A hundred years ago, John Maynard Keynes predicted we would see a massive expansion of growth and productivity under capitalism. Bingo. He got that right. He said this amazing efficiency would result in a shorter work week with far more leisure time for everyone. Oops. Not so much. The structure of capital ownership will never permit it. Bill Mitchell’s blog post, , was the inspiration for this episode. Bill talks with Steve about many of the truths about capitalism economists and historians get wrong, beginning with the idea that capitalism freed workers from the bonds of feudalism. Bill covers the social democratic politics of the postwar era and how the ruling elites then ensured that government would only serve as their agent. He and Steve take a critical look at the dangerous power of institutions like the World Bank and IMF. Bill explains why he supports degrowth instead of “green growth.” Bill believes progressives shouldn’t be working to reform the system; they must work to change it. Coming from the Marxian tradition, he says MMT is only part of the story. * >  @billy_blog on Twitter

1h 10m

Mar 30

In his first solo episode, our host and jefe, Steve Grumbine, recounts the story of his political transformation from conservative republican to passionate MMT advocate, to self-identified socialist. He begins the episode talking about his recent experience dealing with the medical system as his mother’s health declined. Both parents’ deaths illustrate the fact that a for-profit system cannot provide the kind of healthcare we need and deserve. Awareness of class discrepancy runs through his story as he develops an awareness of the need to combine MMT with an understanding of capitalism. It's impossible to separate Steve’s political development from his work on this podcast. Many of the guests affect him profoundly. In the episode he ties these insights together to create a radical and comprehensive worldview. @sdgrumbine on Twitter

1h 17m

Mar 23

** Be sure to check the Real Progressives website’s calendar for upcoming events. On Sunday, March 17th at noon ET/9am PT, we’re hosting a webinar, . On Tuesday evenings, 8pm ET/5pm PT, come to Macro ‘n Chill, where we listen to the most recent episode of this podcast and discuss it with the community. https://realprogressives.org/rp-events-calendar/ Milton Friedman This quote by the grandaddy of neoliberal economics is from 1963. Some in the mainstream have been dining out on it ever since. According to our guest, author and blogger Brian Romanchuk, neoclassical economics relies on mathematical models and fail to capture the complexity of real-world inflation. He highlights the importance of understanding the supply and demand dynamics in setting prices and explains that inflation can be influenced by factors such as supply chain shocks and changes in the labor market. Brian also points out that it’s not enough to blame inflation on corporate greed; after all, corporations are always driven to maximize profits. He mentions the Cantillon effect, which suggests that the first recipients of newly created money benefit from inflation as prices go up, while the poor and working class bear the brunt of higher prices down the road. Brian and Steve discuss inflation constraints on fiscal policy. Brian argues that while extreme fiscal policies could lead to inflation, most of the time, fiscal policy is relatively moderate and does not have a significant impact on inflation. They criticize the government for not trying to set prices and argue that the government often follows the private sector's lead, making things worse. @RomanchukBrian on Twitter

54m

Mar 16

The American people see through mainstream claims of “the greatest economy ever.” They are confronted by evidence to the contrary every day. Steve and his guest, economist Yeva Nersisyan, take a deep dive into the current US economy, looking at the repercussions of the high costs of education, healthcare, and housing. They discuss different perspectives on the causes of inflation and talk about Isabella Weber’s work on “sellers’ inflation” and its relationship to monopoly power. They argue that the drive for corporate profits, leading to abusive price-setting, has been the primary force behind inflation. They also talk about the effect of fiscal policy on income inequality, revealing politicians’ contempt for the working class.

