How Much Money Can We Print? - Warren Mosler, Modern Monetary Theory - DSPod #251

00:00 Go!
00:03:05 Do interest rates actually influence inflation?
00:11:36 Purpose of taxes is not what you think
00:19:26 Economy as faith based activity
00:27:22 Feds have no idea where money comes from?
00:37:33 Fed lacks tools to control inflation
00:53:37 Interest at the Treasury is unnecessary
01:07:00 Informed democracy & decision making
01:20:15 Michael Hudson
01:25:11 Why are we poorer despite the GDP?
01:41:53 Weimar repeat possible?
02:06:44 Threats from external economies?
02:28:58 Oil demand can't be ignored

#sciencepodcast #ModernMonetaryTheory #MMT #Macroeconomics #FiscalPolicy #GovernmentSpending #Chartalism #MonetaryTheory #DeficitSpending #Inflation #EconomicTheory


PODCAST INFO: Anastasia completed her PhD studying bioelectricity at Columbia University. When not talking to brilliant people or making movies, she spends her time painting, reading, and guiding backcountry excursions. Shilo also did his PhD at Columbia studying the elastic properties of molecular water. When he's not in the film studio, he's exploring sound in music. They are both freelance professors at various universities.

SOCIAL:

MUSIC:

[zendanceprojectarchanharmo]

a Warren Mosler and Michael Hudson debate would have my full attention

[Achrononmaster]

@1:12:00 Bill Mitchell. Get him on the show too! He's great.

[L.Mitchell-tnbh]

This man's views are exceptional in it's different and simplicity I find his theory to be enlightened and yet I have not heard of an implementation methodology. Please have this gentleman back!

[ProgressiveMastermind]

Please also have Stephanie Kelton on this topic. She has very intuitive ways to explain the whole matter.

Warren is sometimes hard to follow since quite technical, though very right 😉

[peterbradley]

I've listened to many hours and multiple discussions on MMT and only now beginning to understand it.

[coolherman]

Brilliant discussion. Finding out how money and the financial system really works is the path to a civilized world. Logic and reason will eventually overcome economic indoctrination, fearmongering, and propaganda. Warren Mosler’s insights and understandings are essential.

[alphadog]

So basically they can print whatever they want. The only danger is other countries stop using it and leave you with a mountain of paper.

[frankblunt]

It's not 'unchecked spending' that is the problem, but spending to the top under the pretext of 'fiscal responsibility'! The government is captured by corporate lobbyists and oligarch donors that subscribe to the neoliberal ideology of unchecked capitalism. That's the real problem! The insiders know that the government is the creator of the currency and have used that knowledge to create this nightmare world of endless wars, climate apocalypse, and domestic class warfare. A good example that the insiders understand where money comes from is when Alan Greenspan schooled Paul Ryan in a congressional hearing in which Ryan wanted to get Greenspan to agree that privatizing Social Security would be more sustainable, and Greenspan told him that 'there is nothing to prevent the government from creating as much money as it wants and paying it to someone, the real issue is having the REAL RESOURCES for that money to buy'! FYI, using the 'printing money' framing is a misleading term that is used to agitate the economically illiterate that are still living in a commodity money world and love to bring up hyperinflation. When the government spends, it doesn't 'print' truck loads of money. Paper money/coins are printed/minted by the treasury to facilitate cash transactions and is within the framework of already existing money within the private sector economy. It is a completely different operation from spending. THEY ALL KNOW AND PRETEND NOT TO KNOW, SO THEY CAN SERVE CAPITAL AND KEEP US UNDER THE BOOT HEEL OF CAPITAL. IT'S CLASS WAR AND ALWAYS HAS BEEN!

[cfarinho]

But Bernanke correctly explained to Paul Bryan in Congress that they simply typed the money for the Wall Street bailout into the computer.

[jaysphilosophy]

"Money is created where armies are parked." David Graeber

[vichkovski]

this is like the best lecture on economics ive ever listened to in my 40 years of life. (and its noteworthy, required economics class in college was the absolute worst)

[kp]

Bring Mosler & Hudson for a discussion adding Yanis .

[burneye]

love your work. hope you guys are doing well! how do we schedule a 3rd full alchemy podcast together?

[MichaeldeSousaCruz]

You really don’t need to talk to anyone else but Warren. If they aren’t an MMT Economist then won’t know what they are talking about, and some of the MMT economists get some things wrong. Get Warren on again sooner. Maybe talk with Scott Fullwiller if you want to go further into the details of the actual spending process

[murp]

I love them just nodding at the 1:31:00 mark as the light bulbs are going off! Amazing interview. It’s great seeing Warren talk to a skeptic audience. Real conversation and real progress happens. Well, maybe not “real” progress, but progress in moving the narrative.

[Richest_Person_in_the_World]

54:30 yeah but I think she was asking, does the use of dollars in the private sector come from taxation

[kp]

Professor Michael Hudson wrote the book about how the king got soldiers and buildings built including how the Egyptian empire was built. Read his books for listen to his lectures as teachers should teach HISTORY first at the same time as teaching what "coin" is.

[Richest_Person_in_the_World]

I'd say the glaring difference between government debt and regular debt, is that to get rid of debt usually the debtor has to bring dollars to someone else, but in the case of government it gets rid of its debt by other people giving them dollars. It's completely opposite and private individuals would love to have that problem

[interactivevirtualtours]

What an interesting conversation, though I have to admit I struggled to keep up. Not my first introduction to MMT and still having trouble, though not for want of trying. I can't help feeling that the conversation is in line for a head on collision with 'meritocracy' and that the greatest resistance will not only come from people not 'getting it' but that there needs to be a whole lot about privilege and who deserves.

[wrangler]

The key part is where he points out that financial sector is taking 35-40% of snp500 profits compared to 5% 50 years ago. There's so many implications.

Get Bethany McLean on.