Doug Henwood

Economic journalist Doug Henwood discusses his book 'After the New Economy', reflecting on the dot com bubble, the unsustainable growth of the new economy, and the skepticism surrounding the current era. He shares his career trajectory, personal experiences during the dot-com bust, and fascination with the ruling class. The concept of the 'new economy' is explored, highlighting its initial promise of expansion and abundance. The role of the stock market and its impact on different economic classes are also discussed.

Doug Henwood, an expert in modern monetary theory, explores the central idea of MMT which argues that governments can create money without consequences. The hosts critique this theory and discuss its validity, questioning whether it is sound or just snake oil. They also delve into the role of central banks in money creation and the potential consequences of reversing money printing.

Doug Henwood, creator of the Left Business Observer newsletter and host of Behind The News, debates the core principles and criticisms of Modern Monetary Theory (MMT). They explore the relationship between taxes, borrowing, and government spending, and discuss the impact of MMT on economics, the Green New Deal, and distributional conflicts. The speaker also critiques MMT for neglecting distributional issues and argues for the pursuit of socialist ideals.