Macro N Cheese podcast

35:56

In this premiere episode of "The God Hook," host Carol Costello introduces the chilling story of Richard Beasley, infamously known as the Ohio Craigslist Killer. In previously unreleased jailhouse recordings, Beasley portrays himself as a devout Christian, concealing his manipulative and predatory behavior. As the story unfolds, it becomes clear that Beasley's deceitfulness extends beyond the victims he buried in shallow graves. Listen to the preview of a bonus conversation between Carol and Emily available after the episode. Additional info at carolcostellopresents.com . Do you have questions about this series? Submit them for future Q&A episodes . Subscribe to our YouTube channel to see additional videos, photos, and conversations. For early and ad-free episodes and exclusive bonus content, subscribe to the podcast via Supporting Cast or Apple Podcasts. EPISODE CREDITS Host - Carol Costello Co-Host - Emily Pelphrey Producer - Chris Aiola Sound Design & Mixing - Lochlainn Harte Mixing Supervisor - Sean Rule-Hoffman Production Director - Brigid Coyne Executive Producer - Gerardo Orlando Original Music - Timothy Law Snyder SPECIAL THANKS Kevin Huffman Zoe Louisa Lewis GUESTS Doug Oplinger - Former Managing Editor of the Akron Beacon Journal Volkan Topalli - Professor of Criminal Justice and Criminology Amir Hussain - Professor of Theological Studies Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://evergreenpodcasts.supportingcast.fm…

Macro N Cheese explicit

Поширити

Головна серій•Feed

A podcast that critically examines the working-class struggle through the lens of MMT or Modern Monetary Theory. Host Steve Grumbine, founder of Real Progressives, provides incisive political commentary and showcases grassroots activism. Join us for a robust, unfiltered exploration of economic issues that impact the working class, as we challenge the status quo and prioritize collective well-being over profit. This is comfort food for the mind, fueling our fight for justice and equity!

300 епізодів

#Steve Grumbine

Macro N Cheese

Macro N Cheese explicit

updated 6 днів тому

Поширити

Головна серій•Feed

300 епізодів

#Steve Grumbine

Усі епізоди

Macro N Cheese

1
Ep 326 - AI in the Sky: Modern Warfare with Peter Byrne 58:58

6 днів тому58:58

58:58

The past year has seen lots of discussion of the ‘human’ nature of AI. Programs like ChatGPT were writing poetry, engaging in debates, and roasting users with witty retorts. Educators have been facing more serious concerns as they navigate a world in which students no longer need to learn to do their own research, writing, or thinking. But the militarization of AI makes these other activities seem like Donkey Kong. Investigative journalist Peter Byrne joins Steve to talk about the treacherous relationship between technology, capitalism, and militarization. They discuss how companies like Palantir, funded by figures such as Peter Thiel, have leveraged vast amounts of capital—often government-funded—to develop this militarized AI. In other words, venture capitalists and tech startups are shaping modern warfare. Peter draws historical parallels, explaining that the automation of warfare is not a new phenomenon but has evolved significantly since the days of analog computers in World War II. It only increases its destructive capabilities by unthinkable magnitudes. We would do well to remember that machine learning models are incapable of achieving true intelligence. They reflect the ideology and interests of those who are responsible for them. Peter Byrne is an award-winning investigative science reporter who has long uncovered corruption at the nexus of science and industry. Now, in partnership with Project Censored, Byrne has launched Military AI Watch, a groundbreaking ten-part series that will run monthly on Project Censored’s website. https://www.projectcensored.org/military-ai-watch/…

Macro N Cheese

1
Ep 325 - Tariffs, Tooth Fairies & Trade with Fadhel Kaboub 1:03:58

13 днів тому1:03:58

1:03:58

“When you are a dominant empire like the US, economically, militarily, geopolitically, and you make bets that are exclusively based on power rather than technology, innovation, research and development, education, a growing prosperous middle class, history tells us that you will eventually fail. And that's the ugly reality.” Like most media nowadays, we seek to make sense of the confusing, contradictory, and often absurd Trump policies. So of course we turn to our best friend and most frequent guest, economist Fadhel Kaboub. Fadhel suggests that Trump has two missions: reinforcing the US imperialist-dominant position that is currently under threat, and reinforcing his legacy, the MAGA movement, and the supremacy of the Republican Party for years to come. Ironically there are even two Elon Musks in the White House: “There's Elon Musk, Twitter, and there's Elon Musk, Tesla, and the other tech stuff. The interest that the Trump administration is going to serve is not Tesla. It's going to be the Facebooks, the cloud technologists ... the techno-feudalists who run the world today. “The importance of the techno-feudalists is that they don't actually manufacture things, they don't produce things. They control the cloud, they control the mind, they control your feelings, your choices... not just consumer choices, but political social worldviews are controlled and manipulated by social media and by the big data centers that collect and analyze and feed you choices and filter the news and filter information for you.” In their discussion, Fadhel points out the absurdity of thinking tariffs will “bring back jobs” to the US. He also explains that companies like Apple aren’t manufacturing in China for cheap labor, but because China has the high-skilled workers. Instead of investing in education in the US, Trump boasts of making cuts. Fadhel explains that Trump’s negotiation strategy relies on creating chaos and confusion. In comparison, China’s path is starkly different, including creation of the digital yuan as an international payment system to bypass SWIFT and the dollar. Fadhel and Steve remind us that both US political parties are guilty of perpetuating the false narrative of fiscal constraints. As always, listeners are challenged to question the prevailing mainstream rhetoric and look for the deeper motivations behind it. Fadhel Kaboub is an associate professor of economics at Denison University (presently on leave) and the president of the Global Institute for Sustainable Prosperity. He’s the author of Global South Perspectives on Substack. Find his work at globalsouthperspectives.substack.com @FadhelKaboub on Twitter…

Macro N Cheese

1
Ep 324 - Modern Money Awakenings with Tracy Carson 1:08:10

20 днів тому1:08:10

1:08:10

This week’s episode comes from Steve’s recent appearance on The Tracy Show, where he was invited to talk about MMT with host Tracy Carson, who had some questions. Tracy: Okay, I'm going to tell you what I think I understand about Modern Monetary Theory or MMT. I'm just going to go with MMT. The federal government can pretty much generate money out of thin air. Steve: It does. It's the only way it works. Yes. Tracy: Okay. Okay, so I got that part right. [pause] Basically, that's pretty much where I'm at in terms of my understanding. Actually, it wasn’t the only thing Tracy understood. She knew that states rely on taxes, unlike the federal government. She knew that federal budget deficits are not a crisis. And she knew that those simple facts have huge implications for the government’s ability to provide national health care, for example, while state-based health care is virtually impossible and propels a race to the bottom. In a nation that has spent $8 trillion on war, post 9/11, there is no excuse for poverty. There’s an explanation, but no excuse. The conversation covers the destruction of essential services through deliberate under-funding, with austerity as a policy choice. They look at the illusion of the “national debt” at home as well as IMF manipulation of the global South. Many of us have experienced moments when we clearly recognize the truth yet lack the knowledge or language to explain it. In seeking the tools to fully articulate it, Tracy is actively moving herself beyond those moments. We should all be so motivated. Learning MMT is a process. Others will hear about it from her and begin their own journey. When it comes to knowledge, there are no resource constraints. #EachOneTeachOne Tracy Carson is the host of The Tracy Show and an organizer of the March for Medicare for All in her home state of Indiana.…

Macro N Cheese

1
Ep 323 - The Physics of Capitalism with Erald Kolasi 1:17:45

27 днів тому1:17:45

1:17:45

“Humanity... is at a critical moment in history where the decisions that we make could have massive, massive implications, for our future trajectory, for the future trajectory of human civilization over the next two centuries. Those decisions can either ensure that we have a prosperous millennium or that we have a disastrous one.” Erald Kolasi joins Steve to talk about his book, The Physics of Capitalism. Erald’s interdisciplinary approach merges economics, technology, energy, and ecological dynamics. He explains that science can provide facts and data about the world, but to address the challenges we need to go beyond physics. Solutions will depend on the political, economic, and social spheres. The discussion includes the flaws of neoclassical economic models, the limitations of technological innovation in solving ecological crises, and the necessity of systemic changes for a sustainable future. Erald describes a vision for a new political and economic order that emphasizes ecological stability, socialization, modularity, and localized production. Erald Kolasi is a writer and researcher focusing on the nexus between energy, technology, economics, complex systems, and ecological dynamics. His book, The Physics of Capitalism, came out from Monthly Review Press in February 2025. He received his PhD in Physics from George Mason University in 2016. You can find out more about Erald and his work at his website, www.eraldkolasi.com.…

Macro N Cheese

1
Ep 322 - Eggsploitation with Basel Musharbash 52:33

5 weeks тому52:33

52:33

Crazy things have been going on with the price of eggs, especially in the US. If you think this is happening because of the avian flu, you’ve been hoodwinked. Again. Basel Musharbash, an antitrust and trade regulation attorney, joins Steve to pull back the curtain on the monopoly forces within the egg supply chain. The discussion reveals crucial and surprising information about this, um, bread and butter issue. The episode explores the role of avian flu and how it has been weaponized by a few corporations to tighten their stranglehold on the market. With just three companies controlling crucial choke points in the egg supply chain, Basel explains how these oligopolies are not merely reacting to external pressures but are actively manipulating supply. Steve and Basel also look at the historical context of antitrust laws and how their erosion has led to the current monopolist landscape. Once again, consumers are getting screwed by an industry whose structure is designed to do just that. Basel Musharbash is an antitrust and trade regulation lawyer with a focus on building stronger rural economies. He represents family farmers, small businesses, and local governments (as well as groups working on their behalf) in regulatory advocacy and impact litigation aimed at righting the wrongs of concentrated corporate power in rural America — and building a free and fair economy for all. His work has been covered in or on Reuters, AP, Time Magazine, CNBC, The Today Show, Politico, The American Prospect, DTN-PF, Daily Yonder, and other media outlets. @musharbash_b on Twitter…

Macro N Cheese

1
Ep 321 - Modern Money with L. Randall Wray 1:12:13

6 weeks тому1:12:13

1:12:13

Steve’s guest is noted economist L. Randall Wray, one of the early developers of modern money theory. As many times as this podcast has talked about MMT, it’s always topical. In fact, just last week, Elon Musk discovered 14 magic money computers in government agencies! So, Trump had to hire the richest man in the world who hired who knows how many hundreds of young tech kids to discover what we've been saying for 30 years, which is that Congress appropriates money, and then the computers keystroke it into people's accounts. There's no mystery about this at all, but they think they've discovered not only something that people didn't know, but something that's, oh, it's so scary. It's nefarious that the government uses computers to increase the size of people's accounts. Well, that's spending. That's the way it's done. Clearly, this is a good time to revisit the valuable insights of MMT and look at the implications for building a society that serves its people. This episode dives deep into the fundamentals, debunking misconceptions about government spending, the role of taxes, and the myth that the US government can run out of money, like a household. Randy and Steve talk about changes in the economy due to financialization, and the difference between budget constraints and inflation constraints. Randy explains why we need to look at the history of debt in order to understand money. He talks about banking, including transactions between the Federal Reserve and the Treasury. The conversation breaks down complex concepts into relatable terms, sometimes with a touch of humor. Illustrating the creation of currency, Randy describes an imaginary scenario in which the fictional characters Robinson Crusoe and Friday devise a currency to facilitate barter. Randy: So, they come up with the idea of, ‘hey, we can use seashells as a medium of exchange.’ And this is where money came from. It was Robinson Crusoe and Friday. Okay, think about this a little bit. It's pretty bizarre. We've got Crusoe and Friday marooned on a desert island. I can think of two much more likely scenarios. Okay, one, Crusoe came from Europe. What do Europeans do when they come across native people? Steve: Kill them. Anyone with an interest in how the economy truly operates will learn something from this episode. L. Randall Wray is a Professor of Economics at the Levy Economics Institute of Bard College, and Emeritus Professor at University of Missouri-Kansas City. He is one of the developers of Modern Money Theory and his newest book on the topic is Understanding Modern Money Theory: Money and Credit in Capitalist Economies (Elgar), forthcoming in spring 2025. Recent books on MMT include Making Money Work for Us (Polity, November 2022), a companion illustrated guide, Money For Beginners (Polity, May 2023, with Levy Institute graduate Heske Van Doornen), and the third edition of Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems (Springer, 2024). He is also the author of Why Minsky Matters (Princeton, 2015) as well as the author, co-author, and editor of many other books. Find more of his work at levyinstitute.org…

Macro N Cheese

1
Ep 320 - Breaking Out The Master's Tools with Michael McCarthy 57:55

7 weeks тому57:55

57:55

** Every Tuesday night, we gather online to listen to the episode and discuss it among friends. Everyone is invited to this community building event. Bring your insights and questions. REGISTER HERE for Tuesday, March 25th, 8 pm ET/5 pm PT Steve’s guest is Michael McCarthy, author of 'The Master's Tools: How Finance Wrecked Democracy and a Radical Plan to Rebuild It.' They explore McCarthy's analysis of financialization as a deliberate class project to dismantle working-class power and exacerbate inequality. They look at the historical shift from a robust Social Security system to a privatized, financialized pension system as well as the rise of neoliberal policies post-1970s, facilitated by monetary policy changes (anybody remember the gold standard?) The conversation goes into the failure of both traditional and direct democracies to serve the working class. The episode also weaves through MMT perspectives and the impact of government policies. They touch on the potential of public banking and democratizing finance to empower the working class as well as the challenges of implementing these ideas. Michael A. McCarthy is an Associate Professor of Sociology and Director of Community Studies at the University of California, Santa Cruz. His book Dismantling Solidarity: Capitalist Politics and American Pensions since the New Deal was awarded the Paul Sweezy Book Award as well as an honorable mention for the Labor and Labor Movements Book Award. His most recent book is The Master's Tools: How Finance Wrecked Democracy (And a Radical Plan to Rebuild It). Mike has written for the Boston Review, The Guardian, Jacobin, Noema, and the Washington Post. @its_mccarthy on X…

Macro N Cheese

1
Ep 319 - DOGE Ball: A True Oligarch Story with Yeva Nersisyan 1:16:52

8 weeks тому1:16:52

1:16:52

Near the start of this episode, Yeva Nersisyan talks with Steve about leftist economists who are still wedded to the belief that government spending relies on taxpayer money. She says if an academic on the left uses the ‘taxpayer dollar’ framing, then you cannot be surprised when the right uses it too – to say they’re saving taxpayer money, cutting wastefulness, cutting inefficiency. It’s why being consistent is so important. If one side can use it, the other side can too. “It leads to the Elon Musks of the world using this taxpayer money trope to basically take a sledgehammer or a chainsaw to the public sector.” Yeva and Steve revisit some basics of MMT, including the understanding that a government is not like a household. Our own spending doesn't really affect our own income. We'll still get our wages, we will still have that, and then we will continue consuming, but consuming less and therefore end up with more savings. But it doesn't work for the economy as a whole. Because for the economy as a whole, if spending goes down, that means there is now less income, and less income means someone somewhere is earning less and therefore they have to cut their consumption and they also have to cut their saving. And it becomes this cycle where, okay, someone cut their consumption, now someone else is earning less or the grocery store is earning less, right? And now they have to fire their workers. Now their workers don't have income and they are spending less, and so on and so forth. Yeva and Steve go into other insights of MMT, including sectoral balances and the reality of the so-called national debt. They unravel the absurd dynamics of current economic policy and look at the implications of proposed spending cuts by the Department of Government Efficiency, or DOGE. Fallout from the government's ruthless abandonment of social programs will be disastrous. Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College in Lancaster, PA. She received her B.A. in economics from Yerevan State University in Armenia, and her M.A. and Ph.D. in economics and mathematics from the University of Missouri-Kansas City. She is a macroeconomist working in the Modern Money Theory, Post-Keynesian, and Institutionalist traditions. Her research interests include banking and financial instability, and fiscal and monetary theory and policy. She has published a number of papers on the topics of shadow banking, fiscal policy, government deficits and debt, and the Green New Deal. Nersisyan is currently coediting the Elgar Companion to Modern Money Theory with L. Randall Wray. Find her work at levyinstitute.org/publications/yeva-nersisyan…

Macro N Cheese

1
Ep 318 - The Death of the Left? with Simon Winlow & Steve Hall 1:00:30

9 weeks тому1:00:30

1:00:30

If you ever find yourself asking “What’s left?” you’re in good company. Today’s left is often indistinguishable from neoliberal centrism. Steve’s guests are Simon Winlow and Steve Hall, authors of the book, The Death of the Left: Why We Must Begin from the Beginning Again. They talk about the historical shifts that have led to ideological collapse, disconnection from the working class and the embrace of individualism over collective action. The conversation emphasizes the urgent need for a revival of working-class politics that transcend identity divisions and focus on collective struggles against economic neoliberalism and austerity. Simon Winlow is Professor of Social Sciences at Northumbria University, UK. A fellow of the Academy of Social Sciences, his work is particularly well known in the fields of criminology, sociology and contemporary political analysis. He is the author or co-author of the following books: Badfellas (Berg, 2001); Bouncers (Oxford University Press, 2003); Violent Night (Berg, 2006); Criminal Identities and Consumer Culture (Willan, 2008); Rethinking Social Exclusion (Sage, 2012); Riots and Political Protest (Routledge, 2015); Revitalizing Criminological Theory (Routledge, 2015); Rise of the Right (Policy, 2017); Death of the Left (Policy, 2022), and The Politics of Nostalgia (Emerald, 2025). @winlow_s Steve Hall is Emeritus Professor of Criminology at the University of Teesside. He is a polymath who has published in the fields of criminology, sociology, anthropology, history, economic history, political theory and philosophy. He is also co-author of Violent Night (Berg 2006, with Simon Winlow), Rethinking Social Exclusion (Sage 2013, with Simon Winlow), Riots and Political Protest (Routledge 2015, with Simon Winlow, James Treadwell and Daniel Briggs), Revitalizing Criminological Theory (Routledge 2015, with Simon Winlow), The Rise of the Right (with Simon Winlow and James Treadwell) and The Death of the Left (with Simon Winlow). He is co-editor of New Directions in Criminological Theory (Routledge 2012, with Simon Winlow). In 2017 he received a Lifetime Achievement Award from the international Extreme Anthropology Research Network at the University of Vienna. @ProfHall1955…

Macro N Cheese

1
Ep 317 - Fatal Distraction with Shealeigh Voitl 58:53

10 weeks тому58:53

58:53

Control of information is a vital weapon of the ruling class in its war on the people. Critical media literacy is more important now than it has ever been. For the past year we’ve been drowning in imbalanced coverage of the war on Gaza. (How many times did mainstream news outlets use the word ‘genocide’?) It’s just one example – and it’s an outrage. Steve’s guest is Shealeigh Voitl, Project Censored’s digital and print editor. They discuss the media’s role in shaping public perception and delve into the systemic disinformation propagated by corporate and academic institutions. While sensational inconsequential stories dominate the headlines, the voices and experiences of the working class and the marginalized are silenced. Steve and Shealeigh look at the power dynamics inherent in media ownership, reinforcing inequality and promoting working class subjugation. Passive news consumption is the equivalent of unilateral disarmament. Shealeigh Voitl is the digital and print editor at Project Censored. She first began her research with the Project at North Central College alongside Steve Macek, co-authoring the Déjá Vu News chapter in the State of the Free Press 2022 and 2023 yearbooks, and the Top 25 chapter in SFP 2023. In addition to her editorial contributions to the yearbook series and work with the Campus Affiliates Program, Shealeigh helped develop the State of the Free Press 2024 teaching guide and the Project’s “Critical Media Literacy in Action” social media series. Her writing has also been featured in Truthout, The Progressive, and Ms. Magazine.…

Macro N Cheese

1
Ep 316 - Lions & Lambs with Thomas Fazi 52:13

11 weeks тому52:13

52:13

Thomas Fazi joins Steve once again, this time to explore the current geopolitical landscape under Trump 2.0 and the absurdity of an American empire that creates enemies out of thin air to justify its ongoing military and economic interventions. The conversation touches on the implications of austerity measures on the working class and the irony of billionaires like Elon Musk advocating for cuts to government spending while enjoying the benefits of public funding via massive subsidies. With a touch of sarcasm, Thomas & Steve critique how the political elite manipulate narratives to maintain control and distract from the real issues facing ordinary citizens. They remind us of the need to critically examine the intricate relationship between power, propaganda, and the everyday lives of people. Thomas Fazi is a “journalist/writer/translator/socialist.” who lives in Italy. He is the co-director of Standing Army (2010), an award-winning feature-length documentary on US military bases featuring Gore Vidal and Noam Chomsky; and the author of The Battle for Europe: How an Elite Hijacked a Continent – and How We Can Take It Back (2014) and Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (co-authored with Bill Mitchell, 2017). His articles have appeared in numerous online and printed publications. Find links to his articles on his Substack. @battleforeurope on Twitter…

Macro N Cheese

1
Ep 315 - Confessions of an Economic Hitman: A Conversation with John Perkins 50:24

12 weeks тому50:24

50:24

John Perkins is a storyteller. His stories tell of his work as an economic hit man, creator of a death economy that is polluting and consuming itself into extinction. He has served as advisor to the World Bank, UN, IMF, Fortune 500 corporations, and government and business leaders across the globe. “You know, my job was pretty easy, generally speaking, because I was offering the president of a country or his finance minister, whoever, a big loan. And the fact that this loan would help him and his family, his friends – they owned the businesses in most cases – they were the ones who benefited from big infrastructure ” “They knew that if they didn't accept this deal, the people we call the jackals would come in and they would either overthrow or assassinate the President, whoever was responsible. And, you know, the United States has admitted to this over and over. Allende in Chile, Mossadegh in Iran, Lumumba in the Congo. My two clients. We haven't admitted to that one yet, but we have admitted to Diem in Vietnam and more recently [Manuel] Zelaya in Honduras. We've admitted to these things.” For seven out of his ten years as an economic hit man, John believed what he was taught in business school: to help a poor country pull itself out of poverty, you invest heavily in infrastructure. Statistically this can be shown to increase the country’s economy – its GDP and GDP per capita. Per capita implies that everybody in the country is participating, but that's just not true. “GDP primarily measures how well the wealthy are doing and the big corporations.” John’s insights are not merely theoretical; they are rooted in personal experience. In other episodes of this podcast, we’ve talked about cycles of debt that sink global South nations into dire poverty. In this conversation, John recounts the manipulative tactics for securing lucrative contracts for US corporations across the globe, thus creating these debt traps. To repair the damage, John urges a radical shift towards a ‘life economy’—one that focuses on sustainability, equity, and regeneration. John Perkins served as Chief Economist at a major consulting firm and was advisor to the World Bank, UN, IMF, Fortune 500 corporations, and government and business leaders in Africa, Asia, Latin America, the Middle East, and the United States. Before that, he apprenticed with shamans when he lived in the Amazon rainforest from 1968 to 1971 and has since studied with shamans from many different cultures. His eleven books on economics, shamanism, and transformation include the Confessions of an Economic Hit Man trilogy; Shapeshifting; The World Is as You Dream It; and Touching the Jaguar. They have been on the New York Times bestseller list for more than 70 weeks, sold millions of copies, and are published in at least 38 languages. https://johnperkins.org/…

Macro N Cheese

1
Ep 314 - Chaos Fatigue with David and Dai from Call Me Limbo Podcast 1:03:26

13 weeks тому1:03:26

1:03:26

Depressed about the state of the world? Meet podcast hosts, Dai Poole and David Kugler, who are able to talk about the depressing stuff, yet manage to have a little fun along the way. In November, they brought Steve onto Call Me Limbo because they’re interested in Modern Monetary Theory (smart guys). A few months have passed since then, and things have changed in the US. The episode dives right into the thorny questions of divisiveness and weaponized identity politics. Anything that further divides us is dangerous, but anti-wokeness threatens the very people who are most vulnerable. The opposite of woke is sleep. Dai suggests “we've become so hyper focused on individuality that our individuality – our ‘rugged individualism’ – has just become rugged narcissism. We've gotten to the point (where) patriotism just means loving the idea of America more than loving the people that make up America.” Throughout the episode the three talk about working class solidarity and the need for collective struggle. In conversation and in their podcast, David and Dai include psychological insights as well as a therapeutic dose of humor. Check out David & Dai’s Call Me Limbo Substack https://callmelimbopod.substack.com/ David Kugler and Dai Poole are hosts of the award-winning Call Me Limbo, a weekly podcast that brings the concept of the Fireside Chat into the 21st Century.…

Macro N Cheese

1
Ep 313 - CHE with Clara Mattei 39:21

14 weeks тому39:21

39:21

“We need to understand the limits of capitalism. Capitalism has serious limits in the sense that it puts exchange value over use value. And this is by definition irrational according to logic of need, but very rational according to logic of profit... But we also need to understand that we are the ones who have produced the system. That's where the empowering voice comes out, because it says, okay, if we have created it, we can also change it. And guess what? The system is really fragile. That's why we need austerity constantly to protect it.” Economist Clara Mattei talks to Steve about the launch of the Center for Heterodox Economics (CHE) on the eve of its inaugural conference, February 6th through 8th, in Tulsa, OK. In the episode, Clara expresses her frustration with the inadequacies of mainstream economic education that neglects the real-life challenges faced by students and communities and explains that the CHE is being designed to break down traditional academic barriers and elitism. She mentions names of some participants in the upcoming conference, including Jamie Galbraith, Anwar Shaikh, Branko Milanovic, and Robert Brenner. From the Mission page on its website, the CHE is built on the following pillars: 1. Critical Political Economy: Understanding the dynamics of power, class, and social relations that shape economic outcomes. 2. Critical History of Economic Thought and Economic History: Exploring diverse schools of thought and the historical evolution of economic systems to inform our understanding of contemporary challenges. 3. Praxis: Economics, at its core, should be about more than analysis—it should be about action. At CHE, we are dedicated to producing knowledge that not only explains the world but transforms it. For information, go to https://sites.utulsa.edu/chetu/ Clara E. Mattei is Professor of Economics and Director of the Center for Heterodox Economics (CHE). She previously taught at the The New School for Social Research Economics Department and has been a fellow of the Institute for Advanced Studies, Princeton. Her research contributes to the history of capitalism, exploring the critical relation between economic ideas and technocratic policy making. Her first book, The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism (University of Chicago Press 2022) is translated in over 10 languages. Her current book project critically reassesses the Golden Age of Capitalism (1945-1975) and its Keynesianism through the lens of austerity capitalism.…

Macro N Cheese

1
Ep 312 - Sumud: Echoes of Palestine with Malu Halasa & Jordan Elgrably 51:16

15 weeks тому51:16

51:16

“It's a wound. Palestine is a wound that doesn't go away because it's ignored.” Where there is oppression, there is resistance. Even when it seems invisible to outsiders, it can always be found in the art and culture of the oppressed. Malu Halasa and Jordan Elgrably, of the Markaz Review, talk to Steve about Sumud: A New Palestinian Reader, an anthology of essays, poetry, fiction, memoirs, and art. Sumud is translated to mean ‘steadfastness’ or ‘standing fast.’ Recounting the work of author and human rights lawyer Raja Sheheda, Malu adds: “Sumud is practiced by every man, woman and child in Palestine, struggling on his or her own to learn to cope with and resist the pressures of living as a member of a conquered people. Sumud is watching your home turned into a prison ... It is developing from an all-encompassing form of life into a form of resistance that unites the Palestinians living under Israeli occupation.” Malu and Jordan highlight the ongoing violence and erasure faced by Palestinians, particularly in Gaza, where artistic expression becomes a vital form of resistance against dehumanization. The Israelis are intentional in their attempt to erase the art, culture, and memories of Palestine. Like the destruction of hospitals, schools, and arable land, it is intrinsic to the genocide. The conversation also touches on the implications of US support for Israel. Gaza has become an international display of arms and weaponized AI, serving the military industrial complex and global perpetrators of the endless war. Malu Halasa, Literary Editor at The Markaz Review, is a Jordanian Filipina American writer and editor. Her latest edited anthology is Woman Life Freedom: Voices and Art From the Women’s Protests in Iran (Saqi Books, 2023) has been shortlisted for the 2024 Bread & Roses Prize for Radical Publishing.. Previous co-edited anthologies include: Syria Speaks: Art and Culture from the Frontline (Saqi Books, 2014) among others. She has written for The Guardian, Financial Times and Times Literary Supplement. Her debut novel, Mother of All Pigs (Unnamed Press, 2017), was described as: “a microcosmic portrait of … a patriarchal order in slow-motion decline” by the New York Times. Halasa has been writing about Palestine for the past thirty years. Jordan Elgrably is a Franco-American and Moroccan writer and translator, whose stories and creative nonfiction have appeared in numerous anthologies and reviews, including Apulée, Salmagundi, and the Paris Review. Editor-in-chief and founder of The Markaz Review, he is the cofounder and former director of the Levantine Cultural Center/The Markaz in Los Angeles (2001–2020), and producer of the stand-up comedy show “The Sultans of Satire” (2005–2017) and hundreds of other public programs. Most recently he is the editor of Stories from the Center of the World: New Middle East Fiction (City Lights 2024). He is based in Montpellier, France and California.…

Macro N Cheese

1
Ep 311 - The Electoral Delusion with Jen Perelman 1:01:37

16 weeks тому1:01:37

1:01:37

Running for office is a fool’s errand if you think you can win and radically change the system from within. But an election campaign can serve other purposes for political organizers. A campaign provides a platform, a megaphone... media attention. The process of campaigning puts you in touch with people in the community. As Steve puts it, an election allows you to “build coalitions and radicalize people.” Jen Perelman’s need to run against Debbie Wasserman Schultz was clear: “I knew that we weren't going to win, but we made significant strides in what my bigger mission is. At the end of the day, I just was not going to sit there and let her represent Jewish people and not stand up for Palestine.” Steve has been on Jen’s show, JENerational Change, a number of times, where he has successfully convinced her of the validity and value of MMT. In this interview we get her take-aways from her most recent campaign. She and Steve talk about the popularity of programs that would provide jobs and healthcare. Election results represent the needs of capital, not the public. The conversation also touches on the moral implications of violence and how societal structures perpetuate violence against marginalized groups. Jen Perelman is host of the podcast and YouTube show, JENerational Change. She is a native Floridian and has run against Debbie Wasserman Schultz twice. So far, she has not won in the traditional sense. On Jen’s Linkedin profile, she explains: “From my earliest days of practicing law, I've fought for those who can’t fight for themselves. I've helped the poor & indigent receive proper counsel and helped young women receive a judicial bypass for an onerous process for their reproductive rights.” @JenforFL25 on X…

Macro N Cheese

1
Ep 310 - The Inevitability of Luigi Mangione with Jordan Chariton 58:31

17 weeks тому58:31

58:31

When there’s an attack on a high profile (read: white) target in the US, media attention is aimed at the perpetrators. If the act was politically motivated, that fact is either used to explain their psychopathy or dismissed altogether. The December shooting death of a UnitedHealthcare CEO has had a different reaction. As soon as the news broke, public sympathy was drawn to the shooter. The American people have too many horror stories about being denied medical coverage. Jordan Chariton, of Status Coup News, joins Steve to look at the significance of this story as representation of people’s outrage against a system designed to ignore people’s needs and reward the economic elite. As Jordan suggests, Luigi Mangione, the alleged perpetrator, wasn’t just attacking the health insurance industry, he was attacking predatory capitalism. Steve and Jordan discuss events of the past few decades, the futility of traditional political avenues, and the inevitability of a public breaking point and working-class uprising. Jordan’s coverage of the Flint and East Palestine crises have brought him into the lives of Americans who have been lied to and left to suffer the consequences of corporate malfeasance. If murder at gunpoint is immoral, can you keep making excuses for murder by policy? Jordan Chariton, Status Coup CEO, is an independent progressive journalist who has worked inside and outside the belly of the corporate media beast for over a decade. He worked at Fox, MSNBC, and TYT, before starting Status Coup. He is the author of the 2024 book, “We the Poisoned: Exposing the Flint Water Crisis Cover-up and the Poisoning of 100,000 Americans.” statuscoup.com @JordanChariton on X @StatusCoup…

Macro N Cheese

1
Ep 309 - Brick by BRICS with Yan Liang 1:07:11

18 weeks тому1:07:11

1:07:11

History doesn’t stand still, and every time we talk about BRICS on this podcast, there’s more to unpack. To understand the significance of BRICS, we must begin with (wait for it) monetary sovereignty. Economist Yan Liang is an expert on China’s economy and MMT. She joins Steve to discuss the evolving role of the BRICS nations (Brazil, Russia, India, China, South Africa) and the increasing number of countries becoming involved in challenging US dollar hegemony and the current global financial system. Weaponizing of the US dollar has reached an all-time high. Yan explains the specific ways in which US-dominated international institutions and dollar dependency impede development in the Global South. The episode looks at the significance of de-dollarization and its possible longterm effects. Yan also touches on the importance of technology transfer and intellectual property rights in building sustainable economies. Yan Liang is Peter C and Bonnie S Kremer Chair Professor of Economics at Willamette University. She is also a Research Associate at the Levy Economics Institute, a Non-Resident Senior Fellow at the Global Development Policy Center (Boston University), and a Research Scholar of the Global Institute for Sustainable Prosperity. Yan specializes in the Modern Monetary Theory (MMT), the Political Economy of China, Economic Development, and International Economics. Yan's current research focuses on China's development finance and industrial transformation, and China's role in the global financial architecture. @YanLian31677392 on X…

Macro N Cheese

1
Ep 308 - Working Class MMT with Bill Mitchell 1:04:32

20 weeks тому1:04:32

1:04:32

What’s the point of understanding money if we don’t look at the power relations controlling its distribution? Bill Mitchell, a key figure in the development of modern monetary theory, is back for his twelfth appearance on the podcast, beginning with Episode One, Putting the T in MMT . As a key figure in the development of MMT, Bill articulates how this theory fundamentally challenges conventional economic wisdom by asserting that governments, as currency issuers, are not financially constrained in the same manner as households or businesses. This critical insight dispels the prevailing narrative that insists the government cannot afford to invest in social programs. This forces us to look not only at political choices, but the class power behind those choices. The conversation delves into the dynamics of class conflict, inflation, and the role of private banks in shaping the financial landscape. Economic austerity, rising costs, and stagnant wages force the working class to take on more and more private debt. Bill 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. Bill is a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. Follow his work on https://billmitchell.org/blog/…

Macro N Cheese

1
Ep 307 - Rights for Machines? AI's Ethical Future with James Boyle 52:58

21 weeks тому52:58

52:58

Can you imagine granting personhood to AI entities? Well, some of us couldn’t imagine granting personhood to corporations. And yet... look how that panned out. In this episode, Steve talks with Duke law professor James Boyle about his new book, The Line: AI and the Future of Personhood. James explains the development of his interest in the topic; it began with the idea of empathy. (Then) moved to the idea of AI as the analogy to corporate personhood. And then the final thing – and maybe the most interesting one to me – is how encounters with AI would change our conceptions of ourselves. Human beings have always tried to set ourselves as different from non-human animals, different from the natural universe. Sentences no longer imply sentience. And since language is one of the reasons we set human beings up as bigger and better and superior to other things, what will that do to our sense of ourselves? And what would happen if instead of being a chatbot, it was actually an entity that more plausibly possessed consciousness. Steve and James discuss the ways in which science fiction affects our thinking about these things, using Blade Runner and Star Trek to look at the ethical dilemmas we might face. As AI becomes increasingly more integrated into our society, we will need to consider the full range of implications. James Boyle is the William Neil Reynolds Professor of Law at Duke Law School, founder of the Center for the Study of the Public Domain, and former chair of Creative Commons. He is the author of The Public Domain: Enclosing the Commons of the Mind, and Shamans, Software, and Spleens. He is co-author of two comic books, and the winner of the Electronic Frontier Foundation's Pioneer Award for his work on digital civil liberties.…

Macro N Cheese

1
Ep 306 - China: Challenging Dollar Dominance with Paul Gambles 52:59

22 weeks тому52:59

52:59

Paul Gambles is back to help us unpack China's recent issuance of US dollar-denominated sovereign bonds in Saudi Arabia. Paul begins by setting up the historical context. He takes us back to the end of the second World War and the Bretton Woods agreement, designed to bring a new world order, putting the US dollar as the global funding currency. China’s move signals a challenge to the petrodollar system – providing nations with new avenues for financing as an alternative to dollar dependency. Paul looks at the Global South in light of China’s behavior, including the Belt and Road initiative. Its infrastructure projects in Asia or in Africa enable local countries to reduce their potential dollar exposure and instead have either equity or other exposures to China. According to Paul, this is already having effects in terms of U.S. policy and the U.S. economy. Putting the bond issuance in perspective, Paul says: I think China has indicated that it plans to issue about $300 billion of sovereign bonds during 2024. So, you know, you can see $2 billion (of US dollar-denominated) out of almost $300. It's, you know, it's a relatively small proportion. He suggests it’s a warning shot across the bow. That's a very clear signal about how the potential power that China holds going forward if the U.S. government gets too stupid about things like tariffs or other anti-Chinese policies or even geo-politically. I mean, it might not be appreciated by listeners outside Asia, but American involvement in Taiwanese politics is a real sore point to the Chinese Government. And so I think this is a warning shot on a lot of different points. Paul Gambles is the Co-Founder of MBMG GROUP and a Director and Chief Investment Officer of MBMG Investment Advisory, a SEC regulated investment advisor. Find Paul’s articles on https://mbmg.substack.com/ @PaulGambles2 on Twitter…

Macro N Cheese

1
Ep 305 - Trump, the Fed & the Crypto Insurgency with Rohan Grey 1:25:34

23 weeks тому1:25:34

1:25:34

Rohan Grey, who taught us to understand money as a creature of law, is back for his tenth appearance on Macro N Cheese. Steve and Rohan dissect the humor and horror of the political landscape. They make a realistic assessment of the Biden administration and look at figures like Elon Musk and Ramaswamy as part of a new wave of governance setting out to undermine the fabric of federal institutions. The conversation touches on the absurdity of contemporary American politics, where a ‘meme president’ can emerge amidst a cacophony of discontent and confusion. All this against a background of imperialist atrocities and genocide. As always, Rohan warns against viewing political and economic developments through a simplistic lens and suggests a nuanced understanding of these realities within their historical context Rohan looks at the alternating and sometimes contradictory positions taken by conservatives and progressives on several issues. Judicial activism was once identified with the left – Thurgood Marshall, for example. Today judicial activism is synonymous with Samuel Alito. What has it meant to conservatives in the past to have an independent Fed? What does it mean today? In what ways do Trump’s interests align with Main Street instead of Wall Street? Part of the episode is devoted to cryptocurrency. Rohan explains why he refers to 2024 as the ‘crypto election’ and then talks about some of the fears and predictions about the Trump administration. Instead of comparing bitcoin to the US dollar, Rohan suggests we compare it to oil: We're not talking about holding Bitcoin. We're not talking about internalizing Bitcoin into the payments architecture of the United States government. We are talking about taking an interest in stabilizing the price of something that is otherwise functioning as a commodity. No Rohan Grey episode is complete without a couple of references to popular culture. Speaking of the broader issue of crytocurrency, he says it’s as if the digital dollar looked in the mirror and fell in love with itself. He compares it to a certain episode of Seinfeld. Rohan Grey is an assistant professor at Willamette University College of Law, where he teaches contracts, business associations, financial institutions, and a seminar on law, money and technology. Find his work and an expanded bio at rohangrey.net @rohangrey on Twitter…

Macro N Cheese

1
Ep 304 - Facing Uncomfortable Truths with Yeva Nersisyan 1:10:44

24 weeks тому1:10:44

1:10:44

In a stunning reversal, the Democrat Party has announced plans to reconnect with its New Deal roots in hopes of regaining the trust of the working class. Haha just kidding! This week, Yeva Nersisyan joins Steve to cut through the cacophony of phony punditry trying to explain the 2024 election results. Spoiler alert: it’s economics. It’s always economics. Yeva points to the stark realities of inflation, highlighting the persistent rise in food and housing costs. She points out that while inflation is often cited as a primary concern, the real issue lies in how US economic policies have consistently failed to address the needs of the people, especially those at the lower end of the income scale. Voters are not dazzled by Wall Street’s success. The conversation goes into the failures of past administrations and takes a look at mistakes made during and after the height of the Covid pandemic. Promising policies were on the table, yet the monies were often spent in ways least helpful to the majority. As an MMT economist, Yeva has worked on comprehensive economic proposals that demonstrate the affordability of providing a green new deal, healthcare, and a job guarantee. The episode continually reinforces the necessity of a class perspective when looking at the failure of neoliberalism. Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College in Lancaster, PA. She received her B.A. in economics from Yerevan State University in Armenia, and her M.A. and Ph.D. in economics and mathematics from the University of Missouri-Kansas City. She is a macroeconomist working in the Modern Money Theory, Post-Keynesian, and Institutionalist traditions. Her research interests include banking and financial instability, and fiscal and monetary theory and policy. She has published a number of papers on the topics of shadow banking, fiscal policy, government deficits and debt, and the Green New Deal. Nersisyan is currently coediting the Elgar Companion to Modern Money Theory with L. Randall Wray. Find her work at levyinstitute.org/publications/yeva-nersisyan…

Macro N Cheese

1
Ep 303 - Real Resources, Real Power with Fadhel Kaboub 1:10:56

25 weeks тому1:10:56

1:10:56

"Colonized people have the right to resist." Economist and friend of the podcast Fadhel Kaboub talks with Steve about the effects of global hegemony and the ongoing attempts to shift the balance of power. They look at BRICS, though it’s perhaps too soon to predict its ultimate outcome and influence. Fadhel argues that a true multipolar world cannot emerge without placing the Global South at the center of economic decision-making, challenging the existing economic domination by the US and other nations. The history of colonial exploitation continues to affect the resource-rich region. Fadhel also addresses the ways in which Israel is carrying out the US agenda in Gaza. He points out that the world’s reaction is being influenced by the ready availability of direct information via social media. "The world didn't start on October 7th. There was a world before that. And there is a colonial project that was being built in Gaza and Palestine. "Every colonial case we've seen in Africa and the rest of the Global South created resistance movements and resistance. Some people resist in the streets, some people resist with little pebbles and stones, some people resist with weapons. Some people resist with their voice, some people resist with their pen. But it's resistance. And it's a legitimate right to resist. "It's beginning to click for a lot of people that colonized people have the right to resist." Fadhel Kaboub is an associate professor of economics at Denison University (presently on leave) and the president of the Global Institute for Sustainable Prosperity. He's the author of Global South Perspectives on Substack. Find his work at kaboub.com and globalsouthperspectives.substack.com @FadhelKaboub on Twitter…

Macro N Cheese

1
Ep 302 - Gaza, Genocide & Empire with Jason Hickel 52:25

26 weeks тому52:25

52:25

“A capitalist economy requires constant imperialist wars because it has to constantly suppress prices and wages and reorganize production in the global south around accumulation in the core. That is ultimately the system that we have to overcome.” Jason Hickel, who won our hearts a while back by accepting MMT, talks with Steve about the burning issue of our time. (No, not the US election, though they touch on the electoral system.) As much as Gaza is dominating social media, we must continue to stress its place in the capital order. Jason points us to Israel’s true role: sowing chaos and instability in the region. The conversation covers the historical and ongoing imperialistic strategies of the U.S. and its reactions to the mid-century liberation movements of the Global South, placing US support for Israel's actions as part of a broader capitalist agenda to maintain control over the world's resources and labor markets. Jason looks at China’s domestic successes and how they have led to the US virtually declaring war. He also touches on recent news about BRICS. Jason compares the history of the state of Israel to that of apartheid S. Africa. They used many of the same tactics and rationalizations. When it comes to the future for Israelis and Palestinians, S. Africa again provides a model: “What is the actual solution for this region? And I think we have to be clear. The alternative is democracy. The alternative to apartheid is democracy. Democracy and equal rights for all people in the land of Palestine, from the river to the sea... “We have to start thinking about what this means... This is exactly what South Africa did after they abolished apartheid... They disestablished the apartheid state. They disestablished the apartheid institutions. They ensured equal rights and democracy for all within the territory.” Dr. Jason Hickel is an economic anthropologist, author, and a Fellow of the Royal Society of Arts. He is Professor at the Institute for Environmental Science and Technology at the Autonomous University of Barcelona, Visiting Senior Fellow at the International Inequalities Institute at the London School of Economics, and Chair Professor of Global Justice and the Environment at the University of Oslo. Health. Jason's research focuses on global political economy, inequality, and ecological economics, which are the subjects of his two most recent books: The Divide: A Brief Guide to Global Inequality and its Solutions (Penguin, 2017), and Less is More: How Degrowth Will Save the World (Penguin, 2020), which was listed by the Financial Times and New Scientist as a book of the year. @jasonhickel on Twitter…

Macro N Cheese

1
Ep 301 - Worker to Worker Unionism with Eric Blanc 45:28

27 weeks тому45:28

45:28

Author and labor studies professor Eric Blanc talks about worker-led union organizing and why it is superior to the dominant model of staff-intensive unionism. “You just can't get the type of mass movement we need by relying on staff. Even the best staff.” Eric lays out some features of worker-to-worker organizing: Workers are training other workers in the skills they need for a successful union drive. Workers are self-organizing before they affiliate with a union. As a result, the relationship between worker and union is more of a partnership; not a relationship of deference. Workers have decision-making power for the drive. They decide on strategy, tactics, even, perhaps, a political stance. “One of the crucial turning points... that forced Starbucks to come to the bargaining table earlier this year, was the union came out for very strong stance around Palestine and solidarity with Gaza. “And it created this knockoff effect that ended up leading to a mass boycott that hurt Starbucks to the tune of 11 billion dollars. And there's just no way that if workers hadn't been in the driving seat of this campaign, that they would have done such a risky thing very early on.” Political activists will take away a lot from this conversation. Eric Blanc is director of the Worker-to-Worker Collaborative and co-founder of the Emergency Workplace Organizing Committee. He is professor of labor studies at Rutgers University. He is also author of the substack Labor Politics, and author of the forthcoming monograph, "We Are the Union: How Worker-to-Worker Organizing is Revitalizing Labor and Winning Big" (UC Press, 2025)…

Macro N Cheese

1
Ep 300 - Algorithmic Warfare with Andy Lee Roth 59:32

28 weeks тому59:32

59:32

**Milestone 300! We dedicate this, the 300th weekly episode, to our loyal listeners, and we wish to recognize the valiant work of our underpaid podcast crew – correction: our unpaid podcast crew – who have put in thousands of hours editing audio, correcting transcripts, writing show notes, creating artwork, and posting promos on social media. To have the next 300 episodes delivered to your inbox as soon as they’re released, subscribe at realprogressives.substack.com Project Censored has been a valuable resource for Macro N Cheese. This week, sociologist Andy Lee Roth talks with Steve about information gatekeeping by big tech through their use of AI algorithms to stifle diverse voices. The discussion highlights historical and current instances of media censorship and looks at the monopolization of news distribution by corporate giants like Google, Facebook, and Twitter. In an economic system that is fully privatized, trustworthy journalism is another casualty. News, which should be treated as a public good, is anything but. Andy Lee Roth is associate director of Project Censored, a nonprofit that promotes independent journalism and critical media literacy education. He is the coauthor of The Media and Me (2022), the Project’s guide to critical media literacy for young people, and “Beyond Fact-Checking” (2024), a teaching guide about news frames and their power to shape our understanding of the world. Roth holds a PhD in sociology from the University of California, Los Angeles, and a BA in sociology and anthropology from Haverford College. His research and writing have been published in a variety of outlets, including Index on Censorship, In These Times, YES! Magazine, The Progressive, Truthout, Media Culture & Society, and the International Journal of Press/Politics. During 2024-2025 his current work on Algorithmic Literacy for Journalists is supported by a fellowship from the Reynolds Journalism Institute. projectcensored.org @ProjectCensored on Twitter…

Macro N Cheese

1
Ep 299 - Coup Save MMT with Sean St. Heart 1:08:26

29 weeks тому1:08:26

1:08:26

**Our Substack brings every new episode of this podcast as well timely alerts about our book clubs and webinars and reminders for Tuesday night’s gatherings of Macro ‘n Chill. All this and more, straight to your inbox. Subscribe now: realprogressives.substack.com Recently, Steve appeared with host Sean St. Heart on Coup Save America, a weekly podcast committed to breaking through political rhetoric and focusing our attention on the core problems affecting our nation. The episode’s title was Exploring Modern Monetary Theory with Steve Grumbine, but of course it’s almost impossible to limit an MMT conversation to macroeconomics alone. From the Coup Save America show notes: “’Are Progressives like 8-bit robots walking into walls when it comes to understanding economics?’ “Today we welcome special guest Steve Grumbine, founder and CEO of the nonprofits Real Progressives and Real Progress in Action. Steve is here to tell us how Modern Monetary Theory could benefit the working class American – and why it doesn’t. If you think a podcast on economics will be dry and dull, you’ve never heard Steve’s animated and passionate viewpoints on the subject. “Steve and Sean start the episode by reflecting upon the most recent presidential debate, then Steve launches right into the truth about our nation’s economy. While explaining the term “austerity” as it relates to macroeconomic models, Steve dispels the myth that if a government spends money on its people, it will cause inflation. We learn about the history of the Federal Reserve and how it works, what the federal deficit actually means, and what taxes really are and why they exist. Steve teaches us the difference between a ‘currency user’ and a ‘currency issuer,’ along with explaining how inflation works and why he hates using the term Modern Monetary Theory. “What would an idealistic economic system look like? It comes down to understanding class, power, and the average working man’s lack of agency. As progressives, we sabotage our own agenda by not understanding how economics work. Steve describes our movement’s ignorance as a ‘self-inflicted gunshot wound to the junk,’ and he tries to clear up some of the more common misunderstandings. He talks about the history of capitalism and how the system is now eating itself alive. When you pay interest rates, where does that money go? Is the middle class even a real thing? Steve attests that Modern Monetary Theory could contribute to fixing our society’s problems, but MMT can’t do it alone. How do we make our progressive goals actionable and not just theoretical? Why do progressives go to sleep whenever Democrats are in power rather than demanding real change? “Steve does a brilliant ‘Trumper’ impression as he explains how we need to create working class awareness. We (as progressives) need to accept that Medicare can’t work on a state-by-state level, and Steve calls out our dreams of a Universal Basic Income as being ‘batshit, bullshit crazy’ (although there is still hope in the idea of Universal Basic Services). So, how do we solve our economic problems? Listen to learn about ‘outside the nine dots,’ ‘creating dual power,’ and how ‘education and awakening are two different things.’ “Other topics include: Giving Biden credit for the CHIPS Act, price gauging during the pandemic, ‘Dude, Where’s My Car,’ and the economic theories of Clara E. Mattei and Jason Hickel.” Coup Save America is a weekly talk show hosted by Sean St. Heart that plants the mental seeds of social change by inciting a politically progressive coup of knowledgeable citizens to challenge the status quo. coupsaveamerica.com @coupsaveamerica on Twitter…