59m

Mar 09

** Reminder: You are invited to listen to and discuss this episode with friends from Real Progressives on Tuesday, March 5th. Find the Zoom link at https://realprogressives.org/rp-events-calendar/ Daniel Conceição talks with Steve about Argentina’s economic immiseration under newly elected president Javier Milei. Milei’s aggressive cuts to public spending don’t address the root cause of inflation in Argentina. Because of the country’s dependency on the US dollar, it is mired in a foreign debt trap. Daniel and Steve highlight austerity policies bolstered by the macroeconomic illiteracy propagated by media and politicians (shout out to RFK, Jr). They discuss the current political landscape and touch upon topics such as genocide, neoliberalism, economic conditions, and the role of public spending in promoting prosperity. @stopthelunacy on Twitter

1h 5m

Mar 02

**To discuss this episode among friends, come to our listening party, Macro ‘n Chill, on Tuesday February 27th at 8pm ET/5pm PT. For the link go to our Events Calendar https://realprogressives.org/rp-events-calendar * >  Steve invited Stephen Maher for this interview to talk about some of the basic lessons of Marxism. While you may not agree with everything you hear in this episode, certain fundamentals of capitalism are beyond refute. The discussion explores the relationship between capital and the working class, and the concept of class struggle as the key to understanding US history of the past century, especially the postwar period and the development of neoliberalism. To truly make sense of it all we must look at some fundamental truths about capital. It is very fluid and dynamic. Capital is capable of continuously evolving and restructuring. In doing so, our social conditions change as well. They also discuss the challenges and obstacles in achieving socialism, the history of anti-communist sentiment in the US, the importance of class struggle unionism, and the need for grassroots organizing and building solidarity within the working class. @SteveMaher18 on Twitter

54m

Feb 24

This week Steve talks with our friend, economist Fadhel Kaboub. Followers of this podcast will recognize some of the themes we regularly focus on, including the debt trap facing countries of the global South, and the need for climate action and transformative economic development. Current plans under consideration are extractive and paternalistic, continuing the patterns of colonial exploitation. At the root of the external debt problem are three major structural issues: food deficits, energy deficits, and manufacturing deficits. Fadhel breaks down each of these problems, tracing the origins and suggesting how solutions will benefit not just Africa and the global South, but the international working class. * >  Steve and Fadhel also discuss MMT, degrowth, and the job guarantee. They look at the role China could play in Africa. @FadhelKaboub on Twitter

56m

Feb 17

* >  Project Censored was founded by a communications and sociology professor in the 1970s. He asked himself how it was that Richard Nixon was elected by a landslide despite ample coverage of his misdeeds and corruption in the independent alternative media. And why did it take so long for the establishment press to catch up? Steve’s guest Mickey Huff discusses the work of Project Censored today and the current state of the press. They talk about how the corporate media's coverage is based on American exceptionalism and propaganda efforts, as well as the receding role of independent local outlets. They emphasize the importance of critical media literacy and how the media landscape has become more complicated with the rise of social media. They touch on the influence of big tech and billionaires on the media, and look at it as another example of corporate exploitation of workers. https://www.projectcensored.org On Twitter: @mythinfo @ProjectCensored

57m

Feb 10

In 2022, Real Progressives helped our coalition partners, March for Medicare for All, organize a three-day educational summit on the healthcare crisis in the US. This week’s episode is from the panel we put together on paying for national improved Medicare for All, featuring Geoff Ginter, Yeva Nersisyan, and Rohan Grey. The panelists discuss: __ __ Specific to Medicare for All, they address the problem of transitioning workers out of administrative jobs in the insurance industry. They explain why Medicare for All is likely to be deflationary rather than inflationary. And they look to history to suggest ways of attracting healthcare workers to underserved locations. @rohangrey on Twitter

1h 19m

Feb 03

This podcast’s followers know we cover a range of topics from political theory to international events, but at some point, we always circle back to Modern Monetary Theory. This interview with Warren Mosler was originally recorded for “Let’s Get Ready to Grumble,” Steve’s show on Status Coup. As with any Mosler episode, this one is appropriate for both MMT newcomers and old-timers. They discuss interest rates, inflation, and the money supply. Warren goes over the key principles of MMT, emphasizing that government spending precedes taxation as well as the role of taxation itself. The conversation also touches on rising fuel prices and the role of Saudi Arabia as monopoly supplier setting the price of oil. @wbmosler on Twitter

