Macro N Cheese

This week’s episode is the second half of Steve’s interview with Hamza Hamouchene about his book, Dismantling Green Colonialism: Energy and Climate Justice in the Arab Region.Steve and Hamza agree on the importance of reckoning with the realities of the current capitalist imperialist system, which has proven to be a failure in addressing the most crucial needs of people and planet. Hamza argues that alternative visions for a better world already exist – he himself is an eco-socialist – but the challenge lies in implementing them and building the necessary alliances and coalitions of working people, both at the national and global levels.The conversation also delves into the specificities of the Arab region, which has elements of authoritarian and military dictatorships due to its subordinate insertion into the global capitalist economy and its role as a key nodal point in global fossil fuel regimes. Hamza highlights the need for a just energy transition that takes into account the control and ownership of fossil fuel resources and the potential for green renewable energies.Hamza calls for diversifying tactics and strategies, organizing and building power to challenge imperialism and the decarbonization by dispossession.Dr. Hamza Hamouchene is a London-based Algerian researcher-activist, commentator, and a founding member of Algeria Solidarity Campaign (ASC), Environmental Justice North Africa (EJNA) and the North African Food Sovereignty Network (Siyada). He is currently the Arab region Programme Coordinator at the Transnational Institute (TNI). His work is focused on issues of extractivism, resources, land and food sovereignty as well as climate, environmental, and energy justice in the Arab region.@BenToumert on Twitter

When we talk about the climate crisis, common wisdom says we’re all in it together. That implies that everyone is responsible, and everyone needs to do something about it. Our guest, Dr. Hamza Hamouchene, attacks this notion unequivocally: “The historical responsibility, of course, in the climate crisis lies within the industrialized capitalist West.” Most of the impacts are felt by communities in the global South, in countries that have been impoverished since colonial times. As developing nations they are additionally burdened by international financial institutions when, in fact, they are owed climate reparations.Hamza is co-editor of Dismantling Green Colonialism: Energy and Climate Justice in the Arab Region. He talks with Steve about the urgent need for climate justice and decolonization, while suggesting what a just transition would entail.They emphasize the critical need for support of the Palestinians, whose cause must be included in discussions of colonialism, climate justice, global trade, and energy systems.Part Two of this interview will be released next week.Dr. Hamza Hamouchene is a London-based Algerian researcher-activist, commentator and a founding member of Algeria Solidarity Campaign (ASC), Environmental Justice North Africa (EJNA) and the North African Food Sovereignty Network (Siyada). He is currently the Arab region Programme Coordinator at the Transnational Institute (TNI). His work is focused on issues of extractivism, resources, land and food sovereignty as well as climate, environmental, and energy justice in the Arab region.@BenToumert on Twitter

Michael Hudson, an expert in US political economy, discusses topics such as healthcare, de-dollarization, and the impact of economic policies on the working class. He emphasizes the need for a change in economic philosophy and highlights the government's ability to create money for social programs. Hudson explores the difference between the production and consumption economy and the financial sector of assets and liabilities. He also touches upon the challenges faced by labor unions and the revolutionary nature of capitalism.

Guests Christopher Olk and Colleen Schneider discuss the intersection of degrowth and Modern Monetary Theory (MMT), challenging the myth of scarcity and emphasizing global justice and ecological constraints. They explore the role of debt in driving environmentally damaging activities and highlight the potential of MMT in enabling a degrowth agenda. The speakers also delve into the concept of a job guarantee as a solution to societal problems and discuss the importance of trust in the monetary system and envisioning a different world. Overall, they present a realistic and optimistic approach to addressing ecological and social issues.

Carlos García Hernández is the author of Fiat Socialism: Achieving the Goals of Socialism through Modern Monetary Theory. He lays out the five goals of fiat socialism:Full employmentFull and prudent use of material resourcesThe guarantee of the five essentials to every citizen: food, housing, clothing, health services, and educationSocial security at all major exposed points in the social structure (eg, old age, sickness, accident, temporary unemployment, and childbearing)Labor standards, to be assured by labor unionsCarlos maintains that any society achieving these five goals at the same time and permanently should be called socialist, no matter the size of the private sector.Steve and Carlos discuss the philosophical foundations of both fiat socialism and Marxism. They also look at the role of the IMF and the possibilities for monetary sovereignty in developing nations.Carlos García Hernández is the founder and director of Lola Books, a publishing house that has introduced MMT to Spanish and German readers. He is the author of Fiat Socialism: Achieving the Goals of Socialism through Modern Monetary Theory.@Carlos_G_H_ on Twitter Or X

