#13 Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask

Steven Hail, an MMT economist and author who has trained staff from the Bank of England, dives deep into the intricacies of modern banking. He clarifies misconceptions about government spending and the banking system's role in currency issuance. The discussion covers the complexities of reserve management, the influence of quantitative easing, and critiques current interest rate management. Hail also sheds light on the Glass-Steagall Act and its implications, as well as Minsky's theories on economic fragility, advocating for policies that drive sustainable prosperity.