56m

Jan 27

When we hear the term “blockchain,” we immediately think of libertarians and capitalists. Crypto bros. They have been dominating that space but they don’t hold a monopoly on it, and our guest, Joshua Dávila, AKA The Blockchain Socialist, refuses to cede the ground. In this episode he and Steve discuss the need for bridging the gap between technical knowledge and social understanding because blockchain technology can be a valuable organizing tool for socialists. Joshua suggests creating collective wallets and experimenting with democratic input in economic institutions as a starting point. He also speaks of the potential of blockchain technology in creating a new economic system that challenges the existing power structures. The space of what is economically possible is much wider than many realize. (As MMTers, we agree.) Joshua believes the tools provided by digital systems can be used to create post-capitalist systems that compete with the existing globalized digital economy. He challenges the notion that the tools used in libertarian economic systems cannot be leveraged for post-capitalist ones. Check out his blog, The Blockchain Socialist. @TBSocialist on Twitter

47m

Jan 20

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.org The 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. @EDI_tweets

54m

Jan 13

Before the 1980s, mass layoffs were often tied to economic recessions. Today, they are shrewd corporate strategy. Modern mass layoffs are connected to leveraged buyouts or stock buybacks. Steve’s guest, Les Leopold, explains how the process works and how it came to be through the maneuverings of Wall Street and the two political parties. Les is the author of . He and Steve talk about the very real impact on people’s lives, from the coal miners of Mingo County, West Virginia, to Steve’s personal struggles after Verizon’s 2009 lay-offs. They discuss organizing, the value of a job guarantee, and intersectionality within a class analysis. @les_leopold on Twitter

52m

Jan 06

In his third appearance on Macro N Cheese, Dan Kovalik talks with Steve about his upcoming book, . As with many of our guests, the episode is more of a conversation – a passionate one – than an interview. * >  * >  They both argue that the violence of the oppressor (Israel) cannot be equated with the violence of the oppressed. Any resistance against oppression is justified. While condemning the Zionist government of Israel, they stress the culpability of the US government. They discuss the lack of difference between Democratic and Republican presidents in terms of their foreign policies, particularly on the Israeli-Palestinian conflict. In a conversation about current American and international politics, Dan and Steve agree on a number of things, including the need for disruptive targeted protests in addition to sustained movements, a long-term commitment to resistance, and international solidarity. Where they disagree, however, is on the matter of so-called taxpayer money. As always, Steve makes sure to correct the record. Several times. @danielmkovalik on Twitter

45m

Dec 30, 2023

* >  In this webinar from our RP Live webinar series, Dr. Hamza Hamouchene addresses the fraudulent and exploitative reality behind “green energy.” His presentation comes from the recently published book, . The presentation is followed by questions from attendees. Hamza’s analysis of regional and global climate and energy politics is illustrated by real-life examples from Indonesia, Morocco, Egypt, Libya, Tunisia, and other nations. He explains how the commodification of nature and the environment is masked under the guise of proactive 'green' efforts — while the consequences include increased privatization and plundering of resources in the Global South. Hamza stresses the importance of climate reparations, climate justice, and decolonization, but without an analysis of capitalism and a commitment to systemic change, solutions will always be inadequate and doomed to failure. @BenToumert on Twitter

