Macro N Cheese

Steve Hall, an Emeritus Professor of Criminology and polymath author, joins the discussion to dismantle the myth of the self-made person. He traces the roots of individualism back to the 12th century's primogeniture, revealing how it has framed the American Dream as a gamble. Hall argues that this mindset fosters a zero-sum mentality where success is viewed through a lottery lens. He emphasizes the need for a more emotionally resonant narrative to counter entrenched beliefs and discusses how competition undermines collective solidarity.

Do you know what kakistocracy means? You’ll find out in this episode with guest Bill Black. Because, yeah, this is an educational podcast. A lot of us learned the term ‘elite control fraud’ from Bill in past episodes and you’ll hear more about it here.  Bill is a great storyteller. His experience as a regulator trying to enforce laws against the great crooks of the world gives him a lot of material. If you haven’t already heard our first episode with him, check it out:  “Exposed: A Serial Whistleblowers Story” He’s the author of The Best Way to Rob a Bank is to Own One – one of our favorite book titles. At the start of this week’s interview, Bill explains: “...The absolute paramount form of control fraud is President of the United States of America. And they set about optimizing it as soon as they got in power. Remember all those executive orders and things that Trump would sign?  “... Among their very first acts was to say, we will no longer enforce the Foreign Corrupt Practices Act. Now this is an act that says, no, it's not okay to bribe public officials in other countries. It's actually a crime. And Trump was saying way back in time, long before he even was talking about the presidency, how we shouldn't have a Foreign Corrupt Practices Act. That it was stupid. Of course you should be able to bribe people. It's good for business.  “And if you think that's bad, the New York Bar Association took the same position.  Because they were the commercial lawyers for all the firms that were bribing folks all over the world.” Bill describes a shift to the final stage of elite control fraud. Corrupt actors no longer bother hiding their crimes. They flaunt them. This serves as "free advertising" to attract more bribes and creates a price war among those seeking favors, while simultaneously intimidating opponents. Bill also talks to Steve about further manipulation of financial regulations and the intersections of elite control fraud within the cryptocurrency market. He goes through the real reasons crypto is useful to the ruling class and how these dynamics affect everyday people. William K. Black is Distinguished Scholar in Residence for Financial Regulation, University of Minnesota School of Law. He is a white-collar criminologist, a former financial regulator, former banker, and serial whistleblower. He is a co-founder of Bank Whistleblowers United (BWU). @WilliamKBlack on X  

**This week’s Macro ‘n Chill gathering should be a lively one. Whenever we dive into the topic of cultural hegemony, it sparks a thoughtful discussion. Join us on Tuesday, October 14, 8pm ET/5pm PT. Click here to register  This is the 349th episode of our podcast. Just sayin’.Steve’s guest is David Fields, talking about his recent article, The Cultural Syndromes of Capitalism. David explains the rise of far-right figures like Donald Trump is not a random accident but a direct outcome of the capitalist system, which creates deep-seated cultural syndrome that poison our minds and relationships, making fascism an attractive option for many when the system itself is in crisis. The three key cultural syndromes are: Gain Primacy Syndrome, designed to make us feel like failures: Capitalism constantly tells us to optimize ourselves and chase endless wealth. When we inevitably can't achieve this due to low wages and precarious jobs, it creates a deep sense of alienation and loss. Fascists then exploit this feeling, telling us to blame immigrants, people of color, or our neighbors instead of the system itself. Zero-Sum Rivalry Syndrome, pitting us against each other: The system is built on dog-eat-dog competition. This forces us into constant social comparison, potentially leading to self-hatred and mental health crises. When we feel we're losing this race, it's easy for fascist rhetoric to redirect our anger. Ownership Syndrome, making everything fake: We are taught to find meaning not in community or authenticity, but in the things we buy. This is designed to create a hollow, meaningless life. Fascism offers a false sense of genuine community and a return to a "better past" (hahaha) to fill this void. The conversation also touches on theological reflections and historical perspectives to further emphasize the pervasive cultural manipulation intrinsic to capitalism. Overall, the episode examines the ideological tools used to maintain economic subjugation. Liberals and Democrats are meant as a ‘friendly face’ of the same system, offering pittances of welfare while ensuring the exploitative oppressive structure remains intact. Link to the article discussed in this episode: https://utahvanguard.medium.com/the-cultural-syndromes-of-capitalism-e2765aa7df34 David M. Fields is an economist and author whose research is grounded in critical, realistic and genetic structuralist ontology and epistemology, focusing on the complex interactions of foreign exchange and capital flows with economic growth, fiscal and monetary policy and distribution, with particular emphasis on the concept of endogenous money. Additionally, he investigates the political economy of regional development, along with examining patterns with respect to housing, social stratification and community planning. He is currently an economist at the Utah Department of Commerce and the author of a Medium post for the Utah Vanguard. @ProfDavidFields on X

