3min chapter

#175 Yan Liang: China, Trade & Reforming The System

The MMT Podcast with Patricia Pino & Christian Reilly

notes

CHAPTER

The US's Response to the Russia Threat

The US is very willing to use its authority to deny access to those bonds to anybody that it feels threatened by. I feel that China often keeps its cars very close to its chest, just because it wants to do its own thing behind the scenes and then not upset the monster in a way until it absolutely has to. It's quite funny because here, obviously, you get a lot of stories or China is preparing, as if China is in a constant state of preparing for war against the West. Then you see them do their own thing and you're like, they're minding their own business.

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Transcript

Episode notes

Patricia & Christian talk to Kremer Endowed Chair of Economics at Willamette University, Professor Yan Liang about China’s economy, international trade, sovereign wealth funds, de-dollarisation, and more.

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Relevant to this episode:

Yan Liang on Twitter: https://twitter.com/YanLian31677392
For more on international trade through the MMT lens, listen to episode 158 - “Winning” At Trade: https://www.patreon.com/posts/78800108?pr=true
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Our two-part interview with Steven Hail explaining the terminology and the mechanics of government bonds: Episode 30 - Understanding Government Bonds (Part 1): https://www.patreon.com/posts/29621245 and episode 31 - Understanding Government Bonds (Part 2):https://www.patreon.com/posts/29829500

For an intro to MMT:

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Warren’s Mosler’s MMT white paper: http://moslereconomics.com/mmt-white-paper/
Steven Hail’s quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095
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Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824
Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318
Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887
Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683
Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183
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Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508
Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678
Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835
Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379
Episode 128 - L. Randall Wray & Yeva Nersisyan: What’s Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558

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More on government bonds (and “vigilantes”):

Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245
Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500
Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true
Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421
Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513
Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true

More on Silicon Valley Bank and bank runs:

Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true
Episode 163 - L. Randall Wray: Breaking Banks - The Fed’s Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true
Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true
MMT founder Warren Mosler’s Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html

MMT Events And Courses In 2023:

More information about Professor Bill Mitchell’s MMTed project (free public online courses in MMT) here: http://www.mmted.org/
Apply for Dr Dirk Ehnts’ Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics
Details of Modern Money Lab’s online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/
Details of the MMT Summer school in Poznań, Poland (September 5th-7th): https://fundacjalipinskiego.pl/wydarzenia/mmt-3rd-summer-school-in-poznan/
Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/

MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies

MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship

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