#142: Every Deficit Is Good For Someone - Unpacking The Deficit Myth Part 4

Part 4: Patricia and Christian continue their conversation about Stephanie Kelton’s best-seller The Deficit Myth. In this conversation: the government’s red ink is our black ink, and how the notion that government bond issuance “crowds out” private sector investment is inapplicable to a floating exchange rate currency.

 

Please help sustain this podcast!

Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

 

For an intro to MMT:

Our first three episodes: https://www.patreon.com/posts/41742417

Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318

 

Our “Unpacking The Deficit Myth” series: https://www.patreon.com/posts/47191289

 

All our episodes in chronological order: https://www.patreon.com/posts/43111643

 

Quick MMT reads:

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

On government debt: “Some Numbers Are Big. Let Me Help You Get Over It”: https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/

 

Other things that came up in this conversation:

Bill Mitchell on Britain’s 1976 IMF loan: http://bilbo.economicoutlook.net/blog/?p=33907

Episode 49 - Phil Armstrong: Where Does Money Come From? (Part 1): https://www.patreon.com/posts/36619334

Episode 50 - Phil Armstrong: Where Does Money Come From? (Part 2): https://www.patreon.com/posts/36846931

Episode 110 - L. Randall Wray: Are We Living In An MMT World?: https://www.patreon.com/posts/54750022

 

Episodes on monetary operations:

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

Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929 

 

Episodes on inflation:

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

 

Job Guarantee episodes:

Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701

Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543

 

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

 

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

 

For online grad and postgrad courses MMT, visit Modern Money Lab:

Website: https://modernmoneylab.org.au/

Twitter: https://twitter.com/modernmoneylab

Economics of Sustainability graduate courses zoom Q&A sessions (16th / 17th August, 25th August, 2nd / 3rd September): https://modernmoneylab.org.au/events/

 

Updates about Professor Bill Mitchell’s MMT 101 course will be posted here (we think!) - due to restart mid-September 2022: http://www.mmted.org/#

 

Sign up for alerts from The Gower Initiative For Modern Money Studies about their forthcoming MMT book: https://gimms.org.uk/

 

A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757

 

We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos

 

Transcript for opening monologue: https://www.patreon.com/posts/71264741?pr=true

 

Show notes: https://www.patreon.com/posts/71264759?pr=true