Everything you need to know about Inflation in one podcast. In this episode of 1Dime radio, I interview Dr. Phil Armstrong, an MMT economist who co-wrote a an important paper with Warren Mosler (MMT founder) on the real causes of hyperinflation in Weimar Germany. Contrary to popular belief, insane money printing was the consequence of rising prices (hyperinflation), not the cause of it.
You can find the research paper on hyperinflation in Weimar Germany here: http://moslereconomics.com/wp-content/uploads/2020/11/Weimar-Republic-Hyperinflation-through-a-Modern-Monetary-Theory-Lens.pdf
This begs the question, what really causes inflation and hyperinflation then? What even IS inflation? Does printing money cause inflation? In this episode, we answer all of the most common questions regarding inflation and Phil Armstrong shows us how Modern Monetary Theory (MMT) can gives us a more nuanced perspective on what causes inflation and what does not. Before diving into inflation, Phil also goes over core MMT concepts regarding fiat currency, the real purpose of taxation and the origin of money. Phil also answers common misconceptions about interest rates, exchange rates, and their relation to inflation/rising prices.
We hope you enjoy this podcast and if you want to learn more about MMT I highly recommend the following videos, lectures, books, and articles for further learning:
-The Deficit Myth: The Biggest Lie in Politics": https://youtu.be/75udjh6hkOs
-L. Randall Wray - Modern Money Theory for Beginners: https://youtu.be/E5JTn7GS4oA
-Warren Mosler: How Modern Monetary Theory Actually Works: https://youtu.be/W97s3zbFKvc
-Bill Mitchell: Demystifying Modern Monetary Theory:https://youtu.be/YnyDRwSqp2E
-Everything You Want to Know About Modern Monetary Theory:https://youtu.be/7sd-ElKMbPI
The Macro and Cheese Pod: https://podcasts.bcast.fm/macro-n-cheese
-The MMT Podcast (check out the first few episodes): https://mmtpodcast.buzzsprout.com/
Books and Papers:
-The Deficit Myth by Stephanie Kelton
-Soft Currency Economics II by Warren Mosler
-Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems by L. Randall Wray
-Debt: The First 5,000 Years by David Graeber
Phill Armstrong’s book: https://www.e-elgar.com/shop/usd/can-heterodox-economics-make-a-difference-9781800370883.html
Phill Armstrong on Post-Covid Economics: https://gimms.org.uk/2020/08/13/time-for-informed-change-post-covid-19-economics/
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