Macro N Cheese

1
Ep 298 - YIMBYism is Code for Gentrification with David Fields 1:04:29

30 weeks тому1:04:29

1:04:29

If NIMBY is the classist rejection of affordable housing ("Not in my back yard”), then YIMBY is sold as the progressive counter to it: “Yes, in my back yard; because I believe affordable housing should be widely available, even in my own neighborhood.” But of course, housing development has nothing to do with the needs of the poor or the working class. It has nothing to do with the public purpose. Steve’s guest, political economist David Fields, explains: “YIMBY is yes to housing in my backyard, but housing for developers to extract profit from land value. So build as much as possible within a given area and, in the end, extract as much as possible through rent extraction and land value appreciation. It's not, in my view, yes to actual affordable housing in my backyard to house working class folks. No, it's yes to luxury skyscrapers, luxury this, luxury that. Build as cheaply as possible for vested interests to maximize gain.” YIMBY’s want us to believe that sheer quantity will bring prices down, because that’s how the market works. Those who object are accused of NIMBYism. In addition, “They're economically illiterate, they're economically stupid, they don't know, they don't pay attention, and they're not letting the magic do its magic. Which, anybody who knows a modicum of economics and knows that supply and demand is institutionally configurated - not natural - should be flabbergasted and say, how did this get to be so popular, so celebrated? Well, there are vested interests involved.” The episode explores the misleading narratives of YIMBYism and compares the market-driven approach to housing to trickle-down economics, emphasizing the constructed scarcity and profit motives behind urban planning. David points out the misuse of economic models like the Marshallian Cross, highlighting flaws in the market logic often used to justify YIMBY policies. David and Steve talk about the broader neoliberal agenda of privatization and deregulation, and its stranglehold on government policies. Awareness and organization are needed to combat systemic class inequality in housing and beyond. David Fields is from a critical realist and genetic structuralist ontology and epistemology. His work centers on the intricacies concerning the interactions of foreign exchanges and capital flows, with economic growth, fiscal and monetary policy and distribution, whereby critical attention is paid to the notion of endogenous money. He also delves into the political economy of regional development to study patterns with respect to the nature of housing, social stratification, and community planning. @ProfDavidFields on Twitter…

Macro N Cheese

1
Ep 297 - Exposing the Titans of Capital with Peter Phillips 48:10

31 weeks тому48:10

48:10

The titans of capital aren’t just the obscenely wealthy. They are the directors of transnational finance companies; they manage the money of the obscenely wealthy. Steve’s guest, political sociologist Peter Phillips, is the author of Titans of Capital: How Concentrated Wealth Threatens Humanity. The titans, he says, have doubled their AUM (assets under management) in the past 5 years. “There's only 117 of them and they manage $50 trillion of capital. That $50 trillion is the core –– almost half of the free-floating capital in the world. And that is what the US calls a vital interest. So, when the US says we have vital interests in the world, that's what they mean. “And that's why we have military bases everywhere in the world, because these investors are everywhere. And any rivalries are undermined by our intelligence agencies, by the government, by military whenever possible. So, it just happens that governments work on behalf of capital.” So, if you’re wondering why the US has military interests in Ukraine or Gaza. Look to the titans, whose firms are investing in the defense industry. They profit off of war While the titans are massively increasing the wealth of the top .05 percent of the world’s population, over 20,000 people die each day from starvation and easily curable diseases. While the ruling class and their media mouthpieces insist that capitalism is going to save the world and money will trickle down... “It's not. It's exactly the opposite. People are dying daily. There are 700 million people who live in extreme poverty in the world. And extreme poverty means you're living on $2.15 a day. That's the UN set level for extreme poverty. Steve and Peter discuss ways in which the titans are able to bend policy to their own purposes. They mention the role of groups like the Trilateral Commission and the Council on Foreign Relations. The episode also compares the approaches of the US and China, illustrating China's success in alleviating extreme poverty through state-driven economic strategies and how the US tries to spin China as a threat. Steve and Peter talk about the need for revolutionary social movements to challenge the entrenched capitalist structures and demand wealth redistribution, using the insights of MMT to spur new thinking about alternative economic possibilities. Peter Phillips is a Professor of Political Sociology at Sonoma State University since 1994, former Director of Project Censored 1996 to 2010 and President of Media Freedom Foundation 2003 to 2017.…

Macro N Cheese

1
Ep 296 - Caste, Class and the Capital Order with Charles Derber & Yale Magrass 1:02:12

32 weeks тому1:02:12

1:02:12

Steve’s guests are Charles Derber and Yale Magrass, authors of Who Owns Democracy: The Real Deep State and the Struggle Over Class and Caste in America. The concept of the deep state has been employed by different political ideologies, most recently the right under Trump. But its existence is real, and its service to the ruling class can be traced back to the founding of the US. Among other ideas, Charles and Yale stress the distinction between shallow democracy and the real thing. From their book’s abstract: “Large corporations, Wall Street, and other sectors of the capitalist class outsource day-to-day governance to the mainstream political parties, which can compete vigorously and create a credible veneer of civil liberties and electoral democracy, disguising and legitimating the deep state. But it is a “shallow democracy,” since the deep state sets boundaries on policies and choices to serve itself. It also denies a universal franchise and obstructs the voting rights of people of color, the poor, and other communities threatening to the deep state. Moreover, the deep state constrains civic governance in the workplace and community, denying virtually all working people democratic control over their economic and social life.” The episode’s conversation examines a historical and contemporary concept of caste in the US, which some of our listeners may find surprising. The discussion also covers contradictions within the capitalist class, the impact of the military-industrial complex, and the potential implications of the upcoming election. Charles Derber, Professor of Sociology at Boston College, is a public sociologist and life-long activist who writes about structural and cultural analysis of capitalism, public goods, the environment, and social movements seeking transformational change, He is the author of twenty-eight books. Yale Magrass is a Chancellor Professor of Sociology at University of Massachusetts-Dartmouth. He is the author/co-author of nine books, most co-authored with Charles Derber, and 80 articles. His work focuses upon how militaristic capitalism distorts everyday life as it promotes inequality, bullying, environmental devastation, and war.…

Macro N Cheese

1
Ep 295 - Degrowth Through Social Movements with Erin Remblance 1:00:06

33 weeks тому1:00:06

1:00:06

When people reject the concept of degrowth are they suggesting society continue to allow capital to ravage the earth? Are they saying the countries of the global North should continue exploiting and extracting from the global South? Are they pushing for more growth? Steve’s guest, Erin Remblance is an Australian researcher and activist who was spurred into action six years ago when the IPCC released their special report on global warming of 1.5°C. Since then, Erin has been creating courses, events, and materials that address the crises and work toward solutions. Erin and Steve discuss degrowth, a planned reduction in energy and material throughput to maintain ecological balance. (Throughput, for those unfamiliar with the term, is defined as “the amount of material or items passing through a system or process.”) The episode goes into the systemic issues of capitalism, which increasingly commodifies all areas of our lives in its relentless pursuit of growth. “The gross national product does not allow for the health of our children, the quality of their education or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country. It measures everything in short, except that which makes life worthwhile.” Robert F. Kennedy, 1968, included in Erin’s slide presentation, An Introduction to Degrowth Follow Erin Remblance and find her work on LinkedIn, Substack, and Twitter: https://www.linkedin.com/in/erin-remblance/ https://erinremblance.substack.com/ https://twitter.com/remblance_erin https://the-healthy-habits-accelerator.circle.so/c/start-here/the-rules…

Macro N Cheese

1
Ep 294 - Euthanizing Rentier Capitalism with Daniel Conceição 48:51

34 weeks тому48:51

48:51

**Find a transcript of each week’s episode on our Substack, where we also offer links to resources discussed in the interview. Subscribe now at https://realprogressives.substack.com/ Daniel Conceição is back to discuss the social damage of rentier capitalism and the potential to address it through the insights of Modern Monetary Theory. Rentier capitalism derives profit from ownership and manipulation of assets rather than through productive activity. While industrial capitalism also creates inequality, rentier capitalism, or rent seeking, exacerbates the division. State-controlled money creation could nullify some of the speculative advantage of rentiers by directly funding critical public services, such as housing and healthcare. It may not be the ultimate answer, but it’s worth looking at. Daniel and Steve discuss the importance of overcoming mainstream economic fallacies that serve the interests of the financial elite. 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 ), 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…

Macro N Cheese

1
Ep 293 - Big Brother Is Watching with Nolan Higdon 57:16

35 weeks тому57:16

57:16

**Join us Tuesday evenings for Macro ‘n Chill, an informal gathering where we listen to and discuss this podcast. Register here for our September 10th session https://events.teams.microsoft.com/event/29d4cc27-0123-4885-aaa8-6ff95947498d@7d53fbd0-6b43-4143-9400-6b0b36a25e55 Steve’s guest is Nolan Higdon, an author and expert in media literacy. They discuss surveillance in education, which Higdon covers in his book, co-authored with Allison Butler, Surveillance Education: Navigating the Conspicuous Absence of Privacy in Schools. Surveillance capitalism, which emerged in the late 20th century, profits from datamining, largely without public awareness. Nolan emphasizes the increased intrusion into schools, particularly following changes to FERPA laws in 2012 allowing private tech companies to collect and use student data. The discussion highlights the false sense of security offered by the surveillance tools as well as the biases ingrained in AI used in education. The topic takes on special significance when considered along with the broader implications for society, including the erosion of democracy and the intensification of neoliberal ideology that prioritizes profit over public welfare. Nolan Higdon is a founding member of the Critical Media Literacy Conference of the Americas, Project Censored National Judge, author, and lecturer at Merrill College and the Education Department at University of California, Santa Cruz. Higdon’s areas of concentration include podcasting, digital culture, news media history, propaganda, and critical media literacy. He is the author of The Anatomy of Fake News: A Critical News Literacy Education (2020); Let’s Agree to Disagree: A Critical Thinking Guide to Communication, Conflict Management, and Critical Media Literacy (2022); The Media And Me: A Guide To Critical Media Literacy For Young People (2022) ; and the forthcoming Surveillance Education: Navigating the conspicuous absence of privacy in schools (Routledge). Higdon is a regular source of expertise for CBS, NBC, The New York Times, and The San Francisco Chronicle. Find his work on Substack: nolanhigdon.substack.com @NolanHigdonCML on Twitter @ProjectCensored…

Macro N Cheese

1
Ep 292 - The Conflict of Class, Democracy & Universal Basic Services with Tony from 1Dime 1:45:16

36 weeks тому1:45:16

1:45:16

Macro N Cheese brings you another twist. A couple of months ago, Steve appeared as a guest on 1Dime Radio in a two-part series that we’re now presenting as a single episode. Tony has been on our podcast several times, now Steve is on his turf. The result is a productive meeting of the minds. He and Steve both view the world through a Marxist lens, and they both agree Marxists need MMT. The discussion goes into the American Revolution as they consider the possibility of democracy in a modern capitalist system. They examine bourgeois control over politics and economics. They look at the limitations of capitalism in meeting society’s vital problems and talk about the devastating effects of privatization. They compare a UBI to a program of universal basic services and agree there’s no contest. Tony runs the YouTube channel "1Dime" and the podcast 1Dime Radio. On his main channel, 1Dime does video essays and mini-documentaries that involve the political economy, history, geopolitics, leftist theory, and various socio-political topics. 1Dime is known most for his videos involving MMT and Marxian thought, such as "The Problem With Taxing The Rich" and "Why Billionaires Prefer Democrats." Check out his YouTube channel, 1Dime and his podcast, 1Dime Radio, on Apple, Spotify , and most podcast platforms. @1DimeOfficial on Twitter…

Macro N Cheese

1
Ep 291 - The Poisoning of America with Jordan Chariton 1:08:20

37 weeks тому1:08:20

1:08:20

Let us never become immune to shock and outrage over the US government’s failure to guarantee its citizens a safe clean water supply. We must be outraged by the power that private players hold over us all with the blessings and collusion of officials whose titles suggest they should protect us. Investigative journalist Jordan Chariton has been reporting on the Flint water crisis for nearly a decade. His newly published book, We the Poisoned, examines how systemic governmental failures, abetted by municipal, state, and federal authorities, and complicit media, combined to allow the Flint catastrophe. Jordan talks to Steve about the devastating effects of neoliberal privatization schemes, driven by financial incentives and aided by powerful interests including Wall Street, which resulted in the use of untreated water from the polluted Flint River in a city already suffering from decades of economic decline. Privatization transformed public utilities into profit-driven entities, neglecting critical safety and quality controls. President Obama's inadequate federal response and successive Michigan administrations' culpability resulted in a combination of political negligence and deliberate actions all to avoid setting a costly precedent of government intervention. Lest we relax into the belief that such crises are incidental and rare, be warned. Privatization is on an upward trajectory. The people’s health and safety interfere with profits and in the US, profit reigns supreme. This episode offers a detailed portrayal of environmental racism, the perils of unchecked corporate power, and how both government and media support these atrocities. Jordan Chariton, Status Coup CEO, is an independent progressive journalist who has worked inside and outside the belly of the corporate media beast for over a decade. He worked at Fox, MSNBC, and TYT, before starting Status Coup. He is the author of the newly published book, “We the Poisoned: Exposing the Flint Water Crisis Cover-up and the Poisoning of 100,000 Americans.” @JordanChariton on Twitter @StatusCoup…

Macro N Cheese

1
Ep 290 - After the Collapse with Brett Scott 1:17:56

38 weeks тому1:17:56

1:17:56

The 2024 fictional film “Civil War” shows an America that has been fractured into armed factions. It’s not the dystopian fantasy that interests us here, however, it’s the collapse of the currency! In the movie, the US dollar has lost its value, like the fate of Confederate money after the (real) US Civil War. With his imagination piqued by the film, Steve asked Brett Scott, author and monetary theorist, to help us think about the dynamics of commerce, currency, and systemic forces in times of societal collapse and global capitalism. Brett and Steve look at historical cases like Zimbabwe's hyperinflation and Ireland's banking strike. They discuss barter systems, mutual credit, dollarization, and informal credits. The conversation delves into broader themes of pre- and post-capitalist markets, moral logics within economies, and the systemic nature of global capitalism. Highlighting the inadequacy of simplistic elite-blaming narratives, they advocate for understanding economic interdependence and discuss Modern Monetary Theory (MMT) as a counter to austerity. 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/ brettscott.substack.com @Suitpossum on Twitter…

Macro N Cheese

1
Ep 289 - Deprogramming Hasbara with Jonathan Kadmon 1:25:54

39 weeks тому1:25:54

1:25:54

“I was still a true believer, but doubts were starting to creep in at a certain point when you saw a large segment of our coalition cheering the brutal death of Rachel Corrie under a Caterpillar D9 bulldozer. And then, you know, a month later, cheering for the death of Tom Hurndall who was killed protecting a Palestinian child from Israeli snipers and was shot in the head by an expert marksman looking through a scope.” Jonathan Kadmon is on the leadership team of Real Progressives and writes for the website. He also helps put out this podcast. Today, however, he is talking to Steve about his vast knowledge of Zionism, Palestine, and US support for Israel. Jonathan was raised in a Republican household and became a passionate supporter of Israel during his college years, when he was given training and taken on trips by powerful players in the Israel lobby. After growing up a Jew in the South, he now became part of a powerful community and embraced it with pride. He talks of his experiences and describes his increasing discomfort as discrepancies between fact and propaganda became too great to ignore. Steve, a vocal critic of the administration’s role in the current genocide in Gaza, is regularly attacked for his views. Jonathan, having studied in Israel and been trained by AIPAC, says: “That stuff bounces off me like I was wearing body armor... I'm like, oh yeah, you're going to tell me I'm a self-hating Jew? Are you kidding me? My resume and my credentials here probably outstrip anything you have. And the fact of the matter is, I do this because I am a Jew and I'm proud of being a Jew. And I'm proud of my history and my heritage. I learned the lessons of my history and my heritage.” The discussion goes into historical and political manipulation by Zionist organizations to blur the lines between Jewish identity and support for Israel, the erasure of Palestinian history, and the media and political complicity in perpetuating the Zionist narrative. The episode includes profound insights into Holocaust education, which is intentionally designed to emphasize the trauma and neglect the political economy. Jonathan Kadmon is on the leadership team at Real Progressives, where he is a writer and a co-host of the weekly discussion group, Macro ‘n Chill. @JonathanKadmon on X…

Macro N Cheese

1
Ep 288 - RP Live Presents: Fiat Socialism with Carlos Garciá Hernández 1:37:43

40 weeks тому1:37:43

1:37:43

In June, Real Progressives hosted a webinar with Carlos García Hernández on his book, Fiat Socialism: Achieving the Goals of Socialism Through Modern Monetary Theory. After hearing his Macro N Cheese interview last year, we wanted to open the door for our volunteers to ask questions and engage with Carlos on this topic. He is an important voice applying the insights of MMT to socialist theory. “‘Fiat socialism’ is my name for an open and prosperous society ruled by the principles of the Modern Monetary Theory and functional finance.” In talking about his book, Carlos laid out the goals of fiat socialism: Full employment Full and prudent use of material resources The guarantee of the five essentials to every citizen: food, housing, clothing, health services, and education Social 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 unions This episode includes his presentation followed by Q&A with the event’s attendees. 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…

Macro N Cheese

1
Ep 287 - Propaganda, Algorithms & Disinformation with Mischa Geracoulis 57:00

41 weeks тому57:00

57:00

According to Mischa Geracoulis, of Project Censored, media is a public good and journalism is a public service. “Being able to access information, being able to join in, participate in the free flow of information, to have an opinion, to formulate a stance –that is actually considered a human right, under Article 19 of the UN Declaration of Human Rights.” It only follows that censorship is a violation of human rights. Project Censored defines censorship more broadly than a government’s control over the media. It is the suppression of information, whether purposefully or not, by any method – (including) bias, omission, underreporting, or even self-censorship by the reporter or publisher. Steve and Mischa discuss the urgency of getting the public to understand the genocide in Gaza, and crucial for Americans to see their government’s role in it. They look at the challenges faced by independent press, as well as special problems of news deserts. They also talk about the need for media literacy while much of the public relies on social media, where algorithms play a suppressive role. Mischa Geracoulis is a media literacy expert, writer, and educator, serving as Project Censored’s curriculum development coordinator. Mischa is on the editorial boards of the Censored Press and the Markaz Review. @MGeracoulis, @ProjectCensored on Twitter…

Macro N Cheese

1
Ep 286 - Modern Monetary Theory and the European Project with Dirk Ehnts 1:06:40

42 weeks тому1:06:40

1:06:40

Steve’s guest this week is Dirk Ehnts, a lecturer and author who specializes in modern monetary theory (MMT). They discuss Dirk's new book, "A Simple Guide to the Monetary System," which aims to simplify the often complex concepts of MMT. They discuss the significance of the Copernican turn to MMT, which refers to the shift in perspective that occurred during the COVID-19 pandemic. Dirk explains that the massive increase in government spending and the lack of inflationary effects challenged conventional economic theories that had previously dismissed MMT. Dirk explains the theory behind inflation targeting and how it has failed to deliver on its promises of price stability and full employment. He also highlights the role of trade policy and income inequality in shaping economic outcomes, pointing out that these factors are often overlooked in favor of focusing solely on interest rates and inflation. The conversation shifts to the rise of the BRICS countries (Brazil, Russia, India, China, and South Africa) and the geopolitical battles that have influenced international trade. They discuss the idea of losing faith in the US dollar as the primary world reserve currency and the potential impact on global trade. Dirk emphasizes that the public needs to understand how money and resources interact in order to find solutions to problems like climate change. He believes that as more people become aware of MMT and its potential policies, there will be a demand for change. Dirk Ehnts is a German heterodox economist. He is one of the leading proponents of Modern Monetary Theory in Europe. Ehnts is a member of the standing field committee History of Economic Thought of the German economists association. Every summer since 2016 Ehnts has held a course on MMT at the Summer School of Maastricht University. In February 2019, he organized the 1st European MMT Conference. He is also a lecturer at the MMT summer school at the University of Poznan in Poland.…

Macro N Cheese

1
Ep 285 - We the Poisoned: No One Will Save Us with Jordan Chariton 1:01:36

43 weeks тому1:01:36

1:01:36

When corporations are guilty of poisoning the population, it is newsworthy. When state and local governments are complicit, it is newsworthy. Yet the US media refuses to cover some of the most scandalous and tragic stories of our time, despite overwhelming evidence of corporate and government culpability. Jordan Chariton, CEO of Status Coup, has many years of experience working for both mainstream and independent news organizations. He and Steve discuss the media’s role in perpetuating the distorted narrative. If they’re not ignoring the facts, they’re misrepresenting them. Jordan talks about his continuing coverage of the Flint water crisis and the East Palestine train derailment. He describes the case of Graphic Packaging International in Kalamazoo, Michigan, where a paper mill has been releasing deadly gases into a poor black community for decades. Despite complaints and environmental violations, the plant has not been shut down. He finds himself waging war on two fronts; after digging up the truth he struggles to get other media to help spread the information. He and Steve highlight the gatekeeping role of social media algorithms and clickbait in determining what news gets attention. Jordan also mentions his upcoming book, "We the Poisoned," which exposes the Flint water crisis cover-up and the poisoning of 100,000 Americans. Jordan Chariton, Status Coup CEO, is an independent progressive journalist who has worked inside and outside the belly of the corporate media beast for over a decade. He worked at Fox, MSNBC, and TYT, before starting Status Coup. @JordanChariton on Twitter @StatusCoup…

Macro N Cheese

1
Ep 284 - How The West Was Lost with Thomas Fazi 58:07

44 weeks тому58:07

58:07

**On Tuesday evening we’re gathering for a listening party and discussion of this episode of the podcast. Get the Zoom link here https://realprogressives.org/event/macro-n-chill-284/ If anyone still thinks adopting the Euro was a good idea, this episode should set you straight. Writer and journalist Thomas Fazi joins Steve to talk about the critical issues surrounding the European project, beginning with elite reaction to the recent election of Marine Le Pen in France, which Thomas calls a script that, as an Italian, he has seen play out many times: “And that is one where as soon as a “populist” or “anti-establishment” government comes into power, or has a good chance of coming to power, as Le Pen does now ... then the kind of democracy-proofing mechanisms of the European Union, and of the Euro, kick into action.” Markets begin selling off the bonds of the country in question, in this case France, because they’re said to be spooked by the election results. The mainstream media frames this as the market’s natural reaction to “irresponsible” politicians gaining power. “But in fact, this is a very simplistic narrative, because, as MMT teaches us, it's the central bank that ultimately controls the interest rates on the government bonds...markets can only spook governments and countries, and can only put [financial] pressure on countries, so long as a central bank allows markets to do it.” The European Central Bank has every interest in using financial markets to discipline governments, ensuring they don’t stray off the neoliberal path. The discussion goes into the US role in European geopolitics, the importance of economic and industrial sovereignty, and the negative impacts of relying on imports and being subordinate to the US. They go into the purpose of the bombing of the Nord Stream gas pipeline, the petrodollar system, and the destruction of Ukraine. They also question the MMT community’s disturbing reluctance to speak out on geopolitics, especially the ongoing genocide in Gaza. Thomas Fazi is a critically-acclaimed writer and journalist. His books include The Battle for Europe: How an Elite Hijacked a Continent — and How We Can Take It Back (Pluto Press, 2014), Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (co-authored with Bill Mitchell; Pluto Press, 2017) and The Covid Consensus: The Global Assault on Democracy and the Poor — A Critique from the Left (co-authored with Toby Green; 2023). He is the co-director of Standing Army (2010), an award-winning feature-length documentary on US military bases featuring Gore Vidal and Noam Chomsky; His articles have appeared in numerous online and printed publications. He is a columnist for the British magazine UnHerd and a contributing editor for the American magazine Compact. @battleforeurope on Twitter…

Macro N Cheese

1
Ep 283 - Can Unions Survive the Struggle Within? with Traven Leyshon 52:26

45 weeks тому52:26

52:26

** For a full transcript of this and every episode of the podcast, go to our website, where you will also find an “Extras” section with information and links to resources discussed in the episode. realprogressives.org/macro-n-cheese-podcast/ At Macro N Cheese we’ve been having an ongoing conversation about the need for radical change in the labor movement and the rise of class struggle unionism. Traven Leyshon is president of the Green Mountain Central Labour Council and part of the leadership team of the Vermont State Labour Council. Traven, who has over five decades of labor organizing experience, talks to Steve about the pushback from national labor institutions against Vermont's newly elected progressive leadership and what it represents for the movement. The episode delves into the historical context of labor shrinkage and addresses the practical challenges of organizing in a neoliberal economy dominated by corporate money. He emphasizes the need for a participatory democracy within unions, contrasting this approach with the dominant model of business unionism, where members often feel disconnected and disengaged. Traven and Steve highlight the need for workers to have a deeper knowledge of how the system operates in order to fight back against the capitalist order. They also touch on issues such as the need for a job guarantee and the impact of austerity measures on working-class people. In the face of climate crisis and continual economic crises, building a powerful, inclusive labor movement is more urgent than ever. Current president of the Green Mountain Central Labor Council, part of the leadership team of the Vermont State Labor Council, AFL CIO member of OPEIU 153, Teamster truck driver for Teamsters for a Democratic Union, and proud rank and file UAW Audi worker. @TravenL on Twitter…

Macro N Cheese

1
Ep 282 - Argentina For Sale with Daniel Kostzer 1:04:41

46 weeks тому1:04:41

1:04:41

What happens to a nation when its leaders get in bed with the IMF? In this episode, Steve and his guest Daniel Kostzer look at the case of Argentina under President Javier Milei. Daniel is the Chief Economist of the International Trade Union Confederation. They discuss the recent legislative wins by Milei's government, which have sparked mass protests and civil unrest in the country. The reform bill passed by the Argentine Senate includes sweeping austerity measures, privatization, and labor rights cuts. The conversation delves into the factors contributing to the high inflation rate in Argentina, including the country's debt with the IMF, the impact of the pandemic, and external conditions such as the Ukraine-Russian war and drought. Daniel explains that Milei's approach to the economy is characterized by a belief in dollarization. They also discuss the role of the IMF in Argentina and its pro-market, pro-capitalist ideology. They talk about the historical pattern of accumulation in the country, with a constant pendulum swing between the export-oriented neoliberal model and the industrial autonomous development model. Without a clear resolution of this conflict, Argentina will continue to struggle. However, they also highlight the resilience and fighting spirit of the Argentine society, with a strong union density and a comprehensive system of social protection. Daniel Kostzer is the Chief Economist of the International Trade Union Confederation (ITUC-CSI) based in Brussels. He was the senior regional wage specialist for Asia and the Pacific at the INWORK Branch (Inclusive Labour Markets, Labour Relations and Working Conditions), International Labour Organization. Daniel does research in Labour Economics, especially wages and income distribution, poverty alleviation, and the linkages with the broad economic issues. @dkostzer on Twitter…

Macro N Cheese

1
Ep 281 - Gaza: Unmasking Empire with Dan Kovalik 47:02

47 weeks тому47:02

47:02

Dan Kovalik, author and human rights lawyer, joins Steve to talk about his new book, The Case for Palestine: Why it Matters and Why You Should Care . The conversation goes into the history of the Israeli-Palestinian conflict, the concept of settler colonialism, and the current situation in Gaza. They criticize the US government's support for Israel and the lack of accountability for the ongoing genocide. They blame the corporate media for not adequately informing the public about these issues, allowing for a privileged perspective that ignores the suffering. They touch on the role of social media in raising awareness of the atrocities, discuss the need for the American public to unify around principles of peace & to call out the US for war crimes and also talk about the attempts to silence criticism of genocide by labeling it as anti-Semitic or terrorist sympathizing. Dan Kovalik is a labor and human rights lawyer and peace activist. He is the author of the recently released book, The Case for Palestine: Why it Matters and Why You Should Care. Some his other books include The Plot to Control the World: How the US Spent Billions to Change the Outcome of Elections Around the World, and The Plot to Scapegoat Russia: How the CIA and the Deep State have Conspired to Vilify Russia @danielmkovalik on Twitter…

Macro N Cheese

1
Ep 280 - MMT Gives Labor Its Wings with Tschaff Reisberg 53:18

48 weeks тому53:18

53:18

In this episode, Steve has a conversation with Tschäff (pronounced “Jeff”) Reisberg, the secretary of the Charlotte Metrolina Labor Council and a professional flight attendant, about the vital role of the labor movement through the lens of MMT. They look at the intersection of movement building and labor's role, emphasizing that real economic advocacy should lead to tangible change. Steve contrasts this to the naivety of relying solely on voting within a captured oligarchic system. They discuss historical and current labor struggles, touching on the need for transforming unions from business unionism to class struggle-oriented unions. Tschäff shares insights on the positive outcomes of recent labor actions which have revitalized union activity. They also talk about the importance of a job guarantee and consider how unions might engage with broader social movements, emphasizing solidarity and the power of labor to enact change by shutting down production. Tschäff Reisberg is not only an early proponent of MMT, but is secretary of the Charlotte Metrolina Labor Council, and an Association of Professional Flight Attendants member. He has been with the American Airlines Flight Attendants union in difficult and contentious times, including through Covid. This perspective has given Tschäff unique insights into the burgeoning labor movement we are experiencing today.…

Macro N Cheese

1
Ep 279 - Seeking Solidarity with Steve Hall 1:15:01

49 weeks тому1:15:01

1:15:01

**Each episode of Macro N Cheese has an “Extras” section filled with information and links to resources related to topics touched on in the interview. Go to https://realprogressives.org/macro-n-cheese-podcast/ where you will also find a full transcript of the episode. Steve Grumbine’s guest is Steve Hall, a Professor Emeritus of Criminology who has published in the fields of criminology, sociology, anthropology, history, economic history, political theory and philosophy. The discussion covers a range of political and economic issues, including class consciousness and unity among the working class in the US and Europe. They discuss the historical fear and suspicion of the working class by the political and economic elites. They talk about the impact of identity politics and the need for unity among the working class. They also touch on the influence of neoliberalism and the weaponization of identity struggles. They highlight the disconnect between what is presented in the news and the needs of the working class. They look at the concept of natural laws in economic models and how they often ignore the role of human decisions. The conversation ends with a discussion on the limitations of the current political system and the need for agency and alternative avenues of power for the working class. Steve Hall is a Professor Emeritus of Criminology. He worked at the Universities of Teesside, Northumbria and Durham. He is the author of Criminal Identities and Consumer Culture, and Theorizing Crime and Deviance, and co-author of numerous others. @ProfHall1955 on Twitter…

Macro N Cheese

1
Ep 278 - Radicalizing the Youth: The Significance of Campus Protests with Bryce Greene 58:34

50 weeks тому58:34

58:34

Bryce Greene was recently arrested during campus protests in support of Palestine. Steve, who believes ignoring the slaughter in Gaza is akin to ignoring the holocaust, invited him to describe his experience and insights into the student encampments and the anti-Zionist movement in the US. Bryce is a writer and organizer currently working towards his PhD in Informatics. His work focuses on media and geopolitical analysis. He emphasizes the importance of dismantling the myths and narratives surrounding American support for Israel and the oppression of Palestinians. He believes that studying Palestine brings understanding of the broader forces and processes that define American Empire. He goes into the impact of social media and alternative platforms in challenging the traditional narratives and gatekeepers that shape the public’s understanding. Or misunderstanding. They talk about the brutality of the Israeli state, including land grabs, settlements, and military violence against Palestinians. Bryce expresses frustration with the manipulation and gaslighting that occurs when the Holocaust is used to justify these atrocities. They also touch on the topic of university complicity in supporting Israel, criticizing universities for partnering with companies that enable genocide. Bryce discusses the use of counterterrorism measures against peaceful protesters and the surveillance of activists. He warns of the growing infrastructure for surveillance and repression, which could have serious consequences for organizing and activism. Bryce Greene is a writer, student and organizer based in Indiana. His work focuses on media and geopolitical analysis. He has appeared in Fairness and Accuracy In Reporting, as well as many other venues. He is currently pursuing a PhD in Informatics. @TheGreeneBJ on Twitter…

Macro N Cheese

1
Ep 277 - Be the Revolution with Jay Ponti 1:00:59

51 weeks тому1:00:59

1:00:59

**On Tuesday evening we’re holding a listening party and informal discussion of this episode. Join us for Macro ‘n Chill. Register here: https://us06web.zoom.us/meeting/register/tZArcuqsqD0tH92MxVmJIqj4PHtojQGgFl2l Grassroots political organizer Jay Ponti talks with Steve about his book, "Be the Revolution: How Occupy Wall Street and the Bernie Sanders Movement Reshaped American Politics." Jay maintains that there’s a vibrant network of people doing great work that isn’t covered by corporate media. “Politicians are not heroes who can save us. We have to save ourselves. That's what the Occupy Wall Street movement taught me. We can't rely on someone else to make the changes we want to see. We have to get organized, we have to get active, and we have to fight for our own rights.” Jay shares his experiences in Occupy Wall Street and the motivations behind it. He describes how the movement emerged as a response to the 2008 financial crisis and the fraudulent practices of financial institutions. He also touches on the Bank Exit campaign, which aimed to divest from banks funding the Dakota Access Pipeline. He speaks of the challenges and successes of the campaign and its connection to the broader movement for social and economic justice. Steve and Jay discuss the need for grassroots movements and an inside-outside strategy to bring about real change. Jay Ponti is a grassroots political organizer, trainer, and consultant who has participated in some of the most important social movements of the last decade, including Occupy Wall Street, Standing Rock, and Bernie Sanders’s two presidential campaigns. He is the author of "Be the Revolution: How Occupy Wall Street and the Bernie Sanders Movement Reshaped American Politics," Find his work at jayponti.com @jayponti on Twitter…

Macro N Cheese

1
Ep 276 - What Democracy? with Aaron Good 1:03:59

52 weeks тому1:03:59

1:03:59

Aaron Good, a political scientist and historian, talks with Steve about the US political system and power dynamics. They explore the roles of the deep state and oligarchy in policy-making and the suppression of democracy. “This is a very low point in the history of democracy. Perhaps the lowest point ever, if you put it in a historical context. The United States was never really a democracy. Democracy isn't so much an either/or proposition, I would say it's a continuum ... “Even in the generic sense of political rights and universal suffrage and basic 'one person, one vote' rules, the US comes up short. The electoral college is a ridiculous system. There are barriers to getting on the ballot.” The conversation includes a discussion on the role of empire and the pursuit of global dominance in shaping US politics and policies. Aaron argues that the US prioritizes its imperial ambitions over domestic issues, resulting in a loss of political power for most of the population. Aaron Good holds a doctorate in political science from Temple University. He is the author of American Exception: Empire and the Deep State. Find his podcast at patreon.com/americanexception Follow Aaron’s work at americanexception.substack.com/ @Aaron_Good_ on Twitter…

Macro N Cheese

1
Ep 275 - Insurgent Labor with David Van Deusen 57:33

1 year тому57:33

57:33

In a previous episode of this podcast, David Van Deusen spoke about the radical ten-point program adopted by the Vermont State Labor Council, AFL-CIO. This time, he and Steve discuss David’s new book, Insurgent Labour: The Vermont AFL-CIO from 2017 to 2023 . They look at the importance of working-class unity, the need for unions to be more democratic and inclusive, and the need for a new approach to labor organizing. They touch on the problems of racial oppression, police unions, global labor movements, healthcare, and the futility in relying on the political parties. David's book provides insights and lessons from their experiences in Vermont, offering a potential roadmap for a more effective and inclusive labor movement in the US and abroad. They discuss the global race to the bottom and international solidarity of the working class. “We can't have the US government foreign policy defining our foreign policy as a labor movement. We need to look for those groups that are truly engaged with struggles against the capitalists, against the elite, against the billionaires. And we need to make one on one direct relationships with them and support them where we can ... We should be reaching our hands out as a labor movement, as a US labor movement, saying 'what can we do to support you?' Because if they win there, they're going to set the example that could spread to other regions of the Middle East, Europe, and aspects of the United States. And shouldn't we be supporting democracies, especially those that actively invite labor activists, labor unions, to be part of the molding of the society that they labor within?” Check out the other interview with David: https://realprogressives.org/podcast_episode/episode-186-the-power-of-organizing-with-david-van-deusen/ David Van Deusen is a longtime organizer and militant union leader. He served two terms as President of the Vermont AFL-CIO (2019-2021 & 2021-2023) and is part of the working class left United! Slate. He is also a member of Democratic Socialists of America and a past member of Anti-Racist Action. His new book from PM Press is called Insurgent Labor: The Vermont AFL-CIO 2017-2023.…

Macro N Cheese

1
Ep 274 - Is Bail Reform the Answer? with Jeff Clayton 43:25

1 year тому43:25

43:25

When most of us think about bail, we focus on the financial burden it presents to the accused. This week’s guest is Jeffrey J. Clayton, Executive Director of the American Bail Coalition. He talks to Steve about the complicated anti-democratic trap that is our criminal justice system. Jeff explains that across the US there are plans in place to eliminate bail. (One would think that’s good news. One would be wrong.) In reality, these plans result in greater violations of civil liberties. Bail is being replaced by pre-trial incarceration and risk assessment tools using computer algorithms (AKA profiling?) In his dissent in United States v. Salerno, Justice Thurgood Marshall warned that we are quickly moving to a criminal justice system where "a person innocent of any crime may be jailed indefinitely." Marshall called the bail system a shortcut to conviction. Steve and Jeff discuss the most obvious ways to address crime – by providing jobs, housing, and education or training. Some caught up in the criminal justice system need recovery treatment. In the US, those healthcare services have become punitive. Jeff refers to them as the dragnet of the state. Steve speaks of addressing the material conditions that contribute to criminal behavior. He brings up the concept of a federal job guarantee and talks about resource allocation and macroeconomic justice. Jeffrey J. Clayton serves as the Executive Director of the American Bail Coalition (ABC). He holds a B.B.A. from Baylor University, an M.S. in Public Policy from the University of Rochester, N.Y., and a J.D. from the Sturm College of Law, University of Denver. @ambailcoalition on Twitter…

Macro N Cheese

1
Ep 273 - RP Live: Putin's Russia with Esha Krishnaswamy 1:20:00

1 year тому1:20:00

1:20:00

**Check our website for upcoming events such as book clubs, RP Live webinars, and the Tuesday evening discussion group, Macro ‘n Chill. https://realprogressives.org/ This week’s episode is the audio track of a recent webinar with historian Esha Krishnaswamy. Esha is now living in Russia to research and write a people’s history of the Soviet Union. The discussion begins with the story of the First World War and the Bolshevik Revolution. The formation of the USSR as a proletarian state shook the capitalist nations of the West to their core. As a result, the Soviet Union was regularly under threat economically, militarily, as well as propaganda warfare. Esha talks about the history of the Soviet Union and its ultimate dissolution against the will of the majority. She delves into the impact of its fall on various countries and the global economy. She looks at the shock doctrine years of Boris Yeltsin in the 1990s and the effects of such extreme austerity and privatization on the average citizens. She then goes into the Putin era and the move towards social democracy. Finally, she touches upon NATO, the IMF, and the war in Ukraine. Esha Krishnaswamy is a writer and media critic, whose focus is on history, foreign policy, and Modern Monetary Theory. She hosts Historic.ly and Late Nights with Lenin. Find her work at historicly/substack.com @eshaLegal on Twitter…

Macro N Cheese

1
Ep 272 - Assange: In Defense of Journalists & Whistleblowers with Kevin Gosztola 54:43

1 year тому54:43

54:43

“Assange is being targeted by the US government because he doesn't conform to the dominant culture of the US prestige media. He's not going to be invited to the White House Correspondents' Dinner. He's not going to be given a Pulitzer. He's not going to be treated as one of them.” Steve’s guest is journalist Kevin Gosztola, author of Guilty of Journalism: The Political Case Against Julian Assange . Kevin has been advocating for freedom of the press since the George W. Bush administration and the imperialist wars in Iraq and Afghanistan. Steve and Kevin discuss the lack of available unbiased information, particularly regarding events like the ongoing genocide in Gaza and the presidential election. They look at the collusion between mainstream media outlets and the government, the demonization of individuals who counter the mainstream narrative, and the targeting of journalists and newsrooms. They highlight the efforts of the US empire to prevent information from reaching the public and discuss the significance of the documents published by WikiLeaks. They also discuss Assange's current situation and the deterioration of his health. Kevin Gosztola is a journalist, press freedom advocate, and the author of Guilty of Journalism: The Political Case Against Julian Assange from Censored Press and Seven Stories Press. He publishes The Dissenter Newsletter at TheDissenter.org and has spent the past 10-15 years reporting on Assange, WikiLeaks, the war on whistleblowers, press freedom, and government secrecy. @kgosztola on Twitter…

Macro N Cheese

1
Ep 271 - Defining Value with L. Randall Wray 53:48

1 year тому53:48

53:48

**RP Book Club is beginning a new series, Sunday April 7, 14, and 21, at 3pm ET/12pm PT. Register once for all three sessions. realprogressives.org/event/rp-book-club-the-communist-manifesto/2024-04-07 L. Randall Wray talks with Steve about the concept of value in the context of MMT. Randy discusses the labor theory of value and the liquidity premise theory, saying both approaches are critical to understanding how money works in a capitalist economy. Randy looks at the historical development of economic thought and the neoclassical revolution of the 1870s, which aimed to prove that a free-market economy could reach equilibrium without considering money. He explains why this just isn’t so. He compares and contrasts the intentions and conclusions of Keynes and Marx. He emphasizes the need to look beyond surface phenomena and understand the structure of the capitalist economy to determine the value of money. The conversation also goes into the importance of the federal job guarantee in setting wages and stabilizing the value of labor. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. www.levyinstitute.org…

Macro N Cheese

1
Ep 270 - Class, Capitalism, and MMT with Bill Mitchell 1:10:31

1 year тому1:10:31

1:10:31

A hundred years ago, John Maynard Keynes predicted we would see a massive expansion of growth and productivity under capitalism. Bingo. He got that right. He said this amazing efficiency would result in a shorter work week with far more leisure time for everyone. Oops. Not so much. The structure of capital ownership will never permit it. Bill Mitchell’s blog post, Keynes Was Wrong Because He Failed to Consider Class Conflict , was the inspiration for this episode. Bill talks with Steve about many of the truths about capitalism economists and historians get wrong, beginning with the idea that capitalism freed workers from the bonds of feudalism. Bill covers the social democratic politics of the postwar era and how the ruling elites then ensured that government would only serve as their agent. He and Steve take a critical look at the dangerous power of institutions like the World Bank and IMF. Bill explains why he supports degrowth instead of “green growth.” Bill believes progressives shouldn’t be working to reform the system; they must work to change it. Coming from the Marxian tradition, he says MMT is only part of the story. “Yes, it provides a first class lens into monetary operations but it doesn't have a theory of power. And you have to add that ideological layer for it to be, in my view, a purposeful framework for advancing systemic change. Just to have an MMT understanding provides you with no additional tools to work out systemic change.” Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. Follow his work on https://billmitchell.org/blog/ @billy_blog on Twitter…

Macro N Cheese

1
Ep 269 - Finding Your Why with Steve Grumbine 1:17:54

1 year тому1:17:54

1:17:54

This episode of Macro N Cheese is dedicated to Steve’s mom, Joan Grumbine. Her kindness, love, and unwavering dedication to her family and community will be deeply missed. May she rest in peace. In his first solo episode, our host and jefe, Steve Grumbine, recounts the story of his political transformation from conservative republican to passionate MMT advocate, to self-identified socialist. He begins the episode talking about his recent experience dealing with the medical system as his mother’s health declined. Both parents’ deaths illustrate the fact that a for-profit system cannot provide the kind of healthcare we need and deserve. Awareness of class discrepancy runs through his story as he develops an awareness of the need to combine MMT with an understanding of capitalism. It's impossible to separate Steve’s political development from his work on this podcast. Many of the guests affect him profoundly. In the episode he ties these insights together to create a radical and comprehensive worldview. Steve Grumbine is the founder and CEO of Real Progressives and Real Progress in Action. He is a project manager by profession. @sdgrumbine on Twitter…

Macro N Cheese

1
Ep 268 - There Is No Magic Pricing Fairy with Brian Romanchuk 54:42

1 year тому54:42

54:42

** Be sure to check the Real Progressives website’s calendar for upcoming events. On Sunday, March 17th at noon ET/9am PT, we’re hosting a webinar, RP Live with Esha Krishnaswamy: Putin’s Russia . On Tuesday evenings, 8pm ET/5pm PT, come to Macro ‘n Chill, where we listen to the most recent episode of this podcast and discuss it with the community. https://realprogressives.org/rp-events-calendar/ “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” Milton Friedman This quote by the grandaddy of neoliberal economics is from 1963. Some in the mainstream have been dining out on it ever since. According to our guest, author and blogger Brian Romanchuk, neoclassical economics relies on mathematical models and fail to capture the complexity of real-world inflation. He highlights the importance of understanding the supply and demand dynamics in setting prices and explains that inflation can be influenced by factors such as supply chain shocks and changes in the labor market. Brian also points out that it’s not enough to blame inflation on corporate greed; after all, corporations are always driven to maximize profits. He mentions the Cantillon effect, which suggests that the first recipients of newly created money benefit from inflation as prices go up, while the poor and working class bear the brunt of higher prices down the road. Brian and Steve discuss inflation constraints on fiscal policy. Brian argues that while extreme fiscal policies could lead to inflation, most of the time, fiscal policy is relatively moderate and does not have a significant impact on inflation. They criticize the government for not trying to set prices and argue that the government often follows the private sector's lead, making things worse. Brian Romanchuk is the author of several books, including Modern Monetary Theory and the Recovery. He is the writer and publisher of bondeconomics.com. His writings can be found in his substack, The BondEconomics Newsletter. @RomanchukBrian on Twitter…

Macro N Cheese

1
Ep 267 - Demystifying Sellers Inflation with Yeva Nersisyan 59:07

1 year тому59:07

59:07

The American people see through mainstream claims of “the greatest economy ever.” They are confronted by evidence to the contrary every day. Steve and his guest, economist Yeva Nersisyan, take a deep dive into the current US economy, looking at the repercussions of the high costs of education, healthcare, and housing. They discuss different perspectives on the causes of inflation and talk about Isabella Weber’s work on “sellers’ inflation” and its relationship to monopoly power. They argue that the drive for corporate profits, leading to abusive price-setting, has been the primary force behind inflation. They also talk about the effect of fiscal policy on income inequality, revealing politicians’ contempt for the working class. Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College in Lancaster, PA, and a research scholar at the Levy Economics Institute of Bard College.…

Macro N Cheese

1
Ep 266 - Les Milei with Daniel Conceição 1:05:25

1 year тому1:05:25

1:05:25

** Reminder: You are invited to listen to and discuss this episode with friends from Real Progressives on Tuesday, March 5th. Find the Zoom link at https://realprogressives.org/rp-events-calendar/ “If the soul is left in darkness, sins will be committed. The guilty one is not he who commits the sin, but the one who causes the darkness.” — Victor Hugo Daniel Conceição talks with Steve about Argentina’s economic immiseration under newly elected president Javier Milei. Milei’s aggressive cuts to public spending don’t address the root cause of inflation in Argentina. Because of the country’s dependency on the US dollar, it is mired in a foreign debt trap. Daniel and Steve highlight austerity policies bolstered by the macroeconomic illiteracy propagated by media and politicians (shout out to RFK, Jr). They discuss the current political landscape and touch upon topics such as genocide, neoliberalism, economic conditions, and the role of public spending in promoting prosperity. Daniel Conceição is an associate professor at the Unicamp Institute of Economics, a professor at the Institute of Research and Urban and Regional Planning (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 formerly president of the executive board of Institute of Functional Finance for Development Brasil. @stopthelunacy on Twitter…

Macro N Cheese

1
Ep 265 - Is Marx Still Relevant? with Steve Maher 54:58

1 year тому54:58

54:58

**To discuss this episode among friends, come to our listening party, Macro ‘n Chill, on Tuesday February 27th at 8pm ET/5pm PT. For the link go to our Events Calendar https://realprogressives.org/rp-events-calendar “But fortunately for us, human nature is precisely the capacity to be creative; to imagine a different way of living together and to bring that into being through our conscious and deliberate actions by working together, by fighting for a different world against the class power that is interested in perpetuating things as they are. And so we can, through acting on the world to transform the world, we also transform ourselves. That's a basic principle of Marxist theory and Marxist politics. By acting on the world to change the world, we simultaneously transform ourselves through the act of struggle, to the act of building collective solidarity, we become different and we also make the world different.” Steve invited Stephen Maher for this interview to talk about some of the basic lessons of Marxism. While you may not agree with everything you hear in this episode, certain fundamentals of capitalism are beyond refute. The discussion explores the relationship between capital and the working class, and the concept of class struggle as the key to understanding US history of the past century, especially the postwar period and the development of neoliberalism. To truly make sense of it all we must look at some fundamental truths about capital. It is very fluid and dynamic. Capital is capable of continuously evolving and restructuring. In doing so, our social conditions change as well. They also discuss the challenges and obstacles in achieving socialism, the history of anti-communist sentiment in the US, the importance of class struggle unionism, and the need for grassroots organizing and building solidarity within the working class. Stephen Maher is an Assistant Professor of Economics at SUNY Cortland, and co-editor of The Socialist Register. He is the co-author of The Fall and Rise of American Finance: From J.P. Morgan to BlackRock with Scott Aquanno, and the author of Corporate Capitalism and the Integral State: General Electric and a Century of American Power. @SteveMaher18 on Twitter…

Macro N Cheese

1
Ep 264 - Deconstructing the Colonial Archetype with Fadhel Kaboub 56:58

1 year тому56:58

56:58

** If you haven’t yet come to our Tuesday night listening party, this is the week to do so. Join the Real Progressives community as we dive in and discuss this episode. The registration link is posted on our Events Calendar prior to each Tuesday’s session — it’s usually up by Saturday. Look for Macro ‘n Chill. https://realprogressives.org/rp-events-calendar/ This week Steve talks with our friend, economist Fadhel Kaboub. Followers of this podcast will recognize some of the themes we regularly focus on, including the debt trap facing countries of the global South, and the need for climate action and transformative economic development. Current plans under consideration are extractive and paternalistic, continuing the patterns of colonial exploitation. At the root of the external debt problem are three major structural issues: food deficits, energy deficits, and manufacturing deficits. Fadhel breaks down each of these problems, tracing the origins and suggesting how solutions will benefit not just Africa and the global South, but the international working class. “So, the type of thinking that we need to have today is one of two options. Do we work towards reforming this global economic architecture that was designed for these purposes? Or do we build a parallel, alternative economic architecture from the ground up? I'm of the opinion that the countries that dominate the current economic architecture will fight to death to keep their supremacy.” Steve and Fadhel also discuss MMT, degrowth, and the job guarantee. They look at the role China could play in Africa. Fadhel Kaboub is an associate professor of economics at Denison University (on leave), and the president of the Global Institute for Sustainable Prosperity. He is also a member of the Independent Expert Group on Just Transition and Development and serves as senior advisor with Power Shift Africa. @FadhelKaboub on Twitter…

