gimms.org.uk/event/book-launch/     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     All our episodes in chronological order: https://www.patreon.com/posts/43111643     Relevant to this episode: “Lowering inflation isn't a job for a one-trick pony” by Yeva Nersisyan: https://thehill.com/opinion/congress-blog/3839918-lowering-inflation-isnt-a-job-for-a-one-trick-pony/     “The collapse of SVB shows why monetary policy is the wrong tool to fight inflation” by Yeva Nersisyan & L. Randall Wray: https://thehill.com/opinion/congress-blog/3905479-the-collapse-of-svb-shows-why-monetary-policy-is-the-wrong-tool-to-fight-inflation/ For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to: Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318         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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   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       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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     MMT Events And Courses In 2023 More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/       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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/80870597?pr=true

Patricia and Christian talk to award-winning economist and author of “Making Money Work For Us” Professor L. Randall Wray about how central banks use [checks notes] *vibes* to “anchor inflation expectations”, why it keeps failing, and what might work instead.    Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     Order “Making Money Work for Us” by L. Randall Wray: https://www.amazon.co.uk/gp/product/B0BDCS46BG/   Order “Money for Beginners: An Illustrated Guide” by L. Randall Wray: https://www.amazon.co.uk/Money-Beginners-Illustrated-Randall-Wray/dp/1509554610/   Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   Free tickets for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on 20th April: https://gimms.org.uk/event/book-launch/     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     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with L. Randall Wray: https://www.patreon.com/posts/44467066   Relevant to this episode: “Magical Monetary Thinking at the Fed Killed SVB” by L. Randall Wray & Stephanie Kelton: https://stephaniekelton.substack.com/p/magical-thinking-monetary-thinking “The collapse of SVB shows why monetary policy is the wrong tool to fight inflation” by Yeva Nersisyan & L. Randall Wray: https://thehill.com/opinion/congress-blog/3905479-the-collapse-of-svb-shows-why-monetary-policy-is-the-wrong-tool-to-fight-inflation/ Randy talks about how central banks had to give up on targeting money supply - and that's because the money supply is determined endogenously. For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to: Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Randy talks about US government bond issuance during World War II being a whole other story - for more on that, listen to these two episodes: Episode 32 - Sam Levey: How Uncle Sam Paid For World War II (part 1): https://www.patreon.com/posts/30005574 Episode 33 - Sam Levey: How Uncle Sam Paid For World War II (part 2): https://www.patreon.com/posts/30112818     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 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     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 Quick explanation of government debt and deficit: “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 Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   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     MMT Events And Courses In 2023 More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/       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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/80479169?pr=true

Patricia and Christian talk to MMT founder Warren Mosler about the recent collapse of Silicon Valley Bank and more.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   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   Free tickets for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on 20th April: https://gimms.org.uk/event/book-launch/     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   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Warren Mosler: https://www.patreon.com/posts/42918786 Warren Mosler on Twitter: https://twitter.com/wbmosler Warren Mosler's website: https://moslereconomics.com/   For a short, non-technical, free ebook explaining MMT, download Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   Relevant to this episode: Warren Mosler's proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html For more on endogenous money (ie commercial bank loans create deposits, not the other way around): Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 144 - Warren Mosler explains why the natural rate of interest is zero: https://www.patreon.com/posts/71966513 Episode 123 - Warren Mosler explains the source of the price level and implications for inflation using the MMT lens: https://www.patreon.com/posts/59856379   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/   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 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/       MMT Events And Courses In 2023 Tickets to the very first Scotonomics festival (online or in-person, Dundee, Scotland 24th-26th March) are available here: https://scotonomics.scot/live-events/ More information about Professor Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/       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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/80157783?pr=true

Christian talks to economist and author Dr Phil Armstrong about what's likely to be missing from coverage of the UK budget this week and what functional fiscal policy might look like.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   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   Tickets (free!) for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on 20th April: https://gimms.org.uk/event/book-launch/   Order “Can Heterodox Economics Make a Difference?” by Phil Armstrong: https://www.e-elgar.com/shop/gbp/can-heterodox-economics-make-a-difference-9781800370883.html     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   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Phil Armstrong: https://www.patreon.com/posts/42072846 Phil Armstrong on Twitter: https://twitter.com/PhilArmstrong58   Relevant to this episode: For more on endogenous money (ie commercial bank loans create deposits, not the other way around): Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 For more on the MMT Job Guarantee: 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 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/ We talk about what caused the pension fund crisis during the Truss government (or mini-government?) here: Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/72906421?pr=true     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     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     MMT Events And Courses In 2023 Tickets to the very first Scotonomics festival (online or in-person, Dundee, Scotland 24th-26th March) are available here: https://scotonomics.scot/live-events/ More information about Professor Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ 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/       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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     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/80008019?pr=true