1h 29m

Dec 23, 2023

According to Wikipedia, “Enshittification, also known as platform decay, is the pattern of decreasing quality of online platforms that act as two-sided markets. Enshittification can be seen as a form of rent-seeking. Examples of alleged enshittification have included Amazon, Bandcamp, Facebook, Google Search, Quora, Reddit, and Twitter.” Wikipedia also tells us the term was coined by today’s guest Cory Doctorow. Steve and Cory discuss his new fiction book, which explores truth and reconciliation in a polarized future and then delve into his nonfiction work, particularly , which focuses on the power and abuses of major corporations, especially in the tech industry. They talk about the concept of "platform decay" (enshittification) and how platforms have become the dominant life form on the internet. Cory explains another term, "acidification," which describes the pathology of this decay and the inevitable outcome when platforms are not regulated. He uses Facebook as a case study to illustrate how platforms lock in users, withdraw surplus from them, and then squeeze them for profit. He discusses the lack of competition, regulation, labor power, and user agency in the tech industry, leading to the current state of affairs. They also touch on the importance of adversarial interoperability and the need to destroy big tech rather than trying to fix or tame it. The conversation highlights the urgent need for change and the importance of hope in creating a better future. Cory believes that in times of crisis, ideas can move from the periphery to the center and become the basis for change. @doctorow on Twitter

1h 3m

Dec 16, 2023

https://donorbox.org/2023-eoy-boost Fadhel Kaboub is back for his lucky 13th episode. He talks with Steve about the concept of climate reparations and its significance in tackling the climate crisis. True reparations go beyond financial compensation; they must include transferring technology, repairing our ecosystem, and restructuring the global financial and trade systems. The global North must not shirk its historic responsibility and disproportionate impact of climate change on the Global South. Fadhel and Steve discuss the need for truth and reconciliation as a starting point for reparations. They highlight the significance of addressing the structural issues that perpetuate harm. Fadhel emphasizes the need for transparency and decentralized systems in order to prevent corruption and ensure that reparations reach those who need them most. @FadhelKaboub on Twitter

1h 9m

Dec 09, 2023

https://realprogressives.org/rp-events-calendar/ The consequences of income inequality extend far beyond economic disparities. Stephen Bezruchka focuses on its effect on health. Stephen is on the faculty of the School of Public Health at University of Washington and is author of. Much of this interview looks at these issues in the US. Stephen directly ties inequality to mortality rates, disease, and early childhood development. It’s interesting to hear a physician who doesn’t blame our individual choices and habits; he lays our health problems squarely at the feet of the political and economic system. The profit-driven nature of healthcare in the US prioritizes financial gain over the health of individuals. Stephen describes the role of the lobbying industry and private corporations contribute to the perpetuation of this system. The conversation concludes with a discussion on the concept of social murder and structural violence. His book: is published by Routledge. @SBezruchka on Twitter

1h 4m

Dec 02, 2023

Charles Derber, author of "", talks with Steve about the intersectionality between capitalism, environmental destruction, and militarism. He argues that the capitalist system, particularly in its neoliberal form, is inherently connected to the threats of environmental catastrophe and war. He emphasizes the historical context of these connections, tracing the shift from water-powered capitalism to coal and then oil as a means to maintain control and avoid public opposition. He highlights the role of the military in perpetuating climate change and the destructive consequences of war on the environment. Charles addresses the skepticism and cynicism often associated with the idea of changing capitalism but he believes change is possible through diverse strategies and alliances. He draws lessons from historical movements, such as the abolitionist movement, the Bolshevik revolution, and the reinvigorated labor movement. He touches on social media, which can be used to control and manipulate, but can also be a powerful tool for organizing and mobilizing activism.