Macro N Cheese

1
Ep 263 - State of the Not So Free Press with Mickey Huff 57:46

1 year тому57:46

57:46

“We've been trying to get people to stop saying ‘mainstream media.’ I’ve got to do it now too, for the same reason that you just described: because there's nothing mainstream about 90 percent of the media being controlled by 6 private, for-profit corporations or 5 other big tech companies. There's nothing mainstream, or Main Street, about the ideas and the views that they platform. It's corporate media or establishment legacy press, and then there's independent media which means very little.” — Mickey Huff Project Censored was founded by a communications and sociology professor in the 1970s. He asked himself how it was that Richard Nixon was elected by a landslide despite ample coverage of his misdeeds and corruption in the independent alternative media. And why did it take so long for the establishment press to catch up? Steve’s guest Mickey Huff discusses the work of Project Censored today and the current state of the press. They talk about how the corporate media's coverage is based on American exceptionalism and propaganda efforts, as well as the receding role of independent local outlets. They emphasize the importance of critical media literacy and how the media landscape has become more complicated with the rise of social media. They touch on the influence of big tech and billionaires on the media, and look at it as another example of corporate exploitation of workers. Mickey Huff is an educator, radio broadcast producer/host, podcaster, author/editor, the current director of Project Censored, and the president of the nonprofit Media Freedom Foundation. Since 2009, he has coedited the annual volume of the Censored book series and has contributed numerous chapters to these works since 2008. His most recent books include United States of Distraction: Media Manipulation in Post-Truth America (and what we can do about it), co-authored with Nolan Higdon, and Project Censored’s State of the Free Press In 2024, co-edited with Andy Lee Roth. Mickey is currently a professor of social science, history, and journalism at Diablo Valley College where he co-chairs the History Area and is chair of the Journalism Department. https://www.projectcensored.org On Twitter: @mythinfo @ProjectCensored…

Macro N Cheese

1
Ep 262 - How Are We Going To Pay For It with Geoff Ginter, Rohan Grey, and Yeva Nersisyan 1:19:47

1 year тому1:19:47

1:19:47

“...the question of how to pay for it is a very complicated question but has much less to do with money than it does to do with social structure and industrial structure. And the quicker we can get away from centering the taxpayer as the goose that holds the golden egg money and more towards the questions of labor and industrial structure that are really going to affect how we provide healthcare, I think we're going to be in a better place.” — Rohan Grey In 2022, Real Progressives helped our coalition partners, March for Medicare for All, organize a three-day educational summit on the healthcare crisis in the US. This week’s episode is from the panel we put together on paying for national improved Medicare for All, featuring Geoff Ginter, Yeva Nersisyan, and Rohan Grey. The panelists discuss: The meaning of currency user vs currency creator The money story and order of operations Financial restraints vs resource constraints The importance of deficit spending Private vs public investment and inflationary constraints Potential impact of policies on the economy The truth about the so-called national debt Specific to Medicare for All, they address the problem of transitioning workers out of administrative jobs in the insurance industry. They explain why Medicare for All is likely to be deflationary rather than inflationary. And they look to history to suggest ways of attracting healthcare workers to underserved locations. Geoffrey Ginter is a New Jersey based certified medical assistant, activist, and MMT evangelist. Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College and a research scholar at the Levy Economics Institute at Bard College. Rohan Grey is an Assistant Professor of Law at Willamette University and the founder and president of the Modern Money Network. MintTheCoin.org @rohangrey on Twitter…

Macro N Cheese

1
Ep 261 - Mission: Inflation with Warren Mosler 56:11

1 year тому56:11

56:11

**Transcripts and “extras” are available for each episode of Macro N Cheese on our website: https://realprogressives.org/macro-n-cheese-podcast/ This podcast’s followers know we cover a range of topics from political theory to international events, but at some point, we always circle back to Modern Monetary Theory. This interview with Warren Mosler was originally recorded for “Let’s Get Ready to Grumble,” Steve’s show on Status Coup. As with any Mosler episode, this one is appropriate for both MMT newcomers and old-timers. They discuss interest rates, inflation, and the money supply. Warren goes over the key principles of MMT, emphasizing that government spending precedes taxation as well as the role of taxation itself. The conversation also touches on rising fuel prices and the role of Saudi Arabia as monopoly supplier setting the price of oil. Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands. An entrepreneur and financial professional, Warren has spent the past 40 years gaining an insider’s knowledge of monetary operations. @wbmosler on Twitter…

Macro N Cheese

1
Ep 260 - Practical Applications with Joshua Dávila, the Blockchain Socialist 47:53

1 year тому47:53

47:53

When we hear the term “blockchain,” we immediately think of libertarians and capitalists. Crypto bros. They have been dominating that space but they don’t hold a monopoly on it, and our guest, Joshua Dávila, AKA The Blockchain Socialist, refuses to cede the ground. In this episode he and Steve discuss the need for bridging the gap between technical knowledge and social understanding because blockchain technology can be a valuable organizing tool for socialists. Joshua suggests creating collective wallets and experimenting with democratic input in economic institutions as a starting point. He also speaks of the potential of blockchain technology in creating a new economic system that challenges the existing power structures. The space of what is economically possible is much wider than many realize. (As MMTers, we agree.) Joshua believes the tools provided by digital systems can be used to create post-capitalist systems that compete with the existing globalized digital economy. He challenges the notion that the tools used in libertarian economic systems cannot be leveraged for post-capitalist ones. Check out his blog, The Blockchain Socialist. Joshua Dávila is an author, expert on blockchain technology, and the creator of The Blockchain Socialist blog and podcast. His book, Blockchain Radicals: How Capitalism Ruined Crypto and How to Fix It, was published in 2023. https://theblockchainsocialist.com/ @TBSocialist on Twitter…

Macro N Cheese

1
Ep 259 - Redefining Work with Tyler Emerson 54:05

1 year тому54:05

54:05

One of the many exciting things about a federal job guarantee is its transformative potential in reshaping society's understanding of work and value. It can provide a dignified job for people in every possible situation with every ability and disability. Of course that’s not all we love about the FJG. In this episode, Tyler Emerson and Steve also discuss the job guarantee’s preventative possibilities in tackling social and environmental crises. Tyler is one of the younger generation of MMT scholars. He works with our good friend Pavlina Tcherneva at the Economic Democracy Initiative (EDI). We recommend everyone check out their website, jobguarantee.org The conversation touches on the idea of money as a public resource and the need to challenge the mentality of scarcity that dominates society. The job guarantee will address poverty and provide opportunities for individuals to have agency and dignity in their work. Tyler Emerson is an economist working as a research assistant for the OSUN Economic Democracy Initiative at Bard College in New York’s Hudson Valley. His research on the link between unemployment and disability culminated in his thesis The Job Guarantee as it Relates to People with Disabilities. Tyler's area of interest continues to be the history and future of people with disabilities in the American labor force and how macroeconomic and sociological trends affect their economic position. @EDI_tweets…

Macro N Cheese

1
Ep 258 - Wall Street’s War on Workers with Les Leopold 52:50

1 year тому52:50

52:50

Before the 1980s, mass layoffs were often tied to economic recessions. Today, they are shrewd corporate strategy. Modern mass layoffs are connected to leveraged buyouts or stock buybacks. Steve’s guest, Les Leopold, explains how the process works and how it came to be through the maneuverings of Wall Street and the two political parties. Les is the author of Wall Street’s War on Workers . He and Steve talk about the very real impact on people’s lives, from the coal miners of Mingo County, West Virginia, to Steve’s personal struggles after Verizon’s 2009 lay-offs. They discuss organizing, the value of a job guarantee, and intersectionality within a class analysis. Les Leopold is executive director of the Labor Institute, which he co-founded in 1976. He has written several books on the finance sector’s looting of America. His upcoming book, Wall Street’s War on Workers, is being published by Chelsea Green Publishing. Follow his substack: https://substack.com/@lesleopold1 @les_leopold on Twitter…

Macro N Cheese

1
Ep 257 - The Case For Palestine with Dan Kovalik 45:41

1 year тому45:41

45:41

In his third appearance on Macro N Cheese, Dan Kovalik talks with Steve about his upcoming book, The Case for Palestine: Why It Matters and Why You Should Care . As with many of our guests, the episode is more of a conversation – a passionate one – than an interview. “First of all ... this conflict did not begin on October 7th, though we're led to believe it did. This conflict – well, it depends on when you want to say it started – but certainly a good starting place is 1948 in the Nakba, when 700,000 to 900,000 Palestinians were violently displaced by Israelis who came in to take over their land and their homes. And the takeover of land and homes has continued since that time. Gaza itself has been penned in with a giant fence since about 2007 in what some refer to as the largest open-air prison in the world. Others call it the biggest concentration camp in the world — where Israel has regulated the water they get, the food they get. And they've kept all those things, intentionally, to a minimum.” They both argue that the violence of the oppressor (Israel) cannot be equated with the violence of the oppressed. Any resistance against oppression is justified. While condemning the Zionist government of Israel, they stress the culpability of the US government. They discuss the lack of difference between Democratic and Republican presidents in terms of their foreign policies, particularly on the Israeli-Palestinian conflict. In a conversation about current American and international politics, Dan and Steve agree on a number of things, including the need for disruptive targeted protests in addition to sustained movements, a long-term commitment to resistance, and international solidarity. Where they disagree, however, is on the matter of so-called taxpayer money. As always, Steve makes sure to correct the record. Several times. Dan Kovalik is a labor and human rights lawyer and peace activist. He is the author of several books, including The Plot to Scapegoat Russia, Nicaragua: A History of US Intervention and Resistance, and the upcoming The Case for Palestine: Why It Matters and Why You Should Care. @danielmkovalik on Twitter…

Macro N Cheese

1
Ep 256 - RP Live Presents: Confronting Green Colonialism with Hamza Hamouchene 1:29:43

1 year тому1:29:43

1:29:43

“We cannot talk about colonialism, green or otherwise, about dismantling it, about decolonization, about environmental and climate justice in the Arab region, and turn a blind eye to the ongoing genocide, the ethnic cleansing, the mass displacement, the mass slaughter and the repression of Palestinians perpetrated by the racist apartheid settler colonial state of Israel with the active support and abetting by imperialist powers — from the United States to the European Union, to France, to Germany, and others.” In this webinar from our RP Live webinar series, Dr. Hamza Hamouchene addresses the fraudulent and exploitative reality behind “green energy.” His presentation comes from the recently published book, Dismantling Green Colonialism: Energy and Climate Justice in the Arab Region . The presentation is followed by questions from attendees. Hamza’s analysis of regional and global climate and energy politics is illustrated by real-life examples from Indonesia, Morocco, Egypt, Libya, Tunisia, and other nations. He explains how the commodification of nature and the environment is masked under the guise of proactive 'green' efforts — while the consequences include increased privatization and plundering of resources in the Global South. Hamza stresses the importance of climate reparations, climate justice, and decolonization, but without an analysis of capitalism and a commitment to systemic change, solutions will always be inadequate and doomed to failure. 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…

Macro N Cheese

1
Ep 255 - Enshittification: A Monopoly Story with Cory Doctorow 1:03:36

1 year тому1:03:36

1:03:36

According to Wikipedia, “Enshittification, also known as platform decay, is the pattern of decreasing quality of online platforms that act as two-sided markets. Enshittification can be seen as a form of rent-seeking. Examples of alleged enshittification have included Amazon, Bandcamp, Facebook, Google Search, Quora, Reddit, and Twitter.” Wikipedia also tells us the term was coined by today’s guest Cory Doctorow. Steve and Cory discuss his new fiction book, The Lost Cause, which explores truth and reconciliation in a polarized future and then delve into his nonfiction work, particularly The Internet Con: How to Seize the Means of Computation , which focuses on the power and abuses of major corporations, especially in the tech industry. They talk about the concept of "platform decay" (enshittification) and how platforms have become the dominant life form on the internet. Cory explains another term, "acidification," which describes the pathology of this decay and the inevitable outcome when platforms are not regulated. He uses Facebook as a case study to illustrate how platforms lock in users, withdraw surplus from them, and then squeeze them for profit. He discusses the lack of competition, regulation, labor power, and user agency in the tech industry, leading to the current state of affairs. They also touch on the importance of adversarial interoperability and the need to destroy big tech rather than trying to fix or tame it. The conversation highlights the urgent need for change and the importance of hope in creating a better future. Cory believes that in times of crisis, ideas can move from the periphery to the center and become the basis for change. Cory Doctorow is a Canadian-British blogger, journalist, science fiction author and blog editor. He is an activist in favor of liberalizing copyright laws and a proponent of the Creative Commons organization, using some of its licenses for his books. Some common themes of his work include digital rights management, file sharing, and post-scarcity economics. Craphound.com @doctorow on Twitter…

Macro N Cheese

1
Ep 254 - IMPACT: Climate Reparations with Fadhel Kaboub 1:09:27

1 year тому1:09:27

1:09:27

Fadhel Kaboub is back for his lucky 13th episode. He talks with Steve about the concept of climate reparations and its significance in tackling the climate crisis. True reparations go beyond financial compensation; they must include transferring technology, repairing our ecosystem, and restructuring the global financial and trade systems. The global North must not shirk its historic responsibility and disproportionate impact of climate change on the Global South. Fadhel and Steve discuss the need for truth and reconciliation as a starting point for reparations. They highlight the significance of addressing the structural issues that perpetuate harm. Fadhel emphasizes the need for transparency and decentralized systems in order to prevent corruption and ensure that reparations reach those who need them most. Fadhel Kaboub is an Associate Professor of economics at Denison University and the president of the Global Institute for Sustainable Prosperity. Check out his recent work at https://justtransitionafrica.org/ @FadhelKaboub on Twitter…

Macro N Cheese

1
Ep 253 - Death by Inequality with Stephen Bezruchka 1:04:26

1 year тому1:04:26

1:04:26

The consequences of income inequality extend far beyond economic disparities. Stephen Bezruchka focuses on its effect on health. Stephen is on the faculty of the School of Public Health at University of Washington and is author of Inequality Kills Us All . Much of this interview looks at these issues in the US. Stephen directly ties inequality to mortality rates, disease, and early childhood development. It’s interesting to hear a physician who doesn’t blame our individual choices and habits; he lays our health problems squarely at the feet of the political and economic system. The profit-driven nature of healthcare in the US prioritizes financial gain over the health of individuals. Stephen describes the role of the lobbying industry and private corporations contribute to the perpetuation of this system. The conversation concludes with a discussion on the concept of social murder and structural violence. Stephen Bezruchka (pronounced bez rootch ka ) is faculty in the School of Public Health at the University of Washington in Seattle. He worked as an emergency physician for 30 years and also set up a teaching hospital in a remote district in Nepal where he supervised the training of Nepali doctors. His current work is in making better known what produces health in a population and why the United States has worse health outcomes than some 50 other nations despite spending almost half of the world's healthcare bill. His book: Inequality Kills Us All: COVID-19's Health Lessons for the World is published by Routledge. @SBezruchka on Twitter…

Macro N Cheese

1
Ep 252 - Dying for Capitalism with Charles Derber 58:53

1 year тому58:53

58:53

Charles Derber, author of " Dying for Capitalism ", talks with Steve about the intersectionality between capitalism, environmental destruction, and militarism. He argues that the capitalist system, particularly in its neoliberal form, is inherently connected to the threats of environmental catastrophe and war. He emphasizes the historical context of these connections, tracing the shift from water-powered capitalism to coal and then oil as a means to maintain control and avoid public opposition. He highlights the role of the military in perpetuating climate change and the destructive consequences of war on the environment. Charles addresses the skepticism and cynicism often associated with the idea of changing capitalism but he believes change is possible through diverse strategies and alliances. He draws lessons from historical movements, such as the abolitionist movement, the Bolshevik revolution, and the reinvigorated labor movement. He touches on social media, which can be used to control and manipulate, but can also be a powerful tool for organizing and mobilizing activism. Charles Derber is Professor of Sociology at Boston College and has written 26 books - on politics, democracy, fascism, corporations, capitalism, climate change, war, the culture wars, culture and conversation, and social change. His most recent books include Dying for Capitalism, Welcome to the Revolution, Moving Beyond Fear, Sociopathic Society: A People's Sociology of the United States; Capitalism: Should You Buy It?…

Macro N Cheese

1
Ep 236 - The Double Objective of Democratic Ecosocialism with Jason Hickel 55:11

2 years тому55:11

55:11

The title of this week’s episode is taken from an article to be published in September’s Monthly Review. The author, Jason Hickel, talks to Steve about the topic in his third visit to the podcast. Before we look at the double objective of ecosocialism we must analyze the double crisis we’re facing – ecological and social. Both are caused by the same underlying issue: the capitalist mode of production. Capitalism creates an almost perfect circuit that begins and ends with commodification and enclosure. Well, actually, it ends with massive profits... and that double crisis we mentioned. With essential goods and services outside our control, we have no bargaining power when it comes to the cost of living. We are helpless in the face of artificial scarcity and price-gouging. Faced with the high price of necessities we are forced to work longer and harder in order to simply survive. And of course, the more we need to work, the less control we have over our wages. The capitalist class makes out at both ends. There are at least two undeniable problems with this system. It wreaks havoc on the environment and is inconsistent with democracy, if you care about that sort of thing. “This is where our analysis has to ultimately lead, and the underlying pathology is basically that capitalism is fundamentally not democratic.” Even those of us who live in the US, Europe, or other countries with nominally democratic electoral systems have no illusions about their undemocratic nature. “More importantly, when it comes to the system of production, which all of us are engaged in every day, on which our livelihoods and our existence depends, not even the shallowest illusion of democracy is allowed to enter.” After identifying the quagmire, Jason and Steve talk about a solution. Jason lays out the necessary policies that ecosocialism should provide: universal public services, a public works program, and the job guarantee. Jason even suggests the possibility of post-capitalist firms and post-capitalist markets, and describes how they might operate in such a system. We can’t have a Jason Hickel episode without a discussion of degrowth and whether that concept applies to the exploitation of the Global South. Nor is there a means of achieving our goals without domestic and international class solidarity. “We can't underestimate the scale of the struggle that is really involved here. I think we have to take inspiration from successful social movements that have occurred in the past. There's this amazing line from Thomas Sankara, the revolutionary leader of Burkina Faso that goes 'we are the heirs of the world's revolutions'. Pretty much every good thing that we have is the result of revolutionary forces that fought to bring that to be. Everything from literally the minimum wage, as pitiful as it is, to the weekends, to whatever admittedly meager forms of democracy we get to exercise. These are all the benefits of revolutionary movements that have at least won some concessions in the past, and in some cases against extraordinary odds.” Dr. Jason Hickel is an economic anthropologist, author, and a Fellow of the Royal Society of Arts. He is Professor at the Institute for Environmental Science and Technology at the Autonomous University of Barcelona, Visiting Senior Fellow at the International Inequalities Institute at the London School of Economics, and Chair Professor of Global Justice and the Environment at the University of Oslo. Health. Jason's research focuses on global political economy, inequality, and ecological economics, which are the subjects of his two most recent books: The Divide: A Brief Guide to Global Inequality and its Solutions (Penguin, 2017), and Less is More: How Degrowth Will Save the World (Penguin, 2020), which was listed by the Financial Times and New Scientist as a book of the year. @jasonhickel on Twitter…

Macro N Cheese

1
Ep 235 - Imperialism and the Global South’s Debt with Ndongo Samba Sylla 49:54

2 years тому49:54

49:54

It will come as no surprise to our listeners that countries of the Global South are mired in a foreign debt crisis and that default is directly tied to the lack of monetary sovereignty. Our friend Ndongo Samba Sylla, a Senegalese development economist, talks to Steve about the situation, how it came to be, and how it can be overcome. Countries of the Global South usually are tied to debt in a foreign currency for a number of reasons, including balance of payment constraints and the capture of export income by transnational corporations. Some debt was carried over from colonial rule. Ndongo emphasizes that these countries are often trapped in an extractive economic model. Their resources are exploited by foreign companies, leading to a cycle of debt and dependence. Debt cancellation, while absolutely necessary, is not enough to address the structural issues that perpetuate the crisis. Ndongo mentions ecological debt — the extraction and exploitation of natural resources from the Global South by the Global North. He highlights the need for a fundamental change in the domestic economic model of accumulation to eliminate the role of debt as an instrument of domination. Ndongo also traces the history of structural adjustments after attempts at reform in the 1970s, beginning with the proposal for a New International Economic Order (NIEO) that challenged the imperialist system. The austerity we witness today arose from the reaction to that agenda. Ndongo Samba Sylla is a Senegalese development economist. He has previously worked as a technical advisor at the Presidency of the Republic of Senegal, and is Programme Manager at the West Africa office of the Rosa Luxemburg Foundation. He is the co-author of Africa’s Last Colonial Currency: The CFA Franc Story and author of The Fair Trade Scandal. @nssylla on Twitter…

Macro N Cheese

1
Ep 234 - RP Book Club presents: Randy Wray's Making Money Work for Us 4:43:08

2 years тому4:43:08

4:43:08

This week we’re bringing you all three sessions of the Real Progressives Book Club on L. Randall Wray’s Making Money Work for Us. RP Book Club is run by our volunteers with guest experts leading the discussion and taking questions from attendees. This is much longer than our usual episodes of Macro N Cheese, so we’ve included the time codes for each session. [1:43] — Session One Guest economist Eric Tymoigne Chapter 1, What is Money? Chapter 2, Where Does Money Come From? [1:14:35] — Session Two Guest economist Yeva Nersisyan Chapter 3, Can We Have Too Much Money? Chapter 4, Balances Balance Chapter 5, Life is Full of Trade-Offs [2:43:33] — Session Three Guest economist Randy Wray Chapter 6, The MMT Alternative Framework for Policy Chapter 7, MMT and Policy Use this link to order the book: Making Money Work for Us: How MMT Can Save America by L. Randall Wray Eric Tymoigne is an Associate Professor of Economics at Lewis & Clark College in Portland, Oregon; and Research Associate at the Levy Economics Institute of Bard College. @tymoignee on Twitter. Yeva Nersisyan is an Associate Professor of economics at Franklin and Marshall College and a Research Scholar at the Levy Economics Institute. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute.…

Macro N Cheese

1
Ep 233 - Managed Democracy and Inverted Totalitarianism in the USA with 1Dime 59:13

2 years тому59:13

59:13

“People talk about campaign finance being the problem as to why ‘progressive’ politicians can't get elected. But that's more of an effect of this rather than the cause, because let's say, Citizens United, the court ruling which now allows corporations to pretty much give unlimited donations to candidates. That's just the most recent evolution of a system which precludes all possibility for radical change.” Our guest this week is 1Dime, a content creator on YouTube and the podcast, 1Dime Radio, and a graduate student in political science. The interview is another stop on Steve’s journey to find the intersection of Modern Monetary Theory and Marxism. 1Dime is one of the few socialists – or democratic socialists – who accept MMT. Our audience understands that capitalism is antithetical to democracy. 1Dime suggests that the US is unique in that it is very liberal in what it allows its citizens to do in the private sphere, or civil society, without allowing for real political power, which he defines as the ability of a social class to actualize its interests. Steve and 1Dime compare the political history of the US with parliamentary democracies, discussing what that means for the working class. Agreeing that elections have limited value for American socialists, they look to alternatives. Tony brings up the idea of dual power: establishing power within the state while engaging in revolutionary actions outside it, building media institutions as well as organizations that can reach out to labor. Tony runs the YouTube channel "1Dime" and the podcast 1Dime Radio. On his main channel, 1Dime does video essays and mini-documentaries that involve the political economy, history, geopolitics, leftist theory, and various socio-political topics. 1Dime is known most for his videos involving MMT and Marxian thought, such as "The Problem With Taxing The Rich" and "Why Billionaires Prefer Democrats." His most recent video series was on the History of Post-Soviet Russia and the Putin regime. Each video serves as both an educational analysis of a different topic and a unique artistic experiment. Check out his YouTube channel, 1Dime and his podcast, 1Dime Radio, on Apple , Spotify , and most podcast platforms. @1DimeOfficial on Twitter…

Macro N Cheese

1
Ep 232 - Is the US a Failed State? with Michael Hudson 51:38

2 years тому51:38

51:38

Is the US a failed state? Well, with a paralyzed economy, debt deflation, and a ruling elite waging class warfare on labor, what else should we call it? Economist Michael Hudson often writes and talks about the US role as a global force bending the rest of the world to its will. Or trying to. This week he and Steve bring the focus home, looking at the state of affairs in the US; breaking down the causes and devastating effects of the massive transfer of income and wealth from the working class to the 1% — specifically the finance, insurance, and real estate (FIRE) sectors. Michael slices through false promises of re-industrialization after half a century of brutal policies by both Democrat and Republican administrations. “America cannot re-industrialize without reversing this whole philosophy of post-industrial society as a class war against labor. You can't have both. You can't have a class war against labor and re-industrialization, with the labor unionization that goes with it. That's the conundrum.” It’s well known that the people want public spending on healthcare, student loan forgiveness, and other social programs. The episode looks at the complementary roles of both parties in opposition. “The pretense is that the government has to borrow from bond holders. Because the bond holders decide what is economically worthwhile. Well, what does this ignore? That the bond holders are the 1%, and what they find economically worthwhile isn't using the government to benefit living standards, benefit labor, and to provide social services.” Should either party feign to support a policy and pass legislation benefiting the people, the Supreme Court is there to stop it in its tracks, citing the original intent of the Constitution. “Because the Constitution was drafted by authors who feared democracy. Who said that we have to make sure that we have enough checks and blocks, so that the mob cannot rule and take away the power of we, the bond holders, and landlords, and slave owners.” There are certain themes Michael Hudson visits again and again, strengthening connections and adding nuance to a comprehensive class analysis and global political economy. If you’re lucky, he’ll pepper it with a few snarky observations as well. Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City. Support him at patreon.com/michaelhudson Find his work at michael-hudson.com…

Macro N Cheese

1
Ep 231 - RP Live with David Correia and Tyler Wall 1:23:37

2 years тому1:23:37

1:23:37

In this episode, David Correia and Tyler Wall, co-authors of Police: A Field Guide , lead a webinar about policing in the US. The common narrative about the police is intentionally misleading. Without a class analysis and an understanding of history, it will remain a problem with no solution. Policing isn’t a side-show to capitalist political economy. It’s part of the main stage. Far from engaging in enforcing the law and fighting crime, the police are a coercive force, with origins as slave patrols, colonial militia, and strike-breakers. Addressing possibilities of reform or abolition, the point is made that attempts at reform only serve to further maintain the legitimacy of the police. Reform does not address the monopoly on violence — a violence that is non-negotiable and non-reciprocal. Reform feeds into the myth that we hold the police accountable. Abolition, on the other hand, does not mean absence; it looks at possibilities for a different kind of world. Can this be done within the capitalist system? David Correia is a professor of American studies at the University of New Mexico. He writes about violence, law, and race under capitalism. Tyler Wall is an associate professor in the Department of Sociology at the University of Tennessee, Knoxville. His areas of interest include critical police studies; state violence and racial capitalism; law & society, race and class. Correia and Wall are co-authors of Police: A Field Guide (Verso)…

Macro N Cheese

1
Ep 230 - Setting the Bar Low with Yeva Nersisyan 53:55

2 years тому53:55

53:55

If you’ve recently chatted with a well-informed liberal – the kind who reads the NY Times or watches PBS NewsHour – you’ve heard encouraging things about the economy. You’ve heard that Biden’s doing a good job. Unemployment has gone down, wages have gone up. Why can’t you be happy about it all? To celebrate all this good news, we brought back our friend, Yeva Nersisyan, associate professor of economics at Franklin and Marshall College, research scholar at the Levy Institute, and frequent collaborator with MMT OG Randy Wray. Yes, unemployment rates are lower, but we know those numbers don’t tell the true story. Or have you already forgotten our episode with Pavlina, just two short weeks ago? Yes, wages have gone up. But so has inflation. And in the race between inflation and wages, inflation is winning. Speaking of which, our Macro N Cheese family knows that one thing worse than inflation is the Fed’s cure for it. In this episode, Steve and Yeva look at the disconnect between the ongoing immiseration of the working class and the rosy scenario painted by politicians, pundits, and economists. At least one of those groups should know better. They discuss the looming student debt crisis, and the effect of the Fed’s interest rate hikes on student loans. When discussing MMT-informed solutions, Yeva warns: “You have to be consistent — whether it's the Trump tax cuts, whether it's the social security question. And you have to consistently say: the question of taxes and government spending, it should not be about deficits, should not be about debt, it should be about: is this the right thing for the economy? Is this what the people want? Is this what the people need? That's what you need to start with. And just because you want to raise taxes on the wealthy, which I do too, but I don't want to tie it to things like social security, because I think that's just a losing argument, and that's just not true.” MMT points toward answers, if anyone is asking. Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College in Lancaster, PA, and a research scholar at the Levy Economics Institute of Bard College.…

Macro N Cheese

1
Ep 229 - Capital Deceit with Paul Gambles 54:38

2 years тому54:38

54:38

It’s always interesting to get the insights of someone whose job places them near the beating heart of the imperial behemoth. Especially when they’ve begun to pull back the curtain and take a hard look at reality. Paul Gambles lives in Thailand where he specializes in emerging markets with MBMG Group. Paul and Steve talk about the clarity that MMT provides. The public is kept intentionally misinformed by a mainstream narrative purposely obscuring the power relations of the capital order. Paul describes capital flight in developing nations and how the US gains and maintains economic control through dollar hegemony, international institutions like IMF, and military aggression. The western system imposes itself on emerging markets as if drawing them into a warm pool of water, a step at a time. Once they are in the system, they find it is shark infested. The discussion covers conditions that led to the banding together of BRICS to create an alternative pathway to the US-dominated system. Paul warns that western hegemony is not going to surrender easily and is practicing economic terrorism against emerging markets trying to disentangle themselves from dollar hegemony. “I don't believe that anybody can hand on heart say that there's no connection whatsoever with the BRICS attempts to disentangle themselves from Western commercial, economic, and currency hegemony and the actions that we've seen in terms of American geopolitics in and around the Ukraine and in and around the South China Sea ... I think we're seeing it move into a geopolitical and into a military sphere, and I think that's terrifying.” Just like old-fashioned colonialism, the US is engaging in a form of value extraction and will use all the means at its disposal to continue the plunder. Paul Gambles is the Co-Founder of MBMG GROUP and a Director and Chief Investment Officer of MBMG Investment Advisory, a SEC regulated investment advisor. Find Paul’s articles on https://mbmg.substack.com/ @PaulGambles2 on Twitter…

Macro N Cheese

1
Ep 228 - Full Employment with Pavlina Tcherneva 58:47

2 years тому58:47

58:47

When economist Pavlina Tcherneva was last on this podcast, we were a few months into the pandemic. She and Steve talked about nationalizing payroll and the heightened need for a federal job guarantee during a time of crisis. In this episode, the neoliberal approach to unemployment comes under scrutiny. Pavlina explains the inadequacy of official unemployment data. She looks at the problem from several angles, including geography, demographics, and of course, economics. Pavlina and Steve discuss MMT, the politics of NAIRU, and the debt ceiling. They look at a job guarantee as an automatic stabilizer, similar to entitlements like social security and unemployment insurance, possibly shielding it from shifting political tides. Pavlina tells Steve about her collaboration with the Democratizing Work Initiative, a group of academics who are organizing around the principles of democratizing work, decommodifying labor, and decarbonizing the planet. Pavlina Tcherneva is an Associate Professor of Economics at Bard College, the Director of OSUN’s Economic Democracy Initiative, and a Research Scholar at the Levy Economics Institute, NY. She specializes in modern money and public policy. Find her work at pavlina-tcherneva.net @ptcherneva on Twitter…

Macro N Cheese

1
Ep 227 - Abolition with David Correia 1:03:39

2 years тому1:03:39

1:03:39

“We've all got that cop in our head that wants us to see a world full of threats and emergencies.” Steve’s guest, David Correia, is co-author (with Tyler Wall) of Police: A Field Guide. Listeners to the podcast probably understand the role of police is to protect capital, not ensure the safety of the citizens. “...from the railroad strikes of 1877 to the anthracite strike of 1902, it was just this unruly world of labor asserting itself, demanding higher wages, refusing to go back to work, and progressives were among the most effective political force in developing a new order. And that new order required a different cop.” Despite occasional protests and demands for reform, we always end up with more police and more police brutality. Police reformists prioritize law and order over justice, which is why they fear abolition. David asks us to define what order and disorder is. “Because usually cops produce the disorder that they then resolve.” The very language of reform legitimizes the police. David Correia is a writer and professor of American studies at the University of New Mexico. He is the author of a number of books, and co-author, along with Tyler Wall, of "Police: A Field Guide." He is the recipient of a Ford Fellowship, a Henry Belin du Pont Fellowship, and a Lannan Residency Fellowship.…

Macro N Cheese

1
Ep 226 - Putting BRICS into Perspective with Yan Liang 1:10:16

2 years тому1:10:16

1:10:16

Dr. Yan Liang joins Steve to talk about China’s role in the global economy and the concept of “de-dollarization.” It’s refreshing to hear a discussion of these issues without hyperbole, but you know that already; that’s why you come to Macro N Cheese. Countries of the global south have suffered chronic debt and financial crises due to the neoliberal regime of the US and its allies. After the 2008 financial crisis, China has been diversifying its foreign exchange reserves and establishing currency swaps with more trading partners. The goal is to dilute the power of the dollar and temper US hegemony with a more stable and development-friendly system. Yan and Steve consider the loss of jobs in the US – a consequence of perpetual trade deficits. She maintains that the competition is not between domestic and foreign production, but between high financial returns and real productive capacity. The episode looks at China’s future role in global trade and finance, and how it might provide support and relief to developing nations. The conversation also touches on the flaws of the Western-led multilateral lending system and the need for alternatives. Dr. Yan Liang of Willamette University specializes in Post Keynesian-Institutionalist approach to international trade and finance, financial macroeconomics, and economic development with a regional focus on China. @YanLian31677392…

Macro N Cheese

1
Ep 225 - China and the Labor of Reinvention with Lin Zhang 56:59

2 years тому56:59

56:59

Dr. Lin Zhang talks with Steve about her book " The Labor of Reinvention: Entrepreneurship in the New Chinese Digital Economy ." Her book includes stories of individuals who transformed themselves and their lives to take advantage of this new global economy. She tells of Min, a former prisoner... “I think Min's story in a way captures the sort of imperative of entrepreneurialism in which we are all still living. The contemporary capitalist economy. The need to kind of keep reinventing oneself to adapt to the constant changes, but also the kind of contradiction generated on personal and collective level. So, the coexistence of opportunities, risk and frustrations. So this is, I think, what I try to document in the book, the everyday labor of entrepreneurial reinvention.” Dr. Zhang and Steve discuss the support provided by the state, which is no small matter. It makes entrepreneurism in China different from that of the US, or from India or developing countries of the global South. Zhang also talks about the roots of Chinese nationalism in China's socialist anti-imperialist history, which are reinforced by recent American sanctions and containment of China. Zhang argues that the US tends to view China through a simplistic lens of authoritarianism versus democracy, while the majority of Chinese people do not see their relationship with the party state in such terms. She provides a more nuanced picture of the Chinese state, discussing the competing demands of the central government to maintain economic development, social equity, and national security, as well as the discrepancies between central and local states. Dr. Lin Zhang is an assistant professor of communication and media studies at the University of New Hampshire. She graduated from the Annenberg School for Communication and Journalism, University of Southern California, with a PhD in Communication, and MA from NYU’s Department of Media, Culture, and Communication. She is the author of The Labor of Reinvention: Entrepreneurship in the New Chinese Digital Economy, one of the first multi-sited ethnographic accounts of the rising entrepreneurial labor in urban, rural, and transnational China since tech innovation had accelerated in the country after 2008. https://linzhangweb.org…

Macro N Cheese

1
Ep 224 - European Union and the Post Pandemic Economy with Dirk Ehnts 55:54

2 years тому55:54

55:54

It’s been almost two years since we’ve had German economist Dirk Ehnts on the podcast. This episode can be seen as part of Steve’s ongoing look at “dedollarization” and what it means to be the world’s reserve currency. They turn the MMT lens toward the Eurozone, comparing governments’ responses to the pandemic, inflation, and the treatment of labor. “So of course the labor laws are different in Germany compared to Italy, to France and so on. If the French workers go on strikes, they burn stuff. It's always amazing for us Germans to see it happening, but their productivity is even higher. So maybe German workers should burn stuff when they go on strike. So that increases productivity. No, I'm just joking. I never said that!" Dirk talks about changes in regulations on deficit spending and his belief that the ECB understands MMT, as evidenced by their support of national governments during economic crises. When monetary sovereignty was returned to Eurozone countries over a four-year period, “the results were pretty good.” They now have a lower rate of unemployment than ever before. It’s still high... but not as high as before. He thinks inequality is not quite so bad as in the US and explains why this is. Steve and Dirk discuss how Europe is affected by the US Fed’s raising of interest rates. “So it's just giving money to people who have money like Warren (Mosler) always says.” But ultimately, “the net effect is that we have roughly zero growth in the European economy.” Dr. Dirk H. Ehnts holds a PhD in Economics from the University of Oldenburg and a diploma in economics from the University of Göttingen. A heterodox economist, he is one of the leading proponents of Modern Monetary Theory (MMT). He has taught classes on macroeconomics, money and currency, European and global economics, and the origins of political economy at a number of institutions. Every summer since 2016 Dirk has held a course on Modern Monetary Theory at the Summer School of Maastricht University and has published numerous articles in specialist journals and daily newspapers. https://www.dirk-ehnts.de/en-us/ @DEhnts on Twitter…

Macro N Cheese

1
Ep 223 - Messaging For Mainstream with Bijou Smith 57:49

2 years тому57:49

57:49

New Zealander Bijou Smith is a longtime friend of Steve and the podcast. His story, in brief: “I was a physicist. I love physics, theoretical physics, but when I learned a bit about economics—I was always interested in economics from a sort of dynamical systems analysis perspective. It's kind of interesting mathematics. Even the neoclassical stuff is interesting for a little while until you realize it's a joke. But then when I heard about MMT, a lot of the pieces clicked into placed and it's like, wow, this is really the struggle.” MMT is a bell that can’t be unrung. Steve and Bijou talk of popular concern about the petrodollar, and how economic illiteracy distorts its importance. The role of the US dollar in global political economy is poorly understood without the insights of MMT. Smith criticizes the false psychology that views currency as a finite resource and is locked into the image of fixed exchange rates. He argues that this creates mental models that are not true but are still played out as if they are. He distinguishes between false conceptions of dollar hegemony and the very real struggles that countries face when they are indebted to the IMF and believe the imposition of austerity is the only way out. The discussion looks at the way foreign exchange rates affect and do not affect national economies. Smith explains that this process does not have anything to do with confidence in a particular currency. It is a market-making activity. Those who follow us know that Steve has long been searching for a way to bring the understanding of MMT to the left. This episode is a continuation of that journey. Bijou Smith has lectured and taught general physics, magnetohydrodynamics, undergrad mathematics, statistics and IT. He now devotes most of his time to independent research in theoretical physics and studying implications of Modern Monetary Theory. Check out his blog, Ohanga Pai, at bijou.substack.com @MathWillSuffice on Twitter…

Macro N Cheese

1
Ep 222 - RP Live with Clara Mattei 1:23:25

2 years тому1:23:25

1:23:25

If you’re one of the lucky ones who attended our webinar, RP Live with Clara E. Mattei, then you’ve already heard this episode. Or you may have watched the video of that event. This podcast episode is the audio version, but we’re asking you to play it anyway. It never hurts to hear information a few times, and by playing it, you’re also helping us grow Macro N Cheese. Because algorithms. On Tuesday, May 2nd, Professor Mattei will be joining us for the first of two sessions of RP Book Club on The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism . There’s still time to register using the link at the bottom of this page. At the end of The Capital Order Mattei writes: "This book has detailed a set of influential economic patterns that are pervasive across the globe and that shape our daily lives. Contrary to what the proponents of austerity would have us think, however, the socioeconomic system we live in is not inevitable, nor is it to be grudgingly accepted as the only way forward. Austerity is a political project arising out of the need to preserve capitalist class relations of domination. It is the outcome of collective action to foreclose any alternatives to capitalism. It can thus be subverted through collective counteraction. The study of its logic and purpose is the first step in that direction." Join us for RP Book Club, May 2nd and 16th. To register, go to https://realprogressives.org/rp-book-club/ Clara E. Mattei is an Assistant Professor in the Economics Department of The New School for Social Research and was a 2018-2019 member of the School of Social Sciences at the Institute for Advanced Studies. Her research contributes to the history of capitalism, exploring the critical relation between economic ideas and technocratic policy making. @claraemattei on Twitter https://realprogressives.org/podcast_episode/episode-198-the-trinity-of-austerity-with-clara-mattei/…

Macro N Cheese

1
Ep 251 - Radical Political Economists on Palestine with David Fields 55:07

1 year тому55:07

55:07

David Fields talks to Steve about “Economists for Palestine,” the statement released by the Union for Radical Political Economics (URPE). They emphasize economists’ responsibility to take a stand against the genocide being perpetrated against the Palestinians. They look at the connection between Zionism and the global capitalist system, debunking misinformation while highlighting the difference between antisemitism and anti-Zionism. We at Macro N Cheese urge our listeners to circulate the statement. https://urpe.org/2023/11/08/economists-for-palestine/ Economists for Palestine We stand in unwavering solidarity with the Palestinian people. Since October 7th, 2023, over two million people have faced a brutal onslaught by the Israeli military and state. They have been forced to flee with nowhere to go as homes, shelters, evacuation routes, border crossings, hospitals, places of worship and entire neighborhoods have been bombed. We mourn civilian deaths in both Israel and Palestine. Israel’s retaliation for the October 7th incursion continues, however, and over 9,000 Palestinians have been killed in the ongoing assault so far. More than 8,000 people have been killed in three weeks in Palestine. The estimated number of children among the casualties is over 3,000 and UNICEF estimates that about 420 children have been killed or wounded daily. Even reporters have been threatened with violence or killed. Since the Nakba 75 years ago, the Palestinian people have endured profound suffering, forced displacement, and a brutal 16-year-long inhumane siege and blockade in Gaza. Human rights organizations have characterized Gaza as ‘the largest open-air prison’. We also condemn the role of the U.S. state in supporting the ongoing siege in Palestine, its support for the horrors inflicted on Gaza, and its refusal to support a humanitarian ceasefire. It is imperative that we do not turn our backs on the devastating impact of this violence on people’s lives. The fight for Palestinian liberation and a fair, enduring peace in the region is intricately linked with the liberation and resistance efforts spearheaded by indigenous, colonized, and oppressed communities historically and worldwide. We stand in support of efforts by the Palestinian people to sustain themselves economically through control over their land and their labor. We stand in solidarity with the anti-Zionist Jewish communities that have been raising their voices against the carpet bombing of Gaza, for the liberation of the Palestinian people, and who are working for a just, equitable, and durable peace. We urgently call for: 1. An immediate ceasefire 2. Immediate restoration of food, fuel, water, and electricity to the Gaza Strip 3. Cessation of all settlement activity and disarmament of all settlers 4. Immediate delivery of humanitarian aid on the scale required 5. Respect towards the Geneva Conventions by all parties concerned 6. An end to apartheid and strident moves toward a democratic future for all people regardless of race, religion, gender identity and nationality In addition, we strongly uphold the principle of academic freedom, especially in light of the current global climate where individuals in educational institutions worldwide face termination, doxing, and harassment for speaking up against the atrocities of the Israeli state and in support of the civilian population in Gaza. Neglecting this commitment would be a betrayal of our scholarly and moral obligations. November 8th, 2023 David Fields is a political economist from Utah; his work centers on the intricacies concerning the interactions of foreign exchange & capital flows with economic growth, fiscal & monetary policy, and distribution, whereby critical attention is paid to the notion of endogenous money. He also delves into the political economy of regional development to study patterns with respect to the nature of housing, social stratification, and community planning. @ProfDavidFields on Twitter…

Macro N Cheese

1
Ep 250 - Dismantling Green Colonialism Part 2 with Hamza Hamouchene 45:00

1 year тому45:00

45:00

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…

Macro N Cheese

1
Ep 249 - Dismantling Green Colonialism Part 1 with Hamza Hamouchene 52:28

2 years тому52:28

52:28

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…

Macro N Cheese

1
Ep 248 - RP Live Presents: Inside a Failed State Q & A with Michael Hudson 1:33:28

2 years тому1:33:28

1:33:28

This week’s episode is another webinar from our RP Live series: Inside a Failed State, with Michael Hudson. Michael prefers a Q&A format. Attendee questions revolved around US political economy, domestic and global. He 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. A common Hudson theme is the difference between the production and consumption economy, or what he calls the real economy, and the financial sector of assets and liabilities, of loans and debts, which is superimposed on the real economy. “Money is spent in the real economy, but bank credit is spent really just to increase the debt overhead in the economy — the overhead of mortgage debt, of corporate debt, and speculative debt.” A Michael Hudson episode always sparks lively, sometimes contentious, comments. His insights on finance, politics, and class power dynamics give fans and detractors alike something to chew on. Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City. Support him at patreon.com/michaelhudson Find his work at michael-hudson.com…

Macro N Cheese

1
Ep 247 - Degrowth and MMT with Christopher Olk and Colleen Schneider 48:06

2 years тому48:06

48:06

As a society we are conditioned to believe we can f*ck with nature, with the living world, but the economy is immutable. We dare not try to change it. As MMTers we say: hahahahaha... *sob* These two assumptions explain why we’re hurtling towards ecological catastrophe and why austerity has become a way of life. Steve’s guests this week are Colleen Schneider and Christopher Olk. They are co-authors, with Jason Hickel, of the paper, How to Pay for Saving the World: Modern Monetary Theory for a Degrowth Transition . Any listeners who have paid attention to Real Progressives’ journey over the past couple of years will be excited to add Colleen and Christopher’s insights to their intellectual arsenal. They are those rare scholars who manage to be both realistic and optimistic. (They are not suggesting that the right slate of politicians will tweak capitalism to make it heal the the planet and the population.) They discuss how both MMT and the degrowth movement challenge the myth of scarcity. They look at the disparities between the Global North and South. They emphasize the interconnectedness of ecological and social issues, and the need to address both the predation on the Global South and the climate crisis. They talk about non-reformist reform and the ways in which addressing national economic policies can be played out at the local level to radicalize people. By understanding the power dynamics within the financial system, MMT can empower and mobilize, allowing us to attack multiple problems as if they were one. Which they kind of are. ***** Colleen Schneider is a PhD student and research assistant in the Institute for Ecological Economics at the Vienna University of Economics and Business and is a lecturer at Torrens University. She has a BA in Physics from UC Berkeley and MSc in Socio-Ecological Economics and Policy from WU. Her research focuses on the political economy of monetary and fiscal policy in a social-ecological transformation. Her recent work brings an MMT-informed lens to degrowth scholarship. She teaches courses in social ecological economics, and the intersection of money, society, and environment, and has also worked and published in the field of environmental justice. @ColleenFights on Twitter Christopher Olk is a PhD candidate in political economy at Free University Berlin. His current research focuses on the links between international monetary power, offshore finance, and fossil fuels. Christopher is also active in the climate justice movement. @christopher_olk on Twitter…

Macro N Cheese

1
Ep 246 - Fiat Socialism... The Convergence with Carlos García Hernández 1:00:09

2 years тому1:00:09

1:00:09

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 employment Full and prudent use of material resources The guarantee of the five essentials to every citizen: food, housing, clothing, health services, and education Social 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 unions Carlos 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…

Macro N Cheese

1
Ep 245 - Decolonizing Our Minds with Fadhel Kaboub 1:01:42

2 years тому1:01:42

1:01:42

This week’s episode welcomes back Fadhel Kaboub, a valued friend of this podcast. He and Steve discuss the concept of just transition and the problems with carbon markets as a solution to climate change. They stress the injustice of historic polluters buying carbon credits to continue polluting while displacing vulnerable communities in developing countries. It is yet another capitalist solution. The current global financial architecture, established during colonial times, is neither designed to address the climate crisis nor to promote sustainable prosperity. They emphasize the need for systemic change and a new vision for Africa and the global South that prioritizes food sovereignty, energy sovereignty, and industrial policy. They talk about the power dynamics between labor and capital, the role of governments in perpetuating inequality, and the importance of mobilizing and organizing for change. They highlight the narrow constructs that society is allowed to consider, which prevent true transformation and progress. They emphasize the importance of recognizing our interconnectedness and the need for what Fadhel calls “a movement of movements.” Fadhel Kaboub is an Associate Professor of economics at Denison University, the president of the Global Institute for Sustainable Prosperity. Check out his recent work at https://justtransitionafrica.org/ @FadhelKaboub on Twitter…

Macro N Cheese

1
Ep 244 - The Trouble with Lula with Daniel Conceição 46:22

2 years тому46:22

46:22

A head of state whose economic policies promote austerity and fiscal responsibility is: Conservative Progressive N/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…

Macro N Cheese

1
Ep 243 - RP Live presents: Africa’s Quest for Economic Liberation with Ndongo Samba Sylla 1:34:25

2 years тому1:34:25

1:34:25

“The impossibility of economic catch-up does not imply that the citizens of the global South are condemned to suffer from poverty and inequality. It only implies that capitalism has nothing to offer as a prospect of a decent life for the vast majority of humanity...” In this webinar from our popular RP Live series, Ndongo Samba Sylla tells us of the challenges facing Africa through the story of Thomas Sankara and breaks down what Sankara meant when he told the people to "live as African.” Ndongo suggests that the way forward combines the insights provided by MMT with Sankara’s plans for African liberation and development. He calls it MMT-ing Sankara or Sankara-ing MMT. Since some see MMT as apolitical, Ndongo is making a crucial point. He also goes into detail as to why cancelling international debt, though necessary, is not enough. After his presentation, Ndongo takes questions from attendees on the role of BRICS and potential benefits for Africa in a multi-polar world. He touches on the CFA franc and explains why economic exploitation is the most vicious form of imperialism. Ndongo Samba Sylla is a Senegalese development economist. He has previously worked as a technical advisor at the Presidency of the Republic of Senegal and was Programme Manager at the West Africa office of the Rosa Luxemburg Foundation. He has recently been appointed the Africa Director for Research and Policy at IDEAs (International Development Economics Associates) He is the co-author of Africa’s Last Colonial Currency: The CFA Franc Story and author of The Fair Trade Scandal. Both books can be ordered through the RP Bookshop on our website: realprogressives.org @nssylla on Twitter…

