Activist #MMT - podcast

Welcome to episode 150 of Activist #MMT. Today I talk with Maren Poitras, the creator and director of the MMT documentary, Finding the Money. I had the pleasure of seeing this film on October 1st, 2023, in New York City, with my Torrens professor Steven Hail, Torrens administrator Gabie Bond, and Torrens classmate Susan Borden. After the film, we all went to a nearby bar-restaurant, and I got to meet and speak with Maren at length. (A list of the audio chapters in this episode can be found below.) In today's episode, Maren and I talk about how she came to the film and how it's informed by her background in ecological economics. We talk about the trials and tribulations of film-making, including the tortures of creating the intricate and subtle graphics used in the film. We also talk about her interactions with the non-MMTers as seen in the film. At the end, she says what you as a supporter can do to help this film be seen by others. In my view, the film is the most important milestone in the MMT movement since Stephanie Kelton's 2020 book The Deficit Myth (which was the most important milestone since US Representative Alexandria Ocasio Cortez said "MMT" out loud in 2018). The film has the power to change how we talk about some major concepts. It will be available to stream in early May. And now, on to my conversation with Maren Poitras. Enjoy. Audio chapters 3:3514:4720:1538:5939:1743:1047:4655:3557:181:01:001:06:57

Here's a preview of my soon-to-be-released interview with Finding the Money director, Maren Poitras. It's a four-minute segment where Maren describes what YOU can do to help Finding the Money be seen by others. The big launch is less than three weeks away. This means the most important thing is to get people to buy tickets for screenings. The documentary's website (findingmoneyfilm.com) is the best place to go for this, and especially the "where to watch" page. Here are the major upcoming screenings: here The film will be available On Demand nationwide wherever you rent movies on May 3! (I'm going to stream it with my family as soon as it's available. I'm pretty sure my boys, 14 and 17, will sit through the whole thing, but I have carrots (homemade popcorn) and sticks (threat of no bed to sleep in) at the ready.)

Welcome to episode 148 of Activist #MMT. Today I talk with post-Keynesian economist Steve Keen about his decades-long fight against mainstream economics, what MMT convinced him of, and the couple parts of MMT he still disagrees with. This first part is a half-hour long audio interview, which will be followed next month by an hour-and-a-half-long video interview, where Steve walks me through the basics of his Minsky modeling software, and why he believes it's an important tool for MMTers. (Here's a link to PART TWO. A list of the audio chapters in this episode can be found right below.) MMT and Steve are in complete agreement with how banks spend (lend money into existence). After reading Stephanie Kelton's book in 2020, Steve realized that government spending also creates money. National governments don't tax in order to spend, they spend in order to tax. Steve quickly created a Minsky model convincing himself that MMT is indeed correct regarding this. This insight is also completely compatible with his understanding of bank spending. As far as Steve's disagreements with MMT, they are important, and Steve lays them out in detail in the last ten-or-so minutes of this episode. But let it be known that they are far from core issues. In other words, the amount of agreement is far greater. It's good to understand what these disagreements are, but as Steve says, we have much bigger fish to fry. This is the first main episode of Activist #MMT since August. Although I've released three chapters from John Harvey's readings of his book Contending Perspectives (with lots more to come!), the past six months have been all consuming, starting with my third Torrens course – which was coincidentally taught by John on that very book. It was both incredibly enlightening and unbelievably exhausting. I've also become a full-time musician. I now sing several times each week at retirement communities and related facilities (independent living, assisted-living, nursing homes, etc.). Coincidentally, back in July, I met Steve in person for dinner in Princeton, New Jersey, which is about an hour north of my home. After dinner and conversation, Steve gave me an initial walk-through of Minsky. We ended the night with me singing a few songs on the sidewalk – just me, my phone, and a little Bluetooth speaker. At the very end of today's episode, after the closing theme music, you'll hear a small highlight from that experience. You can check out my singing website at seejeffsing.com. And now, onto my conversation with Steve Keen. Enjoy. Audio chapters 4:245:538:199:4310:4912:5614:2916:4219:1220:0921:3125:4827:5930:2531:1634:3836:01