58m

Nov 25, 2023

David Fields talks to Steve about “Economists for Palestine,” the statement released by the Union for Radical Political Economics (URPE). They emphasize economists’ responsibility to take a stand against the genocide being perpetrated against the Palestinians. They look at the connection between Zionism and the global capitalist system, debunking misinformation while highlighting the difference between antisemitism and anti-Zionism. We at Macro N Cheese urge our listeners to circulate the statement. https://urpe.org/2023/11/08/economists-for-palestine/ * > Economists for Palestine * >  * > We stand in unwavering solidarity with the Palestinian people. Since October 7th, 2023, over two million people have faced a brutal onslaught by the Israeli military and state. They have been forced to flee with nowhere to go as homes, shelters, evacuation routes, border crossings, hospitals, places of worship and entire neighborhoods have been bombed. * >  * > We mourn civilian deaths in both Israel and Palestine. Israel’s retaliation for the October 7th incursion continues, however, and over 9,000 Palestinians have been killed in the ongoing assault so far. More than 8,000 people have been killed in three weeks in Palestine. The estimated number of children among the casualties is over 3,000 and UNICEF estimates that about 420 children have been killed or wounded daily. Even reporters have been threatened with violence or killed. * >  * > Since the Nakba 75 years ago, the Palestinian people have endured profound suffering, forced displacement, and a brutal 16-year-long inhumane siege and blockade in Gaza. Human rights organizations have characterized Gaza as ‘the largest open-air prison’. * >  * > We also condemn the role of the U.S. state in supporting the ongoing siege in Palestine, its support for the horrors inflicted on Gaza, and its refusal to support a humanitarian ceasefire. It is imperative that we do not turn our backs on the devastating impact of this violence on people’s lives. The fight for Palestinian liberation and a fair, enduring peace in the region is intricately linked with the liberation and resistance efforts spearheaded by indigenous, colonized, and oppressed communities historically and worldwide. * >  * > We stand in support of efforts by the Palestinian people to sustain themselves economically through control over their land and their labor. We stand in solidarity with the anti-Zionist Jewish communities that have been raising their voices against the carpet bombing of Gaza, for the liberation of the Palestinian people, and who are working for a just, equitable, and durable peace. * >  * > We urgently call for: * >  * > 1. An immediate ceasefire * >  * > 2. Immediate restoration of food, fuel, water, and electricity to the Gaza Strip * >  * > 3. Cessation of all settlement activity and disarmament of all settlers * >  * > 4. Immediate delivery of humanitarian aid on the scale required * >  * > 5. Respect towards the Geneva Conventions by all parties concerned * >  * > 6. An end to apartheid and strident moves toward a democratic future for all people regardless of race, religion, gender identity and nationality * >  In addition, we strongly uphold the principle of academic freedom, especially in light of the

55m

Nov 18, 2023

This week’s episode is the second half of Steve’s interview with Hamza Hamouchene about his book, . Steve and Hamza agree on the importance of reckoning with the realities of the current capitalist imperialist system, which has proven to be a failure in addressing the most crucial needs of people and planet. Hamza argues that alternative visions for a better world already exist – he himself is an eco-socialist – but the challenge lies in implementing them and building the necessary alliances and coalitions of working people, both at the national and global levels. The conversation also delves into the specificities of the Arab region, which has elements of authoritarian and military dictatorships due to its subordinate insertion into the global capitalist economy and its role as a key nodal point in global fossil fuel regimes. Hamza highlights the need for a just energy transition that takes into account the control and ownership of fossil fuel resources and the potential for green renewable energies. Hamza calls for diversifying tactics and strategies, organizing and building power to challenge imperialism and the decarbonization by dispossession. @BenToumert on Twitter

45m

Nov 11, 2023

When we talk about the climate crisis, common wisdom says we’re all in it together. That implies that everyone is responsible, and everyone needs to do something about it. Our guest, Dr. Hamza Hamouchene, attacks this notion unequivocally: “The historical responsibility, of course, in the climate crisis lies within the industrialized capitalist West.” Most of the impacts are felt by communities in the global South, in countries that have been impoverished since colonial times. As developing nations they are additionally burdened by international financial institutions when, in fact, they are owed climate reparations. Hamza is co-editor of He talks with Steve about the urgent need for climate justice and decolonization, while suggesting what a just transition would entail. They emphasize the critical need for support of the Palestinians, whose cause must be included in discussions of colonialism, climate justice, global trade, and energy systems. Part Two of this interview will be released next week. @BenToumert on Twitter