The Palestinian liberation struggle is a fundamental class and anti-colonial issue. First-time guest to the podcast, Professor Omar Zahzah, talks with Steve about the active collaboration of Silicon Valley tech giants with the US and Israeli governments to censor and suppress anti-Zionist narratives. "What these companies are doing is digitally amplifying a physical process of settler colonial dispossession." Omar goes beyond labeling digital censorship as simple political bias. He argues that Silicon Valley's actions are a direct extension of imperialist goals in Palestine: the erasure of a people, their narrative, and their history. Big Tech is not a referee – not even a biased one. It is an active combatant. Omar provides a sharp critique of how the language of safety and anti-racism is co-opted and weaponized. Online platforms use terms like "harassment" and "hate speech" to silence criticism. In their discussion, Omar and Steve apply Antonio Gramsci's theory of cultural hegemony to the digital sphere. They analyze how Big Tech platforms shape our "common sense," not just through outright censorship, but through algorithmic curation, shadow-banning, and overwhelming activists with trolls and bots, waging a "digital war of attrition" that drains energy and shifts perceptions. They also suggest the potential TikTok ban is not just a US-China trade issue but a symptom of a crisis of hegemony. Omar Zahzah is a writer, poet, organizer of Lebanese Palestinian descent, and Assistant Professor of Arab and Muslim Ethnicities and Diasporas (AMED) Studies at San Francisco State University. Omar has covered digital repression in relation to Palestine as a freelance journalist since May 2021, with work appearing in such outlets as Al Jazeera, Middle East Eye, Electronic Intifada, Mondoweiss, CounterPunch, and more. Omar holds a PhD in Comparative Literature from UCLA. His recently published book is Terms of Servitude: Zionism, Silicon Valley, and Digital Settler Colonialism in the Palestinian Liberation Struggle @dromarzahzah on X     

Economic anthropologist Brett Scott, the author of Cloud Money, talks with Steve about libertarianism’s big lie. Or lies – plural.From a class perspective, libertarianism is largely an ideological tool that protects elite power by promoting a false narrative of individualism and "free" markets. It serves as a smokescreen, concealing the mechanisms of power in a class society. What worse, it’s presented as neutral. As if all citizens are on an equal playing field. Market transactions replace the natural interdependence at the core of societies. Brett and Steve look at leftwing alternatives, including the potential of mutual credit systems and alternative economies as counter-narratives to mainstream economic structures.  They also discuss libertarians' obsession with commodity money (like gold), which stems directly from their flawed view of society. They see money as a neutral tool for trade between independent agents. In reality, modern money is a credit system—a network of social promises and debts that reflects power dynamics. Brett Scott is an author, journalist, and activist, who explores the intersections between money systems, finance, and digital technology. He’s the author of The Heretics Guide to Global Finance: Hacking the Future of Money. His latest book is Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets. Find more of his work at https://alteredstatesof.money/ or on Substack.@Suitpossum on X