Macro N Cheese

1
Ep 242 - Monetary Operations: Coordinated vs. Consolidated with Eric Tymoigne 1:06:51

2 years тому1:06:51

1:06:51

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…

Macro N Cheese

1
Ep 241 - The MMT Lens with Bill Mitchell 48:50

2 years тому48:50

48:50

When someone associates Modern Monetary Theory with left or right wing politics, they’re signaling they know nothing of MMT and are simply associating it with some of its proponents. MMTers are political, MMT is not. Regarding degrowth, this week’s guest, Bill Mitchell, explains: “The way I think about it is that MMT is compatible with deep, hard industry pollution and massive growth if you want it to be. And it is also compatible with a highly sustainable strategy to reduce our reliance on mass consumption and to divert our economic activity, which we normally think is gross domestic product, to divert that into sustainable products. In other words, radically change the composition of our output.” In other words, MMT neither supports nor opposes the degrowth agenda. In this episode, Bill describes degrowth as a value system and strategic approach to the future of humanity on the planet. MMT, on the other hand, is a lens or framework for understanding the capacities of currency issuance and the consequences of using that capacity. He and Steve highlight that MMT is compatible with both growth-oriented and sustainable strategies, and that degrowth policies would require significant investment from the state. They also discuss the challenges and obstacles to implementing a degrowth agenda, including the resistance of powerful vested interests and the potential for military conflict. The conversation also delves into the historical and political factors that have shaped the current domestic and global politics, including the counterattack by corporations and the wealthy against social democratic majorities in the early 1970s. They discuss the role of ignorance and media manipulation in perpetuating the current system and the importance of education and knowledge in empowering individuals and fostering solidarity movements. Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. Follow his work on https://billmitchell.org/blog/ @billy_blog on Twitter…

Macro N Cheese

1
Ep 240 - Can Unions Reclaim the Strike? with Joe Burns 54:18

2 years тому54:18

54:18

“I think within every labor struggle is a kernel of a broader transformation of society. So, it's interesting because Harry Bridges, who was the longtime leader of the longshore workers on the West Coast from the 1930s to the 1960s, when he talked about strike, he said every strike is a mini-revolution.” On the eve of the strike authorization vote by American Airlines flight attendants, Joe Burns spoke with Steve about the labor movement, unions, and class struggle. Joe, a labor lawyer and negotiator, has been a guest on Macro N Cheese twice before. His focus, then and now, is on the importance of class struggle unionism and the need for union leadership that is willing to engage in the broader fight, confronting power at its core. “When you think about it, every labor struggle has inherent in it the struggle over control and power. And who's running society … For that reason, it tends to inherently have this radicalism buried within it. And I think our task as class struggle unionists is to help uncover and further that.” Steve and Joe discuss the role of the corporate media in minimizing and obfuscating issues involving labor and class. They look at the ways in which both monetary and political policy are used to tame workers and reinforce the power of corporations. Joe Burns is a veteran union negotiator and labor lawyer with over 25 years' experience negotiating labor agreements. He is currently the Director of Collective Bargaining for the Association of Flight Attendants, CWA. He graduated from the New York University School of Law. Prior to law school he worked in a public sector hospital and was president of his AFSCME Local. He is the author of Strike Back, Reviving the Strike, and Class Struggle Unionism. @MarchOnTheBoss on Twitter…

Macro N Cheese

1
Ep 239 - Triggered! with Stephanie Preston 56:41

2 years тому56:41

56:41

Activists and organizers know that effective communication depends on connecting with people’s real needs. But we’re often baffled when people don’t act in their own interests or don’t identify others’ interests as intersecting with their own. To grapple with some of these questions, Steve turns to Stephanie Preston, Professor of Psychology at the University of Michigan and author of The Altruistic Urge: Why We’re Driven to Help Others . They delve into in-group versus out-group dynamics and the challenges of creating altruistic urges within different socioeconomic groups. The conversation explores structural solutions to address societal issues, such as universal basic needs and improved access to healthcare. Stephanie argues that eradicating precarity and providing basic survival needs would shift the mindset towards seeing individuals as deserving of support and compassion. Of course, there’s still the question of achieving these solutions. That’s where our activism comes in. For some of us, this episode may raise new questions. How do we level up to meet large scale problems? Does building empathy have a place in political organizing? Does altruism? Stephanie D. Preston is a Professor of Psychology at the University of Michigan. She earned Master’s and PhD degrees in behavioral neuroscience at the University of California at Berkeley, followed by a postdoctoral fellowship in the Department of Neurology at the University of Iowa College of Medicine. She has been a faculty member at U-M since 2005. She uses an interdisciplinary approach to examine how the brain evolved to guide decisions through emotions, in a variety of domains, including to feel empathy, offer altruistic help, support the environment, and to consume and keep material goods. Her book, The Altruistic Urge: Why We Are Driven to Help Others (2022), is published by Columbia University Press. @prestostwit on Twitter…

Macro N Cheese

1
Ep 238 - RP Book Club Presents Pavlina Tcherneva's The Case For a Job Guarantee 6:30:29

2 years тому6:30:29

6:30:29

RP Book Club spent four weeks on The Case for a Job Guarantee , by Pavlina R. Tcherneva. Each week featured a different guest expert who led the discussion and answered questions. Listeners to this podcast will recognize their names, including Pavlina herself, Fadhel Kaboub, Ben Wilson, and Rohan Grey. We were also honored to have Bill Black and June Carbone join in. For this episode, Macro N Cheese is releasing the audio recording of all four sessions. Since it is unusually long, the time codes for each segment are included below. [00:03:09 - 01:55:41] Session One Guest: Fadhel Kaboub Introduction Chapter 1, “A Public Option for Good Jobs” Chapter 2, “A Steep Price for a Broken Status Quo” [01:55:41 - 03:17:41] Session Two Guest: Pavlina Tcherneva Chapter 3, “The Job Guarantee, a New Social Contract and Macroeconomic Model” Chapter 4, “But How Will You Pay for It?” [03:18:44 - 04:41:57] Session Three Guest: Ben Wilson Chapter 5, “What, Where, and How: Jobs, Design, and Implementation” [04:41:57 - 06:29:43] Session Four Guest: Rohan Grey Chapter 6, “The Job Guarantee, the Green New Deal, and Beyond” Use this link to order a copy of The Case for a Job Guarantee , by Pavlina R. Tcherneva Dr. Fadhel Kaboub is Under-Secretary-General for Financing for Development of the Organisation of Educational Cooperation (OEC). He is an Associate Professor of Economics (on leave) at Denison University and President of the Global Institute for Sustainable Prosperity. @FadhelKaboub on Twitter Pavlina R. Tcherneva is an Associate Professor of Economics at Bard College, the Director of OSUN’s Economic Democracy Initiative, and a Research Scholar at the Levy Economics Institute, NY. She specializes in modern money and public policy. Find her work at pavlina-tcherneva.net @ptcherneva on Twitter Benjamin C. Wilson is an Associate Professor of Economics at the State University of New York at Cortland and a research scholar at the Global Institute for Sustainable Prosperity. @autogestion77 on Twitter Rohan Grey is an Assistant Professor of Law at Willamette University in Salem, Oregon, and the founder and president of the Modern Money Network. MintTheCoin.org @rohangrey on Twitter…

Macro N Cheese

1
Ep 237 - What's Bugging Mathew Forstater? 58:03

2 years тому58:03

58:03

“...Because we recognize that taxes are not a funding operation, there's this myth that people who support MMT don't want to use fiscal policy to promote equity. Of course, taxes are redistribution … Things have gotten way out of hand, so taxation is also intended to promote equity, to affect distribution and allocation. Resource allocation.” Mat Forstater was on this podcast four years ago (episode 21!) recounting the history of MMT. He described his early days at Levy Institute and UMKC, his relationship with Warren Mosler and Pavlina Tcherneva, and how they established MMT as interdisciplinary, expanding into law and humanities. If you haven’t listened to that episode, we urge you to check it out. This week, Mat talks to Steve about the role of taxation in the economy and its relation to government spending. It’s not enough to understand how taxes create a demand for the nation’s currency and give it value. Mat always reminds us to consider the total impact of any policy — from using taxation to encourage or discourage behavior, to its ripple effects and unintended consequences. They touch on the importance of decoupling taxation from federal programs and the need to design tax policies that consider the indirect effects on society. They also talk about the potential deflationary impact of programs like Medicare for All, and whether a job guarantee can address unemployment and provide quality jobs. Dr. Mathew Forstater is a professor in Economics at the University of Missouri/Kansas City and the Research Director of the Global Institute for Sustainable Prosperity. having received a Ph.D. at The New School for Social Research. His research focuses on the History of Economic Thought, Economic Methodology, Political Economy, Public Policy, Economics of Discrimination, Environmental Economics, African and African American Economic History. @mattybram on Twitter…

Macro N Cheese

1
Ep 221 - Taiwan: Manufacturing Consent with Carl Zha 57:25

2 years тому57:25

57:25

Carl Zha brings us his knowledge of China, the US, and global political economic relations. He also brings his exquisite sense of the absurd. Exactly one year ago, Carl and Steve recorded their marathon discussion of Chinese history, resulting in three episodes about Mao. This time, they have Taiwan in their sights. Just like Joe Biden. Official US policy on Taiwan is just ambiguous enough to allow plenty of shenanigans, despite recognizing “one China” since the 1970s. “We know how the Cold War 1.0 played out. We isolated the Soviet Union and Soviet bloc. We cut off all the trade and then eventually the Soviet Union collapsed. This is how we won the Cold War 1.0. So we'll just play the same playbook to win Cold War 2.0 against China. But this is crazy talk because China is nothing like Soviet Union of the yester years; China is the world's largest trading economy. It has trade not just with United States and Europe but also has a huge trade with the global south. So, what the US is doing in its attempted decoupling from China, actually it's cutting US off from the rest of the world.” The United States has gone from being a major industrial power to being a service economy with a neglected, crumbling infrastructure. China is building economic relationships around the world “without tanks and nuclear arms and planes,” says Steve. “China has been working in a much more cooperative way and people are lining up to say, ‘sign me up. I don't want the US having its hands on me.’” The conversation covers the economic and political implications of this reversal of fortune. With their massive exports to the US, China has accumulated vast amounts of US dollars. The 2008 financial crisis supplied impetus for China to seek new uses for their dollars reserves. Carl explains the Belt and Road Initiative and its multifaceted benefits. Carl Zha hosts Silk and Steel, a weekly podcast discussing history, culture, and current events of China and the Silk Road. Support him at patreon.com/silknsteel. His YouTube channel is https://www.youtube.com/@CarlZha. @CarlZha on Twitter t.me/CarlZha on Telegram…

Macro N Cheese

1
Ep 220 - Left of Boom with Bill Black 1:02:23

2 years тому1:02:23

1:02:23

It’s been two years since Bill Black was last on with Steve. We’ve invited several guests to talk about the collapse of Silicon Valley Bank, so it only makes sense to ask our whistleblower friend to weigh in. Bill and Steve discuss what it means to be too big to fail. When an institution is too big to fail, the creditors get bailed out, but then, Bill says, “really really bad things have happened.” “...they hold the economy hostage. And nowadays they hold the global economy hostage. And if you hold the global economy hostage, you hold global politics hostage. So that needs to be fixed. And the way to fix that is not to allow such institutions, right? Duh,” The episode looks at the capture of government by the financial industry. Bill talks about his experience during the savings and loan crisis and the transition from somewhat effective regulatory apparatus to a fully cock-blocked system. (Our words, not his.) Bill Black is a professor of Economics and Law at the University of Missouri – Kansas City (UMKC) and the Distinguished Scholar in Residence for Financial Regulation at the University of Minnesota Law School. He is a serial whistleblower and authored The Best Way to Rob a Bank is to Own One.…

Macro N Cheese

1
Ep 219 - Nicaragua with Dan Kovalik 56:50

2 years тому56:50

56:50

Author Dan Kovalik talks to Steve about his recent book, Nicaragua: A History of US Intervention and Resistance . His perspective includes his own experiences in Nicaragua and the personal connections he made there. From the 1910 occupation and eventual ouster of US Marines, through the dictatorships of several members of the Samosa family, the conditions for revolution were ripe. Dan describes the 1979 revolution as a David and Goliath story. The Sandinistas inherited a country steeped in poverty, with no infrastructure. The US-backed counterrevolution began almost immediately. Ronald Reagan and the Contras are just a small piece of it. Dan grew up believing the US was the beacon on the hill, committed to spreading democracy and freedom. His first trip to Nicaragua changed his politics and his life. Dan Kovalik is a labor and human rights lawyer and peace activist. He teaches International Human Rights at the University of Pittsburgh School of Law. He is the author of several books, including The Plot to Scapegoat Russia and Nicaragua: A History of US Intervention and Resistance. @danielmkovalik on Twitter…

Macro N Cheese

1
Ep 218 - Beware! the Counter-Revolution with C. Derick Varn 1:16:57

2 years тому1:16:57

1:16:57

C. Derick Varn is a poet, teacher, and “arm-chair theorist” (his words, not ours), but Steve called on him for his deep knowledge of history, specifically the history of revolutions. Varn takes a realistic and nuanced look at some of the popular myths about the brutality of key figures, like Stalin and Mao. He suggests placing them in the context of historical geopolitical economic conditions. I'm also just going to remind people that both the Bolshevik Revolution and the Chinese Revolution, in particular, come out of the context of world wars. They happen when they happen during the world wars for a reason. You have highly traumatized societies where the power has been broken because of the consequences of world war, even when the powers at hand are actually allied with the winners. Steve asks whether one should excuse abandoning civil liberties in order to protect the gains of a revolution against very real internal and external threats. “What civil liberties?” asks Varn. Some revolutions never even got rid of their monarchies. The episode considers Bolshevism, Trotskyism, and fascism. Varn talks about why both socialists and capitalists were attracted to fascism, looking, again, to the conditions of the time. C. Derick Varn is a poet, teacher, editor, podcaster, and broadcaster. He is the host of VarnVlog and co-host of Gaming Materialists. According to his Patreon, Varn Vlog is a podcast and YouTube channel dedicated to delivering high-quality interviews and analyses on philosophy, art, political economy, culture, geopolitics, pop culture, and history. Support his work at patreon.com/varnvlog @skepoet on Twitter…

Macro N Cheese

1
Ep 217 - Bank Failures 101 with Brian Romanchuk 56:07

2 years тому56:07

56:07

When you learned of the run on Silicon Valley Bank, did the image of George Bailey come to mind, facing the mob demanding full withdrawals from Bailey Building & Loan? “You’re thinking of this place all wrong, as if I had the money back in the safe. The money’s not here. Why, your money’s in Joe’s house that’s right next to yours. And the Kennedy house and Mrs. Maitland’s house, and a hundred others. You’re lending them the money to build, and they pay it back to you as best they can. What are you gonna do, foreclose on them?” (It’s a Wonderful Life, 1946) Steve’s guest is Brian Romanchuk of Bond Economics, here to break down the conditions and events leading to the collapse of SVB. Spoiler alert: there’s no Jimmy Stewart, no uplifting message, no sentimental tears. Brian explains how the American banking system is unusual relative to other developed countries. In Canada, where he lives, the Big Five banks are an oligopoly, but they’re diversified. They deal with all the nation’s banking needs. SVB is a relatively small bank, specializing in venture capital. This focus affects expectation of profits and the decision to invest in long-term Treasurys. When the Federal Reserve, fighting inflation on the backs of the working class, raised interest rates, the ultimate result was the bank’s collapse. Brian and Steve discuss how the Fed’s policies have led to a decrease in savings and an increase in debt, leading to greater inequality. They touch on Credit Suisse as well as pension funds in the UK, and try to clarify our understanding of bankruptcy and “bail-outs.” Real life is more complicated than it’s presented in movies. Don’t expect any angels to get their wings. Brian Romanchuk is the author of several books, including Modern Monetary Theory and the Recovery. He is the writer and publisher of bondeconomics.com. His writings can be found in his substack, The BondEconomics Newsletter. @RomanchukBrian on Twitter…

Macro N Cheese

1
Payments and Panopticism with Raúl Carrillo 1:00:52

2 years тому1:00:52

1:00:52

Steve always says the beauty of MMT is “it takes the most convoluted spaghetti diagram and turns it into a straight line.” When it comes to banking, the financial industry, financial technology, and privacy, has the MMT community developed that straight line yet? Today’s guest, Raúl Carrillo, thinks we can get there: “I don't think we quite have, but I think the straight line flows right through everything else we've done. Just as we don't want banks to be heavily involved in the public provisioning process... We have to pay just as much attention to Silicon Valley, and then start thinking about what it looks like to actually build a democratic public money system that operates on MMT principles.” It’s been two years since we’ve had Raúl on the podcast, but the conversation is continuous, and it includes our episodes with Rohan Grey and Brett Scott. Steve and Raúl discuss Raúl’s recently published white paper, "Seeing Through Money: Democracy, Data Governance, and the Digital Dollar." It is essentially an intervention in the discussion about the future of money. It includes analysis of the way government agencies use financial technology today and how it is linked to a broader public money story and an MMT story. Currently, banks are intermediaries between the public and the state. In other words, banks are part of the plumbing. But what’s to stop the government from using financial technology for the public purpose and cutting the middlemen? Today, however, it’s more than just the banks. “The inclusion of new technological partners in the plumbing changes many, many things. If a Silicon Valley firm – whether it's a big stablecoin firm like Circle or PayPal – gets a master account at the Fed, we're living in a different terrain for MMT analysis ... I think it's just very important that we keep an eye on Silicon Valley in this sense and take the time for self-assessment when we talk about what kind of public money systems we're building.” The conversation goes into privacy issues where, again, the lines are blurred between the private sector and the government. Or maybe “blurred” is the wrong word. Their lines of communication are not necessarily visible to the public. What has been blurred is, in some cases, the distinction between left and right. Some take-aways from the episode. Financial surveillance can have extreme consequences. Think of a state with draconian anti-abortion laws. If the government can’t get a hold of your medical records, they can simply track your payments. After the Dobbs ruling, some suggested using cryptocurrency to pay for abortion, but guess what? It turns out blockchain is not private in the way most people think it is. That’s another take-away from the episode. Whatever the idealized intentions of the early developers of digital currency (remember how it would address the racial wealth gap?) it has mutated into a world of grifters and fraud. As Raúl says, “It’s not a cool party anymore, if it ever was. When you’ve got the cops and the bankers there, it’s time to leave.” Raúl Carrillo is the Deputy Director of the LPE Project (Law and Political Economy) and an Associate Research Scholar at Yale Law School. He is on the board of Modern Money Network and the chair of Public Money Action. @RaulACarrillo on Twitter…

Macro N Cheese

1
The Misery of Austerity with David Fields 49:26

2 years тому49:26

49:26

Austerity is a potent weapon of class warfare. Political economist David Fields talks with Steve about the ways austerity serves to discipline labor, as it has been doing since the Bolshevik revolution. They touch on the reasons capitalism cannot risk full employment, as explained by both Karl Marx and Michal Kalecki. David wants people to read Adam Smith’s The Wealth of Nations or The Theory of Moral Sentiments. Even Smith, the father of the “invisible hand,” said government is instituted for the security of property — for the rich against the poor. The discussion touches on the current inflation, comparing the true causes to the mainstream narrative. “There's been a very coordinated, calculated campaign with well-known economists. Call it neoliberalism. Call it what you want, financialization... The concepts, terms, economic principles that we take for granted are not value-neutral.” We are embedded in a system of winners and losers and we’re meant to believe there’s no other way. Workers must be prevented from understanding the trifecta of austerity – fiscal, monetary, and industrial. Bio: David M. Fields, Political Economist, Utah. From a critical realist & genetic structuralist ontology & epistemology, David's scholarly work centers on the intricacies concerning the interactions of foreign exchange & capital flows with economic growth, fiscal & monetary policy, and distribution, whereby attention is paid to the nature of money and international political economy. He has published in the following journals: Review of International Political Economy, Review of Political Economy, American Review of Political Economy, the Review of Keynesian Economics, and the Review of Radical Political Economics. Additionally, he has provided book chapter contributions to The Encyclopedia of Post-Keynesian Economics, The Encyclopedia of Central Banking, and the Wiley-Blackwell Encyclopedia of Globalization. David received his graduate degree from the University of Utah; his bachelor's from the University of Massachusetts, Amherst. @ProfDavidFields on Twitter…

Macro N Cheese

1
Surfing the Wayback Machine: 2017 with Fadhel Kaboub 1:07:05

2 years тому1:07:05

1:07:05

Dr. Fadhel Kaboub was recently appointed Under-Secretary-General for Financing for Development of the Organisation of Educational Cooperation (OEC), an international intergovernmental organisation founded by countries from across the Global South. In honor of Fadhel’s new position, we’re releasing Steve’s very first interview with him from back in the day when we live streamed onto Facebook. Steve thinks his questions are very different today — more disciplined. Some of us can’t get over how young he sounded. It was only five years ago! Fadhel and Steve discuss the spectrum of monetary sovereignty from full sovereignty to completely non-sovereign. Fadhel explains the structural debt traps developing nations find themselves in. They have deficits related to lack of sufficient food or energy production, forcing them to rely on imports. “Those are things that, no matter what you do as a central bank, you're not going to eliminate those structural issues unless as a country you start investing in renewable energy so that you don't have to import fossil fuels anymore or you invest in a sustainable agricultural policy to let you have food self-sufficiency.” The hole in their trade deficit leads to depreciation of their exchange rate. “And then the next morning or the next month when you as a country try to import food or fuel, you're going to import it at a higher price. So you'd be importing inflation into your domestic economy ... The inflation is related to a weakness of the productive capacity of the domestic system plus the imported inflation that happens because of the depreciation of the exchange rate.” Fadhel and Steve also discuss the devastating effects of unemployment and the potential of a Job Guarantee Program for developing countries. Dr. Fadhel Kaboub is Under-Secretary-General for Financing for Development of the Organisation of Educational Cooperation (OEC). He is an Associate Professor of Economics (on leave) at Denison University and President of the Global Institute for Sustainable Prosperity. @FadhelKaboub on Twitter…

Macro N Cheese

1
The Four Freedoms with Harvey J. Kaye 1:07:15

2 years тому1:07:15

1:07:15

Historian Harvey J. Kaye joins Steve to talk about the complicated legacy of Franklin Delano Roosevelt. Kaye acknowledges many points in our criticism of FDR but goes on to discuss what Roosevelt was up against, and why he should be respected. “Because Gramsci, I think it was, said, when you judge the past, don't forget, you too shall be judged. I'm paraphrasing … When socialists start winning elections, then they can start telling me about how inadequate FDR was.” Them’s fighting words! But speaking of socialists – or rather, social democrats – and elections, the episode also includes discussion of Bernie Sanders’ presidential campaigns, and the lessons Bernie could have taken from FDR. After all, they both faced serious opposition within the Democratic Party. At a time when the American capitalist class were enamored of Mussolini, Harvey lays out FDR’s achievements and maintains that those policies prevented a revolution. Listen to the episode and see whether you agree. Harvey J. Kaye is a Professor Emeritus of Democracy and Justice at the University of Wisconsin, Green Bay, and an award-winning writer who has authored and edited 18 books, including Thomas Paine and The Promise of America, Take Hold of Our History, FDR on Democracy, The Fight for the Four Freedoms, and The British Marxist Historians. @harveyjkaye on Twitter…

Macro N Cheese

1
Ep 212 - A South American Currency Union? with Daniel Conceição 1:01:56

2 years тому1:01:56

1:01:56

Recent episodes of this podcast have looked at the many ways in which the US attempts to maintain global hegemony through the deep state, the banking system, NATO, and the unholy trinity of the IMF, WTO, and World Bank. This week, Steve talks with Daniel Conceição about the possibility of a supranational currency for Brazil and Argentina. Daniel points out some potential benefits, but it’s hard to avoid comparisons to the Eurozone and the crippling loss of monetary sovereignty. Nevertheless , if successful, such an agreement has far-reaching implications not only for these two nations but potentially throughout all of Latin America, helping promote greater economic integration while providing increased stability. Steve and Daniel revisit the issue of the petrodollar. Traditional MMT wisdom would say it’s no big deal; it’s merely a numeraire. Daniel suggests there’s more to it, “because when we claim that taxes are the main driver of currency acceptability, what we really mean is that necessity is the main driver.” Just as taxes put us in need of the currency, “...in the exact same way, if there's a commodity that is hugely needed for your economy to function—everyone needs to purchase it—and if that commodity is only purchasable in a particular currency, then it also necessarily will give acceptability to that currency.” The episode considers the accuracy of books such as ‘’Confessions of an Economic Hitman.” Daniel points out that mainstream economics is a tool to preserve the interests of the ruling class both domestically and internationally. It’s a mistake to think the economic hitmen are working to secure American interests. Just as we’ve heard from Aaron Good, Michael Hudson, Clara Mattei, and other guests, it’s not a case of country against country, but of a ruling class working against the interests of everyone else. 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…

Macro N Cheese

1
The Myth of Venture Capital with Julia Ott 1:00:31

2 years тому1:00:31

1:00:31

We revere venture capitalists, don’t we? Without their brave acts of derring-do — AKA investing in uncertain ventures — how would society achieve progress? Just kidding. If you are a regular listener to this podcast, you’ve heard guests speak about the horizontal contradictions within the ruling class. Industrial capital and finance capital can each be affected differently by foreign, domestic, fiscal, and monetary policies. They may sing from the same hymn book but sometimes their interests diverge. Steve’s guest, Dr. Julia Ott, teaches the history of capitalism at the New School. She and Steve focus their discussion on venture capitalism and its implications on policy changes, inequality, and the racial wealth gap. They explore how venture capitalists have been heavily involved in lobbying for capital gains tax breaks, leaving them more to invest and pass on to their children, exacerbating the extremes of generational wealth and generational poverty, especially for people of color. They also observe how venture capital is assumed to create a virtuous cycle by reinvesting in multiple new companies. Historically, however, the state has been more consequential to economic growth and job creation than venture capital. For all the anti-government rhetoric flying around, especially during conservative or laissez faire periods (hello, Mr. Reagan and Mrs. Thatcher), the federal government is heavily involved in capital markets and infrastructure. Far from interfering, the state is a willing and consistent facilitator in the amassing of private wealth. Dr. Julia Ott is Associate Professor of the History of Capitalism and Co-Director of the Heilbroner Center for Capitalism Studies at the New School for Social Research.…

Macro N Cheese

1
Ep 210 - American Exception with Aaron Good 1:00:04

2 years тому1:00:04

1:00:04

If Macro N Cheese wasn’t committed to spreading MMT to the activist community, we might have been a history podcast. Nothing excites Steve Grumbine as much as listening to 50 hours of lectures on the French Revolution or the Black Plague. This week’s guest, Aaron Good, checks a lot of our boxes. What he brings to the table is history with a solid class analysis. Aaron is the author of American Exception: Empire and the Deep State . American exception should not be confused with American exceptionalism; think instead of the concept of laws applying to everyone EXCEPT one nation or one elite group. During World War II, the US oligarchy saw the opportunity to replace the western European colonial powers with a new empire. They planned and created institutions like the World Bank, the IMF, the CIA — all designed to launch and support this new era of US domination of global capitalism. Imperialism required its own strategy: “To do all of this, they need to have the capitalist world all marching to America's beat. And so the Cold War is more or less ginned up and anti-communism becomes the principle around which the US empire is organized. So it's an empire, but it's not an empire that says ‘we are an empire and we're going out to rule the world.’ Instead, it is packaged as a defensive response to a terrible threat. And so communism is the perfect foil because you can basically castigate any left-wing idea that you don't like as being part of this global communist plot, whether domestically or around the world. And they use this to legitimate, really, an attack on the whole world and also on the US population.” Aaron and Steve go on to discuss more of the history of US hegemony, elite criminality, and anti-democratic forces. They look at ruling class manipulation of institutions like academia, politics, and media. They critique Scandinavia as an example of democratic socialism (or social democracy?) with capitalist rule and explore the complicated legacy of Franklin D. Roosevelt. Aaron Good holds a doctorate in political science from Temple University. He is the author of American Exception: Empire and the Deep State, and host of the American Exception podcast. Support him on patreon.com/americanexception @Aaron_Good_ on Twitter…

Macro N Cheese

1
The Recurring Saga of the Debt Ceiling with Rohan Grey 1:11:19

2 years тому1:11:19

1:11:19

When you realize the national debt is little more than a bunch of interest-bearing savings accounts, you will have effectively neutered the politicians and pundits who wield it like a weapon to keep the people in line and tame the working class. Every year in the US, the debt ceiling alarm is rung right on schedule. Just like Halloween. Interest-bearing Treasury bills are not available to most of us. (Do you have an account with the Federal Reserve? No? Exactly.) Rohan Grey is back to explain how these things work for the select elite. Not only do the rest of us handle money differently—we think about it differently. The words we use have different meanings. “The average person might think money is the opposite of debt. Well, that's not how the financiers think. That's not how the bankers think. That's not how the hedge fund managers think. For them, cash is debt. Debt is cash. It just depends on what they're talking about.” We’re supposed to believe the US is teetering on the edge of bankruptcy. Every time a Treasury bill comes due, we should hold our collective breath and pray the government has the funds to pay down another installment of the “debt.” Rohan takes us through the day-to-day buying and selling of Treasurys. The financiers, bankers, and hedge fund managers aren’t worried. At least not about US insolvency. We can exhale. Steve and Rohan talk about the trillion-dollar platinum coin and the law that makes it a ridiculously simple solution. If only the ruling elite didn’t have a different agenda. The Macro N Cheese official Rohan Grey cultural references spotter flagged The Rocky Horror Picture Show, a Beatles song (Taxman, of course), Better Call Saul, Seinfeld, and Kaleidoscope, Natasha Lyonne’s new Netflix series. Chuck E. Cheese and McDonald’s pop up as well.Chuck E. Cheese and McDonald’s show up as well. Rohan Grey is an Assistant Professor of Law at Willamette University in Salem, Oregon, and the founder and president of the Modern Money Network. MintTheCoin.org @rohangrey on Twitter…

Macro N Cheese

1
RP Live with Michael Hudson 1:08:29

2 years тому1:08:29

1:08:29

In September, Real Progressives had a webinar with Michael Hudson. It gave our volunteers the opportunity to ask him about his book, The Destiny of Civilization: Finance Capitalism, Industrial Capitalism, or Socialism . This week’s podcast brings you the audio of that event. Although his book looks at three economic philosophies, the Q & A focused on contrasting the dynamics of finance capitalism and industrial capitalism. Michael makes the case that in its early days industrial capitalism promoted investment in public infrastructure and basic services, allowing industry to invest in development. Finance capitalism basically sought to break away and consume all of the public infrastructure. Most financial fortunes are made by privatizing the public domain – natural resources and public utilities yield fortunes in economic rent without private investment. This has led to the US, for example, turning over its economic planning to the financial sector. “The objective of finance capitalism, contrary to what's taught in the textbooks, is to make economies high cost, to raise the cost every year.” When asked about debt deflation, Michael explains that the increase in consumer debt leaves less and less money to be spent on consumption. “Right now, you're having the debt-ridden American economy being squeezed. More and more money is paid, not only for debt, but also for other overhead, like healthcare and various monopoly services that are not available to buy goods and services. Debt deflation is when the growth of debt exceeds the rate of growth of the economy. And that's true of every economy.” Since 1945, every recovery in the US and the other western economies has been accompanied by rising levels of debt, making each recovery slower. Michael talks about the current global political economy, oil prices, debt jubilees, monetary hegemony, and the US political parties. When asked for solutions, his answers might be troubling to some. It’s worth hearing him out. Michael Hudson is an American economist, Distinguished Research Professor of Economics at the University of Missouri–Kansas City and a research associate at the Levy Economics Institute at Bard College. He is a former Wall Street analyst, political consultant, commentator and journalist.…

Macro N Cheese

1
Ep 207 - A Crypto, MMT Retrospective with Rohan Grey 1:08:40

2 years тому1:08:40

1:08:40

Rohan Grey always uses cool cultural references. Six minutes into the episode he brings up Tintin. Later we hear about Wile E. Coyote, Star Trek, Teletubbies and Wagnerian opera. The Tintin tale concerns a treasure hunt that required Tintin to find three maps; only when they were overlaid could he see the location of the treasure. Rohan Grey relates this to the critical juncture of law, political economy, and technology. He reviews the relationship of all three throughout the history of money. Rohan and Steve also revisit the (relatively short) history of the MMT community – what they got right as well as missed opportunities. Brett Scott was at the first MMT conference talking about privacy and the war on cash. These issues are more vital today than they were then, yet have never become part of the MMT canon, which tends to stick to the original hits, like the Rolling Stones still performing “Satisfaction” half a century later. “If crypto, quote/unquote, wins the public consciousness, I think that's a net loss for a lot of things MMT cares about. I'm anti crypto in that sense – as in capital C, crypto. What it stands for as a historical phenomenon right now is the empowerment of a group of people, the dominant strain of which is pro capitalist, pro massive wealth inequality, pro grift and fraud, pro right wing libertarian monetary theories, pro contempt of collective governance.” Rohan and Steve discuss how to organize around what is useful from the crypto space without defending it. The distrust of government is healthy – many are illegitimate and corrupt – but Rohan asks why the same critique isn’t applied to property rights. How can it be acceptable for Ted Turner to be a billionaire owning half of Montana? Why does the state become illegitimate only when it wants to tax him? Rohan suggests leaning into pockets of relevance. There’s value to be gained by understanding the opposition. Rohan asks our listeners to support #MintTheCoin and to check out the Freedom Box Foundation as well as the work being done with Creative Commons and copyleft. Rohan Grey is an Assistant Professor of Law at Willamette University in Salem, Oregon, and the founder and president of the Modern Money Network. MintTheCoin.org @rohangrey on Twitter…

Macro N Cheese

1
Spelunking the Deep State with John Kiriakou 1:00:28

2 years тому1:00:28

1:00:28

When you Google John Kiriakou, the descriptive label that pops up with his name is Whistleblower. John was an analyst and case officer for the Central Intelligence Agency during the anti-communist era and then the anti-terrorist era. (Where did all the communists go? Aren’t they a threat anymore? Were they ever? Those will have to be questions for another day.) He is also an author, activist, and co-host of Political Misfits on Radio Sputnik. He and Michelle Witte regularly have Steve on their show as a guest to talk about (what else?) macroeconomics. Now we get to hear his story, working with—and then against—the CIA. Of the 14 CIA agents who were offered to be trained in ‘enhanced interrogation’ techniques during the hunt for al-Qaeda in 2002, John was the only one who declined. He also came to be the only CIA employee to go to prison in connection with the torture program. He was charged with passing classified information to a reporter. In addition to sharing his personal experience, John talks with Steve about the history and role of the deep state, how it has transformed over the years, and both the public and political level of tolerance for it. If you still think power rests in the hands of our elected officials, you should listen to this episode. John Kiriakou is an author, journalist, and whistleblower. He is co-host, with Michelle Witte, of Political Misfits. Kiriakou was a CIA analyst and case officer. In 2007, he became the first U.S. government official to confirm that water-boarding was used to interrogate al-Qaeda prisoners, which he described as torture. In 2012, Kiriakou was convicted of passing classified information to a reporter and received a 30-month sentence. He is the author of Doing Time Like a Spy: How the CIA Taught Me to Survive and Thrive in Prison; The Convenient Terrorist: Abu Zubaydah and the Weird Wonderland of America's Secret Wars; The Reluctant Spy: My Secret Life in the CIA's War on Terror; The CIA Insider's Guide to the Iran Crisis. Find his work on johnkiriakou.substack.com @JohnKiriakou on Twitter…

Macro N Cheese

1
RP Live with Brett Scott 1:14:40

2 years тому1:14:40

1:14:40

**Happy New Year from Real Progressives and Macro N Cheese. If you would like to help us continue to bring you great content, please consider becoming a monthly sponsor at patreon.com/realprogressives. Your contributions help pay for the tech platforms and equipment that keep this podcast alive.** This week’s episode is the recording of a recent RP Live webinar with Brett Scott, author of Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets. In terms of its politics, the digital money movement is largely only discussed by the mainstream media, ever ready to promote the interests of big finance and big tech. Brett makes the case that leftists and MMTers need to get involved. Those of us with knowledge of the monetary system are particularly well-situated to recognize potential minefields and see through lies that are being passed off as fact. For example, there is the notion of inevitability. Once the automobile was invented, it was only a matter of time before the horse cart would disappear. We’re also led to believe that the move to replace cash with digital comes from the bottom up—from ordinary people. We need only consider who is pushing this so-called cashless society. And who profits from it. Crypto itself is simply another commodity to be bought and sold with... money. Brett presents interesting ways of considering the war against cash and the future of money. In the second half of the episode, he takes questions from attendees. If you haven’t heard his interviews on Macro N Cheese, now would be a good time to do so. 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 on brettscott.substack.com @suitpossum on Twitter…

Macro N Cheese

1
FTX and the Fall of Cryptocurrency with Robert Hockett 50:55

2 years тому50:55

50:55

All digital currency is not created equal. Its technology can potentially be used as a force for good or a force of evil. Robert Hockett joins Steve to discuss both. Let’s start with the evil. The collapse of FTX, one of the world’s largest crypto exchanges, is still sending shock waves through the mainstream and financial media. It seems that only MMTers are unsurprised by it or the chain reaction, as other crypto schemes are tumbling apace. Bob describes how the collapse follows the same pattern as the junk bond bubble of the 80s and the sub prime mortgage crisis in the aughts. Prices are driven up as more people crowd the market, eager to hop aboard a new investment opportunity. You don’t need a Ponzi to have a Ponzi scheme. And apparently you don’t need to produce anything of value in order to generate huge profits... for a while. “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 sub prime mortgage loan or sub prime mortgage-based product, there's a reason for that “sub prime” 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 about it.” Bob and Steve talk about the development of Central Bank Digital Currency, or CBDC, which will be as safe as a nation’s fiat currency—Bob likens it to the introduction of the greenback dollar in the 1800s. None of this is to say that we at Macro N Cheese approve of the Federal Reserve’s ideology or actions; a neoliberal system will have a neoliberal central bank. No big surprise there. Robert C. Hockett is an American lawyer, law professor, and policy advocate. He holds two positions at Cornell University and is senior counsel at investment firm Westwood Capital, LLC. His latest book is The Citizens’ Ledger: Digitizing Our Money, Democratizing Our Future. @rch371 on Twitter…

Macro N Cheese

1
Japan: A Case Study in MMT with Bill Mitchell 1:07:09

2 years тому1:07:09

1:07:09

**After the episode, visit our “Extras” page where you’ll find links to Bill Mitchell’s blog, books, MMT education course, and more. Every episode of this podcast is also accompanied by a full transcript. realprogressives.org/macro-n-cheese-podcast/** Usually when Steve and his guests talk about culture, they’re referring to that of neoliberalism. As Scott Ferguson says, neoliberalism isn’t just enmeshed in our popular and esthetic culture; it is our culture. “There’s no enmeshing; it IS neoliberalism—what in the Marxist tradition we call etiology, the kind of background assumptions and values that structure our innermost thoughts and feelings and desires and, you know, what makes us laugh, what makes us cry, what makes us horny. What makes us, you know... everything.” In today’s episode, our dear friend, Bill Mitchell, talks to Steve about Japanese culture, which predates neoliberal culture by eons. Bill has recently taken a fellowship at Kyoto University, giving him and his wife the opportunity to experience the day-to-day life of Japanese society while pursuing his research into their economy. Bill’s interest in Japan coincides with the start of his academic career: “As I was entering my first tenured position, Japan had the biggest commercial property collapse in history. It went neoliberal in the late 1980s and had an extraordinary explosion of debt, typically concentrated on commercial property in Tokyo and Nagoya and the big cities. And that collapsed in 1991.” Despite the huge decline in property values, Japan had just one negative quarter of GDP. He had to ask, “How the hell have they been able to avoid a deep recession and get out of this huge property market collapse?” The answer was found in the government’s response—providing fiscal support to the economy. “The fiscal deficits went up to 10% or 11% of GDP. And in historical terms, that was huge; that was sort of like wartime shifts in fiscal positions. So that's what started me on my Japanese research agenda and my interest in following Japan. Then I met Warren (Mosler) and we started the MMT project in the mid-90s... And Japan was my laboratory—my real-world laboratory.” Some suggest that the government’s fiscal behavior could be explained by the difference in culture. But the way the monetary system works is identical to that of the US or Australia. Throughout the episode, Bill and Steve continue to compare Japanese culture and economic policies with those of their home countries. We at Macro N Cheese are always looking for answers, but often the learning experience is more valuable when we come away with new questions. Throughout this episode, Bill and Steve compare Japan’s culture and economic policies with those of their home countries, yet they make no definitive statements about cause and effect. Japan has managed to maintain a high standard of living for its citizens—first-class health care, first-class public education, first-class public transport. Unlike the US, Japan does not see unemployment as the cure for inflation. Bill describes the many service workers in jobs that would make neoliberal bean counters pull out their hair—greeters in stores, parking guides, maintenance workers in Japan’s beautiful public spaces. These jobs are not busy work; they improve a community’s quality of life. Bill sees Japan as an ideal candidate for a job guarantee. Japan faces vast challenges, yet its monetary and fiscal policies continue to defy the pressured expectations of hedge fund speculators, austerity evangelists and self-styled experts (hello, Paul Krugman!) This demonstrates that mainstream macroeconomics is not knowledge, it is fiction. Only MMT has it right. Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. @billy_blog on Twitter…

Macro N Cheese

1
Exploring the Origins of Money with Clint Ballinger 50:14

2 years тому50:14

50:14

Clint Ballinger is an economic geographer, a path he followed in search of answers to what he calls fundamental questions of political economy. Why did the Industrial Revolution occur in England and western Europe? What is the reason for the radically uneven distribution—radically unequal material well-being—around the world? It exists not only between countries, but within countries. As listeners to this podcast know, economics departments aren’t teaching this stuff. Modern economists take money out of the equation. How absurd is that? “You have incredibly complex mathematical models being developed all through the forties, fifties, sixties... but they don't discuss all the things about money that matter. Because as we learned in 2008, they didn't even have money or a banking system in their equations, basically. So that's a huge problem. … Regardless of how you get it, once you have some kind of basic monetary unit, everything that comes after that in a monetary production economy is what got ignored.” Steve and Clint talk about the history of money and David Graeber’s book, Debt: The First 5000 Years . Debunking the “myth of barter” and understanding the history of money allows us to break through the misconceptions of money at the root of the misguided political stances that abound in our society. We can’t fix what’s broken without this clarity. Money is a token, not a commodity. Steve likens it to a concert ticket; the little square of cardboard has no intrinsic value. Yet not a single politician gets this right. Clint takes the discussion into property rights—not the rights of the rentier class, but the state’s role in protecting an individual’s resources. “We always have to get back to the real economy. That's always the fundamental thing. We make things—goods and services. People use those goods and services. Money per se, it's all accounts, accounts are always property rights. Every account in the world is a claim on real resources in some way. So that's why it gets back to the very basic ideas of property rights.” Much of this interview connects to topics covered in past episodes with Fadhel Kaboub and Rohan Grey, among others. Links can be found in the “Extras” section on our website, where you will also find a transcript of the episode. realprogressives.org/macro-n-cheese-podcast/ Clint Ballinger got his MA in Political Science at the University of North Carolina at Chapel Hill, where he focused on modern uneven economic development and went on to specialize in the interpretation of global econometric data for his PhD in Geography at Cambridge University. His book, 1000 Castaways: Fundamentals of Economics , was published in 2019. @clintballinger on Twitter…

Macro N Cheese

1
System Dynamics and the Minsky Model with Tyrone Keynes 57:02

2 years тому57:02

57:02

** Check out the transcript for this and every episode of Macro N Cheese on the Real Progressives website. This week’s episode looks at using a recently developed economic model application developed by frequent Macro N Cheese guest, Steve Keen. The software is aptly named “Minsky” and Steve Grumbine’s guest, Tyrone Keynes, is an experienced user of the Minsky software modelling tool. Tyrone is a consultant whose specialties are economics, health, and ecological modelling systems. Steve and Tyrone walk through the steps to develop processes that they both similarly follow to build a model. Tyrone then talks about his latest work using Minsky to build an unnamed U.S. State a model that will describe how to manage the state’s retirement system to improve the disparities between low and high wage state workers. They discuss the prep work before running the model and validating results. Additionally, Tyrone describes examples of how Minsky has been used to validate MMT (Modern Monetary Theory) thinking and how the tool can be used in the future to help bring about consensus within the MMT community and acceptance in the economic community. Most Macro N Cheese episodes are unique, this one reveals how to focus the MMT lens with some tips on why other tools fail. Tyrone Keynes is a System Dynamicist, independent researcher, and professional consultant at BD Consulting, (https://www.bdconsulting.ca) showing how systems thinking can be applied to economics. He specializes in modeling economic, health, and ecological systems. He is also the main beta tester for the Minsky software and does most of the social media for it. @TyKeynes on Twitter…

Macro N Cheese

1
Ep 200 - Africa's Place in the Multi-Polar Order with Fadhel Kaboub 1:02:15

2 years тому1:02:15

1:02:15

**Thank you to our listeners! Can you believe this is our 200th episode? Crazy, right? Well, it wouldn’t have been possible without the efforts of a dedicated team. Our sound editor and engineer, Andy Kennedy, has spent thousands of hours (literally) producing these weekly gems. Then there’s the diligent band of copy editors—Brad Sandler, Jonathan Kadmon, Jay Spencer, and yours truly, Virginia Cotts, (plus, in earlier days, Rose Ann Rabiola Miele and Rob Baxter)—who pore over every AI-generated transcript, correcting mistakes and fixing punctuation for clarity. Julie Alberding, the RP website’s reigning eminence, created the layout. Each week she meticulously formats and posts the transcript, show notes, and extras. And let’s not forget our inimitable host, Steve Grumbine, who invites us along on his personal quest for knowledge. The journey has resulted in some unforgettable interviews, invaluable content, and a few “aha!” moments.** It’s fitting that our 200th episode is also Fadhel Kaboub’s 10th. Fadhel is the non-economist's economist. You don’t need a new language to learn from him. In this episode he revisits some familiar themes, expands upon them and draws conclusions that... well, they just make so much sense. He looks at global changes, post-2008, post-Covid, and post-Russia/Ukraine. To avoid future disruptions to the supply chain, the three major power blocs—the US and North America, the EU and western Europe, and China, with Russia and central Asia in the hub—are looking to repatriate strategic industries. They are consolidating their sovereignty in terms of food, energy, high-tech manufacturing, strategic industries, and geopolitical, geostrategic sovereignty within each region. That leaves the global South as the place all three blocs perceive as the source of cheap raw materials, the dumping-ground for surplus output, and the site for low-cost assembly line manufacturing. “So that's the world that is emerging. The question for me and for the global South in general, and for Africa as a continent in particular, how do we position ourselves on this new map? And I think I said it before to you on the show, Steve. If you don't have a long-term strategic vision for yourself, you're going to be part of somebody else's strategic vision.” Fadhel proceeds to describe the structural deficiencies that neocolonial nations must overcome and then lays out his vision for the solution. “And that's been one of the most important things that I'm trying to convey to global South activists, academics, public intellectuals, and people who have influence in government policy on the African continent, is formulating that coherent pan-African vision for economic sovereignty, food sovereignty, energy sovereignty, technological sovereignty, and then leveraging that coherent vision—on African terms—to partner with anybody, including China.” He talks about the IMF and its debt traps. He talks about the built-in roadblocks on the path to energy independence. He talks of the need for truth and reconciliation commissions and looks at what post-colonial reparations must include. If you made a diagram of this discussion, there would be arrows connecting each piece to all the others. Sounds dialectical, doesn’t it? Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. @FadhelKaboub on Twitter…

Macro N Cheese

1
The Breaking of the World with Thomas Fazi 57:23

2 years тому57:23

57:23

Steve talks with Thomas Fazi, journalist/writer/translator/socialist. Many of us know him as co-author, with Bill Mitchell, of Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World . A few weeks ago, we had an episode entitled Trussonomics. It was recorded a few weeks after Liz became Prime Minister, and mere days before she got the boot, making her the shortest-serving PM in UK history. Fazi has a different take on the events leading up to Truss’s removal, and spends much of the first half of this interview breaking it down. Truss is a libertarian free market conservative, so why was she such a threat? The mainstream narrative—left, center, and right—had it that her budgetary package spooked the markets so they forced her out. Truss’s real crime? She understood government finance. As listeners to this podcast know, deficit spending did not cause the current inflation. Fazi talks about the actual causes and makes the case that the markets didn’t oust Truss; the Bank of England did. “...In currency issuing countries, you don't usually see such overt tensions between central banks and government. Even though most central banks are formally independent, they tend to support whatever budgetary or fiscal policy the government decides to pursue. So, what transpired in the UK context was actually quite extraordinary because it was, I think, a rare instance of the central bank of a currency issuing country deliberately acting to sabotage a government.” Fazi lays out the ways in which austerity can now be justified in the UK, warding off the threat of a potentially strengthened working class. There are many layers to this story. The second half of the episode shifts the focus to global geopolitics and the US stance against China and Russia. “This isn't just US versus Russia and a few proxy countries. This new Cold War is a completely different one than the old one. It's one-way. The US is a declining power with declining influence over the rest of the world, where most of the world isn't following the US, for example, with regards to its policies against Russia and China. The US sphere of influence now is pretty much limited to Europe and Australia and New Zealand.” The US ruling class is the most powerful and dangerous in all of human history. The structural changes of the global economy have brought us into a multi-polar world. It's just a reality that the US elites don't seem ready to accept. Thomas Fazi is a “journalist/writer/translator/socialist.” who lives in Italy. He is the co-director of Standing Army (2010), an award-winning feature-length documentary on US military bases featuring Gore Vidal and Noam Chomsky; and the author of The Battle for Europe: How an Elite Hijacked a Continent – and How We Can Take It Back (2014) and Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (co-authored with Bill Mitchell, 2017). His articles have appeared in numerous online and printed publications. Find links to his articles on his Substack. @battleforeurope on Twitter…

Macro N Cheese

1
The Trinity of Austerity with Clara Mattei 1:10:33

2 years тому1:10:33

1:10:33

“Austerity is the best weapon they have to try to convince. And if they can't convince, they can't coerce. So in my book, I say austerity plays with a double strategy: coercion and consensus.” Clara Mattei is the author of The Capital Order: How Economists Invented Austerity & Paved the Way to Fascism , published this month. Steve Grumbine, who uses the Twitter display name “Austerity is murder,” was drawn to her position that austerity is not just bad economic theory prescribing bad economic policy. That is a simplistic framing that ultimately depoliticizes austerity. Many on the left tie the birth of austerity to the birth of neoliberalism – which some identify with Reagan/Thatcherism, while others say it goes back to Jimmy Carter and the 70s. Clara traces it back a full century, to the years immediately following the First World War, when capitalism was in crisis. It’s no coincidence that WW1, the Bolshevik revolution and the dawn of fascism all occurred during this period. The post-war period was full of socialist stirrings in Europe and the US. Squashing them required a brutal economic response. US and British capitalists openly celebrated the defeat of labor at home and expressed admiration for Mussolini. The head of the Bank of England wrote to Jack Morgan (son of Pierpont), "Fascism has surely brought order out of chaos over the last few years. Something of the kind was no doubt needed if the pendulum was not to swing too far in quite the other direction.” The alliance of liberalism and fascism in its diverse forms should not be a surprise; they are achieving the same ends. To understand austerity, don’t look to the form of government. Look to capitalism itself. We are reminded there are class antagonisms between countries as well as within. When the US exploits and plunders other nations, it is acting on behalf of the ruling class – the same ruling class that is exploiting American citizens and plundering our communities. Clara says, “If you look at austerity just as a tool to manage the economy, which is a typical stance that most Keynesians take, then you cannot really understand why austerity is so persistent and present and structural to our societies.” Austerity is required to enforce society's organization by class divisions, based on wage labor and exploitation. Destabilizing the economy in terms of economic growth is necessary to preserve the capital order. Clara E. Mattei is an Assistant Professor in the Economics Department of The New School for Social Research and was a 2018-2019 member of the School of Social Sciences at the Institute for Advanced Studies. Her research contributes to the history of capitalism, exploring the critical relation between economic ideas and technocratic policy making. @claraemattei on Twitter…

Macro N Cheese

1
Gentrification and Culture with Davarian Baldwin 1:01:46

3 years тому1:01:46

1:01:46

**Full transcripts of all our episodes are available on the website, where you will also find an “Extras” page with additional resources. realprogressives.org/macro-n-cheese-podcast/ Steve’s guest, Davarian Baldwin, calls himself an urbanist. This affects his prescriptions for reparations in the US, which extend beyond ADOS and beyond individual payments. His bio says he is a historian, cultural critic, and social theorist of urban America – and this episode touches on all those strands. The legacy of slavery and history of racism reverberates through any analysis of, or approach to resolving, this country’s social and economic problems. The New Deal itself helped increase disparity between the races. The interview includes a discussion of “wokeness”—a term which continues to stir up trouble among leftists and pseudo-progressives. “I'm glad you brought up the term identity politics, because what's happened now is that in any discussion of race or racism, identity politics is seen as black and brown, or women, or queer, or LGBTQ, as if straight or white or elite aren't identities. As if those aren't the identities that have guided and driven our society since its founding. So, identity politics is not discriminatory. Everyone has an identity politics.” In the second half of the episode, Davarian explains the concept of racial capitalism, then goes on to tie it to gentrification. He gives a detailed description of the effects on the white working class as well as communities of color. He makes the case that any solution must be both race and class based and must be systemic. Davarian L. Baldwin is the Paul E. Raether Distinguished Professor of American Studies at Trinity College, and is a historian, cultural critic, and social theorist of urban America. His work largely examines the landscape of global cities through the lens of the African Diasporic experience. He is author of “In the Shadow of the Ivory Tower: How Universities are Plundering Our Cities,” “Chicago’s New Negroes: Modernity, the Great Migration, and Black Urban Life,” as well as numerous essays and scholarly articles. He wrote the historical text for The World of the Harlem Renaissance: A Jigsaw Puzzle. @DavarianBaldwin on Twitter…

Macro N Cheese

1
The New Cold War with Ben Norton 1:03:13

3 years тому1:03:13

1:03:13

“We have to understand neoliberalism as a particular phase of capitalism dominated by US imperialism. So let's start with the last point I mentioned: regime change operation. Any country around the world, any government that tries to have state oversight over the economy opposing neoliberalism was overthrown through regime change.” Ben Norton’s journalism, according to his bio, focuses primarily on US foreign policy and geopolitics, but that description doesn’t do him justice. If any of our listeners are under the illusion the US government serves a purpose other than making the world safe for neoliberal monopoly capitalism, this episode is for you. If you believe neoliberalism is driven by bad ideas, this episode is for you. Ben and Steve discuss Lenin’s prescience in ‘Imperialism, the Highest Stage of Capitalism,’ writing about the predatory nature of finance capital a full century ago. But finance capital in 1916 was a far cry from that of today: “No one in 1916 could have imagined the level of financialization of the economy, especially the US economy – and also deindustrialization. Let's not forget that deindustrialization is something quite new in the history of capitalism. This is something that really emerges with the rise of neoliberalism, especially starting in the '70s, going into the '80s forward and this neoliberal phase of globalization.” As the mainstream media is getting our minds prepped for war, we would do well to revisit some of the other ‘enemies’ in our recent past. They all had one thing in common. It had nothing to do with some crazy evil dictator threatening US national security. Ben Norton is a journalist, writer, and filmmaker. His journalism focuses primarily on US foreign policy and geopolitics. He is based in Latin America and speaks English and Spanish. @BenjaminNorton and @Multipolarista on Twitter…

Macro N Cheese

1
Trussonomics with Neil Wilson 49:51

3 years тому49:51

49:51

** Check out the transcript for this and every episode of Macro N Cheese at the Real Progressives website . Grumbine: I follow a lot of Brits on Twitter, and not just regular rank and file activists, but a lot of the actual economists. And the folks that are considered left, very strongly remind me of neoliberals. Wilson: Because they are. [laughter] What we have, you see, is this wonderful thing called the Oxford degree in philosophy, politics and economics [PPE]. And what happens is, when they graduate from that, there's a Sorting Hat, and it just puts them in either the Labor Party or the Tory Party, depending upon what the Sorting Hat thinks. They're all exactly the same. They're all the same graduates, they're all the same set of people. The economists are like that, too. They just get a Sorting Hat when they get the degree, I swear to God. Here in the US, we’ve been watching the administration scramble to deal with inflation. That chaos is nothing compared to what’s going on in the UK. They are soon to be on their fifth prime minister in six years. (As a point of reference, Maggie Thatcher was PM for 13 years; they don’t have term limits.) When Steve asked Neil Wilson to come on the podcast to talk about Liz Truss, he must have assumed she would last longer than six weeks! Oh well. It’s still an informative episode. As we well know, the MMT lens is useful regardless of economic conditions. Neil talks to Steve about the political lessons he has learned from the Tory’s attempt at handling of the economy. He and Steve talk about the EU and Brexit, and how the war in Ukraine is affecting the energy situation in the UK and Europe. Neil Wilson is an associate member of the Gower Initiative for Modern Money Studies in London, a co-author of "An accounting model of the UK Exchequer" and a co-editor and contributor to the forthcoming book "Modern Monetary Theory: Key Insights, Leading Thinkers"…

Macro N Cheese

1
Pakistan in Crisis with Aqdas Afzal 59:59

3 years тому59:59

59:59

** To donate to the flood relief effort in Pakistan, please visit the Prime Minister’s Flood Relief Fund 2022 How do we unpack a problem like this year’s floods in Pakistan? Where do we place the blame? Steve invited our friend Aqdas Afzal back on the podcast to discuss his recent article, “Collapse of Civilizations.” The article’s title is a cheeky play on Samuel Huntington’s “Clash of Civilizations,” which predicted massive conflict between the world’s non-white, non-Christian peoples and the global North. Coincidentally, the countries of the global North have profited quite well from their destruction of the environment, whereas those in the global South bear the brunt – like floods of biblical proportions. Pakistan’s contribution to carbon emissions is less than 1% yet, when hit by climate catastrophe, the devastation is not only physical, it is economic, it is political. With an economy choked by foreign debt obligations, Pakistan, in the best of times, struggles to meet basic needs. “Steve, to give you an example, about 40% of Pakistan's federal budget - remember that figure - 40% is now spent on paying interest on external loans that Pakistan has taken over the last 75 years. And this situation not only eats up all the fiscal space that this country has, we cannot spend on health, we cannot spend on education, we don't have enough money to spend on climate mitigation adaptation, on clean drinking water. And the situation is becoming worse by the day. It's a completely unsustainable situation.” Aqdas and Steve talk about debt jubilee and reparations to address the immediate situation, but the overlapping crises are a direct result of capitalism’s failure to deliver on its promises – not just to Pakistan, but to most of the world – causing strife and division. Are we proving Samuel Huntington right? Aqdas Afzal finished his undergraduate and first master’s degree in Political Science from Ohio State University, then returned to his native Pakistan. After working there for five years he won the Fulbright scholarship for his second master’s and PhD in Economics from UMKC. He teaches at Habib University in Karachi and writes a monthly op-ed in Dawn, a leading English language newspaper there. @AqdasAfzal on Twitter…

Macro N Cheese

1
The Rise of Giorgia Meloni with Ivan Invernizzi 55:50

3 years тому55:50

55:50

Ivan Invernizzi, of Rete MMT Italia and MMT France , returns to Macro N Cheese to bring us up to speed on the Italian political landscape. He and Steve met at the 2nd International MMT conference in NYC in 2018, and he was an early guest on this podcast. The US mainstream media tends to catastrophize the election of right-wing leaders around the world by lumping them all into a single sensational fascist identity. Ivan brings nuance to the issue. Italy has real historical experience with actual fascism. It originated there. Ivan suggests that a politician can have an abhorrent rightwing agenda without necessarily being fascist. There are gradients. Like in everything else. Unlike the US, Italy is a parliamentary republic. Italians elect the parliament, and the parliament elects the prime minister. In the US, it’s possible to have a president from one party and a congressional majority from the other. Not so in Italy; its government cannot exist without the support of parliament. What has emerged, at present, is a coalition of right-wing parties, with Fratelli d’Italia having the most votes right now. Ivan suggests that external forces, rather than internal elections, may have a greater impact in determining Italy’s future. He talks with Steve about the US proxy war in Ukraine, and its effect on the European Union. He talks about the EU’s power over the economies of its individual member countries, especially the imposition of the 3% deficit limit. Ivan Invernizzi has been an MMT activist since 2012 and is co-founder of Rete MMT Italia and MMT France: two activist groups and web sites spreading MMT respectively in Italy and in French speaking countries. He has a master’s degree in Economics and Global Markets. @invernizziivan on Twitter…

Macro N Cheese

1
MMT For M4A with Fadhel Kaboub 55:19

3 years тому55:19

55:19

The movement for free universal healthcare is under attack. Groups like March for Medicare for All, National Single Payer, and others, have been criticized for not buying into the Democratic Party’s agenda promoting individual state healthcare initiatives. The party wants us to stop pressuring Congress. They tell us to go home. They say there’s more likelihood of success in our statehouses. Well, MMT-informed activists can see through the party’s obfuscation. The single-state solution is no solution at all. The US federal government is the currency issuer; it creates US dollars by spending them into existence. States and cities are currency users. Before they can spend, they must somehow earn or borrow that money, ultimately placing the burden onto the citizens, whether through taxes or cuts to other programs. It doesn’t matter how fat their tax base is, even the state of California and the city of New York must balance their budgets. The difference between currency issuer and currency user is at the heart of the matter. Since its founding, Real Progressives’ stated mission has been to help arm activists with a useful understanding of Modern Monetary Theory. “We're not going to move the needle unless we mobilize and organize. And as I say, sometimes it's not enough to be angry and it's not enough to raise the pitchforks. We want not just organized pitchforks but well-informed pitchforks. And I think MMT provides the right framing to mobilize this movement.” This week’s episode comes from the webinar we hosted as part of our RP Live series for our friends at M4M4ALL. It gave them the opportunity to talk with one of our favorite economists, Fadhel Kaboub, who spent the hour answering their questions and arming them against the “taxpayer dollars” bamboozlement of those in power. In the Macro N Cheese clubhouse, we like to say we’re weaponizing knowledge. ***** Be sure to check out our website, realprogressives.org, where you will find additional resource material. Use the Media drop-down menu and select Macro N Cheese to access past episodes of this podcast (192 so far!), each accompanied by a transcript and an “Extras” page of useful links. Visit m4m4all.org to learn how you can help their efforts. Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. @FadhelKaboub on Twitter…

Macro N Cheese

1
Ep 191 - Can We Make Money Work For Us? with L. Randall Wray 1:20:19

3 years тому1:20:19

1:20:19

Grumbine: Can we have too much money? Wray: Yes, we surely can. Usually, our problem is that there's too much bank money, and the usual consequence is a financial crisis. Obviously, Steve and his guest are talking about the nation, not their own wallets. In this episode, he welcomes L. Randall Wray to Macro N Cheese for the eighth time to talk about Randy’s new book, "Making Money Work for Us: How MMT Can Save America," which will be released in America in November. Our listeners know they can count on Randy to explain MMT principles clearly without drowning us in a sea of wonkiness, but, also, without oversimplifying the subject. Consider the above exchange... and then this: Wray: Money cannot cause inflation. I can state that unequivocally. MMT understands that those two statements are not contradictory. Randy talks about the banks financing too much speculative activity that goes bad, usually resulting in a financial crisis. Extensive government spending – when it’s targeted, as in a job guarantee – does not cause a crisis, does not cause inflation. He contrasts this to the wrong kind of government spending, and describes how it is inflationary (cough, UBI). Steve and Randy go through the other questions that MMT is uniquely able to answer in a way that isn’t disconnected from our real-world observations. What is money and how is it created? What does it mean when you say “taxes drive money”? They discuss deficits and debt – and why it is that the few times the US repaid part of the national debt, it led to a depression, except under Bill Clinton, when it led to the great financial crisis. You’ll want to listen to this episode just for the discussion of the Fed and the banks. The CEO’s should all be locked up. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. www.levyinstitute.org…

Macro N Cheese

1
Ep 190 - Billionaires As Policy Failure Factories with Cory Doctorow 56:43

3 years тому56:43

56:43

Cory Doctorow writes when he’s anxious. He has eight books coming out soon. Yep, it’s been a tough couple of years. The number of upcoming books gives us a sense of the wide range of subjects Doctorow concerns himself with. His upcoming Chokepoint Capitalism , co-authored with Rebecca Giblin, is about monopoly, monopsony, and fairness in the creative arts labor market. Cory and Steve return to several themes throughout this episode, including the crushing effects of concentrated power. The past 40 years have seen an expansion of copyright laws, but the share of income creators receive from their labor has been in free fall and shows no sign of slowing. We know how Amazon treats its employees, so we shouldn’t be surprised that it abuses writers. Amazon’s audio book platform, Audible, controls about 90% of the market, making it able to steal from artists in multiple ways. (After listening to this podcast, go check out #audiblegate on social media.) Excessive corporate power and monopoly concentration have captured and neutered regulatory bodies and strong-armed the unions. Cory’s book focuses on the labor of artists and creators, but workers in every industry are fighting to stay afloat. Monopolies also have a choke hold on us as consumers – and as citizens facing social and environmental catastrophe. Neoliberalism relies upon our isolation – our belief that each of us is facing the world alone and powerless. By effectively starving the machinery of the state, it too is rendered impotent. At the end of the road, there is only capital. Margaret Thatcher said, “there is no alternative.” As a science fiction author, Cory Doctorow has a problem with that. His job is to imagine alternatives. Cory Doctorow (craphound.com) is a science fiction author, activist and journalist. He is the author of many books, most recently RADICALIZED and WALKAWAY, science fiction for adults; HOW TO DESTROY SURVEILLANCE CAPITALISM, nonfiction about monopoly and conspiracy; IN REAL LIFE, a graphic novel; and the picture book POESY THE MONSTER SLAYER. His latest book is ATTACK SURFACE, a standalone adult sequel to LITTLE BROTHER; his next nonfiction book is CHOKEPOINT CAPITALISM, with Rebecca Giblin, about monopoly, monopsony and fairness in the creative arts labor market, (Beacon Press, 2022). In 2020, he was inducted into the Canadian Science Fiction and Fantasy Hall of Fame. @craphound on Twitter…

Macro N Cheese

1
Ep 189 - A New Labor with Liz Medina 51:52

3 years тому51:52

51:52

Some of the more, um, senior members of the Macro N Cheese team can remember a time when the Democratic Party supported labor and the union movement. Then we came to realize we had it backwards – it's really the Party expecting support from the unions, who made donations, helped with campaigning, and got out the vote. Followers of this podcast are regularly introduced to guests who bring word of a newly invigorated labor movement – one that is no longer tied to the Democrats’ apron strings. Steve’s guest is Liz Medina, the Executive Director of the Vermont State Labor Council, AFL-CIO. Her job title does a poor job of telling you what makes her so interesting. She is an artist (check out her Manifesto for Common Art ) as well as a podcaster working to build an oral working-class history and culture. She’s a labor organizer with an expansive vision of the need for class struggle unionism and the understanding that unions don’t exist in isolation; they must be connected to community and independent political groups. She speaks of the need to rebuild the relationship between the left and the labor movement, which has been decoupled since the days of the New Left in the 1970s. “I really do believe that the politics will follow what we do on the ground in our workplaces and in our communities … It is very hard work, but it's easier when we feel like we are part of a community in doing that. There's a real interest of our bosses and of capital more broadly in us staying isolated and alone and disconnected and out of community and not having a society at all, frankly. “There is no society,” as Margaret Thatcher would say. We really need that. We need those connections to continue to have strength to keep on going...” Liz talks about the labor movement in general, past and present, and the Vermont AFL-CIO. She describes the need to turn the movement around and adopt class struggle unionism. “We believe in the rank and file strategy,” she says. “We believe in prioritizing organizing and not being afraid of being militant.” Activists should follow suit. Liz Medina is the Executive Director of the Vermont State Labor Council, AFL-CIO. Previously, she served as the Goddard College Staff Union Co-Chair, UAW 2322. She received her MFA from Goddard College and an MA in Cultural Studies from Goldsmiths, University of London. She hosts an oral history podcast called En Masse to build working-class history and culture in her spare time. En Masse is part of the Labor Radio Network. Find her art and other content at atlizmedina.com @LizMedinArt on Twitter…

Macro N Cheese

1
Moral Economies And Money with Jakob Feinig 47:07

3 years тому47:07

47:07

When Jakob Feinig speaks of moral economies, he’s talking about we, the people – the currency users – and how we relate to the institutions that issue money, as well as our monetary knowledge and its ability to inform direct action. Needless to say, Modern Monetary Theory is an essential component of this. This week he and Steve discuss both moral economies and “monetary silencing,” a concept that gives shape to the frustration MMTers experience on a daily basis. Feinig has said he derived the term “silencing” from Paolo Freire, the Brazilian educator and philosopher who wrote about the dehumanizing nature of political silencing, denying people the right to participate in their own history. “There are moral economies that enable people to connect their lives and their needs to monetary design. And there is another process, and that's what I call monetary silencing, that disconnects people, that makes it seem like, oh, those are forces that are beyond your reach. This is something you should not be thinking about ... You have to try to work as hard as you can as an individual. And if you don't make it, or if you don't have enough for a decent life, that is your own fault. But please do not think about where it comes from.” Feinig gives historical examples of both moral economies and monetary silencing – though rather fewer of the former than the latter in recent times. During the US Civil War, the federal government issued the greenback, a brand new currency. Not only did it enable them to win the war, it also made visible the fact that the government has the power to spend money into existence. (Haven’t we said the same about Covid stimulus checks?) The gold standard and bitcoin are among the notable monetary silencers, but some may be surprised to find FDR in this category. Feinig makes the case that he was one of the most successful. We cannot disagree. Jakob Feinig is a historical sociologist who writes about the connection between justice, democracy, and monetary design. He teaches at the State University of New York (Binghamton). His book, Moral Economies of Money: Politics and the Monetary Constitution of Society, will be published in October, 2022. @FeinigJakob on Twitter…

Macro N Cheese

1
When the Systems Fail Us with Latasha Holloway 1:10:32

3 years тому1:10:32

1:10:32

**Every episode of Macro N Cheese is accompanied by a full transcript and an “Extras” page of additional resources. Find them at realprogressives.org/macro-n-cheese-podcast/ This week Steve interviews Latasha Holloway, who is running for Congress in Virginia’s Third District. What makes the episode unusual is the fact that there’s very little campaign talk, except in connection with her legal battle against the Commonwealth. Listening to her story, it's easy to see why she’s running for office. The circumstances of her life left her little choice. Latasha’s family history is one of multi-generational poverty with the collateral trauma connected to it (but often overlooked) and the failure of systems that could - and should – have provided assistance. Although she was ultimately able to break the cycle of poverty, the systemic failure continued to plague her and her children, two of whom were adopted and have special needs. Navigating the educational system, the health department, the foster care system, and the Veterans Administration, among others, led to her determination to run for office – at which point she learned about Virginia’s twisted electoral laws. To follow Latasha Holloway’s campaign, visit her website, latashahollowayforamerica.com/ @latasha_4equity on Twitter…

Macro N Cheese

1
The Power of Organizing with David Van Deusen 48:59

3 years тому48:59

48:59

David Van Deusen, president of the Vermont State Labor Council, AFL-CIO, talks to Steve about their radical ten-point program, adopted in 2019. In the interview, he explains why they were spurred to develop the plan and breaks down what it means in practice as they move away from lobbying and expand their focus on the rank-and-file. This includes training workshops for non-union workers – How to Organize 101. David describes their approach to building a social justice-oriented labor movement. They work with groups like Migrant Justice to support efforts to ensure safe and fair working conditions for undocumented farm workers. They seek to build bridges to non-labor organizations, “be they farmer or environmental groups, (who) are ready and able to embrace our core working class values.” The fifth item of the ten-point plan calls for a Green New Deal. This is followed by item number six, “Electoral Politics,” which begins: “The time of the VT AFL-CIO endorsing candidates simply because they are a Democrat is over.” Below are excerpts from the preamble to the Vermont AFL-CIO Ten Point Program: A NEW PATH TOWARDS PROGRESSIVE CHANGE FOR LABOR Organized Labor has been the most powerful force for change in the History of the United States of America. From the 8 hour day/40 hour work week, the establishment of the weekend, livable wages (in Union shops), to workplace safety standards; Labor has won these foundational victories through collective action and solidarity. However, for some decades Labor, nationally, has been on the decline. … This wilting of Labor does not have to be. We can (and must) be a social and political power once again; one capable not only of defending against the attacks we now face from DC, but also of going on the offensive and delivering positive life altering changes for working people. But we will not achieve our potential if we stay on the road more traveled. We cannot continue to do what we have always done and expect a different result. Nor can we be satisfied with candidates that run for Union office who support all the good things, but who neglect to tell us how we will get there. Instead we must be bold, we must experiment, and we must forge a way forward which not only transforms the Vermont AFL-CIO, but also delivers a powerful Labor Movement with the muscle needed to transform Vermont as a whole. And here, the Vermont we intend to deliver is one wherein working class people not only possess the means to live a secure and dignified life, but one where we, as the great majority, wield the democratic power required to give social and political expression to the many. Such a transformative potential presupposes first a unity around an effective program, and second the development of our immediate political power. To learn more about Vermont AFL-CIO and see the ten-point plan in its entirety, go to https://vt.aflcio.org/news/vermont-afl-cio-ten-point-program David Van Deusen, President of the Vermont State Labor Council, AFL-CIO, was elected to office in 2019 as part of the progressive United! Slate. He is a member of AFSCME Local 2413 (Northeast Kingdom), serves on the Labor for Single Payer national Advisory Board, and is a member of Labor Against Racism & War's national Representatives Assembly. Van Deusen is also a member of Democratic Socialists of America and a past member of Anti-Racist Action. @VT_AFLCIO…

Macro N Cheese

1
Please Look Up with Jason Hickel 55:57

3 years тому55:57

55:57

Near the start of this episode, Jason Hickel raises Noam Chomsky’s position that the urgency of the climate crisis is so dire it will have to be dealt with under capitalism. There isn’t time to transition to socialism. Hickel disagrees. Capitalism is incapable of handling the problem. Hickel, an economic anthropologist, begins the interview pointing out the mistaken notion that we have no climate policy, no action, when in fact this is exactly what climate policy action under capitalism looks like: systematic denial and nonstop investment in fossil fuel expansion. It is not due to ignorance. We have the knowledge. We have the science. It boils down to class; the interests of the ruling class are anti-environmental and anti-poor. Capitalism is anti-democratic. “The status quo is not just a failure, it's a death march. Our governments are failing us and failing all of life on Earth. We have to face up to that.” In less than an hour, Hickel lays out the political and economic history of the ecological effects of neocolonialism. He explains why mainstream solutions (if you can call them solutions) to the climate crisis cannot work, despite UN climate resolutions, annual COP conferences, and IPCC reports. As an MMT-informed ecosocialist, Hickel has powerful suggestions for radical systemic change, including a job guarantee and universal public services. The single most important step would be to nationalize the fossil fuel industry. We talk about capping and shrinking emissions, which are caused by burning fossil fuels, so why are we not targeting the industry itself? The environmental movement constantly faces fossil capital, with its grip on politicians and the media (and unethical scientists). Fossil fuel companies are a dangerous foe. They must be treated as such. In addition to policy, Hickel also addresses strategy. He urges us to look to the civil rights movement and the anti-colonial national liberation movements of the mid-20th century. A crisis on the scale we are facing requires all hands on deck. We need a working class as well as a global perspective. “We have a global economy where growth and accumulation in the global North depends on a net appropriation and drain from the global South through unequal exchange, which is an effect basically, of the out-sized geopolitical and commercial power of northern firms ... An ecosocialist transition that is not also anti-imperialist, not also organized around global justice, is not an ecosocialism worth having.” We’ll let you in on a little secret: Jason Hickel is one of our favorite interview guests of all time. This little description is woefully inadequate. Listen to it and tell us what you think. There is a transcript and “Extras” page for this and every episode at realprogressives.org/macro-n-cheese-podcast/ Jason Hickel is an economic anthropologist. His research focuses on global inequality, political economy, post-development, and ecological economics, which are the subjects of his two most recent books: "The Divide: A Brief Guide to Global Inequality and Its Solutions" and "Less Is More: How De-Growth Will Save the World". Find his work at jasonhickel.org @jasonhickel on Twitter…

Macro N Cheese

1
Is Geoengineering the Answer to Climate Crisis? with David Keith 40:50

3 years тому40:50

40:50

We often talk about climate change on this podcast. The IPCC deadline is hanging over our heads like the sword of Damocles. This week Steve talks to David Keith, a professor of both Applied Physics and Applied Policy at Harvard, and author of A Case for Climate Engineering. Climate engineering, a term for solar geoengineering or solar radiation modification, would enable us to alter the Earth's reflectivity and reduce some of the climate risks that come from accumulated carbon dioxide. Keith is quick to point out that this is not a silver bullet but should be considered as part of a multi-pronged strategy. Managing climate risk involves four basic actions: Cut emissions by decarbonizing the energy system Remove carbon dioxide from the atmosphere Solar radiation modification, or solar geoengineering Adaption to reduce the harms of climate change on crops, people, and ecosystems While there’s no way to address climate change without replacing our energy system, it’s not the entire solution. If we stop all CO2 emissions today, the climate problem won’t improve, it will merely stop getting worse. We won’t have reduced the amount of carbon in the atmosphere. Thus the case for climate engineering. The discussion includes the different roles for scientists and activists. They look at limitations, or flaws, in the IPCC report, and consider the importance of separating science from strategy. David Keith has worked near the interface between climate science, energy, technology, and public policy for 25 years. He took first prize in Canada's National Physics Prize exam, won MIT's Prize for Excellence in Experimental Physics, and is one of Time Magazine's heroes of the environment. He's a professor of Applied Physics at the Harvard School of Engineering and Applied Sciences, and professor of Public Policy at the Harvard Kennedy School and founder of Carbon Engineering, a company developing technology to capture CO2 from the ambient air to make carbon neutral hydrocarbon fuels. He is author of “A Case for Climate Engineering.” @DKeithClimate on Twitter…

Macro N Cheese

1
Imports, Exports and Empire with Bill Mitchell 1:21:42

3 years тому1:21:42

1:21:42

In a recent episode of Macro N Cheese, Steve spoke with a guest about the MMT view of exports as a benefit and imports as a cost. There ensued some disagreement on social media (where else?) This week Steve invited Bill Mitchell to weigh in on the topic. As their discussion develops, this becomes an episode we’d recommend to anyone who is still unclear on the meaning and consequences of foreign trade deficits. “Exports have to be a cost because you're foregoing real resources that you could use yourself. And imports have to be a benefit because you're getting real resources from other countries that you didn't previously have which allow you to expand your consumption possibilities. The question then is: does that mean that exports are bad and imports are good? Well, not really. That's where people get tripped up.” (Mitchell) MMT isn’t a theory of everything. It doesn’t pass judgment or recommend policy. “To me, it's an interesting intersection... MMT allows us to understand what we can and can't do and our theory of politics and the commons will inform what we do with that knowledge.” (Grumbine) They discuss national debt, both before and after Bretton Woods. As a bonus, Bill dispels fears of Big Bad China holding too many US dollars. “They're not funding the US government. They've got US dollars because they sold more stuff to you than you sold to them.” The government can always restrict or regulate foreign direct investment. Who should be able to own a country’s natural resources? Bill and Steve talk about imperialism, globalization, the pandemic, and climate disaster. Bill suggests we start thinking in terms of poly crises. If every crisis is connected to multiple others, does it make sense to take them on one by one? Bill’s visits usually review some core MMT principles and provide answers to some of the critics. This episode is no exception. Every topic of discussion loops back to the fact that money is not the issue – real resources are. Understanding MMT flushes out political motivation. There’s nowhere left to hide. From http://bilbo.economicoutlook.net/blog/ Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band, Pressure Drop. The band was popular around the live music scene in Melbourne in the late 1970s and early 1980s. The band re-formed in late 2010. @billy_blog on Twitter…

Macro N Cheese

1
The Citizens' Ledger with Robert Hockett 1:07:48

3 years тому1:07:48

1:07:48

Robert Hockett joins Steve to talk about his latest book, The Citizens’ Ledger: Digitizing Our Money, Democratizing Our Future . The episode is right at home in our archive of interviews around the topics of fintech, digital wallets, cryptocurrency, CBDCs, and privacy. We urge our listeners to look up past episodes featuring Brett Scott and Rohan Grey . Just about everyone acknowledges that digital payment systems offer enormous convenience, but we’re equally aware they come with a cost – we lose all claim to privacy. Bob presents sound arguments for halting the private takeover of the public commons. “If we think in terms of the commons ... you might say that what the private sector fintech industry is trying to do, and what the private sector crypto industry seems to be trying to do, is to displace actual physical cash; in effect to take away that commons and replace it with a bunch of proprietary fiefdoms.” Cryptopians, as Bob calls them, are touting Bitcoin and other cryptocurrencies as creating some kind of democratic new world of sovereign selfhood. This is patently absurd. Bob makes the case that we could develop a digital system – a digital wallet – with all the attractive attributes of cash, including privacy and universal accessibility. Bob describes a way for individuals to pay, receive, and save, while completely bypassing private banks and financial institutions. He says it could be run by the Fed, the Treasury, or both. The Fed would have new monetary tools that directly benefit people instead of banks. Steve and Bob discuss concerns about government overreach and consider the kinds of regulatory laws that would need to be in place. As for privacy, well, do you have a smartphone with GPS? Are you making purchases online? Or with a credit card? It’s already too easy to peer into our lives. Unlike private entities, neither the Fed nor the Treasury are profiting from our transactions. “Obviously it's like a never-ending quest to get our data protected and to prevent overreach by federal agencies ... But all I mean to say is that I don't think that introducing the system introduces new vulnerabilities that aren't already there.” Bob usually has a rosier view than we do at Macro N Cheese, but he always gives us something to chew on. This episode will have you thinking about history, policy, and possibilities. Robert C. Hockett is an American lawyer, law professor, and policy advocate. He holds two positions at Cornell University and is senior counsel at investment firm Westwood Capital, LLC. His latest book is The Citizens’ Ledger: Digitizing Our Money, Democratizing Our Future. @rch371 on Twitter…

Macro N Cheese

1
Ep 181 - Cloudmoney with Brett Scott 1:01:23

3 years тому1:01:23

1:01:23

At first glance, HBO’s new documentary series The Anarchists looks like fun. It’s got the sexy circle-A symbol in the title and… Well, at second glance, that’s all it has going for it. The title. If you’re hoping to find the intellectual heirs of Emma Goldman and Bakunin, you’ll be disappointed. These aren’t even the scrappy anarchists of punk rock or the raucous groups waving black banners at demonstrations. HBO’s Anarchists are the one percent. They are tech billionaires and cryptocurrency hucksters. This is the 21st century, where left-wing rhetoric is gobbled up and regurgitated, having been scrubbed clean of its urgency. Brett Scott is the perfect guest for someone confused by The Anarchists . He doesn’t refer to that show but, in a way, he’s been preparing us for it since his first appearance on this podcast in 2019. He has taken us through the history of fintech, explained the uses of blockchain, and dispelled the myths about cryptocurrency. He makes the case that the war on cash is a war on class. This week, Brett talks about his new book, Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets . Just like the so-called anarchists of HBO’s series, in the unholy marriage of big finance and big tech the state is the enemy. Digital financial transactions are being sold to us as liberating and convenient. Steve and Brett question the assumption that high speed “frictionlessness” is a virtue. They ask whose interests are served through these and other mainstream narratives. “We'll see these news stories that say something like, cashless society is an inevitability. We will all be moving towards this ever more digital future, and so on. Whenever I see that, all I see is the commercial interests of large corporations being presented as the general interest of all people.” Brett brings his background in anthropology to look at some of the less obvious consequences of replacing state money - a public utility - with a massive global system that is almost impossible to track or understand. What happens when we have no interaction with the people we depend upon? 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 on brettscott.substack.com @suitpossum on Twitter…

Macro N Cheese

1
The End of Dollar Diplomacy? with Steve Keen and Michael Hudson 53:15

3 years тому53:15

53:15

**A transcript is available for this and every episode of the podcast at realprogressives.org/macro-n-cheese-podcast/ where you will also find an Extras page with links to resources related to the episode.** In one of the most exciting pairings we’ve had on this podcast, Michael Hudson and Steve Keen join Steve Grumbine to talk about geopolitics, international production and trade, the climate crisis, and a bit of MMT. Grumbine begins by asking them to address Warren Mosler’s position that imports are a benefit and exports are a cost. Keen and Hudson have a different take on this question, and we’ll be interested to hear how our listeners respond. “Well, America is going to make a killing on oil exports because the United States controls the world oil trade. The US is also a major agricultural exporter, and it'll make a killing because NATO has imposed sanctions on Russia, preventing Russia from exporting oil and food. It's the largest grain exporter into the economy. So you're going to have South America, Africa, and the global South countries all of a sudden running big deficits.” (Hudson) In a previous interview, Steve Keen spoke of broken supply chains resulting from the COVID pandemic. Spreading production across the globe results in a fragile system, easily disrupted by war, famine, or other catastrophic events. From another angle, around 20% of our carbon production comes from the mechanics of shipping goods around the world. He also asks if imports are a benefit for nations without monetary sovereignty. Hudson is deft at painting a vivid picture of the current international political economy. US attempts to isolate Russia have backfired, evidenced by BRICS and the strengthening alliances among non-NATO nations. He describes a world being split into two different economic zones. “China doesn't have a financial oligarchy because it treats money and credit as a public utility through the Bank of China. And so the Bank of China, as we said, makes loans to actually develop the economy. And that's what Russia says it's going to begin doing, not to create a financial class to make money at the expense of the 99%. So we're dealing with a civilizational problem. And the question is, which form of civilization? Can you rescue Western civilization from the wrong track? Well, only by creating an alternative on the right track and leaving Western civilization and say, well, you're missing out on the development. Do you want to continue in poverty or are you going to have a revolution?” Keen and Hudson are two old friends, each with their own distinct but overlapping focus. Between them they bring colorful insights and information to the conversation. In this episode they touch on the American Constitution, the stranglehold of the FIRE sector, and the history of debt jubilees. They talk about the European Green Parties (spoiler alert: they are cheerleaders for neoliberalism). They contrast and compare the World Bank to the Bank of China, and their respective roles vis-à-vis humanity. They discuss de-development and possibilities for the future of the planet. Steve Keen is a Distinguished Research Fellow at UCL and the author of “Debunking Economics,” “Can We Avoid Another Financial Crisis?” and his latest “The New Economics: A Manifesto.” His main research interests are developing the complex systems approach to macroeconomics, and the economics of climate change. @ProfSteveKeen on Twitter Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He recently published “The Destiny of Civilization – Finance Capitalism, Industrial Capitalism or Socialism.” For access to his many books, articles, and interviews, go to michael-hudson.com…

Macro N Cheese

1
Ep 179 - Class Struggle Unionism with Joe Burns 52:25

3 years тому52:25

52:25

Listeners who came of age in the US since 2008 don’t remember a time when “class” was a term only used by politicians - and always with the modifier “middle.” Candidates of both parties assured us of their deep affection for and connection to the middle class. They left it up to us to define what exactly that meant. Unless you associated with leftists, you were more likely to hear “capitalism” spoken of by conservatives again with a modifier: “free market.” For many, the global financial crisis was an undeniable wakeup call and Occupy Wall Street drew attention away from Washington, DC, and pointed it toward the financial industry. At last. Steve’s guest, Joe Burns, is a union negotiator and labor lawyer. In the year and a half since he was last on this podcast, he completed and published his third book, Class Struggle Unionism. As we saw in his previous episode, Joe is a student of labor history, and he talks us through the historical division in the movement. Unsurprisingly, it coincides with the spread of neoliberalism. Joe contrasts class struggle unionism to business unionism – or pragmatic unionism - that developed after the relatively strong labor movement that lasted into the 1970s. Business unionism by its nature is extremely conservative. It is pragmatic and bureaucratic. But the problem is, as they say, capital is a relentless force, right? So society and the economy is constantly changing and employers, as I've noted, used their influence to change the rules of the game over the decades and the stable bargaining that might have existed 40, 50 years ago is gone now. Throughout the episode, Joe and Steve return to the question of power. Joe defines the real powers in society as the big institutional investors and multi-billionaires who have used their resources and influence for the past century to shape the laws and transform the entire economy. The US workplace is no longer one of industrial production. Gone are the days when half a million striking steel workers can shut down the economy. Today’s labor movement must face a different kind of employment, increasingly repressive labor laws, and a ruling class that is trying to drive us into a recession, which causes workers to lose their bargaining power. “That's a fundamental intervention to change the rules of the game. Workers finally have the ability to go on strike and the billionaire class and their representatives are changing monetary policy to try and drive us into a recession.” The rules of the game are rigged against working people, so class struggle unionism is acknowledging a reality that already exists. Joe Burns is a veteran union negotiator and labor lawyer and the author of Strike Back and Reviving the Strike. His latest book recently published by Haymarket Books, is Class Struggle Unionism.…

Macro N Cheese

1
Ep 178 - A 21st Century Bill of Rights with Harvey J. Kaye and Alan Minsky 1:09:28

3 years тому1:09:28

1:09:28

This week, Harvey J. Kaye and Alan Minsky stop by the Macro N Cheese clubhouse to talk to Steve about the 21st Century Economic Bill of Rights. Kaye, a historian, brings stories of FDR’s four freedoms and the impetus for what he called the 2nd Bill of Rights – an Economic Bill of Rights. Minsky brings his experience in progressive politics, both as a journalist and with Progressive Democrats of America. Of course, the Minsky name holds a special place in our MMT hearts – our own Randy Wray studied under Alan’s dad, Hyman. When listening to Alan, one might suspect he’s also related to friend-of-the-podcast Robert Hockett, who coined the term “metabolic optimism.” Whether or not we share Alan’s optimism, we agree with his insistence that “our winning political hand is our economic message.” The economy is central to everyone’s life and should be central to our agenda. He believes the 21st Century Economic Bill of Rights is the avenue to achieve that centrality in the left progressive program. As Harvey takes us through it, he adds historical details; many of these points can be traced back to FDR. 1. The right to a useful job that pays a living wage. 2. The right to a voice in the workplace through a union and collective bargaining. 3. The right to comprehensive quality health care. 4. The right to a complete, cost-free public education and access to broadband Internet. 5. The right to decent, safe, affordable housing. 6. The right to a clean environment and a healthy planet. 7. The right to a meaningful endowment of resources at birth and a secure retirement. 8. The right to sound banking and financial services. 9. The right to an equitable and economically fair justice system. 10. The right to recreation and participation in civic and democratic life. Roosevelt believed the American promise of “the pursuit of happiness” is not possible without economic security. FDR’s agenda lived on after his presidency – though without much success. Harvey names Jimmy Carter as the president who dealt the death blow to the New Deal: “Let me make it clear, ever since the 1970's the Democratic Party has not simply turned its back on the FDR legacy – the Jimmy Carter presidency was the launching pad of neoliberalism in the United States. People like to talk about Reagan. They like to talk about Clinton in the 1990s. Jimmy Carter was the first neoliberal president. The deregulation of finance, the deregulation of transportation, it all stems from Carter's determination ... It's Carter who first used the term austerity to promote the neoliberal agenda.” Alan adds: “the truth is, as every listener to Macro N Cheese certainly knows, that one party has been willing to run up deficits, the other party generally has not.” Democrats have wrapped themselves in a mantle of fiscal austerity and would sooner lose elections than change. This episode gives you history, it gives you economics, it gives you policy, and it engages in ever-popular political speculation. Did we mention Bernie? Yeah, his name comes up a few times. Harvey J. Kaye is Professor Emeritus of Democracy and Justice Studies at the University of Wisconsin-Green Bay and the author of the newly published "The Fight for the Four Freedoms: What Made FDR and the Greatest Generation Truly Great," "Take Hold of Our History: Make America Radical Again," and "FDR on Democracy." Alan Minsky is the Executive Director of Progressive Democrats of America. Alan worked as a progressive journalist for the fifteen years before joining PDA. He was the Program Director at KPFK Radio in Los Angeles, and the coordinator of Pacifica Radio's national broadcasts. He was the creator and original producer for the Ralph Nader Radio Hour, as well as the political podcasts for The Nation and Jacobin Magazine. His many articles can be found at Common Dreams, The Nation, Truthdig and other platforms. Alan is the son of the late economist Hyman Minsky. @AlanMinsky & @harveyjkaye on Twitter…

Macro N Cheese

1
Ep 177 - Economic Superorganism with Carey King 59:04

3 years тому59:04

59:04

This episode of Macro N Cheese introduces us to Dr. Carey King of the University of Texas at Austin where he performs research and modeling of energy systems interaction with the economy past, present and future. He has published a book, The Economic Superorganism describing his research extrapolating the results into policy suggestions. Steve opens the episode describing the term “real resources” and asks Dr. King to explain the approach he took in his book. The explanation reaches back into history to the 14th century all the way to the present. Through that time span, he discovered that energy costs can reliably correlate to GDP (gross domestic product). This formed the basis for his research work and, subsequently, his book. Much of the discussion, then, centered around two significant points; the efficiency of energy consumption or output in terms of cost and an examination of the first point in terms of the book’s title that connects economics to an organism. The input or output of energy discussion details how a supply chain functions and how energy is consumed at every link in the chain. The result shows that actual efficiency of production has diminished since the onset of the 1970’s. Examining energy and the economy as an organism requires a view that details the multiple connections that any organism has to survive. Steve draws the parallel to a “system” of any sort, and current events. Dr. King builds on Steve’s points with further emphasis on the choices made and their impact on current economic issues. Other topics discussed were Dr. King’s next steps in adding environmental variables into his models that could possibly expose some options for coping with climate change. Also talked about was the post production variable of energy costs of handling production waste which builds further on the environmental variables. Lastly, both Dr. King and Steve exchanged views on the expansion of China’s economy, macroeconomic issues, and even how Dr. King’s work intersects with evolution itself. Dr. Carey W. King is Assistant Director of the Energy Institute at University of Texas at Austin, where he has been a Research Scientist since 2016. He is author of The Economic Superorganism: Beyond the Competing Narratives on Energy, Growth, and Policy (2021). Find his work at careyking.com @CoreyWKing on Twitter…

Macro N Cheese

1
Ep 176 - Brazil: From Hope to Fascism with Daniel Conceição 1:05:37

3 years тому1:05:37

1:05:37

Dr. Daniel Negreiros Conceição developed an interest in economics at a young age, having experienced the consequences of inflationary crises during his formative years. After being entranced by the writings of MMT economists as an undergrad studying economics at the Federal University of Rio de Janeiro, he came to the US to do his graduate studies at UMKC where he became a friend and colleague of so many of our favorite guests on this podcast. He left determined to use what he learned to help his own country achieve its potential. He spoke with us about the recent political and historical context for background into the broader political economic situation and the stances of the major political actors towards it. He pointed out the closely matching parallel track with our own political developments in the US and the economic underpinnings. He also discussed many similarities in the state of the discourse and misinformation in discussions of finance and government budgets. He then explained the mechanics of the Brazilian currency, the real, and discussed how the central bank manages it. He discussed balance of payment and foreign exchange situations, and explained why the issue of “monetary sovereignty” is part of the story, but not the end of it. He spoke of a country with monetary sovereignty and abundant natural resources. A country whose government accidentally proved with a massive pandemic economic bailout of the financial sector that the government can indeed do big things and better the lives of its people, if it really wants to. Daniel Negreiros Conceição is an associate professor at the Unicamp Institute of Economics. A professor at the Institute of Research and Urban and Regional Planning (IPPUR) at the Federal University of Rio de Janeiro (UFRJ). He is one of the authors of the book “Modern Monetary Theory: The Key to an Economy at the Service of People”. He is president of the executive board of Institute of Functional Finance for Development Brasil. https://iffdbrasil.org Follow Prof. Daniel Conceição on twitter @stopthelunacy…

Macro N Cheese

1
Neocolonialism and the Unholy Trinity with Fadhel Kaboub 51:24

3 years тому51:24

51:24

Our listeners know that Steve is a perpetual student -- his YouTube show is called The Rogue Scholar. He makes no apologies for past incomplete or erroneous thinking; he just soldiers on, deepening his understanding of the issues and course-correcting his analysis. He is a voracious reader and we can identify at least three books that led to this week’s episode: The Divide , by Jason Hickel, Blackshirts and Reds , by Michael Parenti, and Imperialism, the Highest Stage of Capitalism , by Vladimir Lenin.* They have all fed into his obsession with neocolonialism and the unholy trinity of the IMF, World Bank, and WTO. The problem predates the modern neoliberal era: “Lenin talks extensively about taking out these loans. Now, mind you, the IMF wasn't around ... But this whole concept of global finance capital was already being talked about at the turn of the century. And what he showed was that these countries that took on these big loans, they would be fine for a year. And then by the next year, they were already losing money, deeply in debt, and by the third year, they had to take out another loan.” Steve summoned our old friend Fadhel Kaboub to take us through the history of the unholy trinity, connect it to monetary sovereignty, and untangle the cat’s cradle of international power and oppression. Who better than Fadhel, whose superpower is his ability to explain complicated systems in words anyone can understand? Fadhel begins with the currency wars in the period between the first and second World Wars. After WWII the allies gathered to establish a means of preventing currency wars in the future. You’ve heard of Bretton Woods? Well, did you know two competing plans were presented? Keynesian and... not Keynesian. Keynes’s plan was designed to promote full employment globally. The universe ended up with the non-Keynesian International Monetary Fund, or IMF, and the World Bank. “The World Bank was initially designed to be the bank for the reconstruction of Europe, essentially. And eventually after Europe was rebuilt, it was reinvented as an economic development bank for the global south, because in 1945, when the World Bank was designed, there were no developing countries, there were just colonies. So by the mid 1960s, all of those colonies are now developing countries, and the world needed a World Bank for economic development ... it's designed for long-term infrastructure, major projects, as opposed to the IMF, which was designed as the emergency room for financial crises.” The third leg of the unholy trinity is the World Trade Organization. Fadhel guides us through its origins and evolution. It turns out the entity committed to free trade limits itself to “free trade in everything but arms and farms.” Once the former colonies became independent, the former colonizers looked around and said, “Uh-oh, where are we getting our food?" With food now an issue of national security, powerful nations are subsidizing agricultural staples; farmers in the developing world cannot compete. Throughout the episode, Fadhel illustrates how these three institutions are able to ham-string the global south. He talks about the three main structural traps – food, energy, and low-tech manufacturing. The further the developing world is pushed into desperation, the greater the benefits to the global elite. Can the post-colonial nations cast off the chains of economic oppression and poverty? Fadhel provides answers, showing how the MMT analysis not only brings the problems into focus, but provides solutions. The final twenty minutes of this episode are perhaps the most important. *When you purchase these books through RP Bookshelf on our website, we make a small percentage on the sale. We are an affiliate of bookshop.org, not that online megamonster whose name shall not be spoken. Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. @FadhelKaboub on Twitter…

Macro N Cheese

1
Taming Inflation with Robert Hockett 1:01:16

3 years тому1:01:16

1:01:16

** Be sure to check out the transcript for each episode of this podcast on our website, where you will also find an “Extras” page with links to related resources. realprogressives.org/macro-n-cheese-podcast ** Robert Hockett drops into the Macro N Cheese clubhouse to talk to Steve about the usual stuff: inflation, monopoly capitalism, the massive scale of global inequality, and the climate crisis barreling down on us at an ever-faster speed. It is our ninth episode with Bob, this one spurred by his recent article, the alliterative “Prices, Preclusive Purchases, and Production: Some Forgotten Solutions to Forgotten Inflation Problems” (Forbes, 13 May 2022), which diagnoses the current inflation as three supply side dysfunctions – short, medium, and long term. Folks like Larry Summers focus on labor costs, in hopes of encouraging a further clampdown on labor, while executives are boasting record profits and chortling about marking up prices under cover of inflation. Isn’t this just the reality of capitalism? Can it be tamed – and if so, what would that look like? If we can’t yet get rid of capitalism, are there workarounds? Bob suggests identifying those products and services that are essential to leading decent, peaceful lives and removing them from the profit-maximizing system altogether. He goes into the history of public involvement in healthcare and home finance. Another area is food: “Here's a case where we allow the private sector beneficiaries of that socialization, namely big agriculture, to profit enormously … The agricultural sector is subject, of course, to the vagaries of weather, meteorological conditions, and so forth. Furthermore, it's subject to the potential for overproduction of exactly the kind that Marx and some other political economists in the 19th century predicted. And the only way, it turned out, to keep them in business and keep them producing was for the federal government to promise to buy any of the surplus.” There has been a lot of talk about supply chains, which Bob welcomes, ironically, for including the word “supply,” because it has been missing from American economic discourse for quite some time. “But one problem with that phrase is, it lumps together two distinct things, right? On the one hand, you have to have the production of that which is to be supplied, and then on the other hand, you have to have the delivery of the supplies. And the phrase ‘supply chain’ seems to lump those two things together.” Steve brings up the fact that exporting production means exporting pollution. In addition to exploiting cheap labor abroad, outsourcing production has allowed companies to evade US environmental regulations. The discussion leads to the need for a Green New Deal and the possibilities therein. They also talk about the IMF and World Bank and ask if the US is held to different standards. (It is.) A Bob Hockett episode is as much a conversation as an interview. These two old friends don’t just look at problems, they peer down the path to solutions – some possible, some not. Whether you agree with either of them, it’s worth a listen. Tell us what you think. Robert Hockett is the Edward Cornell Professor of Law at Cornell Law School, Adjunct Professor of Finance at Georgetown University’s McDonough School of Business, and Senior Counsel at Westwood Capital, LLC. @rch371…

Macro N Cheese

1
Inflation: The Fed's Crash Landing with L. Randall Wray 59:57

3 years тому59:57

59:57

Real Progressives and Macro N Cheese are committed to bringing MMT to activists and folks with no background in economics. Many of us were only interested in learning how MMT disrupts the concept of taxes funding federal programs, but the more we know, the more we want to understand. MMT is funny that way. If you’re new to MMT, this week’s interview with L. Randall Wray might appear to be wonky and intimidating. But we urge you to listen and promise it will be worth it. We’ve had a few episodes dealing with inflation in recent weeks because that’s where we are at this particular time in history. We believe it can’t be talked about often enough because we’re surrounded by misinformation in the mainstream media and lies from the mouths of so-called experts. Steve invited Randy to talk about the recent paper he co-authored with Yeva Nersisyan, another friend of this podcast. The title speaks volumes: Is It Time for Rate Hikes? The Fed Cannot Engineer a Soft Landing but Risks Stagflation by Trying . To put it bluntly, confronting inflation by raising interest rates is dangerous. Randy describes the catastrophic chain reaction – causing bankruptcies at home and tanking the economies of developing nations. He explains in detail how this happens, both to individuals and nations. The ‘experts’ love to blame government spending for today’s inflation – especially the paltry stimulus checks disbursed during the pandemic. Wages are another favorite culprit. Listeners to this podcast know these are not the causes. (How long ago were those damn checks?) However, both the pandemic and the current war have brought us supply chain disruptions. We can also look to corporate manipulation of prices and markups: “And they're very open about this. When they have their meetings with shareholders and others, they say, look, our customers are not going to blame us if we hike up the markups and take more profits, because they realize that inflation is creeping up. So, they're not going to blame us. So, let's do it. And they are.” Randy defines stagflation and its causes. He compares today’s inflation to that of the 1970s along with the actions of the infamous Paul Volcker. He explains why the Fed’s “tools” for fighting inflation are no tools at all. He suggests a legitimate role for a central bank includes protecting the public from banking fraud. He replies to Steve’s question about eliminating the interest rate altogether: “This was actually Keynes's proposal to have a zero overnight interest rate. His proposal was to euthanize the entire rentier class. You all know what euthanize means. Mercy killing of the rentier. That is the class of people that live off collective interest. He saw them as functionless in the economy. They don't serve any useful function. So, let's euthanize them now. Keynes didn't really mean kill.” Steve talks of people’s desperation as they look for solutions to the real-life problems that are not on the Fed’s radar. Inflation could be addressed with targeted spending on behalf of the public using the fiscal power of Congress. Expecting the Federal Reserve to fix it with interest rate adjustments is like giving a child a fake steering wheel in the back seat and expecting them to drive the car. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. www.levyinstitute.org/scholars/l-randall-wray…

Macro N Cheese

1
Pakistan's False Dawn and the Beginning of History with Aqdas Afzal 54:57

3 years тому54:57

54:57

A false dawn is a promising situation which comes to nothing. This is how Aqdas Afzal describes the situation in his native Pakistan and India at the end of the Raj. “The point to remember here, Steve, is that the British were in India not to govern. They were in India to extract surplus and to maintain what they called law and order. And so the British left without giving the local people any taste or mechanism for bringing about accountability or democracy. But they did leave behind these two very, almost draconian institutions for keeping law and order. And because of these two institutions - these two state institutions that the British left behind - in the case of Pakistan, the first 25 years of Pakistan's history was complete chaos.” Aqdas talks to Steve about the chaos of partition – a humanitarian crisis. Remember, Pakistan was not only separated from India, but it was also cleaved from its own Eastern wing, now known as Bangladesh. The generation that sacrificed and struggled to gain independence was hoping for a bright future. That was the false dawn. Pakistan fell into the lap of neoliberal thinking because of the Cold War, as Aqdas explains it. When the Soviets entered Afghanistan, the military government took over in Pakistan, cozying up with the US defense establishment. Pakistani policy makers began to sound like the godparents of the neoliberal project, Thatcher and Reagan. The interview covers the destructive role of the IMF, World Bank, and WTO – what Steve refers to as the evil trinity. No matter how many of our guests talk about them, there is always more outrage to be uncovered in their manipulation of the economies of the global South. Steve and Aqdas discuss Francis Fukuyama’s concept of “the end of history.” With the collapse of the USSR, liberal democracy and capitalism were expected to be the final stage of human evolution, leaving no other pathway for developing nations. Aqdas counters with the notion that history is not linear. “Russia is a country that went through shock therapy, that was undertaken by experts coming from the World Bank and the IMF. These experts are basically telling Russia how to open its economy, how to change over from socialism to a market-based economy. The same Russia today is challenging the might of capitalist countries like Britain, United States, Germany.” He calls this the beginning of history. Aqdas Afzal finished his undergraduate and first master's degree in Political Science from Ohio State University, then returned to his native Pakistan. After working there for five years he won the Fulbright scholarship for his second master’s and PhD in Economics from UMKC. He teaches at Habib University in Karachi and writes a monthly op-ed in Dawn , a leading English language newspaper there. @AqdasAfzal on Twitter…

Macro N Cheese

1
Ep 171 - A Macro View of Iceland with Ólafur Margeirsson 58:53

3 years тому58:53

58:53

**Transcripts and extras for this episode can be found at realprogressives.org/macro-n-cheese-podcast.** Iceland’s economy is an example of MMT working the way MMT economists say it works. It is the second smallest free-floating currency in the world. However, despite its size, conditions are dramatically different than in a country like Greece, shackled to a currency outside its control. For better or worse, Iceland has a bit of monetary sovereignty. “When you have your own currency, you can develop your economy by very smart economic decisions, domestic investments that build up the production capacity of the economy. Or you can use that currency to basically create a credit bubble, which then runs the economy to the ground.” Steve’s guest, Ólafur Margeirsson, has written more than 250 articles on the Icelandic economy over the past decade and, until recently, had a unique vantage point as an alternate member of the Central Bank of Iceland’s Supervisory Board. Despite Icelandic society’s Nordic influences, in this episode you’ll hear echoes of our past interviews with Fadhel Kaboub on the global South. With those countries it shares obstacles that arise from not producing all that they need. Its currency isn’t internationally accepted, so exports must generate income in foreign currencies to pay for imported goods. Iceland relies on three main exports - aluminum, fishing, and tourism – each about a third of the gross exports. These are vulnerable to all the problems of modern economies. The aluminum smelters are owned by foreign companies, so the profits do not benefit Iceland. Poorly managing their resources resulted in over-fishing, a blight on both the environment and the livelihoods of a sector of the population. Tourism, which helped Iceland recover from the 2008 global financial crisis, is dependent on the economic health of other countries. Like the US, shadow banking has been a huge problem, but unlike the US, it’s not a problem anymore. Not since 2008. There are other differences. Unlike the US, Iceland has a strong social welfare system. By saying no to austerity, it recovered from the GFC more rapidly. Instead of a standing military, Iceland has a SWAT team (of maybe 20 people?) which is the only weaponized force in Iceland. Imagine that. One more thing - shortly after the 2008 crisis they had a Debt Jubilee. “...proving the point that an economy that has its own currency can finance whatever it wants to. If it wants to finance a Debt Jubilee for the people, it can finance a Debt Jubilee for the people. Will it have economic consequences? Obviously.” … “So it goes back to the point that MMT always hammers on. If the problem is money, it's not a problem. If the problem is inflation, it is a problem. and that's something that actually I think Iceland has proven as well. Repeatedly.” Iceland is not a socialist paradise, but its story is instructive. With the clarity of his MMT perspective, Ólafur is an ideal tour guide. Ólafur Margeirsson writes about the Icelandic economy and specializes in financial instability, foreign direct investment, MMT, and real estate. Until recently he sat on the Supervisory Board of the Central Bank of Iceland as an alternate member. Currently, he is head of Global Real Estate Research at Credit Suisse. https://www.patreon.com/icelandicecon @icelandicecon on Twitter…

Macro N Cheese

1
Mao: The Cultural Revolution with Carl Zha 55:36

3 years тому55:36

55:36

Welcome to the third and final chapter in our series with Carl Zha on Mao and the Chinese Revolution. This one covers the sticky wicket of the Cultural Revolution, and the most controversial part of Mao’s legacy. It exposes the danger of a leader being out of touch with the base. The episode also looks at the complex political history of Tibet, an issue of concern to a few American celebrity Buddhists. (Spoiler alert: the story was rife with class conflict. Isn’t that always the case? What history books and media present as religious persecution turns out to be about money and power.) Tibetan monasteries wanted to maintain their serfs while the communists were into abolishing feudal relations of production. (Second spoiler alert: if you put your money on CIA involvement, you made a wise wager.) Carl brings the series to life with anecdotes from his own family. This episode is jam-packed with stories of his parents who grew up in the thick of these events. Some of their experiences were specific to their class and status, but they are a colorful illustration of this dramatic and significant period. Ultimately judgment of Mao’s legacy is mixed. It can be seen as both inspiring and concerning. According to Carl, the official assessment is that “he did 70% good, 30% bad.” He embodies the contradictions of China at the time. Mao should be given credit for massive improvements in the lives of the Chinese people - increasing life expectancy, abolishing illiteracy, raising the status of women, and lifting millions out of poverty. Carl Zha hosts Silk and Steel, a weekly podcast discussing history, culture, and current events of China and the Silk Road. Support him at patreon.com/silknsteel @CarlZha and @SteelSilkn on Twitter…

Macro N Cheese

1
Mao: The Civil War and The Great Leap Forward with Carl Zha 1:00:20

3 years тому1:00:20

1:00:20

**Every episode of Macro N Cheese has a full transcript at realprogressives.org/macro-n-cheese-podcast . While you’re there, check out the extras page, with links to further information related to the week’s topic. The first part of this three-part series talked about China from Mao’s birth in 1893 through the Sino-Japanese war to the eve of the Chinese Civil War in 1945. This week, Carl discusses the civil war and the ultimate success of the Chinese Communist forces, despite being vastly outnumbered – 1.2 million against the KMT’s 4.5 million. The US looked to China to be its junior partner in East Asia, much like Japan is today. They backed Chiang Kai-shek with military training, weapons, and other resources. A government led by the KMT would preclude a strong China-Soviet alliance. Most leftists are familiar with the historic revolutionary form of warfare developed by Mao and the People’s Liberation Army. Lacking the numbers and equipment for a traditional, positional war, the Communists applied the tactics of what would come to be called guerrilla warfare, which has since been used successfully in wars of liberation around the world, including Vietnam, Angola, and Cuba. The episode takes a detour to look at the history of Chinese paper money. Carl also describes how Mao won the support of local populations through land redistribution, then looks at some of the mistakes in the Great Leap Forward. Carl brings history to life with anecdotes from his own family. Come back next week for the conclusion of this three-part series. Carl Zha hosts Silk and Steel, a weekly podcast discussing history, culture and current events of China and Silk Road. Support him at patreon.com/silknsteel @CarlZha and @SteelSilkn on Twitter…

Macro N Cheese

1
Mao: The Sino-Japanese War with Carl Zha 58:28

3 years тому58:28

58:28

In the first of a three-part series about Mao Zedong and the Chinese revolution, Carl Zha sets the stage with its pre-revolutionary history. Carl, host of the Silk and Steel podcast, was born in China in 1976, one month after the death of Mao, placing him squarely in the first post-cultural, post-Mao generation. The episode opens with Japan’s imperial expansion into China. After its defeat by Japan, there was a scramble to carve up China among the major world powers – France, Britain, Russia, Japan, and Germany. The US was a latecomer to the imperialist game. Fearing there would be nothing left... “The US actually proposed a so-called open-door policy, which means all the imperialist powers should enjoy equal access to the Chinese market. And in the US textbooks, that is presented as some kind of heroic effort on the US side to save China's territorial integrity.” This is the China Mao Zedong was born into, around 50 years after the first opium war, when Britain forced China to legalize opium in order to create a market for the product from British India. Carl tells the story of a nation teeming with predictable conflicts, odd alliances, and new conflicts. In the 1700s China had a quarter of the world’s GDP. By the time of the Chinese revolution, the country was desperately poor. From the Qing Dynasty to international imperialism, from the KMT/Guomindang to the Soviet Union and Chinese Communist Party, Carl paints a picture of China in conflict. Carl Zha hosts Silk and Steel, a weekly podcast discussing history, culture and current events of China and Silk Road. Support him at patreon.com/silknsteel @CarlZha and @SteelSilkn on Twitter…

Macro N Cheese

1
The E-Cash Act with Rohan Grey 1:20:27

3 years тому1:20:27

1:20:27

“In one sense, it's a state initiative, but in the other sense it's actually preserving rights of individuals against the state.” Rohan Grey is back with us for the seventh time. In this episode, he talks to Steve about the ECASH Act, which he helped craft as a step toward creating public digital dollars with the privacy and anonymity of physical cash. To explain the features this future currency requires, and the problems to be solved, Rohan takes us on a tour of the history of money, early record-keeping devices for the tax collector, and the development of banking. Tally sticks, which were broken in half (to be matched later) were primitive encryption keys. Further noteworthy events include the invention of the telegraph in the mid-1800s, the codebreaking and Navajo language speakers during World War II, and the cyberpunks of the 1980s. Rohan is an evocative storyteller, piquing our imagination with vivid references. By the end of the episode, he has mentioned five movies, plus Scrooge McDuck, Seinfeld, Henry VIII and Ann Boleyn. Oh, and Emma Goldman. Steve and Rohan sort through objections to the privacy we should demand of public digital currency. Arguments come from right, left, and libertarian factions, each believing their bogeymen will be free to do nefarious things under cover of anonymity. They put their faith in private entities. Digital public money would address the needs of populations who cannot or will not use banks. It can be accessed without an internet connection, and it is easy to see the benefits assured privacy provides to political dissidents, sex workers... and everyone else living under the gaze of surveillance capitalism. We have learned about the war on cash from our friend Bret Scott. It is time to fight back. Rohan Grey is an Assistant Professor of Law at Willamette Professor of Law at Willamette University in Salem, Oregon, and the founder and president of the Modern Money Network. @rohangrey on Twitter…

Macro N Cheese

1
Investing in Sustainability with Paul Herman 58:23

3 years тому58:23

58:23

** If you haven’t checked out the transcripts and extra resources for all 166 episodes of Macro N Cheese, what are you waiting for? Go to realprogressives.org/macro-n-cheese-podcast * * Steve opens this episode with the MMT observation of the government’s ability to purchase anything for sale in US dollars if the real sources are available – and if we have the political will. When it comes to getting things done, this is of fundamental importance. Steve's guest, Paul Herman, agrees and looks beyond the government: “...because we have five crises of our time, and those crises are going to require a multi-sector approach. So, the five crises include a health crisis: COVID and its lingering effects ... and the impacts on our existing health care system and healthcare workers. We have a wealth crisis with inequality among many different geographies and income levels. We have an Earth crisis requiring climate action as fast as possible. That also requires equitable climate action because we have gaps in equality and inequality by race, by gender, by age. And then we have a trust crisis.” We met Paul Herman through the Global Institute for Sustainable Prosperity, where he is a Research Fellow. He is also the founder and CEO of HIP Investors. In this episode you will hear areas of agreement between Steve, an unabashed anti-capitalist, and Paul, a portfolio manager and Chief Investment Officer: “Government's job is to ensure a better quality of life, a higher well-being, access to health, wealth, earth, equality, and trust.” As an activist and independent media content producer, Steve’s message sometimes leans toward the aspirational. Paul delves into complex problems in the here and now. Throughout the interview, he takes us through examples of consulting with private corporations or municipalities and using a multi-sector approach – primarily government, NGO, and private capital – to address complex issues of sustainability, environmental action, fair pay, or other social and governance factors. These are new waters for some of our listeners to navigate. There is always something to learn on Macro N Cheese, don’t you agree? R. Paul Herman is a Research Fellow at the Global Institute for Sustainable Prosperity, and founder and CEO of HIP (Human Impact + Profit) Investor. He is a globally recognized leader and author in sustainable finance, impact, ESG, and SDG measurement — and investing to pursue positive impact and profit. HIP manages diversified, fossil-fuel-free portfolios for investors. Herman is the author of The HIP Investor book (Wiley, 2010) and co-editor and co-author of the Global Handbook of Impact Investing (Wiley, 2021). @HIPinvestor on Twitter…

Macro N Cheese

1
Finding Mosler with Philip Armstrong 1:05:29

3 years тому1:05:29

1:05:29

What a pleasure hearing Phil Armstrong tell us how MMT makes him feel supremely confident. He’s not afraid of going toe-to-toe with “experts” despite their credentials, because he has the right model. He has MMT. Phil was teaching high school economics in Iowa before going back to the UK to get his Masters and, much later, his PhD. An interest in post-Keynesianism eventually led him to Mosler and the world of MMT. He has recently published his first book, Can Heterodox Economics Make a Difference? Conversations with Key Thinkers . He tells Steve that when he started working on the interviews, in 2018, most of the mainstream hadn't heard of MMT. By 2020, when it was published, the profile of MMT had increased. Now everyone knows of it. The episode revisits the many criticisms of MMT – we've heard them all – and demolishes them. As for Weimar, Germany: “If you think about it, plausibly, if you imagine intelligent German bankers in the Weimar Republic -- and these are bankers, they don't like inflation. You tell me a banker who likes inflation. Never met one. So the idea that they came in one day into the Reichsbank when Havenstein gets the other guys, the chairman says, ‘Right, lads, crank up the presses. I just fancy causing a bit of hyperinflation.’ The idea is ludicrous.” Phil talks about the failings of mainstream economics. After the 2008 financial crisis, with all its models having failed, one might ask why those models are still around. Phil has some ideas about that. Mainstream economics consists of mathematical modeling which has almost no relevance in the real world. Phil compares it to being an expert on the unicorn. You understand its biology. “When its horns are the wrong color, you know what to do; when its hooves hurt, you know what to do. Fantastic. The only problem is the unicorn doesn't exist.” He and Steve talk about theory - The T in MMT (which is the subject of our very first episode). They talk about the traps built into neoliberalism, and philosophy. Phil calls himself a realist social ontologist, or a critical realist. If you want to know what that means, listen to the episode! From Phil Armstrong’s bio at Gower Initiative for Modern Money Studies (GIMMS) As an Association for Heterodox Economics (AHE) member, Phil is a strong advocate of the need for pluralism in economics. He has spent the last 38 years teaching – in the main economics and business and lately, engineering. Phil is Post-Keynesian and a strong advocate of Modern Monetary Theory (MMT) and believes MMT provides both powerful insights into the way the economy works and how progressive economic policy can be put into practice. @PhilArmstrong58 on Twitter…

Macro N Cheese

1
Ep 164 - Bullshit Jobs? with Erik Dean 52:55

3 years тому52:55

52:55

It's hard to imagine ever having been unaware of the concept of bullshit jobs, but David Graeber made it official and helped us understand their role in our economy. Bullshit jobs are not necessarily shit jobs, nor are they low wage jobs, or dirty jobs. Bullshit jobs are those that are meaningless. The person doing the bullshit job doesn’t believe the work actually needs to get done. This week’s guest, Erik Dean, has studied the nature of modern jobs within money manager capitalism. He points out that bullshit jobs aren’t just a product of neoliberalism: “Speculative business and these labor hierarchies of the people with secure jobs versus the precariat … those things have been around. and it's not even necessarily part of capitalism. This is one reason it's good to read Thorstein Veblen, because in an anthropological sense, he takes it back to prior to capitalism. It's not like we didn't have hierarchies before capitalism. It's not like we didn't have power and it's not like we didn't have bullshit jobs. What the hell is a court jester? It's a bullshit job to entertain the king or whatever.” Dean talks with Steve about financialized capitalism – money market capitalism – and his disagreements with many on its basic characteristics. Just as bullshit jobs existed prior to our contemporary world, so did some of its other qualities, including its speculative nature and “short termism.” It was once thought that technology would relieve us of onerous jobs, allowing a shorter, lighter workweek, exchanging bullshit jobs for socially useful work. Steve confesses skepticism about the possibility of such a revolution. Dean responds: “If we were capable individually and collectively to reimagine what work is, what your time is best spent doing, and to break free of that encroaching neoliberal finance capitalist ideology that is, again, just gradually soaking into how we think about everything. To some extent, that is a revolution. If you can change the way you think and break free of the wider education of this neoliberalist ideology, that itself is a revolution.” **Don’t forget to check out the transcript for this and every episode of Macro N Cheese as well as the Extras page with additional resources. Find them at realprogressives.org/macro-n-cheese-podcast/ Erik Dean is an Instructor of Economics at Portland Community College and researcher at the Global Institute for Sustainable Prosperity. His core expertise is in heterodox production theory, institutionalist methodology, and pedagogy in economics. His recent research covers a range of topics, including the nature of the modern occupational structure and the place of the corporation in money manager capitalism and the ramifications thereof.…

Macro N Cheese

1
The Intersection of Marx and MMT with 1Dime 1:01:02

3 years тому1:01:02

1:01:02

Here’s an episode for those Marxists curious about MMT and MMTers curious about Marxism. Steve’s guest is comfortable identifying as both. Tony, better known as 1Dime on social media, believes MMT is not a threat to Marxism because it’s like comparing apples to oranges. They are designed to explain two different things. “Modern Monetary Theory is about understanding monetary operations in a fiat currency world – how things are financed. It's a narrow theory.” He’s careful about labeling himself, but in the marketplace of ideas, Tony says: “I find myself leaning the closest to Marxism in terms of its method because it sees things through the lens of class struggle and puts forth a first and foremost materialist view of history. I think that's very important because typically a lot of people will look at history as an evolution of ideas and will look at the individual as isolated from society. Marxism looks at things as an interconnected reality filled with contradictions.“ The ontology of Marxism is only part of the picture. “I think the word dialectical is often thrown around by Marxists. A lot of people don't know what it means … put simply, dialectics is looking at contradictions between things. You can't explain the world through one dimensional narratives. There are contradictions. For example, people often talk about the elites versus the people. You hear that a lot with both right and left populist pundits. Marxists wouldn't see it as so simple.” Class struggle is not always vertical. Covid revealed the contradictions within the ruling elite: some capitalists benefited from the pandemic, while others were hurt by it. MMT’s explanation of the role of taxes gets pushback from some who call themselves socialists. If we don’t need their tax dollars to pay for federal programs, are we letting the rich off the hook? Tony says taxing the rich can be used to reduce inequality, but it doesn’t touch the root of the problem. We’re not going to solve capitalism through taxation. The interview covers a range of topics, from cryptocurrency to Chris Hedges – all through the double lens of Marxism and MMT. (If you liked this episode, check out Steve’s interview with Nathan Tankus . It’s from 2017 and still relevant.) Bio: Tony runs the YouTube channel 1Dime, where he makes leftist video essays and short documentaries that use ideas from Critical Theory, philosophy, and political economy to deconstruct hot socio-political topics. Notable 1Dime videos include "The Deficit Myth: The Biggest Lie in Politics", "The Burnout Society", "Planet of the Robots: Four Futures of Automation", and "The Socialism of Warren Buffett: How the Stock Market Works." He also runs a podcast called 1Dime Radio with similar content in audio form. @TheRapNerd7 on Twitter…

Macro N Cheese

1
War and Peace: Ukraine and the Neoliberal Project with Alexander Valchyshen 56:18

3 years тому56:18

56:18

**There’s a transcript accompanying every episode of Macro N Cheese. You'll also find links to other resources on the Extras page. Go to realprogressives.org.org/macro-n-cheese-podcast/ ** Alexander Valchyshen brings special knowledge of both economics and conditions in Ukraine. He’s a PhD student under Scott Fullwiler and has more than twenty years of experience in Ukraine’s banking and financial markets, so he has a point of view that the US public rarely hears. Given the current geopolitical conflict, Steve wanted to fill the gaps in his knowledge of Alexander’s homeland. It’s no surprise that social media and the major news organizations are unreliable. “As I said, it's a pretty difficult time. But at the same moment, this is a very crucial moment not only for Ukraine itself, for its existence, because we have to understand Ukraine as a sovereign country in every possible sense of that word, not only in the political terms, but also in the economic terms.” Some of what Alexander describes is very familiar, including the discrepancy between what Ukrainian policy makers understand and their public stance as fiscal conservatives. Alexander goes into some detail about the handling of budget deficits by turning to foreign markets. “I tend to differentiate between currency and money units of account ... What makes Ukraine vulnerable and weak is that historically, as many other countries, there has been instability, there has been a period of hyperinflation and people developed this habit to find a rescue in foreign money. And there is widespread usage of foreign money of account in this economy.” The episode looks at both the history and current conditions of Russia and Ukraine. At a time when most of the news from that part of the world is weighted with emotion and skewed by complex, often obscured interests, we're bringing you a perspective you may not be accustomed to. Alexander Valchyshen is a Research Fellow at the Global Institute for Sustainable Prosperity and an interdisciplinary Ph.D. student in the Economics department of UMKC, under the supervision of Dr. Scott Fullwiler. He holds an M.S. in Economic Theory and Policy (2019) from the Levy Economics Institute at Bard College. He completed his Master’s thesis under the supervision of Dr. L. Randall Wray and Dr. Jan Kregel. He has more than 20 years of experience in Ukraine’s banking and financial markets, including with some of Ukraine’s major banks and financial firms. During 2016-17, Alexander supervised a team of Ukrainian translators, who translated two books by Dr. Wray―Modern Money Theory and Why Minsky Matters―into Ukrainian. In the Fall of 2018, he held the position of visiting instructor of Finance at Bard College, and taught its Financial Management course to undergraduate students, supervised by Dr. Pavlina Tcherneva. @AlexValchyshen on Twitter…

Macro N Cheese

1
MMT Europe with Dirk Ehnts 1:00:20

3 years тому1:00:20

1:00:20

Dirk Ehnts, an economist from Berlin, joins us to talk about his book, Modern Monetary Theory and European Macroeconomics . In addition to discussing the current situation in the Eurozone, he helps us understand the similarities and differences between the Eurozone and the US, especially regarding the relationship between the individual states and the central bank. So in the US, whatever happens in your state ... you always have government spending coming from the federal level. So that's going to pay for the military installation, that's going to pay for the pensions. It's going to pay for some of the public federal infrastructure. And that means that whatever happens in your state, the federal government is always there. And you also have these institutional mechanisms to ensure that states which do not have a lot of employment can somehow make bargains in the political process and basically trade votes for jobs. And that's the main difference. The Eurozone has both the European Central Bank (ECB) and national central banks for each EU nation. We have this problem, that there's going to be a lack of government spending when it really matters. And there's no institution to address this kind of shortcoming. So the Euro was always incomplete, and it was kind of the idea that once it is in place, it can be completed by having a Euro Treasury. But we've been in this kind of mess now since the global financial crisis, and it's not clear where we are going. Ehnts also addresses the question of how countries within the EU make fiscal policy and get programs funded. He talks about causes of the disparity between northern and southern European nations and Steve brings up the race to the bottom we see among US states. Not only are there differences in the political economic strengths of individual EU countries, but within each there are states or provinces with their own strengths and weaknesses. The episode covers austerity policies, the changes from pre- to post-GFC eras, and economic effects of the COVID-19 pandemic. There’s enough about money creation, interest rates, and bond sales to satisfy the wonkiest among us. Don’t forget to check out the episode transcript and Extras pages! If you’re listening on a podcast platform, you’ll have to head over to realprogressives.org/macro-n-cheese-podcast to find them. Dirk Ehnts is an Adjunct Lecturer at Magdeburg-Stendal University of Applied Sciences, the Speaker of the Board of the Pufendorf Society for Political Economy and author of Modern Monetary Theory and European Macroeconomics. @DEhnts on Twitter Website (in German or English): dirk-ehnts.de…

Macro N Cheese

1
The Fall of Evergrande with Robert Hockett 53:09

4 years тому53:09

53:09

Somber headlines recall the 2008 financial crisis: “Global financial markets have been on high alert,” warns the BBC. “Chinese property giant Evergrande is on the brink of collapse, and analysts warn the potential fallout could have far-reaching implications that spill outside China’s borders,” says CNBC. From the New York Times: “Every once in a while a company grows so big and messy that governments fear what would happen to the broader economy if it were to fail.” To navigate this story, we needed someone immune to hysteria, so Steve invited the infinitely sensible Robert Hockett to guide us through the Evergrande saga. Hockett begins the episode with a brief history of China’s strategy for economic development. Unsurprisingly, it looks a lot like that of the US, Germany, and Japan, in different eras. The so-called export-led growth strategy involves developing industries that can achieve a sizable share of the global market for manufactured goods, starting at the low end and proceeding up the ladder to higher end products. Current account surpluses are plowed back into domestic investment, creating a virtuous circle and growing productive capacity. Throughout the history of capitalism, developed nations have been willing to tolerate current account deficits of developing economies for a number of reasons. During the post-WWII cold war years, the US was in competition with the Soviet Union for influence with Germany and Japan, for example. Sometimes, it’s simply to help create good trading partners. The US was pleased to see China join the WTO in 2000. And even before that, the US was willing to endure or experience sustained current account deficits vis a vis China on the theory that China developing more rapidly in consequence of that strategy would ultimately give it a stake in the global neoliberal order that it would become a team player… But as tends to happen over time, after a while, the countries that are footing the bill as it were, or in this case, the US, which was footing the bill in the form of rapidly hollowing out industrial base and even more rapidly eroding labor standards and workplace standards all in the name of global competition or competitiveness. Eventually the US began to object. When the pressure mounted, the Chinese government turned toward investment in domestically generated demand. They looked at the commercial and residential real estate bonanzas that drove American growth during the Reagan and Clinton years, respectively. These investments are substantially debt fueled. Ergo, Evergrande. As for predictions of imminent financial meltdown, Hockett remains sanguine. If a bailout is required, the Chinese government has the capacity to do so without the kind of constraints, real or fictional, that prevent the US government from acting in the interests of the majority. China is not afraid to attach strings to bailouts, including, if necessary, seizing control of a private company. Grumbine takes a detour to ask about infrastructure. Given the deteriorating state of infrastructure in the US, it’s remarkable to see the massive amount of government spending in China, some of which may appear baffling to people in the West. They have literally built bridges to nowhere and uninhabited ghost cities, but there is logic behind it. It is a way to both spend money into the economy as well as prepare for the eventual migration of people from the countryside. Rather than tent cities and Hoovervilles, they will have housing, roads and utilities. One conclusion we might draw from this episode is that sovereign states’ differing approaches to spending their fiat currency can have vastly different outcomes. Robert Hockett is the Edward Cornell Professor of Law at Cornell Law School, Adjunct Professor of Finance at Georgetown University’s McDonough School of Business, and Senior Counsel at Westwood Capital, LLC. @rch371 on Twitter…

Macro N Cheese

1
The Battle for America's Schools with Rana Odeh 53:44

4 years тому53:44

53:44

This week Steve investigates the cutthroat world of local school board elections. So, get ready to get down and dirty... Just kidding! His guest, Rana Odeh, is the genuine article: thoughtful, straight forward, and unafraid to bring up uncomfortable topics. At a time when the country’s political polarization seeps into every crevice of civic and social life, our school boards have become battlegrounds. Rana is willing to armor up and fight for our youth and their education. Rana is running for a seat on the school board in Granville, OH, where she lives with her three kids and her husband, Fadhel Kaboub – a dear friend of this podcast. Anyone who follows Fadhel on Facebook has seen their beautiful family of fledgling artists, musicians, and young campaigners. Steve and Rana talk about the lack of a federal right to education in the US and the need for proper (federal) funding, decoupled from the local tax base. They talk about the mask mandate wars now being waged in schools across the country, serving as proxy for the deeper political divide. They talk about Islamophobia. The recent hysteria over Critical Race Theory is absurd because, as Rana points out, CRT isn’t even taught in K through 12. It’s a law school term. Racism itself, however, is alive and well in every part of our society. Instead of helping students understand the history of racism in this country, the focus is on No Child Left Behind with its emphasis on testing and memorization. Students are memorizing things, but not learning how to write very well. And other life skills. I'm thinking about how to get along in society, and the discussion on racism is a big part of that. How can you go out into the workforce in 2021 or later and not have a basic understanding of racism and current affairs... Rana’s emphasis is on the whole child, preparing them for problem solving in the real world. In a recent candidate forum, she said: It's about learning for life and equipping students with the skills they need to be collaborative, critical thinkers - empathetic, adaptable, responsible, and resilient. If any of our listeners are in Rana’s district, we urge you to support her campaign and vote. For everyone else, perhaps listening to her will spark your imagination for ways to engage in your own community. Rana Odeh is a mother of three boys, a potter, and a public speaker. She and her husband Fadhel have enjoyed being active members of the Granville community for the past 12 years. Rana currently serves on the Granville Township Land Management Committee and has served on the board of the Granville Parent Cooperative Preschool. She has previously worked as a freelance writer and editor, and was a debate forum columnist for the Dayton City Paper. Rana has a Bachelor's degree in English, and a Master's degree in International and Comparative Politics. ranaforgranvilleschools.com Follow her on Facebook: Rana Odeh for Granville School Board…

Macro N Cheese

1
Ep 143 - Whither the Next Rebellion with Jamie Skillen 51:50

4 years тому51:50

51:50

In 2014, Nevada cattle rancher Cliven Bundy and his supporters engaged in armed confrontation with law enforcement. Bundy had been embroiled in a 21-year legal dispute with the US Bureau of Land Management. The “Bundy Standoff” was splashed across the news, allowing the public to watch as Cliven Bundy became a hero – a symbol of conservative America under attack by the federal government. This week, Jamie Skillen talks with Steve Grumbine about the history and politics of federal lands. Skillen’s book, This Land is My Land , traces three periods of rebellion against federal land authority over the past forty years. The issue wasn’t originally defined by the so-called left/right divide. Prior to the Sagebrush Rebellion (1979-1982) these were regional actions waged by people who shared a common material interest in federal lands, regardless of political identification. Since 1979, however, federal land issues have become flashpoints in conservative politics. In a nation that prizes private ownership and individualism, isn’t it ironic that the federal government owns 28% of the surface land? Conservatives demand these lands be ceded to the states, but were that to happen, the states would have to bear the cost of maintaining them. Politicians rail against public lands, pledging to eliminate them, while fully aware of their constituents’ love of national forests and parks. When the federal government encouraged expansion beyond the original thirteen colonies, European Americans settled wherever there was arable land, across the Midwest and Great Plains and, eventually, on the West coast. The topography of the intermountain region was less hospitable to agriculture. When, in the late 19th century, the US government began creating national forests and parks, the lands available to it were largely those that nobody wanted at the time. Historically, the federal government manages the development of oil, gas, coal, and timber, as well as ranges for livestock grazing. Generally, about half of the revenues from these ventures are given to the counties where they’re located. Any new federal regulations, restricting timber harvesting, for example, directly affect jobs and slice into funding mechanisms for those counties. (As MMTers, we know that states and counties are currency users, not currency issuers.) Skillen sees the public lands issue as a microcosm of our national politics, replete with all the contradictions and hypocrisy therein. While Western states and conservative political leaders have become increasingly radical and vitriolic about federal ownership … ... I never hear a parallel complaint against the market economy, against corporations. There is built into our culture this idea that what government does is a choice, and we can question those choices. We can make different choices. Whereas what the markets do is like nature; it’s like evolution. Note to the Macro N Cheese audience: on our website, realprogressives.org, you’ll find past podcast episodes with transcripts and extras. Please consider supporting Real Progressives by becoming a monthly donor at patreon.com/realprogressives. James R Skillen is an Associate Professor of Environmental Studies at Calvin University and director of the Calvin University Ecosystem Preserve and Native Gardens. He is an expert on public land management and politics, including the impacts of anti-government extremism in public land politics and author of This Land is My Land: Rebellion in the West . https://www.jamesrskillen.com/ @JamesskillenR on Twitter…

Macro N Cheese

1
Things That Should Not Be with Scott Fullwiler 1:09:06

4 years тому1:09:06

1:09:06

This week Steve welcomes Scott Fullwiler for the first time in two years. Scott is a research scholar at the Global Institute for Sustainable Prosperity and associate professor of economics at UMKC, where he teaches the macroeconomics PhD program. As listeners of this podcast know, UMKC is one of the two academic birthplaces of MMT. The episode begins with a look at social security and FICA taxes. Originally, the idea behind FICA was for people to feel like they’re paying into their own retirement. The expectation is that SS will be politically protected as a result. Scott points out that this is an unnecessary narrative and compares it to national defense. “It's not as if the reason why we continue to get national defense spending is because somebody feels like they've paid into it and they’re owed it.” There are three different separate things we need to remember when it comes to Social Security and Medicare, and unfortunately, all three of them get blended together in our public discourse … And those three narratives are the financial ability to pay for Social Security, the legal authority to pay for Social Security, and the productive capacity to have a future in which both retirees and workers can sustain the standard of living that's improving. Scott says FICA reduces production capacity. Not only does it pull money out of the economy, it’s a regressive tax, with a vast amount not coming from the “one percent” but from the majority of workers between 16 to 67, who are far from wealthy. The episode covers the debt ceiling in terms of both political and operational realities. Scott calls it “one of those tragically hilarious things that we do,” enabling a “savvy minority party to take a pound of flesh out of the majority party.” He also describes the workings of both the Federal Reserve and the Treasury Department as well as the possibility of minting trillion dollar coins. Scott Fullwiler is a Research Scholar at the Global Institute for Sustainable Prosperity and Associate Professor of economics at the University of Missouri – Kansas City. www.global-isp.org/scott-fullwiler/…

Macro N Cheese

1
The New Liberals with Steve Keen & Victor Kline 56:03

4 years тому56:03

56:03

This week we’re checking in with a couple of candidates from The New Liberals (TNL) of Australia. We’ll be learning about the traditional Australian political parties and getting an overview of how their electoral system works. Steve Keen is an old friend of this podcast. In the past he’s joined us to talk about everything from climate change to Marx to the breakdown of supply chains during the COVID pandemic. Now we’re meeting him as a political candidate; soon Professor Keen will be Senator Keen. Victor Kline, the leader and one of the founders of TNL, is running for a seat in the House of Representatives. TNL is only two years old but has already gained wide support. Unlike the US, where third parties have been almost entirely shut out of national elections, Australia’s preferential voting system and parliamentary style of government have made it possible for TNL to gain traction. Voting is mandatory in Australia, which Keen explains is far superior to the farce called democracy in the US: I see it as a way of making sure the politicians can't ignore you because they can't just hope to suppress different groups and stop them registering because it's against the law not to register and not to vote. So therefore the politicians can't ignore you. And I say this is a law controlling the politicians rather than the voters. With an existential climate crisis bearing down on us and Australia just as eager to adopt the neoliberal agenda as western Europe and the US, Steve Grumbine asks how they’re breaking through the narrative of false scarcity. It’s not so difficult, says Kline: Well, funny thing is that most people intuitively understand MMT or Keynesianism. If you say to them, look, we've got 3 million people below the poverty line in Australia. We want to put them back to work, and every dollar we spend putting somebody back to work gets spent and re-spent across the economy and stimulates small and large business alike … Now, most people get that, they don't see that as strange. You tell them that a sovereign government can invest in what it wants to invest in. They get that. Like the US, Australian politics are presided over by a duopoly of neoclassical parties - an “alternative autocracy.” The Liberal Party of Australia and the Australian Labor Party are almost indistinguishable in their fealty to the neoliberal agenda, both “reporting to Rupert Murdoch and the fossil fuel industry.” However, unlike the performative opposition of American Democrats and Republicans, the two Australian parties tend to vote the same way. Imagine what kind of policy gets 100% “yes” votes. Whether or not it’s possible to fix the mess we’re in through electoral politics, political campaigns allow for a dialog with the public, as Bernie Sanders demonstrated in the US. We’ll be watching and cheering on our friends down under. Victor Kline is a Sydney barrister specializing in refugee law. He is the Founder and Director of the Refugee Law Project which offers pro bono legal advice and representation to asylum seekers and refugees. He is the Leader of TNL (The New Liberals) and one of its founders. TNL will be contesting the next Australian federal elections running candidates in both the House of Representatives and the Senate. Victor will be contesting the House of Representatives seat of North Sydney in New South Wales. Steve Keen is a Distinguished Research Fellow at UCL and the author of “Debunking Economics,” “Can We Avoid Another Financial Crisis?” and his latest “The New Economics: A Manifesto.” He is one of the few economists to anticipate the Global Financial Crisis of 2008, for which he received a Revere Award from the Real World Economics Review. His main research interests are developing the complex systems approach to macroeconomics, and the economics of climate change. Professor Keen is the lead Senate candidate under The New Liberals. On Twitter: @victorklineTNL @ProfSteveKeen…

Macro N Cheese

1
What If We Lose Faith in the Dollar? with John Harvey 1:18:48

4 years тому1:18:48

1:18:48

Our friend John Harvey is back to answer a question that’s usually accompanied by much wailing and gnashing of teeth: “what happens if people lose faith in the dollar?” The question contains all sorts of assumptions and intentions, which the Cowboy Economist proceeds to dismember, dispelling all sorts of myths – from inflation to the Fed. (He even tells us why China will continue holding US dollars, in case you’re worried.) One approach taken by the “faith in the dollar” Cassandras is that government is bad, therefore non-governmental currency (Bitcoin!) is better... because the free market is more efficient. However, to say efficiency is good means accepting all sorts of negative social conditions and behaviors, including racism. John talks about economic models and their need to mirror real world behavior. ...you go back to Milton Friedman's philosophy of positivism. And this is how you do economic research. The idea was that it doesn't matter how unrealistic the assumptions of a model are, as long as they predict well. "Indeed," Friedman goes on to say, "often the most significant models are those with the most unrealistic assumptions." Try telling a physicist that the most significant theories we put forward in physics have the most unrealistic assumptions. If it's no longer necessary for me to justify my model assumptions based on real world phenomena, then what is this really allowing me to do? Well, it's allowing me to preconceive my conclusion. I hate the government. So I've got my conclusion already and now I make up premises that will allow me to get there. John not only dispels the notion that creating currency causes inflation, he also maintains that all inflation is not created equal. Are rising prices a bad thing if wages are increasing even more? If more people are employed? Steve and John discuss the difference between the financial markets gambling on currencies and the real economy, where people buy and sell and pay taxes. It all boils down to there not being a clear understanding. Okay, what creates the ultimate value for the dollar? The fact that on April 15, that's the only thing the US government accepts. And faith is irrelevant in that case. The episode revisits some of the basic insights of MMT. Around here, we can never get too much of that. Money isn’t just dropped into the economy; it’s created when the government spends it into existence. It’s spent on labor, production, real resources, commodities, war... it isn’t dropped from helicopters. John Harvey speaks in a language anyone can understand, which makes this interview so valuable to us non-economists. It’s packed with answers to the questions and arguments we constantly encounter. Be sure to bookmark it, because you’ll want to refer to it again. And don’t forget – each episode of Macro N Cheese is accompanied by a transcript, making it easily accessible. John T. Harvey is a Professor of Economics at Texas Christian University in Fort Worth, Texas, where he has been on the faculty for over thirty years. His main areas of research interest are exchange rates and business cycles and his teaching responsibilities include Intermediate Macroeconomics, International Monetary Economics, and Contending Perspectives in Economics. He has published over forty refereed articles, two edited volumes, and two books. John has a YouTube series called The Cowboy Economist and a blog at Forbes.com. @John_T_Harvey on Twitter cowboyeconomist.com…

Macro N Cheese

1
Ep 139 - Critical Mass with John & Aaron Yarmuth 48:27

4 years тому48:27

48:27

Modern Monetary Theory Has a New Friend in Congress said the headline of a New York Times op-ed earlier this month. That friend is House Budget Committee chair John Yarmuth, the 8th term congressman from KY. Isn’t it ironic that it’s newsworthy when the chair of the House Budget Committee understands the basic truth about the workings of the US dollar? That it was a bold move for Yarmuth to appear on C-Span and explain how federal financing differs from our household budgets? This is the world we live in, so we take our MMT victories where we can get them. This week, John and his journalist son, Aaron, talk with Steve about Stephanie Kelton’s The Deficit Myth and how it opened their eyes to the contradictions and absurdities of conventional thinking about our government’s economic policies and the national debt. Instead of asking themselves what the US can afford to do, Congress can now ask what the American people need them to do. John describes his second term on the budget committee, when the chairman, Paul Ryan, warned of financial Armageddon if they didn’t rein in the growing national debt. As we know, the debt kept increasing and Ryan’s dire predictions weren’t borne out. That’s when John figured we should start thinking about it differently. Thanks to Aaron, he heard about MMT and began learning about it. Abraham Lincoln said the legitimate role of government is to do for the people what they need but cannot do so well for themselves. And that certainly relates to spending probably more directly than anything else we do because we are the ultimate banker. We are the ultimate provider and creator of resources. And anybody who's looked at state and local government knows they're not in that same position. And certainly households and businesses aren't. As grandpa and dad to 2-year old JD, both John and Aaron recognize the true responsibility we all carry. In budget committee hearings, John listens to politicians wail about the burden we’re placing on future generations. He does not fall for it: Wait a minute. We've been accumulating debt in this country for 230 years. Has anybody ever been asked to pay it back? Of course not ... I'm sure when the national debt reached a billion dollars under Abraham Lincoln, people were saying the same thing: that all future generations are going to have this burden. Right now, future generations are going to have a burden of an uninhabitable world because of climate change. Our students are going to be studying in 100 year old schools, and we'll have a workforce to be inadequately educated and trained for the jobs of the future. That's the big burden we're putting potentially on future generations if we don't act now and do what we need to do and can do. Steve talks with the Yarmuths about the MMT “layer cake” concept, which ties the Green New Deal to a federal job guarantee and Medicare for all. While the logic is irrefutable, political reality can get in the way. In John’s experience, the Green New Deal is a lot for the American public to grasp. “If you have to explain everything the way you just did, you've already kind of lost…” This just tells us at Macro N Cheese that we have to keep spreading the word. Knowing that there are people at the highest level of government who have caught on to - and are enthusiastic about - MMT, might give us cause for optimism. Congressman John Yarmuth represents Kentucky's Third Congressional District in the U.S. House of Representatives. Now in his eighth term, he has served as Chairman of the House Budget Committee since 2019, and also serves on the Committee on Education and Labor. Aaron Yarmuth is a journalist. Until recently he was the executive editor of LEO Weekly in Louisville. He is currently serving on the board of directors of the Snowy Owl Foundation and the Kentucky Golf Association. Follow John @RepJohnYarmuth Follow Aaron @yarmuth nytimes.com/2021/09/01/opinion/mmt-john-yarmuth.html…

Macro N Cheese

1
The Lightbulb Moment with Malcolm Reavell 53:17

4 years тому53:17

53:17

MMT, at its most fundamental, shows us the difference between a currency user and the currency issuer. This reality affects policy decisions in ways it would be foolish to ignore. As Fadhel Kaboub and Bill Black explained here recently, even if it were possible to create some inadequate public programs at the state level, they will stall the progressive agenda. Malcolm Reavell of Modern Money Scotland talks to Steve about the parallel situation he and his compatriots are facing. Scotland’s annual budget is determined and controlled by Westminster, the Parliament of the UK. Every year they get a block grant from Westminster according to certain calculations, and that block grant is supposed to provide enough money for the Scottish government to do whatever it has to do. It's a totally artificial constraint, and it is used to prove that Scotland can't manage its own finances and it's too poor. The Scottish government is criticized for not taking sufficient action to combat climate change, for not properly supporting the health service, and for the schools being underfunded. Of course, just like in the states, any money spent on one of these programs reduces the available funds for the others. Malcolm and Steve share their histories as MMT activists trying to contribute to a new movement. They both relied heavily on familiar experts like Mitchell, Mosler, Hail, and many, many others. Some, like Steve Keen and Mark Blyth, they see as adjacent or “broad MMT.” Modern Money Scotland and Real Progressives have a common origin story as Facebook groups. We often hear the charge that MMT is US-centric, so it’s a pleasure to have guests from other parts of the world to compare and contrast our mutual journeys as well as differing political and social conditions. For example, Brexit disrupted the trucking industry in Scotland well before COVID disrupted supply chains for the rest of us. Whether you call it football or soccer, our listeners will recognize Malcolm’s approach to talking MMT to the uninitiated. Well, just imagine this. If all the goals ever scored had to be paid back, who would you pay them back to? ... Supposing they had a ledger. Every time a football team had a goal scored against them, there was a debit marked against them. Then if you ended up with a net balance, you had more goals scored against you than you've scored, how would you settle that account? For more information about Modern Money Scotland and the Scottish National Party, listen to our episode 105, The Case for Scottish Independence with Karin Van Sweeden . Malcolm Reavell is a co-founder of Modern Money Scotland. According to his Twitter bio, he is an “Ex-Aircraft engineer, retired IT guy, internationally renowned composer, now decomposing, still #MMT though.” modernmoney.scot @malcolm_reavell @ModernMoneyScot…

Macro N Cheese

1
When Less is More with Jason Hickel 59:55

4 years тому59:55

59:55

Steve’s guest, Dr. Jason Hickel, is an economic anthropologist whose research focuses on global inequality, political economy, post-development and ecological economics. After listening to this episode, “degrowth” will become part of your vocabulary. For MMTers, it is a natural fit. Before unpacking the implications of degrowth, we need to understand how the language of growth has served to justify the exploitative ravages of capitalism and, to paraphrase Lenin, its highest stage – imperialism. Jason tracks inequality between the global South and North from the industrial revolution and the colonial era to the present day. You don’t need to be an economic historian to see that growth in the north relied on forms of appropriation from the south. As Marx pointed out in the 19th century, price inequalities are not natural; they are induced through geopolitical and commercial power. So in the colonial era, of course, you drove down wages by enclosing Commons and dispossessing people and destroying subsistence economies to create massive unemployed people. Today it is through a variety of different mechanisms, the structural adjustment programs that were imposed across the global south by the World Bank and the IMF, which are controlled by the US government primarily. G-7 countries made massive cuts in public sector employment as well as labor and environmental standards. Neoliberal structural adjustment programs of the 1970s and 80s further induced price inequalities. Today countries of the global South are heavily dependent on foreign currency and are forced to compete to attract foreign investment. They are in a global race to the bottom to deliver cheap labor and resources to multinational companies effectively as tribute. This is why I come to degrowth from the perspective of anti-imperialism, recognizing that we live in an imperialist world economy. Degrowth is a demand for ending those patterns of net appropriation that sustains such high levels of access consumption in rich nations ... Rich countries should reduce the resources to get back within sustainable levels, while poor countries should reclaim their resources, mobilizing them around meeting human needs with throughput converging globally at a level that's consistent with universal welfare and ecological stability. That is the world we should be imagining and calling for. Jason and Steve discuss the gross inadequacies of the GDP as an indicator of growth and the need to break from the ideology that defines growth as a positive, desirable goal or outcome. GDP only counts commodities regardless of their social value or harm. It doesn’t distinguish between $100 of books or bullets. It says nothing about whether people’s needs are met. As an alternative to GDP, Jason leans toward a dashboard approach instead of the Genuine Prosperity Index. Understanding MMT shows the way to meet the main objectives of degrowth. Jason adds that the MMT proposal for thinking about taxation - i.e., not as a way of funding public activity but as a way of pulling demand out of the economy - can be applied to ecological economics as a tool for reducing excess resource and energy use. Dr. Jason Hickel is an economic anthropologist, author and a Fellow of the Royal Society of Arts. He is a Visiting Senior Fellow at the International Inequalities Institute at the London School of Economics and Professor at the Institute for Environmental Science and Technology at the Autonomous University of Barcelona. He is Associate Editor of the journal World Development and serves on the Statistical Advisory Panel for the UN Human Development Report and the advisory board of the Green New Deal for Europe . Jason's research focuses on global inequality, political economy, post-development and ecological economics, which are the subjects of his two most recent books: The Divide: A Brief Guide to Global Inequality and its Solutions and Less is More: How Degrowth Will Save the World . @jasonhickel on Twitter Jasonhickel.org…

Macro N Cheese

1
Money and the Limits of Sovereignty with Scott Ferguson 56:15

4 years тому56:15

56:15

Scott Ferguson serves as editor of the Money on the Left (MotL) Editorial Collective and co-host of the Money on the Left podcast. In July, he was guest speaker at Real Progressives’ event, RP Live. This week, Macro N Cheese is presenting his talk, Money and the Limits of Sovereignty , in its entirety, along with most of the Q&A discussion. Trying to summarize the presentation would be doing it a disservice. The idea of sovereignty is one that has been a point of discussion – and a certain amount of controversy – among the MMT community for some time. The work of MotL has contributed enormously to expanding our understanding and considering it in a new, multi-faceted light. Scott begins with the semantic history of the term “sovereignty” and its use in 14th or 15th century Europe to introduce a new conception of political rule, though not always with consistency. It has been used to justify political philosophy on both the left and right. Yet fundamentally, for us, the logic of sovereignty is violent because it denies that everything in this world is interdependent—which is to say, meaningfully and necessarily intertwined--in both social and ecological senses. Meanwhile, we contend that sovereignty as a concept is false because everything, in our interpretation actually is interdependent, no matter how much the logics or institutions of sovereignty pretend they are not. Interdependence opens opportunities for participation and cooperation as well as competition. We could replace “sovereignty” with the language of monetary “capacity,” “power,” and “agency” as well as “sustainability” and “resilience.” We tend to equate money with private exchange, revenue-driven relations, and the profit motive. We operate under the specter of privation. MMT teaches us money is not a zero-sum game; scarcity is a social construct. Scott suggests we extend the vision to political and social relations more generally. The second half of the episode contains Q&A discussion that followed Scott’s presentation. After listening to the episode, we suggest you read the transcript. The complete text of Scott’s presentation is available on our transcript page and elsewhere on RealProgressives.org. Scott Ferguson serves as editor for The Money on the Left Editorial Collective. He is a research scholar at the Global Institute for Sustainability Prosperity and co-host of Money on the Left podcast. Scott holds a Ph.D. in Rhetoric and Film Studies. moneyontheleft.org @videotroph…

Macro N Cheese

1
The Flint Water Crisis with Jordan Chariton 55:37

4 years тому55:37

55:37

Status Coup Media's co-founder and CEO Jordan Chariton joins Real Progressives’ founder and CEO Steve Grumbine for a discussion of our crumbling infrastructure, our inept and complicit corporate media monolith, and they share some ideas about our options going forward. This conversation seems like a perfectly segued culmination of Jordan’s recent RP Live presentation on the corporate media cover-up of issues like Flint’s notorious water crisis and climate change related issues as well as last week’s Macro N Cheese episode on infrastructure with Bob Hockett. As Jordan has repeatedly asserted, the infrastructure issues plaguing Flint, MI are prevalent in hundreds of other cities across the US right now. Flint is the story of America: deindustrialization, the offshoring of jobs, privatization, and the controlled demolition of the working class. In this case, it was the water supply. The financial constraints of a state budget, the corruption of politicians, and an inept media apparatus came together to poison an entire city through apathy and greed. And again, seven and a half years later, the pipes have still not been replaced. So, from a federal perspective, as we always talk about, of course, they had the money to do all of this. They could have sent the Army Corps of Engineers in the next day. Each Flint resident could be getting a monthly stipend or Medicare for All. Steve calls it a textbook case of environmental racism as well as a model for neglect of the public good while extracting profit from the very things people cannot live without. While the situation in Flint is extreme, it’s not entirely unique. There are contaminated water supplies across the US. The hashtag “water is life” was born at the time of struggle over the Dakota Access Pipeline. Nestlé is trying to take California’s water while the state is literally on fire. Status Coup has uncovered the many levels of corruption that led to the poisoning of the citizens of Flint as well as the careful cover-up of these crimes. Meanwhile, local and mainstream media have willfully ignored the evidence. Steve and Jordan talk about the state of electoral politics and the need for divergent groups of activists and workers to unite and assert the kind of power that will be felt at the top. Jordan Chariton, Status Coup CEO, is an independent progressive journalist who’s worked inside and outside the belly of the corporate media beast for over a decade. He has worked at Fox, MSNBC, and The Young Turks, before starting Status Coup. His team’s investigative work is attracting attention and expanding their reach. @JordanChariton @StatusCoup…

Macro N Cheese

1
Infrastructure with Robert Hockett 1:20:51

4 years тому1:20:51

1:20:51

This week Steve brings back Robert Hockett to help us understand the big “I” word - infrastructure. Our focus on particular infrastructure depends on the social or public goals we have in mind. If we are a society that values mobility, we will concern ourselves with transportation infrastructure. If this were the 19th or early 20th centuries, we would be prioritizing infrastructure that facilitates industrial productivity. There’s also such a thing as “soft infrastructure.” It's probably worth noting that a lot of public policy discussion these days seems to be about social productivity. Right? To what extent are we adding to the material wealth of our society? To what extent are we improving our material well-being, society-wise, and we can think of productivity along those lines, right? To what extent are we producing better material lives for ourselves? Robert and Steve dive into global supply chains, discussing how the Biden regime may be realizing the old methods of outsourcing our domestic supply of critical inputs to producers abroad isn’t working anymore. The pandemic’s disruption of the supply of semi-conductors, which predominantly come from China, caused a US shortage. On the one hand there’s some awareness of the value of nationalizing production, but the Biden administration seems unwilling to spend the money required to invest in the necessary infrastructure. Bringing production back to the US would create jobs and reduce our reliance on imports, but the question remains: what about the inevitable environmental impact of increased domestic manufacturing? The need to radically evolve our energy production and resource extraction methods is more detrimental than ever as we face economic, and more importantly, ecological, catastrophe. Robert and Steve discuss the need for a more egalitarian distribution of technology to maximize our ability to be more productive while becoming more efficient and reducing our collective footprint. It’s important to be reminded that any given policy has social implications, productive economic implications, environmental implications, and even mental health implications. This episode is dense with useful information including, but not limited to, Senate procedures, political posturing, and America’s role in the world for better or worse. Robert Hockett is the Edward Cornell Professor of Law at Cornell Law School, Visiting Professor of Finance at Georgetown University’s McDonough School of Business, and Senior Counsel at Westwood Capital, LLC. He specializes in the law, economics, and philosophy of money, finance, and enterprise organization in their theoretical and practical, their positive and normative, and their local, national, and transnational dimensions. Follow Robert on Twitter @rch371…

Macro N Cheese

1
Organizing For Power with Marianne Garneau 56:48

4 years тому56:48

56:48

Marianne Garneau is a labor educator and organizer with the historic IWW, Industrial Workers of the World. She’s the publisher of the website Organizing.Work . According to Marianne, real-life examples of workers taking successful action anywhere, inspires, empowers and emboldens workers everywhere. The crucial tactic our labor movement currently lacks is the ability to exercise the muscle of collective action, acting in an organized, harmonious fashion, building coordinated disruption that defies authority, while spreading trust, preparedness and the very habit of defiance. Labor has undergone enormous changes from the days of worker-powered assembly lines and shop floors, when workers could engage in day-to-day refusals. One tactic was “whistle bargaining.” The shop steward would blow a whistle, bringing production to a halt. The workers formed a circle around the foreman and voiced their grievances. Another blow of the whistle could send everyone back to work. Steve recounts the “work to rule” he engaged in as a member of CWA. By fastidiously following every regulation, every safety procedure, the workforce was able to slow things down to a crawl. Today labor has been reorganized and decentralized, so strategy must adapt to modern conditions. It all comes down to workers understanding the workflow and the ways the employer depends on them. The need for workers to communicate is as essential as ever. The means of communication are corporate-owned and can be heavily monitored and censored, again requiring creative adaptation. Marianne describes a tactic used by workers for a food delivery service in Canada. They couldn’t contact each other through the app, so they organized the old-fashioned way, person-to-person, identifying each other by company logo and approaching the vehicles. Marianne and Steve talk about the history of organized labor and the significance of the National Labor Relations Act of 1935. ...a lot of people in the left and in the labor movement still look back on that as a triumph for labor, which in some ways it was. But it was also meant to really regulate and tame the labor movement. For a movement to build capacity, it must come from the bottom up. To survive, it needs to grow roots, so it is never dependent on individual leaders. Real power comes from mass collective action. Marianne Garneau is an organizer with the Industrial Workers of the World, a labor educator, and the publisher of Organizing Work ( organizing.work ) @OrganizingWork on Twitter…

Macro N Cheese

1
The New Untouchables with Patrick Lovell and Eric Vaughan 1:13:46

4 years тому1:13:46

1:13:46

When Bill Black introduced us to Patrick Lovell and Eric Vaughan, they were just wrapping up production of their documentary series, The Con , about the 2008 great financial crisis. More than a year has passed and we’ve become partners on a podcast and video series, The New Untouchables: The Pecora Files . Both series have a second season; TNU’s is five episodes in, and season 2 of The Con is not yet scheduled for release. Stay tuned. The episode opens with Steve telling Patrick and Eric about the responses to both series. Everyone was affected by the GFC, but many are still struggling to understand it. Eric jumps in to warn we must stop thinking of it as a past event. Just look out your window. We can expect an epidemic of homelessness with the coming spate of evictions and foreclosures. Patrick and Eric originally came at The Con from opposite directions as each sought to unravel the process. Patrick had been looking for the culprits at the top of the food chain – the CEOs and their ilk. Eric was interested in the victims, who, as we have learned, meet very specific criteria and are just as necessary to the process as the corrupt executives and absentee regulators. Recent news reports are full of stories about upcoming evictions as the COVID-era moratoriums are coming to an end. Congress has provided $47 billion in rental relief assistance, of which only about $3 billion has reached the people who need it. Patrick compares this to the ‘08 mortgage crisis when, after the trillions spent to prop up the banks, $50 billion was provided by the federal government to prevent foreclosures, to allow homeowners to modify their loans, to prevent foreclosures. Similar to rental relief, most of the money never reached those who needed it, due to a tricky process involving insurance and middlemen. The end result is the same, a corporate entity comes in and vacuums up all the foreclosed properties on the cheap. Regulators are cops. Fraud and predation are crimes -- some on the books, some not. When it’s legal, it’s a result of the revolving door between the financial industry and politics. Changing the laws to ease up on corruption is itself corruption. This episode lays out the fraud recipe step by step, from the top of the chain to the bottom, as fees generate fees. It’s not a narrow path. To make it work, they need assessors and underwriters who are willing to sell their souls. Patrick and Eric explain the whys and hows of liars’ loans and documentation fraud, among other practices. When you see how strategic and cunning the predators had to be to entrap entire poor and minority communities, you must question why anyone would call the victims irresponsible. Yet we continue to hear it. Eric talks about our culture of victim-blaming, which allows us to point the finger at Addie Polk instead of Angelo Mozilo. What regulation we have is aimed in the wrong direction. And so, we have regulators whose only criminal referrals are coming from the banks against private citizens. And we're not getting criminal referrals from those same regulators because they're looking at the banks, I would term that systemic victim-blaming. As cynical as many of us have become, whenever we hear stories about the extent of the elite control fraud and predation it still makes the blood boil. THE CON will be available September 21st on Amazon, Apple TV, and XBox Patrick S. Lovell is a 30-year veteran of media production. He is co-creator of Real Progressives’ series, “The New Untouchables: The Pecora Files.” Patrick is producer and protagonist of the documentary limited series: THE CON. Eric S. Vaughan is an award-winning commercial director/producer with extensive experience in leading-edge media production from narrative films to VR/immersive experiences. THE CON is his long-form documentary series directorial debut. Eric is co-creator of Real Progressives’ series, “The New Untouchables: The Pecora Files.” @PatrickLovell1 @TheConSeries @UntouchablesNew…

Macro N Cheese

1
Ep 161 - Challenging Critiques of MMT with Yeva Nersisyan 1:00:20

3 years тому1:00:20

1:00:20

**Every episode of Macro N Cheese has a full transcript and an “extras” page with links to additional resources. Find them at realprogressives.org/macro-n-cheese-podcast/ Fadhel Kaboub introduces us to the best people, including Yeva Nersisyan, a Research Scholar at the Global Institute for Sustainable Prosperity who joined Steve to talk about a paper she recently co-authored with Randall Wray, "Are We All MMTers Now? Not So Fast." The COVID pandemic has put MMT in the news, with plenty of critics mistaking stimulus spending with “MMT policy.” This absurdity creates a convenient narrative for detractors: MMT is a failure! Our argument was that MMT-inspired fiscal policy is targeted fiscal spending and in particular spending on jobs. Job creation, the job guarantee that Pavlina Tcherneva has been talking a lot about... a jobs policy rather than just indiscriminate stimulus kind of policy. MMT economists were not at the table when COVID stimulus policy was being decided, nor were they at the table when Larry Summers and Jason Furman were crafting the inadequate response to the global financial crisis – another missed opportunity for fiscal policy to serve the public good. Yeva describes the different government responses to World Wars One and Two, compares Keynesian and MMT-prescribed policies, and lays out the consequences to the states – AKA the race to the bottom – when the federal government shirks its responsibilities. In the second half of the episode Steve brings up the roles of the Fed, Treasury, and private banks and asks Yeva to take us through their processes and explain reserve accounting. If you’re at all confused about this, you’ll want to hear what she says. Yeva Nersisyan is a Research Scholar at the Global Institute for Sustainable Prosperity and an Associate Professor of economics at Franklin and Marshall College. She received her B.A. in economics from Yerevan State University in Armenia, and her M.A. and Ph.D. in economics and mathematics from the University of Missouri-Kansas City. Her research interests include monetary theory, financial instability and regulation and macroeconomic policy. Yeva has published a number of papers on the topics of shadow banking, fiscal policy, government deficits and debt, financial fragility and instability, financial reform and retirement policy.…

Macro N Cheese

1
Ep 160 - Agitating Out of Poverty with Ruchira Sen 53:22

3 years тому53:22

53:22

Steve’s guest is Dr. Ruchira Sen who got her PhD at UMKC where she studied with a number of friends of this podcast. Herresearch areas are in feminist economics, informed by institutional economics, MMT, and Marxian economics. She describes an economy built on the backs of women, that exists outside the normal parameters of capitalism while making it possible for capitalism to thrive. We've had neoliberal reforms since the 1990s, which has meant a gradual withdrawal of the state from almost everything. And that has specifically impacted the lives of women. Because when the state withdraws from providing you basic services like water, electricity, then it's usually the women who become additionally burdened... The participation of women in the (paid) labor force is declining, their contribution to unpaid work is phenomenal. In a country as massive as India, with a population of around a billion, any change in government policy can have far-reaching and unexpected consequences. Ruchira describes the effects of the 2016 demonetization action, in which two currency notes – of the most widely used denominations – were taken out of circulation. Among a population where the majority of individual financial transactions are conducted in cash and many don’t have bank accounts, this “decashification” caused widespread suffering for the poor and working class. Steve asks Ruchira what drives poverty in India and she talks about British colonial policy and the deindustrialization of the Ganges plain. Poverty is essentially a result of the pushing of capitalist relations onto our population. Not to say that there was no hunger before but the colonial power imposed selective tariff policies on Indian textiles... They pretty much decimated the artisan population in the Gangetic Plains and destroyed much of local industry. That resulted in large bodies of people who were dispossessed. They had nothing but their labor and they became the proletariat. I think it's pretty fundamental to how colonialism works because you need general labor-ready bodies to do the work, to produce the exports that your home country needs, to produce the wealth that your home country will drain away. Ruchira talks about the pervasive threat of violence against women in India, and what she calls a watershed moment – the Nirbhaya Incident and anti-rape agitation. She talks about the left, including some active communist parties that have had successes but have also made questionable choices on occasion. And she talks about India’s lack of energy and food independence. Dr. Ruchira Sen is an Assistant Professor of Economics at Jindal School of Journalism and Communication at O.P. Jindal Global University in India. She teaches macroeconomics, data analysis for storytelling, and data journalism. Her PhD in economics is from the University of Missouri-Kansas City. Ruchira is primarily concerned with low paid and unpaid labor in various fields from housework and marriage to the media. She has written on dowry as a gift system in South Asia and how it relates to violence, and on international networks of care and how they impact the USA. Her recent research is on mediated activism in India. Ruchira is primarily informed by an international post-colonial feminist view of the world by MMT and Marxism. @RuchiraSen67 on Twitter…

Macro N Cheese

1
Examining China with an MMT Lens with Yan Liang 55:33

3 years тому55:33

55:33

This week’s episode is another chapter in our mission to educate ourselves about modern China. Yan Liang specializes in Modern Money Theory, international trade and finance, and economic development, with a special regional focus on China. She is also the wife of friend-of-the-podcast Eric Tymoigne. Steve and Yan discuss the truth and misconceptions about the ongoing competition between the US and China. It has created winners and losers, with the working class in both countries affected by globalization. Trade war is class war. The explanation for China’s growth is sometimes attributed to market reform and opening itself to trade, but Yan points to the role of the state in financing development, formulating industrial policies, and building infrastructure, both hard and soft. Policymakers are beginning to tighten the grip on private enterprise as they plan to grow China in a more sustainable way, unlike in the past, where extensive growth was a major driving force. US officials pay lip service to job creation while ceding power to private corporations. Steve compares the role of government: It seems like in China it's a little bit more egalitarian. The wealth gap is not as severe, and there is more universal opportunity at some level for leading a life without the precarity. Everything seems to be taken care of with a mindset of empowering and improving the lives of Chinese citizens. Market reform brought about widening inequality in China, between urban and rural, and between east and west. But public healthcare and pensions guarantee certain protections and the Ji Xinping administration’s “common prosperity” policies are further addressing inequality. There is a crackdown in the tech sector; they are trying to solve the so called three mountains on people's back: education, housing, and healthcare. So, this idea of common prosperity is really trying to elevate even more that egalitarianism that I think gradually eroded in China because of market reform and opening up. This interview looks at China’s use of capital controls, its shift to sustainability, and the role of Taiwan as a focal point for US economic interests and propaganda (and its strategic position in the semiconductor industry.) They talk about the meaning of human rights, which is seen by the Chinese as the right to a livelihood and freedom from poverty. Finally, Yan talks about the possibility of the Chinese accepting MMT and how it would affect the respective roles of central and regional governments. Yan Liang is Peter C. and Bonnie S. Kremer Chair, Professor of Economics and Chair of International Studies at Willamette University. She is also a Research Scholar at the Global Institute of Sustainable Prosperity. Yan specializes in Modern Money Theory, International Trade and Finance, Economic Development, with a special regional focus on China. @YanLian31677392 on Twitter…

Macro N Cheese

1
Everything You Heard About China is Wrong with Vincent Huang 1:09:03

3 years тому1:09:03

1:09:03

What do you know about modern China? Is it capitalist? Socialist? What do those terms mean in today’s global economies? According to Steve’s guest Vincent Huang, China considers itself “a socialist market economy with Chinese characteristics.” In this episode, Vincent tells Steve how this socialist market economy plays out in Chinese society, and how it compares to the world we know in the US – and just about everywhere else. There’s a stark difference in the power wielded by corporations, for example. In China... The state is the representative, it's the agent that mediates the conflicts between the corporations and the working class. So that actually is quite important because for China's socialist market economy, the goal is to elevate the well-being of people. And the means could be marketization, could be liberalization, could be market-oriented reforms, but it doesn't have to be. American listeners may be surprised by the people’s faith in government. When comparing public versus private, whether in schools or housing construction, Chinese citizens tend to trust the public, because there’s no profit motive involved. Vincent, who got his PhD at University of Missouri - Kansas City, is an MMTer. He and Steve discuss the attitude towards deficits, the role of endogenous money, and China’s infrastructure policies. They talk about what it means for China to be the world’s manufacturer. Steve asks about the possibility of a job guarantee. In a sense, the obstacle for China to implement a job guarantee also depends on how successful its already established projects are in absorbing excess labor ... And frankly, if they do a good job already and there is no need for a job guarantee anymore, then that's perfectly fine. This episode looks at China’s treatment of ethnic minorities, its commitment to transitioning to green energy, and the agility with which the government shifts between regulation and leniency with private corporations. The latter appears to be based on social and economic outcomes. Vincent explains that the attitude toward the public good is tied to the relationship between individual rights and collective order.“In fact, your individual freedom can only be viable and real when a collective order is in place.” Vincent (Yijiang) Huang is a Research Scholar at the Global Institute for Sustainable Prosperity and a Teaching Assistant Professor of Economics at the University of Denver. He received his Ph.D. in Economics and Social Sciences at the University of Missouri – Kansas City. His research and teaching interests include Money & Banking, Green Job Guarantee, Political Economy of China, Comparative Economic Systems, and Trade Wars & Agreements.…

Macro N Cheese

1
Foundations with Warren Mosler 54:28

3 years тому54:28

54:28

**Have you seen the Rogue Scholar, Steve Grumbine’s new brown bag lunch show on Mondays, Wednesdays, and Fridays at noon EST? For interviews, commentary, and, of course, MMT, go to Real Progress in Action on YouTube. Newcomers to MMT tend to draw a blank when they are told that taxes drive the currency or taxes created the first unemployed person. After all, none of that seems to track with the way they personally experience taxes. Warren Mosler makes sense of it by starting with the money story, using the example of colonial currency. The British wanted workers on African coffee plantations, but people were not clamoring to be hired. So, they created a coin or scrip and levied a hut tax payable in the new currency. The public purpose behind what the British were doing was to grow coffee. They levied a tax. They put a tax liability on everyone's house. That caused lots of people to be looking for work or look for some way to earn scrip so they could pay the tax so their house wouldn't be burned down ... It's just a tax liability. Nobody has any yet. Those are called unemployed. And so, the hut tax created unemployment. Some of the scrip was used to pay taxes and the rest became the money supply in the local economy. The British did not collect taxes to accrue currency for payroll, just as the US did not need to collect taxes (or borrow dollars from China) in order to distribute COVID stimulus checks. By getting the sequence all wrong, mainstream economic models cannot arrive at correct solutions. It leads to hyperbolic predictions of the US becoming like Greece (Venezuela? Zimbabwe? The Weimar Republic?), appealing to the IMF on bended knee. This week’s Macro N Cheese is the recording of Warren Mosler’s January 5th presentation to members of the US Green Party, hosted by Real Progressives. The episode includes excerpts from the Q&A following his talk. He explains why a sovereign currency is a public monopoly, discusses the policy implications of the money sequence, debunks misconceptions about the Federal Reserve, and defines the “national debt.” The full two-hour session is available at Real Progress in Action on YouTube. Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, US Virgin Islands, where he owns and operates Valance Co., Inc. He is the author of “The Seven Deadly Innocent Frauds of Economic Policy” and “Soft Currency Economics,” which are available on his website. moslereconomics.com @wbmosleron Twitter # MMT #inflation #Fed #debt #deficit #Treasury #China #trade #currency #money…

Macro N Cheese

1
Ep 156 - Doughnuts with Steven Hail 1:05:30

3 years тому1:05:30

1:05:30

Macro N Cheese devotes considerable attention to ecological economics and environmental justice. We’re always working to expand our understanding of both. Dr. Hail connects the dots between environmental sustainability and the broader public purpose. It’s a focus of his new podcast, “Modern Money Doughnut”. But that's done best of all in Kate's book, when she talks about the doughnut, when she talks about moving away from growthism, from pursuing the growth of GDP as though that is an end in itself, and towards identifying those things which ought to be true of a successful society that provides everybody with the best possible chance of living a secure and safe and rewarding, engaged, empowered life while living within those planetary boundaries. By expanding our scope, the problems appear more complex and vast but, paradoxically, everything starts to make more sense. The goal cannot be just to clean up the planet. If we want to sustain and prolong life on this planet, shouldn’t it be a life worth living, free of exploitation and inequality? Isn’t it kind of like trying to solve healthcare without addressing health? Steven Hail, along with others such as our recent guest Phil Lawn, has been working to bring MMT to ecological economists. At one point there was a danger of people seeing MMT as just a more efficient way of growing the economy faster. Steve Grumbine first heard the term “degrowth” from Steven Hail at the 2018 MMT conference in New York City. Hail says at the time he wasn’t necessarily talking about decreasing the GDP, but about living within our planetary boundaries. Or to put it another way, to a situation in the future where we are obeying Herman Daly's three principles of sustainability, not emitting waste like carbon dioxide more rapidly than the environment can safely absorb it, not using up renewables like fish in the sea faster than our environment can renew those resources. And not using non renewables like lithium that you're digging out from under the ground at a rate which is faster than you can develop renewable alternatives for them. When it comes to the need to reduce the GDP, Hail says he’s agnostic. Clearly, only a tiny minority benefit from its growth. Grumbine brings up the inadequacies of the GDP as a measure of those things or activities we value. Cleaning up an oil spill increases the GDP. Hail says “We don’t value a forest in GDP until we cut it down” and goes on to talk about the history of the GDP and our worship of it. They also discuss alternative measures like the Genuine Progress Indicator and the dashboard approach Jason Hickel spoke of in a recent Macro N Cheese episode. We saw a decrease in carbon emissions in 2020 (thanks, COVID!) but now we’re approaching the global peak again – about seven times as high as in 1950. Hail says we’ve been talking about carbon emissions for 30 years and at this point it’s not enough to get them to fall, we need to get them down to zero. We're not cutting them at all at the moment. And the message of lots of people, the Mark Diesendorfs of this world, even the Kate Raworths of this world, is that we have the technology so that we could do this. Can we do it within capitalism? Jason Hickel would say no. I think probably Bill Mitchell would say no. Hail is known to be optimistic. His message of hope is that we have the science and resources to live within biophysical boundaries while meeting the needs of the people. How will we make that happen? He admits he may soon find himself in the streets with Extinction Rebellion. Steven Hail is an Adjunct Associate Professor at Torrens University, having previously been a Lecturer in the School of Economics at the University of Adelaide. He is the author of Economics for Sustainable Prosperity. Find the Modern Money Doughnut podcast and Dr. Hail’s other work at Modern Money Lab. @StevenHailAus on Twitter #biophysical #ecological #MMT #Kelton #Raworth #Mazzacuto #Hickel #environment #IPCC…

Macro N Cheese

1
Ep 155 - Duality with Bill Mitchell 1:11:09

3 years тому1:11:09

1:11:09

We call this episode “Duality” because it covers what Bill Mitchell describes as separate realities experienced by the elites and the masses. We do not occupy the same universe. The results of this duality are reflected in the manufactured divisions within the working class itself and in the unequal economic power relations between countries. There is a conflict between the public’s need for services and capital’s need for profit and privatization. The point is, we live in 2 worlds – and the disparities are extreme. Bill lays out some of the ways our lives are organized around serving capital. Most of us understand how the education system serves to condition us to passively obey authority, but even our leisure time has been transformed. Bill refers to the book, Labor and Monopoly Capital , by Harry Braverman: What Braverman spoke about was more than a spatial spread of capital and capitalism of the type you’ve just been talking about, but also more and more activities that we typically never thought were part of our working lives, our productive lives. In the past, we would go to work for 8 hours a day ... and then we'd come home and have leisure. We would have non-work time. We'd go and play sports or we'd go dancing or whatever. But increasingly, those non-work activities have become surplus producing profit-making activities. So, you can't go to the football match in Australia now without being completely confronted with surplus creating processes, sport has become a corporate machine. Music has become a corporate machine. And so, more and more of our lives become subsumed within this process of surplus production and profit realization. The pressure of mass solidarity and citizens’ uprisings – from events like the Paris Commune of 1871 and the labor movement of the first half of the 20thcentury – forced certain concessions by the ruling class. The neoliberal era brought a retrenchment, a rollback of many of those gains. Now, instead of paying a living wage... The financial engineers could trap us in increasing debt, which allowed us to maintain our consumption, which allowed the participants in this other reality to realize profits through surplus value creation. And that's my worldview. And that's how I see the struggle of MMT. It's a transverse between the first reality and the elite reality, and it threatens the propositions because the elite reality reinforces itself and secures itself by miseducation. And it controls media. It pumps out lies … and it keeps us under control in a state of ignorance. Bill’s commitment to teaching Modern Monetary Theory stems from his belief that, for the first time in economic history, MMT directly challenges the miseducation program used by the elites to suppress us. His free course, MMT Ed (URL below), is available to all. We urge you to register. Professor Bill Mitchell holds the Chair in Economics and is the Director of the Centre of Full Employment and Equity (CofFEE), an official research centre at the University of Newcastle. He is also a Visiting Professor at Maastricht University, The Netherlands, and is on the management board of CofFEE-Europe, a sister centre located at that university. He is co-author of the MMT textbook, Macroeconomics. Enroll, support and donate to MMTed at mmted.org @billy_blog on Twitter http://www.billmitchell.org/ “Macroeconomics” ordering information on bilbo.economicoutlook.net/ #MMT #capital #capitalism #scarcity #austerity #labor #neoliberalism #taxpayer #Australia…

Macro N Cheese

1
Sustainability: The New Economics with Stephen Williams and Phil Lawn 55:42

3 years тому55:42

55:42

Stephen Williams and Philip Lawn join Steve to discuss the forthcoming book, Sustainability and the New Economics: Synthesising Ecological Economics and Modern Monetary Theory , which Williams co-edited. The book brings together sustainability, ecological economics, and MMT. As you learn more and more about this thing called sustainability, you realize that it's really the economic system that is at the heart of the problem. It's the economic system you have to change. So when you start studying what we usually call heterodox economics, you soon start to learn about something called ecological economics, which Phil is an expert in. And then you start to hear about this other thing called Modern Monetary Theory. And it turns out these two things are completely complementary, and you need both of them. The volume is a collection of work by 15 authors or so, all with expertise in different areas, including the relationship between climate change and health impacts, planetary boundaries, sustainable development goals, and law. The book contains chapters by friends of this podcast -- Professor Steve Keen, who looks at the way mainstream economics has perverted the IPCC process, Steven Hail who wrote the chapter on MMT, and Phil Lawn, whose work ties the whole thing together by connecting ecological economics and MMT. In fact, according to Williams, he was the inspiration for the entire project. There is no other book with a focus on this connection. They explain the extent of the current mess, the post WWII Anthropocene, and examine how we got here, including the birth of neoliberalism, the fossil fuel industry, the publication of the “Limits to Growth” report, (which Steve Keen has talked about in a previous episode of this podcast), and more. Once they’ve laid out the past and the present, they look to the future: where do we go from here? How do we design a safe and prosperous future? That essentially means what new economic system could we bring in to replace the current failed economic system? Hey, there's nothing more dangerous than a bad idea. And mainstream economics is a terrible idea. **For a full transcript and “extras” page of this and every episode, go to realprogressives.org/macro-n-cheese-podcast/** Stephen Williams, from Australia, has a long background in newspaper journalism and a short background in law. His lifelong obsession is the issue of designing societies for maximum well-being and sustainability. This has led him to the study of heterodox economics as an essential suite of tools. He is the co-editor of the forthcoming collected volume, Sustainability and the New Economics: Synthesising Ecological Economics and Modern Monetary Theory(Springer International, 2022). Based in Adelaide, Philip Lawn is an evidence-based economist and Adjunct Professor at Torrens University, Philip is also research fellow with the Global Institute for Sustainable Prosperity and a member of the Wakefield Futures Group (South Australia). He is the author and editor of eight books on sustainable development, climate change, and the steady-state economy, and has 55 journal articles and more than 40 book chapters to his name. Philip makes speaking appearances at public events/debates and is regularly invited to deliver keynote and plenary presentations at academic conferences. #IPCC #MMT #ecological #climate #economics #sustainability #Anthropocene #GISP #Kelton #StevenHail #SteveKeen…

Macro N Cheese

1
Red MMT España with Stuart Medina Miltimore 1:00:04

3 years тому1:00:04

1:00:04

Stuart Medina is a founder and current president of Red MMT Spain. He joins Steve this week to talk about conditions in Spain after two years of the pandemic, more than two decades as a member of the eurozone, and nearly half a century since the death of General Franco, dictator from 1939 to 1975, when Spain became a parliamentary monarchy. In the 1960s and 70s Spain had a fairly successful state-led industrialization policy. Franco’s death coincides with the ideological victory of neoliberalism. The elites turned to deregulation (“let the market decide”) and shut down all the public banks. When asked to summarize the situation in Spain today, Medina brings up the astounding unemployment figure of 15%, which doesn’t begin to reflect the reality. In 2011 it was as high as 27%, a rate which the US hasn’t seen since the Great Depression. But we are suffering those unemployment rates currently, as we speak. And when you look at the details, when you look at the youth unemployment rate there, we're talking of close to 40% unemployment. It's a tragedy because it's just such a waste of potential, of human dignity, I think, is the right word. It's just lives that are cut short. In some cases, people not being able to develop a career, a project, a life, getting married, having children, buying homes. It's a tragedy that is basically what is going on. Greece’s treatment at the hands of the notorious “Troika” is well known, as are the results of the harmful fiscal choices they were forced to make. Stuart tells us how Spain, too, was virtually blackmailed in 2011, pressured by the European Central Bank, Germany, and the Obama administration to amend the Spanish constitution and adopt impossible austerity measures. Stuart provides a thoughtful critique of the EU and discusses the kind of flexibility required to put a population back to work. He and Steve talk about Mosler’s assertion that imports are a net benefit and exports are a net loss, and how an export-led growth model has affected other economies. It can be difficult for a foreign audience to understand why countries like Spain and Italy joined the EU. Stuart suggests the European Union can be considered a surrogate imperial project to replace the old one. There's also the fact that the elites of Italy and Spain somehow needed or wanted some tool to control the restless trade unions, the industrial unrest of the 1970s and early 1980s. And let's face it, these elites are not doing badly. Those in the section of the ruling class with an export-led growth model are doing extremely well. They are, of course, interested in keeping their access to the European markets, among other benefits. They're interested in repressing wage growth. They're interested in fiscal rectitude because it helps to discipline the workforce and either consciously or unconsciously, they know it's in their best interest to enter into the arrangements of the European Union. The European Union is a neoliberal project. It is the project of the European elites, and they control the media. And they have convinced most of the population, I would say, (to be) in agreement that the European Union has been good for Spain. **Don’t forget to check out the transcript and “extras” page accompanying every episode of Macro N Cheese. Find them at realprogressives.org/macro-n-cheese-podcast** Stuart Medina is an economist and a founding member of Red MMT Spain, of which he is currently the president. He is an advisor to Parliamentarians of the Progressive political movement Elkarrekin Podemos in the Basque Country. He has developed his professional career in the biotechnology sector where he has held management positions such as controller and director of business development. He also founded the consulting firm Metas Biotech and the biopharmaceutical company ProRetina Therapeutics. He is the author of two books on modern currency theory: El Leviatán Desencadenado and La Moneda del Pueblo. @SMiltim on Twitter @RedMMT…

Macro N Cheese

1
Understanding Inflation with Fadhel Kaboub 58:40

3 years тому58:40

58:40

This week’s episode is the audio portion of a presentation by our friend Professor Fadhel Kaboub when he spoke with the Hanon Project's Yousra Magouri in September about the causes and effects of inflation during the pandemic. It’s a beautiful illustration that you don’t need an education in MMT to make sense of the economy. With Fadhel’s characteristic cogency, complex subjects are made accessible without sacrificing depth. He opens with basic definitions of inflation and how it is measured. He describes the two main types – demand pull and supply push -- then contrasts the mainstream and MMT explanations of inflation and the connection of our current circumstances to the pandemic. For the last several decades since the 70s, the mainstream economist will tell you too much government spending will cause inflation, right? Whether it's government subsidies or government contracts, you're just flooding the system with cash, giving people dollars to go out and shop and increase demand way beyond the capacity of the economy to keep up with it. Needless to say, different explanations of the causes lead to very different prescriptions for the solutions, as evidenced by political opposition to further pandemic relief measures and spending on social programs and infrastructure. Fadhel maintains the risk of inflation is triggered by the lack of productive capacity, including the supply chain disruptions during the pandemic. These problems exist on a global scale. The second source of inflation, which is the most important, I think, and most neglected by the economics profession is what I call the abusive market power and price setting behavior of key players in the economy. Think of big pharma, think of the energy companies, think of companies that have high degrees of market concentration that allows them actually to set prices simply because they can, because there isn't enough competition, because consumers don't have a choice... …Now, that type of inflation is not going to go away by spending less on the unemployed, on the pandemic, on education or infrastructure. It's got nothing to do with it. The episode goes into creative solutions for the global South, the danger of deflation, the limits of quantitative easing, the effect of climate change on the economy, and much more. Full transcripts of this and every episode of Macro N Cheese can be found at realprogressives.org/macro-n-cheese-podcast Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. He holds a Ph.D. in Economics & Social Science Consortium, 2006, University of Missouri - Kansas City; M.A. in Economics, May 2001, University of Missouri - Kansas City; B.S. in Economics, June 1999, with Distinction. Emphasis: Money & Banking. @FadhelKaboub on Twitter…

Macro N Cheese

1
Ep 151 - Can Blockchain Help the Left? with The Blockchain Socialist 48:31

3 years тому48:31

48:31

The Blockchain Socialist wants to dispel the notion that blockchain technology can only serve a right-wing libertarian agenda. In this week’s episode, he tells Steve the left loses out when new trends or innovations are introduced into the economy. Blockchain is a neutral tool on which we can build different types of organizations and institutions. He speaks of the risks taken when groups use Google Docs for organizing their information. Google’s removal of access to Palestinian activists should be seen as a threat to the left. The Blockchain Socialist – let's call him TBS – created his blog and podcast to provide a space for learning about blockchain and digital currency free of right=wing propaganda. He talks with Steve about a wide range of uses in both the near and distant future. For countries under economic sanctions, cryptocurrency can make it possible to engage in international financial activity. For the myriad groups on the left who seem unable to unite because of, often, some pretty obscure differences, TBS sees other benefits... ...using this shared economic platform to do that -- to keep track of political goals and to move forward on them. Then in some utopian socialist future in which the workers finally own the means of production, we can collectively decide to or decide not to use blockchain as an important decentralized institution for keeping track of other things that we may want to do. TBS lays out the difference between smart contracts and legal contracts and goes over their potential uses. He also explains the concept of Central Bank Digital Currency (CBDC) and how it could change the banking system, for better or worse. He and Steve discuss imposing expiration dates on cryptocurrency to encourage spending and disallow hoarding. It is hard for MMTers to understand why libertarians would want to impose artificial scarcity on cryptocurrency, as if Bitcoin were digital gold. It's really heavily based on this commodity theory of money, and especially the libertarian view that the best type of money can be abstracted away because it's backed by a commodity which has objective value -- as if gold is really objectively valuable. So I think part of the issue is that a lot of these first cryptocurrencies, especially Bitcoin, were designed intentionally with this hard money view in mind. They encoded hard money into Bitcoin. It does not have to be hard money. Ultimately both the right and left have objections to the way the government handles money. Whether you think it is spending too much or too little, the whole process is undemocratic. Bitcoin is not the solution, but there is a lot more to digital currency than Bitcoin, not all of it a rightwing tool. This episode provides just a taste – we recommend following the Blockchain Socialist for a real education. The Blockchain Socialist is a blogger and podcaster whose work can be found on his website, theblockchainsocialist.com. Support his work at patreon.com/theblockchainsocialist. @TBSocialist on Twitter…

Macro N Cheese

1
Unanswered 9-11 Questions with Ray McGinnis 48:16

3 years тому48:16

48:16

It's one thing to understand the US government will not protect us from certain types of abuse by corporations. We see it in the weakness of labor laws as well as environmental and consumer protection regulations. We know the government has no problem sending poor and working-class men and women into harm's way to protect corporate interests overseas. But how much farther will the state go to protect the interests of global capitalism? Ray McGinnis doesn’t claim to have all the answers, but he’s here to remind us of the questions that need to be asked. The title of his book says it all: Unanswered Questions: What the September Eleventh Families Asked and the 9/11 Commission Ignored . It took a year for George Bush to decide on forming a commission to investigate 9/11. He appointed Henry Kissinger as chair. This was ironic (and outrageous), given Kissinger’s connection to that other 9/11 -- the September 11, 1973, coup in Chile to overthrow the democratically elected president, Salvador Allende. Henry Kissinger was responsible for atrocities as far back as the carpet-bombing of Cambodia and was known for keeping secrets from Congress and the people. A group of women from the 9/11 Family Steering Committee visited Kissinger to voice their concerns. As Kissinger served them coffee, one woman got straight to the point: “Dr. Kissinger, we just want to make sure you don't have any conflicts of interest. You don't have any business clients by the name of Bin Laden.” At that point, Doctor Kissinger pours the coffee all over the table, partway falls off the couch, blames it on a fake eye, and resigns the next day. It was clear from the start that Congress had no will for this investigation. McGinnis reminds us that up to $80 million was spent investigating the Clintons in the ‘90s; the 9/11 Commission was given $3 million. Chairman Thomas Kean was on the board of a corporation with interests in building a pipeline across Afghanistan. George W. Bush had begun his presidency with plans for regime change in Iraq. The outline of the eventual Commission report was written before any evidence was examined. For 20 years, thousands of the 9/11 families have been pressing for an investigation into Saudi complicity in the attacks but have been stonewalled by the Bush, Obama, and Trump administrations. In April of 2020, Attorney General Barr and a representative of the NSA appeared before a judge to argue against releasing documents regarding a lawsuit against Saudi Arabia, claiming it would harm American state secrets and national security. The families are scratching their heads: how is our lawsuit to find out if there was Saudi Arabian complicity in the attacks on September 11th possibly going to harm American national security and state secrets? What state secrets would those be? What secrets indeed? It’s been 20 years since the events of 9/11. For those of us fortunate enough not to have lost a friend or family member, some of our questions may have faded. Ray McGinnis brings the inconsistencies back into focus and adds some new ones. Ray McGinnis was educated in political science, religious studies, and history, and graduated with a B.A. from the University of Toronto. He also earned a Diploma in Christian Education from the Centre for Christian Studies. He was an educator with the United Church of Canada, working at their national office for 9 years. He subsequently worked at the Naramata Centre in rural British Columbia. From 1999 to 2020 he taught writing workshops. He is the author of Writing the Sacred: A Psalm-inspired Path to Appreciating and Writing Sacred Poetry. McGinnis is interested in the stories we tell, the ones we ignore, and how this shapes our worldview. https://unansweredquestions.ca/ @RayMcGinnis7 on Twitter…

Macro N Cheese

1
Storming the Ivory Tower with Davarian Baldwin 59:10

3 years тому59:10

59:10

Do you think of colleges and universities as protected islands of intellectual activity, ivory towers where the world’s problems are contemplated and debated? Steve Grumbine’s guest is here to tell us otherwise. Davarian Baldwin, of Trinity College, is an urban historian and social theorist, whose work examines the landscape of global cities through the lens of the African Diasporic experience. His most recent book is In the Shadow of the Ivory Tower: How Universities are Plundering Our Cities . Baldwin describes how institutions of higher education are the largest employers, healthcare providers, and landlords in cities and towns across the US. They leverage their massive financial and real estate holdings to displace the most vulnerable communities across the US. Their tax-exempt status does not result in savings for the local citizens, but puts a greater burden on everyone else’s property taxes. The conservative and mainstream media still maintain the pretense that campuses are a hotbed of radicalism, but that couldn’t be farther from the truth. Corporate partners sit on universities’ boards of trustees and shape the curriculum to reflect the interests of capital. The Koch brothers and other corporate entities are funding “innovation centers” and entrepreneurial institutes to fit their own needs. The powerful thing about higher education is the myth of the schoolhouse -- that it's just a place where we conduct classes and conduct pure research. Teaching classes has become a side business in higher education. There's so much more here that goes on in ways that either generate or manage capital that have nothing to do with teaching classes. Most colleges and universities maintain a substantial policing apparatus. According to Baldwin, “75% of public and private schools have police departments. Not public safety units -- police departments. Nine of ten are armed, and about 85% of these police departments have jurisdiction beyond the main campus. They police regular residents.” And so the irony of this phenomenon is that the biggest crimes on campus, sexual violence and substance abuse, are not policed. They do a horrible job. While some people might say capacity. I say intent, because schools -- predominantly white schools, I'm going to be clear -- are not going to want to say that they have a campus full of white criminals. This undermines their brand. So the policing is all outward facing into the poor, black and brown neighborhoods around the campuses, to say to investors, to say to students, to say to families, and to say to everyone else that we are open for business and we are safe. These police units, their job is to protect the brand. Baldwin gives numerous examples of different schools around the country and their outsized effect on the communities they reside in, their poorly paid employees, and, of course, students. He suggests specific reforms and asks that our listeners follow New Deal for Higher Education, Scholars for Social Justice, Cops Off Campus, and other organizations that are working toward change. Davarian L. Baldwin is the Paul E. Raether Distinguished Professor of American Studies at Trinity College, and is a historian, cultural critic, and social theorist of urban America. His work largely examines the landscape of global cities through the lens of the African Diasporic experience. Author of In the Shadow of the Ivory Tower: How Universities are Plundering Our Cities Co-editor with Minkah Makalani, Escape from New York: The New Negro Renaissance beyond Harlem Author of Chicago's New Negroes: Modernity, the Great Migration, and Black Urban Life Series Co-Editor, Urban Life, Landscape, and Policy @DavarianBaldwin on Twitter…

Macro N Cheese

1
Participatory Economics with Michael Albert 59:52

3 years тому59:52

59:52

Michael Albert is one of the creators of participatory economics (parecon) and has developed a vision for a post-capitalist world that includes participatory governance. His new book, No Bosses, A New Economy for a Better World , goes into detail. From Noam Chomsky’s endorsement: *No Bosses* describes and advocates a natural and built Commons, workers’ and consumers’ self-managing councils, a division of labor that balances empowering tasks among all workers, a norm that apportions income for duration, intensity, and onerousness of socially valued labor, and finally not markets or central planning, but instead participatory planning by workers and consumers of what is produced, by what means, to what ends. It makes a compelling case that these features can be brought together in a spirit of solidarity to establish a self-managing, equitable, sustainable, participatory, new economy, with a rich artistic and intellectual culture as well. Albert recently spoke with Steve Grumbine about these concepts. His critique of what he calls “20th century socialism” is a rejection of centralized management. He and Grumbine discuss the MMT proposal of a Federal Job Guarantee which, though centrally funded, is locally managed, allowing communities to determine their specific needs and values. While Albert might be opposed to central funding (and all currency?), local management is consistent with his beliefs. He is concerned, however, with replacing the 1% with the 20% - the “coordinator class.” He also differentiates between reform and non-reformist reform, a concept we value at Macro N Cheese. Albert says, “What makes something more than just a desirable reform is partly how we would fight for it, and to an extent, what it is proposing.” He uses several examples, like the fight for a livable minimum wage and for replacing the use of fossil fuels with clean, green energy. Winning any of these things would be great, but then what? We're back to the system that we have. Or you can do it in a way which is constantly raising the need for innovation, the need for new social relations, the need for a new system, but recognizes the need to get these things done now. So one approach is reformist, the other approach is, I think, revolutionary. Albert’s post-capitalist vision includes self-management, diversity, equity, solidarity, and sustainability. Whether or not you agree with him on all fronts, you’ll find plenty to think about in this episode. ** Each episode of Macro N Cheese has transcripts and an Extras page with links to additional information and resources. Go to realprogressives.com/macro-n-cheese-podcast Michael Albert is a veteran writer and activist of the left. He co-founded South End Press, Z Magazine, ZNet, and the Z Media Institute. He has written over 20 books and hundreds of articles. Along with Robin Hahnel, Michael is the co-developer of the post-capitalist economic vision called participatory economics (parecon). Michael runs a popular podcast called RevolutionZ and founded the School for Social and Cultural Change. @michaelalbertz on Twitter nobossesbook.com…

Macro N Cheese

1
Mapping the Future of Humanity with Parag Khanna 1:06:31

3 years тому1:06:31

1:06:31

**Reminder** Each episode of Macro N Cheese is accompanied by a transcript and an “Extras” page with links to related material and resources. To access, go to realprogressives.org/macro-n-cheese-podcast. In one sentence: the winners and losers of the 21st century are the countries that attract young people. Parag Khanna is a leading global strategy advisor and best-selling author of numerous books on globalization, migration, the info-state, and the future of the world order. In this episode, he speaks with Steve about his newest book, Move: The Forces Uprooting Us. Most people who pretend to understand globalization reduce it to the rate of world trade growth. Khanna says we need a broader and more nuanced view, even though there are aspects that cannot be quantified. In his work he takes a multi-dimensional and systemic approach. An earlier book, Connectography: Mapping the Future of Global Civilization , was about the functional geography of infrastructure and supply chains. Its “punchline” is that connectivity is destiny. The recent book, Move, looks at how these ever-greater volumes of infrastructure affect the evolving distribution of population across the world. Human geography, Khanna explains, answers the questions: Who are we? Where are we? What are we? It is not simply a matter of the number of people inhabiting the planet, but what is our demographic composition - the distribution of age and race? Most people agree both climate change and economics are global in nature. They know the price of goods in one country can be affected by various phenomena in other parts of the world. Likewise, the impact of climate change is dramatically different from region to region. Because climate change is so much more extreme and occurring at a much faster pace than we previously acknowledged, it means that adaptation is as important as mitigation. This is a huge theme in the book and, quite frankly, an open door, a big hole that I'm trying to drive a truck through because I'm beside myself with rage . For all our concern about climate change, the focus is skewed. According to Khanna, only 6% of climate-related funding goes to adaptation. Meanwhile, people are dying every single day. You got your rising sea levels in Bangladesh and people dying in floods and heat waves, droughts and cyclones -- all these climate related phenomena. Every single day hundreds, if not thousands, of people are dying. The number of climate refugees in the world is greater than any other category of refugees. Climate migration will soon exceed all other drivers of migration, and yet we don't have a collective discourse on adaptation. Khanna describes the US as “second world,” by which he means it is both first and third world at the same time. He finds lessons in the history of the rise and fall of past civilizations. Societies collapse when their brittleness is exposed by their vulnerability to complex supply chains and structures they haven't fully grasped or untangled. Parag Khanna is a leading global strategy advisor, world traveler, and best-selling author. He is Founder & Managing Partner of FutureMap, a data and scenario based strategic advisory firm. Parag's newest book is MOVE: The Forces Uprooting Us (2021), which was preceded by The Future is Asian: Commerce, Conflict & Culture in the 21st Century (2019). He is author of a trilogy of books on the future of world order beginning with The Second World: Empires and Influence in the New Global Order (2008), followed by How to Run the World: Charting a Course to the Next Renaissance (2011), and concluding with Connectography: Mapping the Future of Global Civilization (2016). He is also the author of Technocracy in America: Rise of the Info-State (2017) and co-author of Hybrid Reality: Thriving in the Emerging Human-Technology Civilization (2012). Paragkhanna.com @paragkhanna on Twitter @drparagkhanna on Instagram…