52m

Nov 04, 2023

This week’s episode is another webinar from our series: Inside a Failed State, with Michael Hudson. Michael prefers a Q&A format. Attendee questions revolved around US political economy, domestic and global. He discusses topics such as healthcare, de-dollarization, and the impact of economic policies on the working class. He emphasizes the need for a change in economic philosophy and highlights the government's ability to create money for social programs. A common Hudson theme is the difference between the production and consumption economy, or what he calls the real economy, and the financial sector of assets and liabilities, of loans and debts, which is superimposed on the real economy. * >  A Michael Hudson episode always sparks lively, sometimes contentious, comments. His insights on finance, politics, and class power dynamics give fans and detractors alike something to chew on. https://patreon.com/michaelhudson Find his work at michael-hudson.com https://michael-hudson.com

1h 33m

Oct 28, 2023

As a society we are conditioned to believe we can f*ck with nature, with the living world, but the economy is immutable. We dare not try to change it. As MMTers we say: hahahahaha... *sob* These two assumptions explain why we’re hurtling towards ecological catastrophe and why austerity has become a way of life. Steve’s guests this week are Colleen Schneider and Christopher Olk. They are co-authors, with Jason Hickel, of the paper, . Any listeners who have paid attention to Real Progressives’ journey over the past couple of years will be excited to add Colleen and Christopher’s insights to their intellectual arsenal. They are those rare scholars who manage to be both realistic and optimistic. (They are not suggesting that the right slate of politicians will tweak capitalism to make it heal the the planet and the population.) They discuss how both MMT and the degrowth movement challenge the myth of scarcity. They look at the disparities between the Global North and South. They emphasize the interconnectedness of ecological and social issues, and the need to address both the predation on the Global South and the climate crisis. They talk about non-reformist reform and the ways in which addressing national economic policies can be played out at the local level to radicalize people. By understanding the power dynamics within the financial system, MMT can empower and mobilize, allowing us to attack multiple problems as if they were one. Which they kind of are. ***** @ColleenFights on Twitter @christopher_olk on Twitter

48m

Oct 21, 2023

**Don’t forget to register for Macro ‘n Chill. Come listen to the episode together and discuss it on Tuesday evening at 8 pm ET/5 pm PT. This week’s registration link is at https://realprogressives.org/event/macro-n-chill-246/ Carlos García Hernández is the author of . He lays out the five goals of fiat socialism: __ __ Carlos maintains that any society achieving these five goals at the same time and permanently should be called socialist, no matter the size of the private sector. Steve and Carlos discuss the philosophical foundations of both fiat socialism and Marxism. They also look at the role of the IMF and the possibilities for monetary sovereignty in developing nations. @Carlos_G_H_ on Twitter Or X

1h 0m

Oct 14, 2023

This week’s episode welcomes back Fadhel Kaboub, a valued friend of this podcast. He and Steve discuss the concept of just transition and the problems with carbon markets as a solution to climate change. They stress the injustice of historic polluters buying carbon credits to continue polluting while displacing vulnerable communities in developing countries. It is yet another capitalist solution. The current global financial architecture, established during colonial times, is neither designed to address the climate crisis nor to promote sustainable prosperity. They emphasize the need for systemic change and a new vision for Africa and the global South that prioritizes food sovereignty, energy sovereignty, and industrial policy. They talk about the power dynamics between labor and capital, the role of governments in perpetuating inequality, and the importance of mobilizing and organizing for change. They highlight the narrow constructs that society is allowed to consider, which prevent true transformation and progress. They emphasize the importance of recognizing our interconnectedness and the need for what Fadhel calls “a movement of movements.” @FadhelKaboub on Twitter

