Understanding Modern Monetary Systems

Patricia and Christian talk to author and MMT scholar Phil Armstrong about inflation, hyperinflation, the gold standard, John Maynard Keynes’ Bancor plan and more.

Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Phil’s recent presentation - The Post-Covid Economy: https://www.patreon.com/posts/40249996

Phil’s book, Can Heterodox Economics Make a Difference? will be available in November: https://www.e-elgar.com/shop/gbp/catalogsearch/result/?q=armstrong

Our other episodes with Phil: https://www.patreon.com/posts/36619334 https://www.patreon.com/posts/36846931

Phil talks about the Ruhr Valley, the industrial region of Germany which was invaded and occupied by French and Belgian troops from 1921 to 1925 as a reprisal for Germany failing to fulfil World War I reparation payments. More here: https://en.wikipedia.org/wiki/Occupation_of_the_Ruhr

Phil talks about the ERM (European Exchange Rate Mechanism), which locked together the various currencies of what were to become the Eurozone member nations at fixed or semi-pegged exchange rates. More here: https://en.wikipedia.org/wiki/European_Exchange_Rate_Mechanism

Warren Mosler on Paul Volcker (from 13:25) : https://youtu.be/6WSQ20I1Jv4?t=809

Transcript for opening monologue: https://www.patreon.com/posts/40672579