** You are invited to attend Macro ‘n Chill, our community building online gathering where we discuss the current episode of the podcast. Tuesday, September 23 at 8pm ET/5pm PT Click here to register. Our friend, MMT economist Yeva Nersisyan, joins Steve to discuss the struggle to communicate MMT's core principles in a media landscape filled with misinformation, including from those who should know better. They call some of them out by name and express disappointment when natural allies on the left reject modern monetary theory.  “At this point, you cannot just be MMT curious. You have to make up your mind, do you want the ‘scarce money’ framework? Is that the way you're going to view the world? Or do you view it through the MMT framework? Because there is no other option.” Yeva and Steve agree that MMT is not a political ideology but a crucial lens for understanding that a monetarily sovereign government is the creator of currency, which means scarcity is serving another purpose – eg, supporting this economic system. They talk about government spending during Covid as a missed opportunity to educate. They criticize so-called progressive politicians (hello Bernie!) who, despite likely understanding MMT, refuse to publicly champion its principles. This leads to self-sabotage (perhaps intentionally?) when they claim to argue for progressive policies within a conservative tax-and-spend agenda. Result? Austerity. As we regularly try to stress, a correct understanding of MMT is no solution, but rather a tool in building a revolutionary class analysis. Dr. Yeva Nersisyan is an associate professor of Economics and Department Chair at Franklin and Marshall College and a research scholar at Levy Economics Institute of Bard College. Professor Nersisyan has published more than 25 journal articles, book chapters, policy notes and policy briefs on the topics of Modern Monetary Theory, fiscal policy, the Green New Deal, and financial instability. She is the editor of the Elgar Companion to Modern Monetary Theory with L. Randall Wray, and her work has appeared in publications such as The Guardian and The Hill. Find her work at levyinstitute.org/publications/yeva-nersisyan        

Our friend Daniel Conceição is back for his sixth(!) time on Macro N Cheese. He and Steve share their critique of "neutral" or academic MMT that avoids class analysis. Understanding a government's monetary capacity is meaningless without using that knowledge as a weapon for class struggle against an oppressive economic system. Daniel shares his experiences in Buenos Aires, describing a city with grand public infrastructure (a legacy of Peronism) now filled with poverty due to austerity. He dismantles the myth that President Javier Milei's austerity policies tamed inflation. Instead, he argues the temporary stabilization was due to a massive, supranational bailout from the IMF, not free-market principles. And when we’re talking about the IMF, we’re seeing a tool of economic imperialism. By creating dollar dependency in developing nations, it forces them into debt servitude and structural adjustments that fully serve global capital, never local populations. This brings us back to mainstream economists who lie outright in order to protect the class interests of banks and the oligarchy. They point to how economic rationalizations shift (e.g., after the 2008 crisis and during the pandemic) to always justify saving capital while opposing spending on the public purpose. Daniel Conceição is an associate professor at the Institute of Urban and Regional Planning and Research (IPPUR) at the Federal University of Rio de Janeiro (UFRJ), and one of the authors of the book “Modern Monetary Theory: The Key to an Economy at the Service of People”. He is also former president of the Institute of Functional Finance for Development Brasil (https://iffdbrasil.org/) @stopthelunacy 

