Zachary Carter, 'The Price of Peace' and Stephanie Kelton, 'The Deficit Myth'

Stephanie Kelton, professor of economics and public policy at the State University of New York at Stony Brook and Bloomberg contributing columnist, has been called a “prophetic economist” and a “Rock Star” of progressive economics. Stephanie is the founder and of the top-rated economic blog New Economic Perspectives, and a member of the TopWonks network of the nation’s best thinkers. In 2016, Politico recognized her as one of the fifty people across the country most influencing the political debate. Zachary D. Carter is a senior reporter at HuffPost, where he covers Congress, the White House, and economic policy. He is a frequent guest on cable news and news radio, and his written work has also appeared in The New Republic, The Nation, and The American Prospect, among other outlets. His story, “Swiped: Banks, Merchants and Why Washington Doesn’t Work for You” was included in the Columbia Journalism Review’s compilation Best Business Writing. He lives in Brooklyn, New York.

[JoeMmt]

Always such a pleasure to hear Professor Kelton! Being a Blue Collar guy, both Prof Kelton and Zachary Carter are helping us find access to ideas that are so important to us Workers and the Poor. Not to mention, hope with things like Climate Change.

[bobbresnahan]

Like many important ideas MMT really is pretty simple. The Deficit Myth is a great book especially in that it conveys the basic ideas and observations simply and clearly. It will surely be one of the most influential books of this decade, maybe even of this century. Why? Because it can lead to fundamental change.

[ricksilverstein]

Steph — we’ve been in the trickle down for 40 years. By my account that is a full economic term. Rest assured as the pendulum returns to center the changes you seek will occur.

[stevetrezise]

I love Carter's comment about Alan Greenspan: If he'd shown up on Capitol hill and said all horses were hand grenades so we have to stop riding them, a large number of "very thoughtful people" and especially the beltway media would have taken that statement as gospel.

[stevemar]

Look at the actual cost of living increases since 1971 and you will know why deficits matter ... so deficits are necessary in a crisis? So we’ve been in a crisis for 45 years?

[vjillh]

Why do we not recognize the 'deficit' as our money supply? Why not define M0 as the deficit?

[gaylarice]

What do you think of Andrew Yang’s solution of Universe basic income and Value Added Tax as a means of helping to limit poverty, moving money into communities and taxing in away that generated a fairer taxation?

[bobbresnahan]

Bernie's talk about "revolution" was disturbing to me in several ways. First, the solutions he proposed in his campaign were just completions of FDR's New Deal, certainly not revolution. Admittedly radical shifts from current policy but not seizing the means of production. Second, on political grounds he unnecessarily frightened people with his rhetoric. It was not accurate, and it was unnecessary.

[ricksilverstein]

Zach — you might say that Keynes ideas became important for the bankers when the bankers needed him. Give it another 10 years and the bankers will have ignored Keynes again. You are a great detective and tell a good story. I hope you quit your day job and stick to research, history and story telling…written and oral (you are great as the host and guest)

[ricksilverstein]

Could be our new Keynes is Elon — nobody has peoples ears like Musk.

[Achrononmaster]

@34:30 ... [sigh] you hear what Stephanie is constantly up against! Even someone sympathetic like Zachary can utter neoclassical nonsense like, "... when Britain is basically broke..." Total rubbish. Even on the gold standard UK was never broke, they could always issue currency without limit by restricting gold issuance using Gilts, provided the real resources existed to move labour from private to public sector, and the NHS had the resources, furthermore, if they ever ran short of gold and someone came along to claim the rest of the gold reserves, the UK government (commanding a pretty decent army) could always tell them to piss off, so there was NEVER a problem of "being broke" for Britain, not in nominal currency, neither in real wealth. I mean... good god, how can you interview Prof Kelton and then utter such nonsense? Was he even listening to her, did he actually read her book? My guess is he did, but has not yet absorbed MMT fully into his understanding(?)