John Harvey reads the introduction to (chapter one of) his book, Contending Perspectives. Here's the original video from where this audio came. Here's a list of links to John reading every chapter (released so far) in his 2021 book Contending Perspectives. Note the original video is unedited, but the audio has been edited to eliminate obvious mistakes, coughs, interruptions, and etc. Audio chapters Use the below timestamps to navigate to each major section and occurrence in this section: 0:000:418:5614:35

Here's the original video from where this audio came. Here's a list of links to John reading every chapter (released so far) in his 2021 book Contending Perspectives. Note the original video is unedited, but the audio has been edited to eliminate obvious mistakes, coughs, interruptions, and etc. Audio chapters Use the below timestamps to navigate to each major section and occurrence in this section: 0:006:37

Welcome to episode 147 of Activist #MMT. Today's the second in my two-part conversation with author, mathematician, and bond analyst Brian Romanchuk (Twitter/RomanchukBrian), on the basics of the secondary market and how it relates to the primary market. Today in part two, Brian continues describing the participants in the secondary market, why they do what they do, and shares several anecdotes from his many years of experience as a bond analyst for fixed income recipients in Canada. A fuller introduction can be found before part one. But for now, let's get right back to my conversation with Brian Romanchuk. Enjoy. A fuller introduction can be found at the beginning of part one, but for now, let's get right back to my conversation with Brian Romanchuk. Enjoy. Audio chapters 4:034:478:1926:2428:2230:0132:1133:5736:0741:4045:0849:0355:2858:471:03:121:15:15

Welcome to episode 146 of Activist #MMT. Today I talk with author, mathematician, and bond analyst Brian Romanchuk, on the basics of the secondary market and how it relates to the primary market. Brian starts with a brief tutorial of how bonds are priced, which is seen very differently from the points of view of the primary and secondary markets. For an in-depth treatment of this topic, you can listen to episodes 30 and 31 of MMT Podcast with Steven Hail. (Here's a link to part two. A list of the audio chapters in this episode can be found right below [above the full-question list].) Brian then describes bonds (and more broadly, securities) in general, the population of who buys and sells them, some of the reasons why they are bought and sold, and several anecdotes of how it all happens. What can be said is this: rich people rarely if ever buy US treasuries on their own, as individuals. Additionally, the biggest players in securities trading never speak publicly in order to prevent jeopardizing their advantage – they keep their mouths shut. These two facts alone put a huge hole in the idea of so-called bond vigilantes. Although I'm not necessarily interested in the idea of bond vigilantes, it's one of the most obvious and common myths that comes up regarding the secondary market. Whatever the case, the idea that the market can somehow overrule the national government is clearly false. This is for at least the following three reasons: What this means is that the national government, through the collective action of its citizens (US!), has the power to stand up to the market even if they somehow object to the actions of that government. The only way the market can overpower the national government is if the government chooses for it to be that way – such as when representatives and regulators are bought off by the biggest players in that market. This is further bolstered by the populace being sufficiently duped into believing it all to be "unfortunate, but necessary." This is a primary battle-front in the centuries-long war between rich and poor, which, unfortunately, the rich have all but won. And now, onto my conversation with Brian Romanchuk. This is part one of a two-part conversation. Enjoy. In order to preserve both my podcast and my sanity as I proceed through Torrens University and Modern Money Lab's graduate program in MMT and ecological economics (🦉🤝🌍), I've slowed my podcast from one episode a week, to once a month. For as little as a dollar a month, patrons of Activist #MMT can hear all three parts with Brian right now. You can start by going to patreon.com/activistmmt. Resources Z1 documentBrian's July 2023 Q&A with Torrens University students Audio chapters 5:337:4311:1812:0412:4921:4124:4529:4833:1436:0544:3447:1152:211:00:211:01:061:04:24

