The MMT Podcast with Patricia Pino & Christian Reilly

In last week's conversation with Christian, professor of Economics John T. Harvey laid out an easy to follow, step-by-step, jargon-free way to understand macroeconomics. This week John addresses some of the pushback Modern Monetary Theory has been receiving from mainstream commentators, and talks about using metaphors, stories and historical examples to illustrate his insights. John also introduces us to his creation, The Cowboy Economist. Please help sustain this podcast by donating to our Patreon! Patrons get early access to our episodes: https://www.patreon.com/MMTpodcast Read John's article - "MMT: Sense Or Nonsense?": https://www.forbes.com/sites/johntharvey/2019/03/05/mmt-sense-or-nonsense/#4c573f258527 Check out John's Cowboy Economist channel: https://www.youtube.com/channel/UCL9PHjlPQ5wq0CD6vAibxYg

Christian talks to professor of Economics John T. Harvey as he builds a solid macroeconomic framework from easy-to-follow first principles. Please help sustain this podcast by donating to our Patreon: https://www.patreon.com/MMTpodcast Read John's Forbes article: "MMT: Sense Or Nonsense?" Check out John's Cowboy Economist channel: https://www.youtube.com/channel/UCL9PHjlPQ5wq0CD6vAibxYg

Patricia talks with Associate Professor of Humanities & Cultural Studies and co-host of Money On The Left podcast Scott Ferguson about Marxism and political identities in general in relation to MMT. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast Scott is a research scholar at the Global Institute for Sustainable Prosperity (http://www.global-isp.org/scott-ferguson/), and also a contributor to Naked Capitalism and CounterPunch. Check out Scott's Money On The Left podcast: https://www.buzzsprout.com/172776 Follow Scott on Twitter: @videotroph https://twitter.com/videotroph

If you've ever wondered what it's like to go for a pint in a busy Glasgow pub with Warren Mosler, now's your chance! (I've left in the audio of the barman calling out our food orders because it made us smile!) Around the 15 minute mark, Dr Tim Rideout enters the discussion on trade between Scotland and the rest of the UK. NB. "Kilt" is the name Warren has given to a new Scottish currency (as outlined in episode 15). Thanks to Warren's wife Elizabeth for graciously holding the mike at certain points, and thanks to Warren and Elizabeth for allowing our dinner to be turned into a press conference! Special thanks to MMT Scotland for looking after us so well. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

MMT founders Warren Mosler and Bill Mitchell explain in great detail what Modern Monetary Theory would mean for an independent Scotland and the UK as a whole, and Patricia talks MMT activism at a live event chaired by Chris Cook and briefly interrupted by Christian. Many thanks to MMT Scotland for arranging the event. Recorded 8th May 2019. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

A quick message from professor Bill Mitchell about MMT events in the UK this week featuring Bill and Warren Mosler. We hope you can make it! Ticket links: EDINBURGH Wednesday 8th May 2019 @ 7pm GLASGOW Thursday May 9th 2019 @ 7pm BIRMINGHAM Saturday 11th May 2019 @ 2pm

A Song by Christian Reilly about MMT. Harmony vocals by Jeff Epstein, of Citizens' Media TV who also does amazing MMT Twitter tutorials (@citizensmediatv). Please check out Jeff's work here: https://twitter.com/citizensmediatv and here: https://www.patreon.com/CitizensMediaTV "Spending In The World As We Know It" can be found on Soundcloud here: https://soundcloud.com/christianreilly/spending-in-the-world-as-we-know-it Lyrics: That's great it starts with a sovereign state Deciding that it needs to make Green new jobs and high speed trains It creates a currency When it demands taxes be Paid in a token that it creates exclusively If you don't pay it or you fake it Then you get incarcerated what you need's the currency now you're technically unemployed, looking for, work that pays, in the state's unit of account that only it creates It offers you employment When look at the alternative You can't decline Spending more than they collect Is what they call the deficit And it's just all the Dollars in the bank accounts that have been spent and not rubbed out By paying taxes thats a fact Oh oh. This means the Deficit is your asset When they spend it's what you get Otherwise known as the national debt Government produces it Reducing it reduces the Money supply This is spending in the world as we know it This is spending in the world as we know it Government debt's not what you owe it's what you own yeah, it's absolutely fine So why the hell we paying taxes if the money's manufactured By the state when it spends It's because the government Was voted in to do a thing To do a thing they need some things Like labour and materials But you don't need their dollar bills That's why they impose a tax In a token you don't have Now you need to work for it They spend em out and take em back They leave some in your pocket You can spend them at the market Because everybody needs Dollars for their tax bill or they're going To get fined and sent to jail like Michael Cohen I'm sorry to make you think about Michael Cohen But I was desperate for a rhyme The other night I heard that chick Saying to a bunch of kids How you gonna pay for it? DIANNE FEINSTEIN Money is a tax credit Duh you can't run out of it Type it in the central bank The people's wish is its command If we got resources Money wise we can afford it Right? Right! This is spending in the world and we know it This is spending in the world and we know it You got the power of the purse it's time to show it Sunrise knows it's time This is spending in the world and we know it Planet's burning up and we know it Time to save the world, the status quo ain't Gonna work this time This is spending in the world and we know it This is spending in the world and we know it This is spending in the world and we know it Someone tell Jill Stein (MMT Reality) This is spending in the world and we know it This is spending in the world and we know it This is spending in the world and we know it Feel the Bern this time (MMT Reality) This is spending in the world and we know it This is spending in the world and we know it This is spending in the world and we know it It's absolutely fine