Guest Fadhel Kaboub and host Steve discuss the problems with carbon markets as a solution to climate change, emphasizing the injustice of historic polluters buying carbon credits. They highlight the need for systemic change and a new vision for Africa and the global South, focusing on food sovereignty, energy sovereignty, and industrial policy. They also talk about power dynamics, the role of governments, and the importance of mobilizing for change, recognizing our interconnectedness and the need for a movement of movements.

A head of state whose economic policies promote austerity and fiscal responsibility is:ConservativeProgressiveN/A (not applicable)Daniel Conceição is with us for his third visit to Macro N Cheese. He and Steve discuss the failures of both right and left governments. Some broad strokes of Brazil’s historical patterns are not so different from those in the US. The last left(ish) president, Dilma Rousseff, abandoned her Leninist roots and hopped aboard the privatization train. It wasn’t enough to protect her from impeachment, however.It’s easy to see parallels between Bolsonaro and Trump as well as the lesser evilism we’re facing in both our countries today. Despite President Lula's progressive rhetoric, his economic policies prioritize deficit reduction. His administration is committed to delivering fiscal results to financial markets over public investment in education, healthcare, and other social services.Daniel touches on the “dollarizing” of Argentina's economy and explains that it can only exacerbate instability and conditions of scarcity.Daniel and Steve talk about the insights gained from Modern Monetary Theory and agree that building power beyond elections requires a paradigm shift in our thinking.Daniel Negreiros Conceição did his undergraduate studies in Economics at the Federal University of Rio de Janeiro in Brazil and his postgraduate studies at UMKC (under Professors Wray, Kelton, et al). He is a professor of macroeconomics and public finance at the Federal University of Rio de Janeiro. He helped create the Institute for Functional Finance and Development (iffdbrasil.org), where he currently serves as president, and he helps run the Brazilian Modern Money Network (https://mmtbrasil.com/) aimed at producing more easily accessible material for teaching MMT to the wider public.@stopthelunacy on Twitter

Ndongo Samba Sylla, expert on challenges facing Africa and the story of Thomas Sankara, discusses Africa's economic liberation, combining MMT with Sankara's plans. Topics include the role of BRICS, economic exploitation as imperialism, and the urgency for radical action. The podcast explores migration patterns, local materials for sustainable classroom construction, and the agenda for Africa's economic liberation. It also delves into monetary reparations, challenges and opportunities for African countries, and developing progressive policies.

Understanding how monetary sovereign governments create and spend money means looking at the Treasury department and the central bank or, in the US, the Federal Reserve.Economist Eric Tymoigne explains two approaches to understanding the relationship: the consolidated and the collaborative, or cooperative, version of the Treasury and the Fed.The consolidated approach merges the Fed and the Treasury into one entity and analyzes the implications of this merger on public finance. It emphasizes that taxes and government securities don’t fund the government, but rather, the government spends by crediting accounts. (This comes as no surprise to MMTers.)The consolidated approach also highlights the importance of injecting reserves into the economy before taxes can be collected or government securities can be sold. The coordinated approach recognizes the separate roles of the Treasury and the Fed but emphasizes the extensive coordination between the two entities.Eric walks us through these operations and touches on the relationship with private banking and the role of reserves on the international stage.Listening to this episode, you can’t help but conclude that the ways in which the US manages monetary operations are not consistent with budgetary needs. It’s hard to see how it has anything to do with provisioning our society.Eric Tymoigne is an Associate Professor of Economics at Lewis & Clark College, Portland, Oregon, and Research Associate at the Levy Economics Institute of Bard College.@tymoignee on Twitter

The podcast explores the relationship between the de-growth movement and Modern Monetary Theory (MMT), highlighting their compatibility. It discusses power dynamics between the state and corporations, wealth inequality, and the erosion of the middle class. The chapter emphasizes the responsibility of understanding MMT and addresses the ongoing work of the speaker at Kyoto University.