Welcome to episode 142 of Activist #MMT. Today's the final part of my three-part conversation with Emily Ruhl, on his 2008 paper, Religiously-defensible, divinely-supported genocide. Today we discuss principles seven to ten. My full and detailed question and summary list can be found in the show notes to part one. Also, be sure to see the list "audio chapters" in all three parts (look below!) to find exactly where each topic is discussed. You can financially support this podcast by going to Patreon.com/ActivistMMT. For as little as a dollar a month, all patrons get exclusive, super-early access to several full episodes and some unique patron-only opportunities, like asking my academic guests questions (like my episodes with Dirk Ehnts, John Harvey, and Warren Mosler). In addition to this podcast, patrons also support the development of my large and growing collection of learn-MMT resources, and my journey through the Torrens graduate program. To become a patron, you can start by going to Patreon.com/ActivistMMT. Every little bit helps a little bit, and it all adds up to a lot. Thanks. And now, let's get right back to my conversation with Emily Ruhl. Enjoy. Audio chapters 3:016:448:0218:1719:0328:1034:4438:4741:3851:0052:2854:44

Welcome to episode 144 of Activist #MMT. Today's part two of a three-part conversation with historian, author, and Harvard master's graduate, Emily Ruhl, on her new paper and master's thesis, In League with the Devine: How Religion Influenced Nazi Perpetrators of the Holocaust. You will find my detailed question list at the bottom of the show notes for part one. Also, be sure to see the list "audio chapters" in all three parts (look below!) to find exactly where each topic is discussed. A full introduction can be found at the beginning of part one, but for now, let's get right back to my conversation with Emily Ruhl. Enjoy. Audio chapters 2:433:507:2111:1220:3129:2130:1244:2848:5955:30

Welcome to episode 143 of Activist #MMT. Today I talk with historian, author, and Harvard master's graduate, Emily Ruhl, on her new paper and master's thesis, In League with the Devine: How Religion Influenced Nazi Perpetrators of the Holocaust. This is the first of a three-part episode. You will find my full and detailed question list at the bottom of today's show notes. Also, be sure to see the list "audio chapters" in all three parts to find exactly where each topic is discussed. (Here are links to parts two and three. A list of the audio chapters in this episode can be found right below [above the full-question list].) (In order to preserve both my podcast and sanity as I proceed through the Torrens graduate program, I've decided to slow my podcast from one episode a week to once a month.) The Nazi Party started by trying to resist and reject all religion, but soon, religion became a fundamental part of the Party's strategy of coercing and propagandizing everybody, from members of the public, to the highest ranking figures in both religious and political institutions, into accepting the brutal and systematic murder of eleven-million souls. The Nazi religion took elements of Christianity, Protestantism, and Paganism, to make one geared not to brotherly love, but primarily to erasing non-Aryans from the Earth. This Nazi pseudo-religion served both as coercion – you must kill the unworthy, or at least stand back while others do – and also as a salve, to come to terms with what you've just done. As you'll hear in the cool quote for part two (the first minute before the opening music), that salve can make the difference between sanity and insanity, and life and death. The Nazi's didn't want to murder eleven million people, they had to, because God said they had to. It was "unfortunate, but necessary." My primary goal for this interview is to demonstrate how this is parallel to mainstream economics, which is also a tool to justify suffering, this time in the form of austerity. Instead of a gun to the head at point blank range, austerity is mass deprivation and exploitation, resulting in a slow and torturous death by despair, starvation, exposure, and untreated sickness and injury – not to mention wasted potential. We currently have the ability to provide all with what they desperately need, including healthcare, education, decent food and shelter, un-poisoned water, and breathable air. As illuminated by Kate Raworth's doughnut, if we are to continue existing as a species, then we must provide the desperate with what they most desperately need. At the same time, we also have to stop the very few on top from using the vast majority of our precious and limited resources to needlessly lavish themselves. Unfortunately, we are instead digging ourselves into an even deeper ecological crisis, when we should be getting off fossil fuels entirely, and restructuring society so we don't require as much. On our current path, in the not-too-distant future, it may indeed become unfortunate but necessary to choose who must be deprived in order for the rest to live. Of course, given our obscene and still growing inequality, the most powerful few will be the ones to make those decisions, and the least powerful many will be the sacrificed. This is the lifeboat economics of the tragedy of the tragedy of the commons. Instead of the around eleven million murdered by the Nazi Party, mainstream economics is little more than a religion to justify what may ultimately result in the death of not millions, but billions. Austerity is genocide at a slower pace. As if riding in a bus hurtling towards a cliff, we as a species currently face a binary choice, between having a terrible accident, and plunging off into oblivion. As Mark Twain said, "History never repeats itself, but it does often rhyme." There is still time to learn from that history. We can choose another path. On a completely unrelated side note, while attending her master's program,...

Welcome to to the audio of season 3, episode 3 of Modern Money Doughnuts (MMD), hosted by Steven Hail and Gabrielle Bond. In series 3 of Modern Money Doughnuts, we meet some of the students from the Modern Money Lab and Torrens University Australia Masters Degree in the Economics of Sustainability. Today we talk to Susan Borden, one of our amazing students, about what she's learning in the course, what we're discussing and working on, and what motivated her to take up this challenge. Plus we'll ask our guests about their working life and activism and what they do for fun and regeneration. What have Doughnuts to do with modern money? Quite a lot as it turns out. In Modern Money Doughnuts, Gabrielle Bond and Steven Hail explore the relationships between #MMT and doughnut economics. (All episodes of Modern Money Donuts can be found on this page by Modern Money Labs.) Here's the video from which this audio comes from. (The audio is unedited.) MMD is hosted by Modern Money Lab, and the audio podcast is produced and hosted by Activist #MMT. So if you'd like to be automatically notified of each new MMD episode, then subscribe to Activist #MMT on your favorite podcast platform.

Welcome to episode 142 of Activist #MMT. Today's the final part of my three-part conversation with Scott Fullwiler, on his 2008 paper, Modern Central Bank Operations: The General Principles. Today we discuss principles seven to ten. My full and detailed question and summary list can be found in the show notes to part one. Also, be sure to check out the list of audio chapters at the bottom of today's show notes, to find precisely where each principle, and otherwise, can be found. (A list of the audio chapters in today's episode can be found at the bottom of this post.) Principal seven, which refers to a world without a floor system (QE is an example of a floor system), is that a central bank can change its target interest rate by simply announcing it. This is contrary to the false idea that the central bank can only set a new target rate by overwhelming the system with reserves in order to push the rate higher, or push it lower by starving the system by selling a very large amount of bonds. This implies the central bank and its government to be little more than a very large currency user. Also, the "liquidity effect" is the false idea that the mere existence of reserves makes banks want more of them, and that this in turn results in more lending to customers. (This is essentially Say's law, which is the false idea that supply causes demand.) Principal eight is that the amount of total reserves in the system is primarily due to the central banks method of interest rate management. If a central bank chooses a floor system like QE, then there will be a whole lot of reserves in the system. If they also choose restrictive reserve requirements, then there will be even more as banks demand more in order to meet them. If there was no floor system or reserve requirements at all, then the total amount in the system will be greatly reduced. In this case, once again, the aggregate level will be controlled endogenously – by the rigidness of banks needing to settle payments each day, which is primarily dependent on the behavior of actual humans in the real economy (the non-government sector). Principles nine and ten basically assert that the central bank is in the unique position of being a currency issuer. Only the central bank, via the execution of fiscal policy, can create net financial assets – which is money we don't have to pay back. Commercial banks can only create credit, which must always be paid back, plus interest. Commercial banks – and indeed the entire financial system and economy – depends on the central bank because: we have to pay taxes which can, ultimately, only be paid with reserves, which can only be done through the banking system. Also, banks are legal franchises of the state. If a commercial bank tried to bypass the central banking system entirely, it wouldn't be a bank for long. In the same way, you could try and call yourself a bank, but unless you're legally sanctioned and accepted as one by the central bank, you wouldn't get very far. You can financially support this podcast by going to Patreon.com/ActivistMMT. For as little as a dollar a month, all patrons get exclusive, super-early access to several full episodes and some unique patron-only opportunities, like asking my academic guests questions (like my episodes with Dirk Ehnts, John Harvey, and Warren Mosler). In addition to this podcast, patrons also support the development of my large and growing collection of learn-MMT resources, and my journey through the Torrens graduate program. To become a patron, you can start by going to Patreon.com/ActivistMMT. Every little bit helps a little bit, and it all adds up to a lot. Thanks. And now, let's get right back to my conversation with Scott Fullwiler. Enjoy. Audio chapters 5:427:5920:4027:5030:0131:1032:3236:5239:5241:4842:4647:0849:3153:4856:51

Welcome to the audio of season 2, episode 2 of Modern Money Doughnuts (MMD), hosted by Steven Hail and Gabrielle Bond. In series 3 of Modern Money Doughnuts, we meet some of the students from the Modern Money Lab and Torrens University Australia Masters Degree in the Economics of Sustainability. Today we talk to Nathan McMillan, one of our amazing students, about what he's learning in the course, what we're discussing and working on, and what motivated him to take up this challenge. Plus we'll ask our guests about their working life and activism and what they do for fun and regeneration. What have Doughnuts to do with modern money? Quite a lot as it turns out. In Modern Money Doughnuts, Gabrielle Bond and Steven Hail explore the relationships between #MMT and doughnut economics. (All episodes of Modern Money Donuts can be found on this page by Modern Money Labs.) Here's the video from which this audio comes from. (The audio is unedited.) MMD is hosted by Modern Money Lab, and the audio podcast is produced and hosted by Activist #MMT. So if you'd like to be automatically notified of each new MMD episode, then subscribe to Activist #MMT on your favorite podcast platform.

Welcome to episode 141 of Activist #MMT. Today's part two of my three-part conversation with Scott Fullwiler, on his 2008 paper, Modern Central Bank Operations: The General Principles. Last time in part one, we discussed some generic but related topics, and then principles one and two. Today in part two, we discuss principles three to six. Next time in part three, we discuss seven through ten. My full and detailed question and summary list can be found in the show notes to part one. Also, be sure to check out the list of audio chapters at the bottom of today's show notes, to find precisely where each principle, and otherwise, can be found. (A list of the audio chapters in today's episode can be found at the bottom of this post.) Principal three is that, outside of a floor system, it's not possible for the central bank to target the quantity of reserves. This is for two reasons: first, as in principle one, banks need reserves to settle payments and meet reserve requirements. Both of these are rigid needs. They need exactly that amount, no more no less. In other words, banks' demand for reserves is always vertical. Any less, and the payment system, and consequently society, breaks down. Any more and the reserves sit around unused. (The excess may earn a bit of interest, but, outside of a Volcker shock, where rates are set up around 20%, it's not much.) This means the amount of reserves in the system is determined by commercial banks (that is, it's endogenous) not the central-bank (which would be exogenous). The other reason the central bank can't set the quantity of reserves (outside a floor system), is because many transactions occur that are outside the central bank's control. A few examples are government spending and taxation (both of which the central bank must do), and calendar factors such as more cash being desired by the public as each weekend and vacation day approaches. Related is principle four, which is that all of these extra transactions must be offset. This is required if banks' demands for reserves is to be met, which is required to manage the payment system, which is required to have a stable society. Specifically, these extra transactions result in reserves entering and leaving the system in an uncontrollable and volatile fashion, making it less likely that banks' needs will be met. Therefore, the central bank must buy and sell bonds in order to keep reserve levels sufficient. Principal five is that reserve requirements are not for controlling reserve aggregates (which as in the previous principal, isn't possible anyway), but rather are an additional tool for reducing interest rate volatility. Although nothing changes what the central bank has to do, correctly designed reserve requirements allow the actions to occur at a more measured pace. They also provide some foresight and notification before some actions become urgent. (Think of it in terms of the tickets and doors at a sports stadium. Everyone with a ticket needs to get inside before the game starts and outside after it ends. The doors and the tickets make it such that the crowd enters and exits in a controlled fashion, distributed over time.) Finally, principle six is that volatility in the target rate can only exist within the central bank's corridor, meaning interest on reserves at the minimum and the discount window's penalty rate at a maximum. The decision to not regulate, or not enforce existing regulations, is just another form of regulation. When there is no deliberate floor or ceiling, as is our current reality, it means the highs will be dangerously high and lows dangerously low. In the same way, Minsky's financial instability hypothesis is only true within the ceiling and floor set by governments. We could set a rigid floor and ceiling such as with a job guarantee, but then, as Kalecki says in his 1942 paper, Political Aspects of Full Employment, if the government governs, then the rich and their feelings can't. This is why the rich...

Welcome to season 3, episode 1 of Modern Money Doughnuts (MMD), hosted by Steven Hail and Gabrielle Bond. In series 3 of Modern Money Doughnuts, we meet some of the students from the Modern Money Lab and Torrens University Australia Masters Degree in the Economics of Sustainability. Today we talk to Activist #MMT Jeff Epstein, one of our amazing students, about what he's learning in the course, what we're discussing and working on, and what motivated him to take up this challenge. Plus we'll ask our guests about their working life and activism and what they do for fun and regeneration. What have Doughnuts to do with modern money? Quite a lot as it turns out. In Modern Money Doughnuts, Gabrielle Bond and Steven Hail explore the relationships between MMT and doughnut economics. (All episodes of Modern Money Donuts can be found on this page by Modern Money Labs.) Here's the video from which this audio comes from. (The audio is unedited.) MMD is hosted by Kerberos Media, and the audio podcast is produced and hosted by Activist #MMT. So if you'd like to be automatically notified of each new MMD episode, then subscribe to Activist #MMT on your favorite podcast platform.

Welcome to episode 140 of Activist #MMT. Today I talk with Scott Fullwiler on his 2008 paper, Modern Central Bank Operations: The General Principles. Today's part one of a three-part conversation. Today in part one we discuss some generic but related topics, and then principles one and two. Next time in part two we cover principles three to six, and then in part three, principles seven to ten. My full and detailed question and summary list can be found at the bottom of these show notes (look below!). Also, be sure to check out the list of audio chapters to find precisely where each principle, and otherwise, can be found. (Here are links to parts two and three. A list of the audio chapters in this episode can be found right below the resources section in this post.) Today's principles one and two. Principle one is that reserves can only be used for two purposes: Settling payments between banks, and meeting reserve requirements. (There's actually a third purpose, which is it's the only thing that can ultimately settle tax obligations to the state.) Knowing these are its only possible uses, when you hear, for example, that more reserves somehow increase a bank's liquidity, and that this in turn encourages banks to lend more to customers, which then in turn increases economic activity in general… you know they're wrong. The same is true with the reverse: that less reserves somehow discourages lending and reduces economic activity. Principal two says that, because the central bank is the only entity capable of creating and deleting reserves, it has "a fundamental, legal obligation to promote the smooth functioning of the national payment system." Without a functioning payment system, society would, without exaggeration, break down. If a bank can't settle its payments with another bank, then everyone expecting a payment won't receive it, and everyone expecting payment from them also won't receive it. And on and on. Trillions of dollars go through the federal reserve system every day. More goes through this system in the United States each week then an entire year's worth of GDP. Not to mention, the US payment system is central to most of the payments for the entire world, and so the US payment system breaking down would have global implications. (As a brief side note, this latter point is leveraged by the United States to surveil and manipulate most nations around the globe. One example is how, when Iraq threaten to eject all US troops, the US responded by threatening to forbid Iraq from using its payment system, thereby potentially disconnecting it from the entire world. This is the big story that lurks behind the so-called petrodollar. Here is a fascinating video on this by the Wall Street Journal.) And now, onto my conversation with Scott Fullwiler. Enjoy. Resources Daily Treasury statementoriginal locationBanking in a Digital Fiat Currency RegimeElasticity and Discipline in the Global Swap Network Do Taxes and Bonds Finance Government Spending?Institutional Analysis and Praxis: The Social Fabric Matrix Approach Audio chapters 5:066:558:4911:2712:1716:5819:5223:0825:2527:5430:3431:3735:5738:2440:5443:2244:2347:2750:48 My full question and summary list I have some questions before we get into the ten principals: Pre-1: First, I'd like to start with a general question mostly unrelated to your paper: A common online theory is that the central bank doesn't answer to the government. Rather, the government answers to the central bank – and according to some, even directly to commercial banks. This means the government must borrow (in the personal sense!) from the CB or banks, which means the national debt and deficit, and bond vigilantes, are indeed a big deal. This also completely undermines MMT. We're going to get into lots of details, but in general, how would you respond to that person? (Assuming they really want to know better.) Is there any instance in history where, when it really came down to it, the central...