Alexandria Ocasio-Cortez friend and advisor, Andrés Bernal talks to Patricia and Christian about MMT and the evolution of The Green New Deal. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast To see more on these topics, Andrés recommends visiting these sites: The Global Institute for Sustainable Prosperity The Modern Money Network Andrés on Twitter: @andresintheory Christian's MMT song, "Spending In The World As We Know It" can be found on Soundcloud https://soundcloud.com/christianreilly/spending-in-the-world-as-we-know-it

MMT economist Steven Hail helps Christian understand the intricacies of a modern money banking system as they discuss the interplay of government spending, private sector transactions, reserve and bond accounts at the central bank and how these things impact on interest rates, plus the effect of quantitative easing. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Patricia and Christian chat with economics professor and president of the Global Institute For Sustainable Prosperity, Fadhel Kaboub about the meaning and importance of monetary sovereignty, MMT in relation to developing countries, Venezuela, colonialism, Scottish independence, and the MMT Job Guarantee. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Patricia Pino and Christian Reilly talk with lead MMT academic, professor Bill Mitchell, as he answers listeners' questions about government bond issuance, central banking, the Job Guarantee, the NAIRU, the Euro, parallel currencies, debt jubilees, zero interest rate policy, capital controls, MMT university and more... Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Patricia interviews Chiara Zoccarato, a socialist activist from Patria and Costituzione. A committed MMT advocate, Chiara explains the current stand off between Italy's new right wing government and the European Commission, and the economic and political implications of the Eurozone spending restrictions. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

In their continuing mission to demystify economics, Patricia and Christian talk about spreading Modern Monetary Theory, watching/avoiding the UK budget, automatic stabilisers and an idea for an MMT activist manifesto. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Patricia and Christian chat with Richard Murphy, economist and author of The Joy Of Tax, about what the UK government deficit actually is: your money! We also talk about Corbynomics, Labour's Fiscal Credibility rule and the difference between fiscal policy and monetary policy. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Patricia and Christian chat with Dr Steven Hail, MMT economist and author of "Economics for Sustainable Prosperity" about where your money goes when you pay your taxes. Spoiler alert: nowhere! Also under discussion: the difference between price shocks and inflation, the irrational assumptions of orthodox economists and what might happen to foreign exchange rates after Brexit. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Christian Reilly interviews Nathan Tankus, research scholar at the Modern Money Network (MMN) in the US to find out how currencies work and what makes them valuable - and also about exchange rates, inflation, and what's happening in Venezuela. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Christian Reilly and Patricia Pino interview leading US activist and president of The Modern Money Network Rohan Grey on the efforts to push through a job guarantee. How does it compare to a Universal Basic income (UBI)? Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Patricia Pino and Christian Reilly interview Dr Fadhel Kaboub, President of the Global Institute for Sustainable Prosperity to discuss the new policy advocated by MMT activists which is generating debate in the US after support from Senator Bernie Sanders. What is a Job Guarantee, how does it compare to UBI and what problems, if any, would it solve? Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Patricia Pino and Christian Reilly discuss Government 'debt' and explain why politicians never ask "how are you going to pay for it?" when it comes to war. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

What does it mean to be Monetarily Sovereign and why does it matter? Patricia Pino and Christian Reilly discuss how some erroneous mainstream economic concepts are confusing us and undermining our understanding of world economic problems. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Christian Reilly and Patricia Pino explain why we don't need a hypothecated tax for the NHS, and why it's so damaging to believe that we do. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast