Steven Hail

In a riveting discussion, economist Steven Hail, founder of Modern Money Lab, challenges the common notion of wealth taxes as a solution to fund critical public services. He urges a shift from tax redistribution to government money creation, highlighting the potential drawbacks of waiting for the wealthy to contribute. The conversation also dives into the complexities of tariffs, economic inequalities, and the political dynamics that shape our financial landscape, all while advocating for innovative strategies to ensure sustainability and community engagement.

Steven Hail, a Modern Monetary Theory economist, challenges conventional economic wisdom about money and fiscal policy. He argues that governments, like New Zealand's, as currency issuers, won't run out of money and should focus on resource availability instead of funding quandaries. Hail critiques traditional inflation solutions post-pandemic, emphasizing a detailed understanding of fiscal policy. He also discusses the balance between climate change and economic growth, advocating for a sustainable, post-growth economic model that rethinks success beyond GDP.

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.