Here's the original video from where this audio came. Here's a list of links to John reading every chapter (released so far) in his 2021 book Contending Perspectives. Note the original video is unedited, but the audio has been edited to eliminate obvious mistakes, coughs, interruptions, and etc. Audio chapters Use the below timestamps to navigate to each major section and occurrence in this section: 1:353:254:4010:0317:3930:1344:0158:381:06:321:09:301:10:431:13:101:14:55

Welcome to episode 137 of activist #MMT. Today I talk with Steve Kelsey, about what money and money issuance, and our entire money system, should and could be, if we could start over and design it from scratch. You'll find two of his papers linked below (in the Resources section). Before that, we discuss Steve's Twitter thread, which is one of the most viral MMT tweet threads of all time more than 3000 retweets and nearly 7000 likes. The topic of his thread is the big lies told by former UK Prime Minister Margaret Thatcher. The first big lie is "TINA" which stands for "there is no alternative." This is how those already on top tell the rest to sit down, shut up, and take what you can get. The second big lie is "there is no government money, there is only taxpayer money." This is a statement by those who have taken control of government that they will do whatever it takes to prevent its powers from being used for regular people. This is true even for things desperately needed and obviously within its capabilities. The third big lie is that the government is nothing more than a gigantic household or company, and so must balance its spending with revenue. This is basically the justification used by those in power to deceive the rest into thinking that deliberate mass neglect is "unfortunate, but necessary." The fourth big lie, despite not being included in Steve's Twitter thread, is most closely related to today's conversation. That is, "there's no such thing as society, there's only household individuals and families." This is just another version of, "you're on your own. We could help you (and we're the only institution that can help you!) but we're not gonna do that. So, good luck!" If healthcare had no cost, then rising healthcare costs, obscene pharmaceutical prices, and medical debt, would become an impossibility. If education had no cost, then student debt – and the faux concern that canceling it is regressive and will cause terrible inflation – would also be impossible. Finally, if everyone who wanted a job, could have a job, then "the sack" could no longer be used as a tool to discipline workers. Much of these things boil down to what Michael Kalecki describes in his 1942 paper, The Political Aspects of Full Employment: the rich pay legislators to not legislate. When the government doesn't govern, who's left to control our lives but those who pay legislators the most? Those on top cannot remain on top unless they exploit the rest. They will not stop until they are stopped. Needless to say, overhauling our current system is a daunting task. But what if we could? Even if unlikely, you can't achieve a goal if you don't first dream and design it. Today's conversation with Steve is a thought experiment to dream about what a new system could be. Steve's idea is to replace national money issuance with community-based money issuance. Importantly, these communities don't have to be limited to small geographical regions. They could be trans-jurisdictional, meaning they could span multiple national borders, even dispersed across the world, coordinated by tools such as the internet. Something that spans borders cannot be conquered without the cooperation of all the nations in which the community exists. One historical example of mass collective action is the hole in the ozone layer, which took the cooperation of nations from around the world to reduce chlorofluorocarbons (CFCs) and greatly reduce the hole. We currently have a society where the vast majority are not cared for. This drives us apart and into the arms of precisely those who pay our legislators to not care for us. Let's replace that with caring for each other, which would drive us together, making it possible to ignore those who personally benefit from mass exploitation and neglect. There's much more to Steve's idea but I'll leave it there. As a reminder, you'll find two of his papers linked in the show notes. Sadly, Steve's mother passed away a week before...

Dennison University economics professor Fadhel Kaboub discusses the reality of inflation. Dr. Kaboub has recently been appointed as Under-Secretary-General for Financing for Development of the OEC. See: https://oec-oce.org/en/secretary-general-appoints-fadhel-kaboub-under-secretary-general-for-financing-for-development/ Here's the video of this snippet, with thanks to KRTD Media: https://youtu.be/obSc-Ddcpwc It was extracted from this video, starting at around the seventeen-minute mark: https://youtu.be/ggcsd08LXFA This video was curated by Activist #MMT - the podcast, and produced by KRTD Media. FadhelKaboubActivistMMTKRTDMedia

Here's the original video from where this audio came. Here's a list of links to John reading every chapter (released so far) in his 2021 book Contending Perspectives. Note the original video is unedited, but the audio has been edited to eliminate obvious mistakes, coughs, interruptions, and etc. Audio chapters Use the below timestamps to navigate to each major section and occurrence in this section: 0:006:37