** Tuesday evening, Bob will join our weekly online gathering where we’ll listen to the podcast together and discuss. Bring your questions for him. September 9 at 8pm ET/5pm PT. Use this link to register: https://us06web.zoom.us/meeting/register/1HA3nd_5QFSFzBe_cGiHpw This is Bob Hockett’s 12th visit to Macro N Cheese. Back in 2022, in an episode discussing the collapse of the major crypto exchange platform FTX, Bob gave us a useful rule of thumb: “The irony is that in every one of these cases there is a clue in the name of the product in question that ought to warn you. If it’s called a junk bond, there’s a reason for that word “junk” being used. And if it’s called a subprime mortgage loan... there’s a reason for that “subprime” term. Similarly with cryptocurrency or crypto assets, one of the most ironical names ever conceived for this kind of product. If the word “crypto” comes into it, then that’s a pretty good tip-off that there’s something non-transparent about it, that there’s something opaque and occluded and difficult to understand.” Hmmm... today’s topic is the GENIUS Act. What meaning should we take from that name? In this episode, Bob and Steve talk about the newly-passed GENIUS Act whose stated purpose is regulation of the stablecoin industry, bringing the shadow banking industry into the light and out of the, um, shadows.   The discussion looks at the flawed premise of private stablecoins and the real motives behind the push. Far from preventing instability and fraud, promotion of stablecoin aligns with a libertarian ideology (a la Hayek) that seeks to denationalize currency and privatize money. From a Modern Monetary Theory perspective, the implications are alarming. It merits a discussion of the role of the state.  The GENIUS Act is a dangerous distraction. A Trojan Horse.   Robert C. Hockett is the Edward Cornell Professor of Law at Cornell Law School. His principal teaching, research, and writing interests lie in the fields of organizational, financial, and monetary law and economics  His forthcoming and recent books are: World Money (Yale 2026); A Republic of Producers (Yale 2025); Making Capital Democratic (Polity 2025); Spread the Fed (Palgrave 2025); The Citizens' Ledger (Palgrave 2022); Democratizing Finance (Verso 2022); Money from Nothing (Melville House 2020); Financing the Green New Deal (Palgrave 2020).  @rch371 on X       

In our 14th episode with Australian economist Bill Mitchell, the conversation focuses on the MMT perspective on international trade. Bill explains what is meant by the statement “imports are a benefit, and exports are a cost,” where it fits into the history of economic thought, and some of its implications. A significant portion of the conversation is dedicated to explaining the crucial shift from the Bretton Woods fixed exchange rate system to the modern system of floating exchange rates after 1971. Bill clarifies that in a floating regime, a currency-issuing government is not financially constrained in its domestic policy by “trade imbalances,” as it was under Bretton Woods.  The episode also touches on bond vigilantes, the IMF, and the shifting status of the US dollar as the world’s reserve currency. William Mitchell is Professor of Economics and Director of the Centre of Full Employment and Equity (CofFEE) at the University of Newcastle, NSW Australia. He is also the Docent Professor of Global Political Economy at the University of Helsinki, Finland, and Guest International Professor at Kyoto University, Japan.  Follow Bill’s work, including his upcoming books, at https://billmitchell.org/blog/  

**Be sure to subscribe to our Substack. It costs you nothing to have all our new content delivered to straight to your inbox!  https://realprogressives.substack.com/ Remember Labour's stunning defeat in the 2019 UK general election? When, under Jeremy Corbyn’s leadership, they won the lowest number of seats since 1935?   Steve’s guest, Chris Williamson, brings an insider’s view to the story. Chris is a former MP and shadow minister for UK’s Labour Party. He’s currently deputy leader of the Workers Party of Britain, and hosts a show, Palestine Declassified, that has the notable honor of being banned by YouTube. Chris describes some strategic missteps within the Labour Party under Corbyn and others. He criticizes the adoption of neoliberal policies, like the fiscal credibility rule, and Corbyn’s ambiguity on Brexit. The Zionist lobby leapt on their support for Palestine; charges of antisemitism hit their target. “Unfortunately, Jeremy gave it legs by continually apologizing. And as I said to him at the time, ‘Every apology you make and every concession you give is just feeding the beast and making it stronger. Ultimately they're going to come for you and destroy this project.’ And they did. I mean, that's what really killed the Corbyn project. It was the antisemitism thing. I mean, what finished it off. What delivered the coup-de-grace, of course, was the commitment to a second referendum on Brexit.” Chris also recounts his own experience as a victim of coordinated attacks which led to his being ousted from the Labour Party. Throughout the conversation, Steve and Chris continuously pound the MMT message, reminding us that the UK, like the US, is not constrained by lack of money!Chris Williamson is a former member of Parliament and shadow minister for the Labour Party, currently deputy leader of the Workers Party of Britain.@DerbyChrisW on X Follow Palestine Declassified https://www.presstv.ir/Section/150108