Patricia & Christian talk to Stuart Medina Miltimore, economist and founder of the Spanish advocacy group Red MMT about his chapter (co-written with Bill Mitchell) in the major new academic collaboration “Modern Monetary Theory - Key Insights, Leading Thinkers”, which lays out how the euro has driven austerity and the depoliticisation of European democracies.   Whether they know it or not, currency union members (and prospective members) have a choice: status quo, reform, or exit? Understanding modern money - as a policy tool designed to mobilise resources, rather than as an inert medium of exchange - is key to understanding the human stakes of that choice.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   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     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   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Stuart Medina Miltimore: https://www.patreon.com/posts/44400459 Stuart Medina Miltimore on Twitter: https://twitter.com/SMiltim   The website of Stuart's organisation, Red MMT (contains many MMT resources in Spanish, and site can also be translated into other languages using browser functions): https://www.redmmt.es/   Red MMT YouTube Channel: https://www.youtube.com/@redmmt5253   Relevant to this episode: For more on Eurozone Job Guarantee proposals: “Maximizing Price Stability in a Monetary Economy” by Warren Mosler & Damiano Bruno Silipo: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2775400 “Completing the Euro: The Euro Treasury and the Job Guarantee” by Esteban Cruz Hidalgo, Dirk Ehnts and Pavlina R. Tcherneva: https://www.researchgate.net/publication/334226761_Completing_the_Euro_The_Euro_Treasury_and_the_Job_Guarantee For more on the MMT Job Guarantee in general : 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/ Curried EMU - the meal that fails to nourish by Wynne Godley: https://www.concertedaction.com/2011/11/07/curried-emu/ Our episode 103 - with Ndongo Samba Sylla on The CFA Franc & The Movement For Monetary Sovereignty In Africa: https://www.patreon.com/posts/51864583 Warren Mosler tells the “Dogs & Bones” story: https://youtu.be/2vTjLwYCi24 Overview of automatic stabilisers: https://en.wikipedia.org/wiki/Automatic_stabilizer We talk about what caused the pension fund crisis during the Truss government (or mini-government?) here: Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/72906421?pr=true     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     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     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/       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   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship           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/79507827?pr=true

What is money, where does it come from and why is it important?   Patricia & Christian talk to award-winning primary MMT academic Professor L. Randall Wray about his latest book “Making Money Work For Us” and his part in the new academic collaboration “Modern Monetary Theory - Key Insights, Leading Thinkers.”   Also in this episode: What are taxes for? Where do commercial banks fit in? And what is “doing MMT”?   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast       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   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     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   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with L. Randall Wray: https://www.patreon.com/posts/44467066   Relevant to this episode: Episode 133 with Professor Hannah Appel, co-founder of The Debt Collective: https://www.patreon.com/posts/67518491 For more on quantitative easing: Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episode 59 - Warren Mosler: What Do Central Banks Do?:https://www.patreon.com/posts/39070023 For more on the meaning of endogenous and exogenous money, listen to our episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 For more on the MMT Job Guarantee (the targeted spending Professor Wray refers to in this episode), 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 “WHAT IS MONEY?” by A Mitchell Innes: https://www.community-exchange.org/docs/what%20is%20money.htm     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     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/79000475?pr=true

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

According to multi award-winning economist Professor James K. Galbraith, the new book, “Modern Monetary Theory: Key Insights, Leading Thinkers” is ‘a landmark in the development of MMT, a boon for “useful” economists - and a profound challenge to all the others.' Patricia and Christian talk to the architects of this collaboration of leading experts about how governments spend, why it matters, and why moving beyond our culture's deeply-held but incorrect assumptions about money and its purpose is now key to human survival.     Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   Order the Gower Initiative's “Modern Monetary Theory - Key Insights, Leading Thinkers” (2023) here: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html     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   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Phil Armstrong: https://www.patreon.com/posts/42072846     Relevant to this episode: The Gower Initiative For Modern Money Studies website: https://gimms.org.uk/ Our interview with Deborah Harrington (a founding member of GIMMS) Episode 96: The Fight For The NHS: https://www.patreon.com/posts/49819223 “Diagrams & Dollars” by JD Alt: https://neweconomicperspectives.org/2014/01/diagrams-dollars-modern-money-illustrated-part-1.html Professor Stephanie Kelton's “Angry Birds” presentation: https://youtu.be/Q1SMjeuyF-Y “Billy Blog” — Professor Bill Mitchell's blog: http://bilbo.economicoutlook.net/blog/ Our episodes featuring Bill Mitchell at UK Labour conference events in 2019: Episode 31(a): MMT And The Labour Party: https://www.patreon.com/posts/30204508 Episode 34: MMT And The Green New Deal: https://www.patreon.com/posts/30429854 “An Accounting Model of the UK Exchequer” by Neil Wilson, Andrew Berkley and Richard Tye: https://gimms.org.uk/2021/02/21/an-accounting-model-of-the-uk-exchequer/ Our interview with the authors of “An Accounting Model of the UK Exchequer”: Episode 84 (Part 1): https://www.patreon.com/posts/46352183 Episode 86 (Part 2): https://www.patreon.com/posts/46865929  Episode 155, where Phil Armstrong talks briefly about his chapter in “Modern Monetary Theory: Key Insights, Leading Thinkers”: https://www.patreon.com/posts/77409078?pr=true Professor John T. Harvey's lecture on MMT and exchange rates - Episode 145: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true Warren Mosler's “7 Deadly Innocent Frauds Of Economic Policy”: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   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     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/78408355?pr=true

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