The MMT Podcast with Patricia Pino & Christian Reilly

Warren Mosler, co-founder of Modern Monetary Theory, and Bill Mitchell, a professor and economist, delve into how MMT could reshape an independent Scotland's economy. They discuss the importance of rethinking currency and debt, advocating for a job guarantee system to enhance employment. The duo critiques conventional fiscal policies and reflects on Argentina's economic lessons following its debt crisis. Patricia Pino shares insights on MMT activism, emphasizing the necessity of making economic concepts accessible for public discourse.

This podcast features a thrilling discussion about upcoming events in the UK centered on modern monetary theory. Professor Bill Mitchell shares his enthusiasm for the talks across cities like Edinburgh and Birmingham. The focus is on community action and pressing local struggles, emphasizing the importance of holding governments accountable as currency issuers. Listeners are encouraged to engage and participate in these informative gatherings.

Dive into the fascinating world of currency creation and its economic implications, revealing how state currencies shape employment and tax obligations. Explore the urgent need for collective spending to tackle pressing global challenges, emphasizing the importance of financial investment in sustainability. The rhythmic dialogue urges a shift in traditional budgeting views while debunking misconceptions about deficits and government debt, showing how spending can be a positive force in society.

Andrés Bernal, a friend and advisor to Alexandria Ocasio-Cortez and advocate for the Green New Deal, dives into the intersections of modern monetary theory and progressive policy. He discusses the vital role of a job guarantee in addressing climate change and economic stability. Bernal contrasts Universal Basic Income with a job guarantee, highlighting its transformative potential for communities. He also addresses the need for justice in climate action, emphasizing local empowerment and collective efforts to tackle social and environmental challenges.

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.

Fadhel Kaboub, an economics professor and president of the Global Institute For Sustainable Prosperity, dives into the concept of monetary sovereignty and its critical role for developing nations. He discusses how colonial legacies impact financial independence, especially in the context of the CFA franc in Africa. Kaboub also highlights the relationship between political independence and monetary control, using Scottish aspirations as a case study. Finally, he tackles misconceptions about Modern Monetary Theory and the potential of a job guarantee to foster economic freedom.

In this engaging discussion, lead MMT academic Bill Mitchell shares his insights on various economic topics, including the crucial role of government spending in currency creation. He defends the Job Guarantee as a progressive alternative to traditional unemployment measures. Mitchell also unpacks the complexities of government bond issuance and critiques conventional fiscal policies, advocating for a more active role of elected officials. Additionally, he explores Italy's potential currency shift from the Euro and the need for public banking reforms in Australia and New Zealand.

In this discussion, Chiara Zoccarato, a socialist activist from Patria and Costituzione and a committed MMT advocate, dives deep into Italy's tense standoff with the European Commission. She outlines the struggles Italy faces under austerity measures, highlighting the rise of populism fueled by economic decline. The conversation touches on the need for a new European constitution prioritizing democratic governance, as well as the importance of reclaiming monetary sovereignty. Together, they explore empowering labor to address these pressing challenges.

Dive into the world of Modern Monetary Theory as the hosts explore how government spending isn't directly tied to taxes. They make a compelling case for a job guarantee as a way to tackle unemployment and ensure economic stability. The conversation boldly challenges conventional political discourse and reframes government budgets as moral documents prioritizing societal needs. With humor and critical analysis, they navigate the complexities of universal healthcare and discuss effective activism, especially in the age of social media.

Richard Murphy, an economist and author of The Joy Of Tax, joins to discuss the real meaning behind government deficits—they're essentially your money! He delves into Corbynomics and critiques Labour's fiscal credibility rule, urging a reevaluation of fiscal versus monetary policies. The conversation highlights the role of government investment in reducing societal inequality and the importance of taxing the wealthy. Murphy also emphasizes transparency in economic leadership, advocating for a more informed and collaborative approach to public finance.