1h 1m

Oct 07, 2023

A head of state whose economic policies promote austerity and fiscal responsibility is: __ __ Daniel Conceição is with us for his third visit to Macro N Cheese. He and Steve discuss the failures of both right and left governments. Some broad strokes of Brazil’s historical patterns are not so different from those in the US. The last left(ish) president, Dilma Rousseff, abandoned her Leninist roots and hopped aboard the privatization train. It wasn’t enough to protect her from impeachment, however. It’s easy to see parallels between Bolsonaro and Trump as well as the lesser evilism we’re facing in both our countries today. Despite President Lula's progressive rhetoric, his economic policies prioritize deficit reduction. His administration is committed to delivering fiscal results to financial markets over public investment in education, healthcare, and other social services. Daniel touches on the “dollarizing” of Argentina's economy and explains that it can only exacerbate instability and conditions of scarcity. Daniel and Steve talk about the insights gained from Modern Monetary Theory and agree that building power beyond elections requires a paradigm shift in our thinking. @stopthelunacy on Twitter

46m

Sep 30, 2023

* >  In this webinar from our popular series, Ndongo Samba Sylla tells us of the challenges facing Africa through the story of Thomas Sankara and breaks down what Sankara meant when he told the people to "live as African.” Ndongo suggests that the way forward combines the insights provided by MMT with Sankara’s plans for African liberation and development. He calls it MMT-ing Sankara or Sankara-ing MMT. Since some see MMT as apolitical, Ndongo is making a crucial point. He also goes into detail as to why cancelling international debt, though necessary, is not enough. After his presentation, Ndongo takes questions from attendees on the role of BRICS and potential benefits for Africa in a multi-polar world. He touches on the CFA franc and explains why economic exploitation is the most vicious form of imperialism. @nssylla on Twitter

1h 34m

Sep 23, 2023

Understanding how monetary sovereign governments create and spend money means looking at the Treasury department and the central bank or, in the US, the Federal Reserve. Economist Eric Tymoigne explains two approaches to understanding the relationship: the consolidated and the collaborative, or cooperative, version of the Treasury and the Fed. The consolidated approach merges the Fed and the Treasury into one entity and analyzes the implications of this merger on public finance. It emphasizes that taxes and government securities don’t fund the government, but rather, the government spends by crediting accounts. (This comes as no surprise to MMTers.) The consolidated approach also highlights the importance of injecting reserves into the economy before taxes can be collected or government securities can be sold. The coordinated approach recognizes the separate roles of the Treasury and the Fed but emphasizes the extensive coordination between the two entities. Eric walks us through these operations and touches on the relationship with private banking and the role of reserves on the international stage. Listening to this episode, you can’t help but conclude that the ways in which the US manages monetary operations are not consistent with budgetary needs. It’s hard to see how it has anything to do with provisioning our society. @tymoignee on Twitter

1h 6m

Sep 16, 2023

When someone associates Modern Monetary Theory with left or right wing politics, they’re signaling they know nothing of MMT and are simply associating it with some of its proponents. MMTers are political, MMT is not. Regarding degrowth, this week’s guest, Bill Mitchell, explains: * >  In other words, MMT neither supports nor opposes the degrowth agenda. In this episode, Bill describes degrowth as a value system and strategic approach to the future of humanity on the planet. MMT, on the other hand, is a lens or framework for understanding the capacities of currency issuance and the consequences of using that capacity. He and Steve highlight that MMT is compatible with both growth-oriented and sustainable strategies, and that degrowth policies would require significant investment from the state. They also discuss the challenges and obstacles to implementing a degrowth agenda, including the resistance of powerful vested interests and the potential for military conflict. The conversation also delves into the historical and political factors that have shaped the current domestic and global politics, including the counterattack by corporations and the wealthy against social democratic majorities in the early 1970s. They discuss the role of ignorance and media manipulation in perpetuating the current system and the importance of education and knowledge in empowering individuals and fostering solidarity movements. @billy_blog on Twitter

48m

Sep 09, 2023