Macro N Cheese

1
The Geopolitics of the Russian Revolution with Esha Krishnaswamy 1:09:15

4 years тому1:09:15

1:09:15

Esha’s last visit to Macro N Cheese inspired Steve to read Lenin’s What Is to Be Done and John Reed’s Ten Days That Shook the World , igniting a new interest in political theory and revolutions. This, in turn, lit a fire under others on the Real Progressives’ team. In the past half year, we’ve been learning about the Russian, French and Haitian Revolutions. (If you haven’t yet heard last week’s episode on Haiti with Pascal Robert, what are you waiting for?) Esha’s Historic.ly podcast aims to decolonize history and debunk myths and misinformation taught in school and on corporate media. She has now added “Late Nights with Lenin” and “Soviet Summers” to her programming line-up. This week Esha is back to lead us through 1917. The Russian Revolution often focuses on individual players: Tsar Nicholai, Kerensky, Lenin. In fact, Russia’s fate was inextricably entwined with and affected by massive geopolitical shifts as the 19th century division of the world amongst the imperial powers of France and Britain was threatened by a late-bloomer, Germany, and unrest in Russia. In reality, the object of the struggle of the British and French bourgeoisie is to seize the German colonies and to ruin a competing nation which has displayed a more rapid rate of economic development. And, in pursuit of this noble aim, the “advanced” democratic nations are helping the savage tsarist regime to strangle Poland, Ukraine, and so on, and to throttle revolution in Russia more thoroughly. - Lenin, “War and Russian Social Democracy” Esha compares the players to those on the global stage today and constantly reminds us to question the old narratives. After World War I ended, 14 nations conspired to attack Russia, yet it’s called a “civil war.” Why? American and British newspapers published puff pieces about the Tsar Nicholas, while portraying the Bolsheviks as brutes and tyrants. Why? Whose interests were served by perpetuating such myths? Esha’s enthusiasm and delight are infectious. She describes events as if she had been there and people as if she knew them. It is hard to avoid finding heroes and villains in history. We learn to discern propaganda so we can study history and theory and consider how to shape the world we want to build. Esha Krishnaswamy is a writer and media critic whose focus is on history, foreign policy, and Modern Monetary Theory. She is host of Late Nights with Lenin and Soviet Summers. Find her work at historicly.substack.com @eshaLegal @historic_ly…

Macro N Cheese

1
Ep 130 - Beyond The Black Jacobins: The Haitian Revolution with Pascal Robert 1:01:48

4 years тому1:01:48

1:01:48

In the US we are taught history from the point of view of the colonizers. The heroes are the victors, and the victors are the ruling class - the oppressors and exploiters - reconfigured to appear dashing and noble. When truth falls outside of this heroic narrative, it’s distorted or buried. Our guest this week, Pascal Robert, pulls back the curtain to reveal the story behind the myths of the Haitian Revolution. His work appears in Black Agenda Report and many other publications, and he’s co-host of the “This is Revolution” podcast. The Haitian Revolution was an earth-shaking event that changed the course of history. It was the first successful slave revolt, resulting in the first Black republic. The stakes were enormous: the 13 colonies of the British empire combined brought less value than Haiti brought to France. Because of its sugar, rum, coffee and tobacco, pre-revolutionary Haiti, called Saint Domingue, was possibly the most valuable colony in the western hemisphere, giving a clue as to why the plantation system was so brutal. American exceptionalism extends to believing slavery in the US was the most brutal and vast in the world, but Robert’s evocative descriptions of the brutality of the plantation system are beyond imagination. When the revolution arrived, the liberation fighters were well-prepared and motivated. Robert is a riveting storyteller with a potent message. His take on “white supremacy,” provides a taste: A large part of how I view the history of slavery, race, and racism comes from the fact that I am Haitian … I come from a country where slaves destroyed the three greatest European empires at the peak of their power. I don’t see white people as supreme at all. I'm not mystified by white power in any way. The history of Saint Domingue is riddled with class and racial strife that carries forward to modern day Haiti. Robert explains the roots of those divisions, the material conditions that created them. He tells us why he considers Mackandal’s Rebellion - three decades earlier - the opening salvo in the revolution. He debunks the glory of Toussaint L’Ouverture and shows Jean-Jacques Dessalines to be the true hero. Robert brings us vivid tales of military strategy, geopolitical missteps, and voodoo. However much you think you know about the Haitian Revolution, this episode will excite and enlighten you. Pascal Robert is an essayist and political commentator whose work covers Black politics, global affairs, and Haitian politics. His work has appeared in the Washington Spectator, Black Commentator, Alternet, AllHipHop.com, and The Huffington Post. He is a regular contributor to the online publication Black Agenda Report and is the current co-host of the THIS IS REVOLUTION PODCAST, which is live streamed via YouTube and relevant social media on Tuesdays and Thursdays at 9 pm eastern standard time and Saturdays at Noon. Pascal Robert is a graduate of Hofstra University and Boston University School of Law. @probert06 @TIRShowOakland youtube.com/c/thisisrevolutionpodcast…

Macro N Cheese

1
Through the Eyes of Garry Davis: The World is My Country with Arthur Kanegis 58:55

4 years тому58:55

58:55

On Macro N Cheese, we often focus on economics - how society organizes real resources, and human life in general. We always seek ways to get our message out, to capture people’s imagination and motivate them. This week Steve talks to the director/producer of The World is My Country, a documentary about Garry Davis, who inspired and motivated millions of people as founder of the World Government of World Citizens. Garry Davis was a song and dance man on his way to becoming a success in show business until the US entered World War II and he was drafted. He served as a fighter pilot, dropping bombs on Hitler’s armament facilities with enthusiasm. When he was ordered to bomb a city of civilians, the realization hit: "Oh, my God. Why am I killing people in their homes and schools and factories for no other reason than they're on the wrong side of an invisible line? I look from my airplane. I can't see this line. It's imaginary. There's an imaginary line. I'm killing people for being on the wrong side of an imaginary line." Davis created a Universal Declaration of Human Rights and set up the World Service Authority to issue world passports, world IDs, and world birth certificates. More than four million of these documents have been issued and over the years they've helped numerous stateless refugees escape from terrible situations. As Arthur recounts Garry’s story, sometimes it’s hard to separate his own beliefs from Garry’s. No matter. Truths are truths. Nowadays any war - even a small, tactical war - means ecocide. And now we have just a semblance of democracy. But it's not a real democracy. It's not what anybody wants. All the things that are happening in the world, nobody wants. Nobody wants us to be heading toward nuclear war. Nobody wants climate disaster. Nobody wants rising waters, floods, storms, tornadoes. Those are ecocide. Those are crimes, folks. This isn't happening because of some accident of nature or something. Garry found it ridiculous that our political system is stuck within the electoral tools and traditions of the past - before telephones, computers, internet - when the way to run a government was to send representatives by horse and buggy to represent the citizenry. Now we can all be in a room, virtually, via synergistic Zoom meetings, and could be more directly involved and represented. It was part of Garry’s design for a “People Powered Planet.” Arthur Kanegis is President of Future WAVE, Inc., a nonprofit organization dedicated to shifting our culture of violence to a culture of peace. He is the Director/Producer of "The World Is My Country" and has written and produced numerous other works. Arthur has also been a radio host, journalist and visionary writer -- on a lifelong mission to use the power of film to help inspire the world toward a peaceful and positive future. Check out his work at theworldismycountry.com…

Macro N Cheese

1
How We Fund Policy Matters with L. Randall Wray 52:03

4 years тому52:03

52:03

L. Randall Wray is a founding father of Modern Monetary Theory and is always a welcome guest on this podcast. This is his SIXTH episode of Macro N Cheese. Our community recently celebrated Congressman Yarmuth’s statement in support of MMT and his shout-out to The Deficit Myth . Randy tells Steve he was invited to speak to Yarmuth and his staff in 2019. He had planned to make a presentation on the data to show deficit fears have never come true. And so I sent them a bunch of slides and they said, "Yeah, this is good, but we really want you to talk about MMT. This is what Yarmuth wants. And he said that we're all talking about this and the Democratic side is pretty much on board, they really do want to hear the explanation." Sounds promising, but we’re far from out of the woods. We’re facing multiple pandemics in addition to Covid - the pandemics of racism, inequality, climate catastrophe are but a few, each linked to each other. The climate crisis has caused a pandemic of fires, of heat, of oceans rising, all of which lead to a pandemic of refugees. They must be tackled simultaneously. The private sector has proven inept at solving these problems, partly because addressing such massive issues requires a carefully coordinated and centrally planned effort. In the case of the climate, only a global effort will do. Major economic powerhouse countries like the US, China, and Russia need to take proactive roles in addressing our environmental crises, as they have the fiscal ability to mobilize resources on a mass scale, AND they’re the nations most responsible for the climate emergency. Steve asks Randy to talk about and look at the current push for universal single payer health care in the US, and explain why a state by state approach cannot work. On the state level there are a series of interrelated problems that cannot be avoided. Certain programs - like healthcare, unemployment compensation, or a job guarantee - require open-ended spending. If someone meets the requirements, the service must be provided. During an economic downturn, a state’s tax revenue is shrinking while the demand for services is expanding. Necessary programs providing jobs and healthcare, must be federally funded; there’s no way around it. Randy reminds us that careful analysis shows how Medicare for All is going to significantly reduce the number of resources needed to devote to health care. So it’s not just that the federal government can afford it, there’s really no credible argument against it. The episode looks at the problems causing migration from rural areas to urban centers, while neglect of infrastructure causes flight from the cities into the suburbs. As always, Randy brings clarity to these complex questions. Be sure to check out the Transcript and Extras pages in the Macro N Cheese section of our website . L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. www.levyinstitute.org/scholars/l-randall-wray…

Macro N Cheese

1
The Rent's Too Damned High with Cory Doctorow 1:02:08

4 years тому1:02:08

1:02:08

Cory Doctorow’s bio says he is a science fiction author, activist and journalist. He’s also a podcaster, blogger, Tweeter, and that rarest of birds, an MMTer. We invited him on to Macro N Cheese because of his article The Rent's Too Damn High: A Human Right, Commodified and Rendered Zero Sum . Steve talks to him about the multiple and complex causes of the pandemic housing bubble. Perhaps because he’s a novelist, Cory communicates in a compelling way, describing not just the causes, but the social implication of the housing situation. The US made homeownership one of its two primary means for class mobility and intergenerational wealth transfer and intergenerational mobility. So the US historically had a labor pathway to social mobility where if you got a better job than your parents, you could live a better life than them. And then it had an asset pathway where an asset that you or your parents bought might appreciate so much that as generations went by, if you were able to hand it down, that each generation would be more affluent than the last . The employment path to a rising standard of living vanished by getting rid of unionized employment, and with it a check against the concentrated power of capital when negotiating with the diffuse power of labor. The imbalance has also resulted in a loss of defined pension benefits. And so now if you want to survive into your dotage without forcing your children to give up their most productive labor years to take care of you, you have to either get unbelievably lucky with your 401k - and again, empirically, American 401ks are not and will not be sufficient to carry them through a dignified retirement - or you have to liquidate your family assets. Cory talks about the effect of reduced incomes on the rental market and the paradoxical effect on housing values, the dissolution of tenants rights, and the way all of these elements are connected to zoning, transportation, and the quality of public schools. The personal responsibility doctrine made popular by Reagan and Thatcher conveniently replaces our identities as workers and citizens with that of consumers. It also requires that we no longer conceive of problems as being systemic and think of them as being individual. Steve and Cory discuss the gigification and Uberization of the economy, and the possible path forward. Cory reminds us, “with so many technological questions or policy questions, we can ask what something does, and that's important. But it's also really important to ask who it does it for and who it does it to.” A science fiction novelist’s métier involves imagining different scenarios for the future. Some of Cory’s might give us a bit of hope. Cory Doctorow is a science fiction novelist, journalist and technology activist. He is a contributor to many magazines, websites and newspapers. He is a special consultant to the Electronic Frontier Foundation (eff.org), a non-profit civil liberties group that defends freedom in technology law, policy, standards and treaties. @Doctorow Find his blog, podcast, newsletter, books and more at pluralistic.net craphound.com…

Macro N Cheese

1
Ep 126 - An MMT Perspective: Interest Rates and Inflation with Warren Mosler 1:05:32

4 years тому1:05:32

1:05:32

Real Progressives is on a mission to bring Modern Monetary Theory to the layperson. We don’t assume you’ve studied economics, only that you’re open-minded and curious. Once the MMT light bulb goes on, it reveals a myriad of implications, making it a powerful tool for political activists and organizers. It’s almost impossible to think of a political agenda unaffected. Some Macro N Cheese episodes can be difficult for newcomers, but it’s worth sticking with us. All will be revealed! Steve’s guest this week is Warren Mosler, the man who created (discovered?) MMT. Many of our listeners first learned the basics from him and whenever he comes on the show, he and Steve spend at least part of the interview going over the money story. This episode is no different. They discuss the dollar as a tax credit and what it means to say the government is the price setter. Warren explains why “every MMT proponent starts off any inflation discussion by pointing out the reminder that the currency is a public monopoly.” Looking at the current situation in the US, Warren notes that early in the pandemic we saw the reduction of harmful emissions by around 50% as a result of eliminating non-essentials. Now, after a year or so, as the economy has come back, now we're starting to perform these non-essentials again. Emissions are back to where they were, and we're talking about massive new programs with real resources, funding multiple tens of trillions to stop emissions going up and maybe bring them down to where we got to the first week of the crisis by eliminating non-essentials. Does that tell you something? Warren goes through the economic results of the pandemic, discussing what has been going on with personal consumption and private debt accumulation and whether we’re facing the threat of inflation, as well as potential actions of the administration and the Fed. Warren gives us his take on banking regulation - rather, deregulation - and the mortgage crisis. They even touch on one of Steve’s favorite paper tigers, the petrodollar. We mustn’t neglect to mention Representative Yarmuth, Democratic Chairman of the House Budget Committee. He recently appeared on C-Span where he explained, “The federal government is not like any other user of currency, not like any household, any business, any state or local government. We issue our own currency, and we can spend enough to meet the needs of the American people. The only constraint being that we do have to worry about inflation.” He proceeded to give a shout-out to The Deficit Myth . That sounds like a victory for MMT. Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, US Virgin Islands, where he owns and operates Valance Co., Inc. He is the author of “The Seven Deadly Innocent Frauds of Economic Policy” and “Soft Currency Economics,” which are available on his website. moslereconomics.com @wbmosler on Twitter…

Macro N Cheese

1
Ep 125 - Degrowth with Lorenz Keyszer 55:13

4 years тому55:13

55:13

It’s customary to think of growth as something to aspire to and celebrate. It’s one of those words with positive connotations, like progress. Growth represents our progress as a society. The MMT community has called this into question by exposing the underbelly of the most celebrated measure of economic growth, the GDP. The costs of clean-up after a man-made or natural disaster, like an oil spill or hurricane, represent an increase to the GDP. How twisted is that? Steve’s guest this week is Lorenz Keyszer, a master’s student of environmental systems and policy in Zurich. His paper, 1.5° C Degrowth Scenarios Suggests the Need for New Mitigation Pathways , co-authored with Manfred Lenzen, attempts to subvert the positive meanings associated with traditional concepts of growth. In the face of ongoing climate catastrophe, Lorenz sees the need to dig deeper and ask which things we really want to see increase and which things which we want to decrease. In other words, we must ask ourselves which sectors, which areas of life should we prioritize and which areas could be reduced. I usually use the ecological-economic definition, which sees degrowth as a process of an equitable downscaling of energy resource use in an economy which is coupled to GDP. gross domestic product. So GDP is likely to decline or stagnate in such a transition, but societal well-being should be maintained or secured in such a transition. So this is sort of a prosperous descent scenario which really tries to decouple well-being from GDP growth and focus on the things that matter directly, no matter what this means for GDP growth. Referring to the 2017 IPCC report and its 12-year timeline, Lorenz warns of the dangers in discussing this in terms of deadlines. We’re already seeing climate change causing real harm to people’s lives as numerous catastrophes are being substantially worsened. Lorenz talks of the need for the state to take an active role, directing massive investment programs into renewable energy. as well as regulating the fossil fuel industry. A ‘just transition’ is possible if we provide universal basic services and a federal job guarantee. Such policies would minimize the fear of losing livelihoods as we dismantle the exploitative and extractive entities that currently provide us our means to access necessities like food, housing, medicine and, of course, energy. A key point of the degrowth agenda is that we can secure livelihoods and access to the goods and services people need, regardless of GDP, if we change how our economy functions and choose different things to prioritize. Steve and Lorenz discuss GPI (Genuine Progress Indicator) as an alternative to GDP for measuring economic health and stability. Unsurprisingly, the ‘richer’ countries with high GDP seem to lag behind in GPI numbers. Lorenz also touches on the Decent Living Energy Scenario, which estimates the minimum amount of energy required to provide decent standards of health care, transportation, housing, and our other needs. It’s a massive reduction compared to today, and will take a pluralistic approach through technological revolution and waste reduction. This episode takes a deep dive into a subject we cannot afford to ignore. Lorenz Keyßer is a master student of environmental systems and policy at ETH Zürich, Switzerland. His research focuses on climate mitigation scenarios, post- and degrowth approaches to socio-ecological problems as well as strategies to address them, such as the green new deal. @LorenzClimate on Twitter Around the World Without a Plane , by Giulia Fontana & Lorenz Keyszer Grounded from Zurich to Sydney , by Giulia Fontana & Lorenz Keyszer…

Macro N Cheese

1
The Race to the Bottom with Fadhel Kaboub and Bill Black 1:13:20

4 years тому1:13:20

1:13:20

To unpack the confusion around the push for state-based vs federal programs, it’s necessary to understand the race to the bottom. So this is where Steve Grumbine begins his interview with Bill Black and Fadhel Kaboub. The inequities among the Eurozone nations have their parallel in the US. At both the global and national levels, the race to the bottom affects labor standards, environmental regulations, tax rates, and basic services. To understand this, we always turn to the MMT explanation of the difference between a currency issuer and a currency user. The federal government can afford to provide healthcare, infrastructure, environmental protection, childcare, and other necessary services. When it abdicates its responsibilities, it shifts the burdens to individuals who can't afford them as well as to states and municipalities who, by definition, don't have the resources and must compete with each other to attract businesses like fracking companies, pipelines, Amazon headquarters, or whatever they can get. When a state needs more revenue, as it inevitably will, raising corporate taxes will drive these businesses to a “friendlier” location. Ultimately the end result is neglect of community needs and full-bore pain for its citizens. Lost opportunities and negative consequences have been compounding over decades of the neoliberal project. Virtually every state has a constitutional or statutory requirement either limiting or prohibiting running a deficit. However, even without these restrictions, states can’t run substantial deficits without experiencing a sharp increase in the interest rates on their debt and, of course, cannot issue currency to pay those interest rates. Because of vastly different tax bases and competition between the states, the guests make clear that the progressive agenda will be hobbled if we try to apply it piecemeal. Funding major programs like health care at the state level is not only impossible for the majority of US states, but counterproductive to the national Medicare for All movement. The federal government can “wait and see” as state-based initiatives inevitably fail, all of which gives ammo to the “we can’t afford it” argument, and ultimately hurts everyone. Some American progressives have become beaten down with despair, losing hope that such comprehensive plans can ever be achieved. In desperation, they are mobilizing for state-based healthcare programs. Even if these are achievable in a few states, it is not the solution for most and is dissipating the energy that should be focused on a comprehensive agenda. The episode closes by honoring their work while offering specific suggestions for effectively mobilizing targeted action at the local level capable of uniting rather than fracturing the movement. By organizing, educating and empowering people to fight for the right policies, we can consolidate the efforts of the state-based groups across the country into a unified voice for universal health care and other massive programs, funded at the federal level, in lieu of 50 groups fighting separate battles. Bill Black is a professor of Economics and Law at the University of Missouri – Kansas City (UMKC) and the Distinguished Scholar in Residence for Financial Regulation at the University of Minnesota Law School. He is a serial whistleblower and authored The Best Way to Rob a Bank is to Own One . Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. global-isp.org @FadhelKaboub @WilliamKBlack…

Macro N Cheese

1
Ep 123 - Defining the World of Crypto and the Digital Commons with Rohan Grey 1:38:36

4 years тому1:38:36

1:38:36

If you’re a crypto-phobe, or simply bored by fintech and all those “coins,” don’t let it stop you from listening to this episode. Rohan Grey places these topics within the context of our history, political economy, the law, MMT, policy, and today’s progressive movement. The fact that technology changes the world is nothing new. It affects everything. You can look across history and say, look, it mattered when we created the written word and stopped building societies around oral communities where they passed things down through word of mouth. It matters when we had the printing press and created a system by which information could be developed, stored, mass-transmitted to large numbers of people. It mattered when we built the telegraph in the 19th century and started to connect the Atlantic to the new world and to be able to send wires across the world in a matter of minutes that used to take months to send through ship messages … So if you start from that point of view and look at that long history of different kinds of technology, obviously law and money play a big role in. It matters who funds these things. Once again, technology is changing the landscape. Railroad and oil barons are being replaced by the Elon Musks of the world. There’s a blockchain consortium in Congress, ensuring that their needs are met. The conversation around defining money and establishing the boundaries of public digital financial infrastructure reflects the ideologies and the interests of all kinds of people. Who will protect our privacy? When seeking a force powerful enough to transform society, we turn to the working class. It, like everything else, is undergoing a transformation. They said in an industrial age it was the common identity of being a factory worker that really built the industrial proletariat consciousness. You're sitting there doing the same thing as people next to you. And you're like, hey, we're pretty similar. Nowadays, 70 percent of Americans are in debt for one of three or four creditors. And that kind of relationship creates a different kind of class identity. But so does the fact that everybody has a damn cell phone. While there’s plenty of discussion about bitcoin and financial technology, Steve and Rohan constantly bring it back to MMT and the progressive movement. The questions we face as leftists are far-reaching and consequential. It’s not too soon to begin asking them. Rohan Grey is an Assistant Professor of Law at Willamette University in Salem, Oregon, the founder and president of the Modern Money Network, and a research scholar at the Global Institute for Sustainable Prosperity. https://modernmoneynetwork.org/ @rohangrey on Twitter…

Macro N Cheese

1
The Case Against a Universal Basic Income with Bill Mitchell 59:56

4 years тому59:56

59:56

Professor Bill Mitchell was our very first guest on Macro N Cheese, and now here he is, 122 weeks later. Episode #1 was Putting the T in MMT . This week Steve asks him to discuss the single policy prescription at the core of MMT - the Federal Job Guarantee. The discussion goes into the parameters and nuance of the FJG and the pitfalls of a Universal Basic Income as a competing possibility. Bill asserts that implementing a UBI to deal with unemployment and poverty would be capitulating to the neoliberal claim that government is helpless in the face of unemployment - as if it’s a natural phenomenon. MMT shows us the federal government can buy and utilize the excess unemployed labor force the same way it guarantees a stable price floor to agricultural surpluses. In each case these are resources the private market didn’t need. Steve and Bill delve into some details of the FJG advocated by leading MMT experts. This is not some ‘dig a hole, fill a hole’ make-work charade, but a federally funded, locally administered program that aims to fill in crucial resource gaps in communities the private sector neglects for a reason. These jobs don’t generate profit, but they are some of the most valuable services, such as the arts and education, or care for children, the elderly, and the environment. The job guarantee directly addresses unemployment and poverty, unlike the UBI. Steve brings up the automation bogeyman. “The robots are coming for our jobs!” Bill reminds us we are still in charge. Well, this comes down to this sort of myth that has evolved in this neoliberal era, that the market is supreme. And somehow the economy is beyond us now. And that we have to serve the economy, not the economy serve us, and that we have to pull our belts in and sacrifice and whatever in the name of advancing the economy and the market. Now, I mean, it's an absurd proposition when you think about it. All of these constructs are our constructs, our legal and conceptual constructs. The economy is our concept. And the idea that we've just got to lie down and be whipped by the market is just nonsensical. Bill further elaborates the FJG is multi-dimensional. In the short run it solves poverty and income insecurity, but in the long term, it will help evolve the concept of 'meaningful work.' Jobs don’t need to be soul-crushing, but can actually be personally fulfilling and beneficial to society at the same time. We are only limited by our imagination. Professor Bill Mitchell holds the Chair in Economics and is the Director of the Centre of Full Employment and Equity (CofFEE), an official research centre at the University of Newcastle. He also is a Visiting Professor at Maastricht University, The Netherlands, and is on the management board of CofFEE-Europe, a sister centre located at that university. Enroll, support and donate to MMTed at mmted.org @billy_blog on Twitter http://www.billmitchell.org/ “Macroeconomics” ordering information on bilbo.economicoutlook.net/…

Macro N Cheese

1
What Marx Got Wrong with Steve Keen 54:46

4 years тому54:46

54:46

Steve Keen can be counted on to bring a unique and controversial perspective. This time he turns his critical gaze toward what some feel is sacred in Marx’s legacy. The interview takes a dive into complex theory, which we won’t even attempt to summarize here. Keen says Marx’s philosophical thinking ultimately transcended his own labor theory of value which asserts that all surplus value derives solely from labor. In the Grundrisse, he acknowledges the role of machinery in the production process showing that, with its input into production, machinery can be a source of surplus value. Keen believes this disproves the tendency of the rate of profit to fall. Therefore, socialist revolution is not inevitable. According to Keen, however, after contradicting his own basis for scientific socialism, Marx refused to give it up. Let's get one thing clear... I regard Marx as one of the greatest intellects in economics, probably the greatest. So I put him above Keynes, comparable to Schumpeter. I regard Schumpeter as an incredibly original thinker. And if I want to see my pantheon of great economists, it starts with Richard Cantillon, leaps to François Quesnay, jumps over Ricardo and Smith, and lands on Marx. At one point in the interview, Grumbine brings up the necessity of a future built around green energy. Keen goes into the laws of thermodynamics, the transition from high frequency energy to low frequency energy, and the law of entropy. Grumbine reminds Keen of his last visit to Macro N Cheese, when he called attention to the breakdown in the global supply chain during the pandemic. This gets them talking about the need for, in Keen’s words, “a symbiosis between central control and distributed control.” There’s so much more to this episode. We said we wouldn’t attempt to summarize it, but we’re providing plenty of resource material in the “Extras” page. If you’re not listening on the Real Progressives website, be sure to check it out. There’s a transcript of the interview as well. You may need it. Professor Keen is a Distinguished Research Fellow at UCL and the author of “Debunking Economics,” “Can We Avoid Another Financial Crisis?” and his latest “The New Economics: A Manifesto.” He is one of the few economists to anticipate the Global Financial Crisis of 2008, for which he received a Revere Award from the Real World Economics Review. His main research interests are developing the complex systems approach to macroeconomics, and the economics of climate change. @ProfSteveKeen on Twitter He has plenty of free content on Patreon. Subscribe: patreon.com/ProfSteveKeen bookshop.org/books/the-new-economics-a-manifesto/9781509545285 bookshop.org/books/can-we-avoid-another-financial-crisis/9781509513734…

Macro N Cheese

1
Ep 120 - Chain Reactions with Mike Figueredo 59:19

4 years тому59:19

59:19

Mike Figueredo and Steve Grumbine have a lot in common. Both are on a journey toward radicalization. Both recognize the importance of MMT in this process. Steve was recently Mike’s guest on The Humanist Report in an episode that was part MMT primer and part discussion of their mutual anti-capitalist awakening. This week, Mike comes to us. When we activists and non-economists first learn MMT, we experience a chain reaction as one shibboleth after another is toppled. The insights strike us as both profound and profoundly obvious. Of course it can also be both exciting and depressing at the same time. Mike tries to ward off despair as he acknowledges the stark implications: We're staring down the barrel of a gun right now. Climate change. What is it the IPCC says? By now we have 10 years to act to avoid catastrophic climate change? Tweaking around the edges, it's not just insufficient, it's literally deadly at this point. And nobody is willing to say that in DC. Nobody is willing to frame it with the urgency that's needed. It’s no longer about mitigating climate change. It’s about adapting to its reality. By the time we decide to build a seawall it will be too late. Besides, as Mike says, “when we talk about a seawall in 15 years, then it's ‘well, you know, the deficit is really getting high.’” Steve points to recent comments by Janet Yellen about the need for fiscal responsibility. It would make sense for Biden to actively encourage this deficit fear porn; with these bogeymen as well-planted distractions the administration has plausible deniability. We need not bother to expect success. Returning to the gun metaphor, they speak of austerity. Steve says: People associate the gun with murder. They don't associate the policy with murder. And so when I see this play out, I'm not seeing it like some benign thing. I see this as a legitimate gun to the head of anyone that is not flush with cash. So many died unnecessarily in this pandemic. And I don't see any path forward. You said the people have to be angry. They can't just vote. They've got to organize. The problem is they don't know that there is a legitimate war going on right now against them with this austerity narrative. That's like a sanction against the American people. Steve and Mike delve into the #MedicareForAll conversation, specifically, the currently trending, but fatally flawed idea of state-based single payer. As MMT shows us, US states are currency users and need to generate the revenue through taxation or borrowing, unlike the currency-issuing federal government. The state-funded health care system is not only doomed to fail because of an impossible revenue deficit, but as Mike notes, the failure could be used by the political elite as a false representation of the failure of #M4A. Like many on the left nowadays, these two independent media hosts are finding the more they study capitalism, the harder it is to imagine a future for it. Mike Figueredo is the founder and host of the Humanist Report. Support and follow them: Website humanistreport.com Patreon patreon.com/humanistreport Twitter @HumanistReport YouTube goo.gl/E5D8gG…

Macro N Cheese

1
Point Counterpoint: The Biden First 100 Days with Robert Hockett 1:04:40

4 years тому1:04:40

1:04:40

Robert Hockett is back to share his irrepressible optimism as he and Steve review Biden’s first 100 days. They both admit the administration has done more than they expected, but then again, they weren’t expecting much. When Pramila Jayapal awarded the president an A, she must have been grading on a curve. Bob isn’t confident predicting what the coming months will bring, but he expresses both his hopes and fears around a number of issues. How will Biden navigate the shoals of very shallow Democratic support in the Senate? What are his choices and what are their potential consequences? With two more big spending bills in the wings, there’s a lot riding on Congress. To some extent, Bob sees Biden’s fortunes aligned with our own: successful and popular domestic policies would translate into votes expanding the Democratic majority in the midterm elections. Perhaps it’s unfair to judge an administration on the achievements of the first 100 days. Just consider FDR: So one of the things that we tend to forget about the New Deal is that it wasn't really just one big enactment and it wasn't even like three or four big enactments. It was literally scores of distinct pieces of legislation rolled out sequentially over about a 13-year period . . . and the way it was sequenced, it was done in such a way as to ensure that FDR kept winning reelection and each time he won reelection, he could do even more. On the international front, we’re witnessing a revival of America as agonist. This administration has no qualms about amping up a new cold war against Russia and China. The US uses tariffs and sanctions as a means of wielding power over other countries. Steve asks about the use of the payment system to lock them out. Bob thinks China is playing a very smart game. As long as they remain an export-led growth economy, they benefit from the dollar's dominant position in the global monetary system. But China is moving towards a domestically generated demand-focused economy, at which point the dollar’s position as reserve currency will no longer serve their interests. In Bob’s view, they’re taking advantage of the current arrangements while wisely getting their ducks in a row. Meanwhile, they’re making advances towards becoming one of the most important global players in digital currency and finance. There’s much more to this episode, from elite control fraud in the financial industry to the effect of the pandemic on the powerless. Agree or disagree, an hour with Bob Hockett is sure to engage, inform, and probably amuse you. Robert Hockett is the Edward Cornell Professor of Law at Cornell Law School, Visiting Professor of Finance at Georgetown University’s McDonough School of Business, and Senior Counsel at Westwood Capital, LLC. He specializes in the law, economics, and philosophy of money, finance, and enterprise organization in their theoretical and practical, their positive and normative, and their local, national, and transnational dimensions. @rch371 on Twitter https://bookshop.org/books/financing-the-green-new-deal-a-plan-of-action-and-renewal/9783030484491 https://realprogressives.org/books/money-from-nothing-or-why-we-should-stop-worrying-about-debt-and-learn-to-love-the-federal-reserve/ https://www.forbes.com/sites/rhockett/?sh=d551a2fe54a0…

Macro N Cheese

1
The Web of Progress with Jen Perelman 52:51

4 years тому52:51

52:51

This week our guest is the fearless Jen Perelman, host of JENerational Change and recent challenger to establishment sweetheart Debbie Wasserman-Schultz. Jen and Steve have a genial conversation about electoral politics, revolutionary action, and the path forward. Jen talks about her campaign against the notorious DWS, and how inherently flawed and exclusionary our current political framework is. We will never vote our way to revolution. Significant change will only be born of a huge labor movement willing to engage in a general strike. She refers to the Chris Hedges statement about fighting fascists not because we can win, but because they’re fascists. I don't know another way to do anything and I'm not going to just do nothing. Right? So this is the menu right now. How do you sleep better at night? Do you sleep better knowing that you're working on the side of justice, or do you want to just say we can't win, so forget it? They discuss some of the roadblocks to building a movement, especially when we live in an echo chamber. With electoral politics, we have people who are bought and paid for, standing in the way. Tribalism appeals to our need to be on a team, with an identifiable enemy. Jen feels this society is lacking some serious critical reasoning skills. Many talk of building bridges. Jen builds spiderwebs, each thread connecting people to herself and to each other, by taking on the issues that touch their lives. Her organization JENCorps, is one way she continues to serve her community. Check them out on the website jenerationalchange.com. Jen Perelman ran for election to the U.S. House to represent Florida's 23rd Congressional District, but lost to Debbie Wasserman Schultz in the 2020 Democratic primary. Her show, JENerational Change, is available on YouTube, Spotify, and iTunes. @JENFL23 on Twitter…

Macro N Cheese

1
Reparations with Sandy Darity and Kirsten Mullen 1:10:00

4 years тому1:10:00

1:10:00

This week, Kirsten Mullen and Sandy Darity join Steve to talk about their book From Here to Equality: Reparations for Black Americans in the Twenty-First Century . In recent years the debate on reparations has gained some momentum, though not for the first time, as Mullen and Darity point out. “40 acres and a mule” was among the first promises made (and broken) to black Americans since the end of the Civil War. While white families benefited from the homestead act and have continued to receive aid and preferential treatment at every level, assistance to African Americans has always been portrayed as undeserved government handouts. The abolition of slavery created new opportunities for exploitation. Our listeners are well aware that private companies utilize prison labor for pennies on the dollar. Mullen and Darity provide examples of the racist discrimination and disenfranchisement that have poisoned the US since its founding. At every crossroad, every opportunity to do the right thing, this country has made the wrong choice, sometimes subtle, often brutal and vile. In making the case for reparations, they focus on the staggering wealth gap. At the top of that chasm sits the wealth of corporations built on the backs of slave labor. Mullen: You have Lehman Brothers, which began as a cotton brokerage in Alabama, for example. These were a family of brothers who initially were involved in retail trade, but they quickly realized that the real money was in buying and selling cotton. This leads to the cotton exchange in New York City. Tiffany, the iconic jeweler in New York City, was a slave owner. Most college and universities, the early ones, the elite ones, all of them benefited from donations of money from individuals who own and traded slaves or who donated land that they were able to acquire because of the slave trade. While some reparations proposals are systemic and encompass a broader demographic, Mullen and Darity target African Americans whose ancestors were enslaved in this country. They have calculated a dollar amount to rectify the loss of inter-generational wealth that could have been created had the early promise been kept. After you listen to this episode, we urge you to buy the book. From Here to Equality: Reparations for Black Americans in the 21st Century is the recipient of the inaugural 2021 Book Prize from the Association of African American Life and History and the 2020 Ragan Old North State Award for Non-fiction from the North Carolina Literary and Historical Association. A. Kirsten Mullen is a folklorist and the founder of Artefactual, an arts-consulting practice, and Carolina Circuit Writers, a literary consortium that brings expressive writers of color to the Carolinas. William A. (“Sandy”) Darity Jr. is the Samuel DuBois Cook Professor of Public Policy, African and African American Studies, and Economics and the director of the Samuel DuBois Cook Center on Social Equity at Duke University. Follow him on Twitter @SandyDarity…

Macro N Cheese

1
Ep 116 - Beyond the Deficit Myth with Brian Romanchuk 1:07:41

4 years тому1:07:41

1:07:41

This week, Steve catches up with Brian Romanchuk to talk about his latest book, Modern Monetary Theory and the Recovery . Brian was last on in episode 16, two years ago. A lot has happened since then. From his blog, Bond Economics: This book discusses the causes of slow growth in the developed world after the early 1990s from a Modern Monetary Theory perspective. Policy proposals from MMT proponents that aim to rejuvenate the labor market without causing a resurgence of inflation will be examined. Brian says the book goes through the basics of MMT before addressing the sluggish recoveries since the Reagan-Thatcher years. Why were previous recoveries after recessions slow and how can we change it going forward? How do we prevent a long period of underemployment like we’ve seen in previous decades? The modern era has been a constant move away from state control in favor of letting market forces guide the economy. Throughout this interview the discussion frequently returns to labor. As Brian says, it’s really a labor market story. The present spending bill, while larger than expected, is still inadequate. Basically, the money is all flowing into rent, groceries, and settling debts, because it’s replacing a broken income flow resulting from the pandemic. Well, governments around the world threw a huge slug of spending as big deficits. And to be honest, not that much of a bounce. And the reason is all it did was allow people to continue their existing patterns, which is great, but it's also keeping landlords afloat. So that's one reason why it was relatively popular because it was basically the landlord bailout. Brian tells us his next book will be about inflation and takes some time to describe and compare various theories. Finally, he takes criticisms of MMT, finding very few to be in good faith. Brian Romanchuk was a fixed income quantitative analyst in Quebec. He is the author of a number of books, including Modern Monetary Theory and the Recovery, published in March of this year. His writings can be found on his blog: www.BondEconomics.com @RomanchukBrian on Twitter…

Macro N Cheese

1
Fiscal Money and the European Union with Marco Cattaneo 57:33

4 years тому57:33

57:33

Even a very dysfunctional system is beneficial to somebody. And that's the reason why changing course is difficult. Economist Marco Cattaneo joins us this week to talk about “fiscal currency” and how it could provide a partial solution to the economies that haven’t fared so well from the adoption of the euro, the currency being used by 19 of the 27 countries of the European Union. The shared single currency has proven to be too strong for some and too weak for others, making it difficult to set up interest rates and trade relationships that work well for all of them. But more consequential are the restrictions placed on fiscal policy, forbidding EU nations to generate deficits beyond established thresholds. Thus, they are deprived of a valuable governing tool. Each country has been forced to reduce public investments, including public health expenditures, causing a deterioration in the quality of health systems throughout the European Union. This has been reflected in the handling of the COVID crisis. Fiscal money is basically a financial instrument or security, which can be used by citizens to offset their tax obligations. In explaining it, Marco reminds us of one of the basic principles of Modern Monetary Theory -- that money is a tax credit. An EU nation, like a US state, is a currency user. Italy cannot issue euros. ...but nothing prevents us from issuing tax credit certificates, which can be used in order to support income, to support expenditures, to fund public investments, and to basically recover the amount of economic policy flexibility which will be needed not just in order to recover the political impact of COVID, but to recover all the damages that neoliberal policies taken under the euro created in the countries such as Italy. While Marco believes it was a mistake to create a single currency for the EU, he recognizes that discarding it is a political improbability. It will be easier to garner support for fiscal money. For a deeper dive, we recommend the articles linked below. Both are in English. You’ll find another example of a parallel currency in our episode Unis for All with Scott Ferguson and Ben Wilson Marco Cattaneo is an Italian economist and co-author of La Soluzione per L'Euro. His blog is Basta con L’Eurocrisi. Follow his blog http://bastaconleurocrisi.blogspot.com/ @CCFCattaneo on Twitter…

Macro N Cheese

1
Ep 114 - When the Whistle Blows with Richard Bowen 1:07:19

4 years тому1:07:19

1:07:19

Steve Grumbine welcomes the uncompromising and incorruptible Richard Bowen to the studio to discuss the intricate web of deception and fraud more commonly known as our private banking system. Having been at Citigroup during the mortgage crisis, he had an insider’s eye view of the stranglehold the large banks have on our country. The financial services industry is one of the largest contributors to political campaigns and there’s a revolving door between the regulatory agencies and the institutions they’re supposed to be regulating. He can only conclude that the banking lobby controls the government. In early 2006, when Citigroup consolidated its diverse mortgage operations, Richard was given a huge promotion to the position of chief underwriter. Citigroup was purchasing $90 billion worth of mortgages a year - mortgages they did not originate but purchased from other banks and mortgage companies. He was responsible for making sure these mortgages met Citi’s policy guidelines. And that basically was the overall job. Now Citigroup, when they purchased these mortgages, immediately turned around and sold most of them. And when they sold them, they gave their representations and warranties. They basically gave their guarantees that these met our policy guidelines ... And, yet I was finding that 60 percent were defective. They did not meet our guidelines. So, silly me, I started issuing warnings. I thought it was my job. Being a whistleblower is neither a glamorous nor rewarding position to be in, and as Richard tells his students at the University of Texas, one will pay a dear price for “blowing the whistle.” It takes a real toll professionally, personally, and physically. The most heroic acts are often thankless, and as demonstrated by our recent history regarding the treatment of whistleblowers, no good deed goes unpunished. But it must be done. Citigroup’s handling of Richard Bowen was a story in itself. He came under surveillance and was frankly terrified, afraid to start his car without looking under the hood first. You’ll have to listen to the episode for the story. He was led a merry dance by the SEC enforcement division, who feigned interest in his reports, and the Financial Crisis Inquiry Commission, charged by Congress to investigate the financial crisis. If they find evidence of criminal wrongdoing, they are to send a criminal prosecution to the US Attorney General. This sounds like a slam dunk, given the treasure trove of documents he had submitted to the SEC. But if you go down that list of all the witnesses, Steve, you won't find the name Bowen. That is because the congressional commission decided that all of my testimony, everything I told them behind closed doors, everything I gave them, everything they got from the SEC, everything including my original written testimony, it all needed to stay confidential. So it was sent to the National Archives with instructions that it could not be read for five years. Why five years? Funny you should ask. Could it have anything to do with the fact that the statute of limitations for fraud is five years? Richard Bowen was a senior vice president at Citigroup who blew the whistle on the mortgage fraud that helped trigger the subprime mortgage crisis. He is currently a professor of accounting at the University of Texas at Dallas. His story has been featured in the docuseries, The Con, the podcast, The New Untouchables: The Pecora Files, and the 60 Minutes story, “Prosecuting Wall Street.” www.richardmbowen.com On Twitter: @RichardMBowen…

Macro N Cheese

1
Financial Fragility with Eric Tymoigne 1:03:56

4 years тому1:03:56

1:03:56

Real Progressives recently created a series on fraud and the great financial crisis. To further understand the economic underpinnings of 2008 and other financial crises, Steve turned to Eric Tymoigne, inviting him on to talk about the book he co-authored with Randall Wray, The Rise and Fall of Money Manager Capitalism: Minsky's Half-Century from World War Two to the Great Recession . Alan Greenspan called the financial crisis a “once in a century tsunami,” a huge shock that occurred to the system that had been very unlikely, but, Oops, it happened! And we were not prepared. The Minsky narrative is the opposite. It's a very tiny shock that blew up the entire system. And why? Because over time, the system becomes more fragile, weaker, less able to buffer against even small adverse shocks on the system. Minsky's theoretical framework is really not about the crisis, it's about the process that leads to the crisis. That's where financial fragility comes into play. As Tymoigne explains, the financial crisis wasn’t caused by irrational behaviors, but by the very mechanics of capitalism itself. Milton Friedman said, basically, if you want to understand capitalism, you don't need to understand money. You don't need to understand corporations. You can simply visualize a small peasant economy based on barter in order to grasp the mechanics of exchange within the economic system. You’ll have a decent understanding of capitalism. Not so, according to Minsky. You have to put finance immediately in the analysis and recognize that capitalism is a monetary economy that has long-lived capital equipment. And so that means that you have to have views about the future regarding the ability of this capital equipment to perform over time and to generate high enough monetary return. Tymoigne talks of the different degrees of financial fragility: hedge finance, speculative finance, and Ponzi finance. These different states relate to expectations of future monetary outcomes. According to Minsky we must consider the role of money, linking it to the future to see how a capitalist economy moves progressively from periods of relative stability with hedge finance, when people are able to pay their debts, to periods of Ponzi finance, with no expectation for the debts to be serviced without forcing a sale of the assets. This brings us back to the mortgage crisis. After listening to this episode, be sure to check out The New Untouchables: The Pecora Files . It’s like a case study of what you’ve heard here. 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. His areas of teaching and research include macroeconomics, money and banking, and monetary economics. On Twitter: @tymoignee…

Macro N Cheese

1
Neoliberalism: The Denouement with Thomas Fazi 1:00:50

4 years тому1:00:50

1:00:50

At the start of the pandemic, Thomas Fazi wrote an article entitled “Could COVID-19 Vanquish Neoliberalism?” It was in response to the optimistic analysis, especially coming from the left who saw in the state’s reaction a deep crisis of neoliberalism. In fact, some were predicting the death of neoliberalism and the rise of a new regime, one characterized by greater state intervention and greater state regulation of markets, more active fiscal policies and greater attention to the needs of societies, mostly brought on by the emergency, not due to sudden change of heart on behalf of elites... In this episode, Fazi explains that neoliberalism is often misconstrued as a political strategy of curtailing the state and empowering the market, but in reality, neoliberalism has been and continues to be characterized by an extremely active state intervention in the economy. He asserts that neoliberalism isn't about getting rid of the state, it’s about elites - and especially big capital - taking control and using the state to favor its own interests, where the needs of society are subordinated to the functioning of the market. The most obvious examples are the privatized energy and water systems. Part of the facade of neoliberalism is convincing the people that the state doesn't have any power, because what better way to stop people from demanding their basic necessities - like healthcare, jobs, and housing - than convincing them that these aren't things that aren’t technically achievable. The pandemic has proven, among other things, that the argument in favor of the euro, and the European Union in general, is without merit. There was supposed to be strength in numbers when in practice we’ve seen smaller countries like the UK handle the pandemic much more efficiently than the hulking bureaucracy of the EU. After loosening the purse strings, most countries are now reverting to type. Our leaders continue to say, yeah, well, but we can't spend too much to save people's lives because Italy has a very big public debt. So the European Union has told us that we have to go easy on spending. And so that's really the situation we're in. And again, this crisis has really proven to an even greater degree, just how tragic it is for a country, especially an advanced country such as Italy - that would have huge scope for maneuver if it had its own currency - just how tragic it is for a country to renounce its monetary sovereignty. Steve asks Fazi to speak about the so-called “great reset,” the latest boogeyman lurking under our beds. Rather than entertain the more outrageous predictions, he talks about crisis capitalism. Anyone who has read “The Shock Doctrine” by Naomi Klein, knows it is not a paranoid fantasy. In Italy, the vast number of small restaurants that suffered from the pandemic and are now in danger of being gobbled up by huge corporate firms. Neoliberalism, business as usual. Thomas Fazi is a journalist, writer, and translator. He’s co-director of Standing Army, an award-winning feature-length documentary on US military bases featuring Gore Vidal and Noam Chomsky, and author of The Battle for Europe: How an Elite Hijacked a Continent – and How We Can Take It Back. His latest book, Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World, is co-authored with Bill Mitchell. @battleforeurope https://thomasfazi.net/ https://unherd.com/2020/04/could-covid-19-vanquish-neoliberalism/…

Macro N Cheese

1
Ep 111 - Cancel This Podcast with Dan Kovalik 56:05

4 years тому56:05

56:05

This week Steve talks with Dan Kovalik, a labor and human rights lawyer, who recently wrote a book aptly titled Cancel This Book . The episode is more conversation than interview; Dan and Steve both have a lot to say about cancel culture. Dan tells the story of Molly Rush, an 85-year-old peace activist who once served time in jail for participating in a protest at a nuclear bombsite with the Berrigan brothers. Molly went on to help found the Thomas Merton Center in Pittsburgh, one of the oldest peace and justice centers in America. During the BLM protests last summer, Molly reposted a meme of MLK, expressing the effectiveness of his nonviolence. The board of the Thomas Merton Center circulated a letter severing the 50-year relationship with her for posting a “racist meme.” Dan and Steve share their journeys from solid conservative Republicans and describe their radicalization. They talk about the perils of organizing without class-consciousness and the importance of reaching out to people who don’t necessarily agree with you. They recount the attacks against Jimmy Dore for agitating for Medicare for All and Stephanie Kelton for meeting with conservatives in Japan. They discuss the hawkishness of liberals who once were reliably antiwar. Dan introduces the term “the narcissism of small differences,” wherein people with much in common become polarized over the slightest areas of disagreement. This isn’t an episode about macroeconomics. It takes another path and looks at how we communicate with each other, and how we must do a better job of it. Dan Kovalik is a labor and human rights lawyer who served as in-house counsel for the United Steelworkers Union near Pittsburgh for 26 years. He teaches International Human Rights at the University of Pittsburgh School of Law. He has contributed articles to CounterPunch, Huffington Post, and TeleSUR, and is the author of several books, including Cancel This Book: The Progressive Case Against Cancel Culture. @danielmkovalik on Twitter bookshop.org/books/cancel-this-book-the-progressive-case-against-cancel-culture/9781510764989…

Macro N Cheese

1
Taming the Megabanks with Art Wilmarth 1:02:17

4 years тому1:02:17

1:02:17

This week Steve talks with Arthur Wilmarth, fresh off his appearance in our current series, The New Untouchables: The Pecora Files , which dovetails neatly into the subject of Art’s latest book, Taming the Megabanks: Why We Need a New Glass-Steagall Act. Art takes us through the original Glass-Steagall, adopted at the start of the Roosevelt administration as an early part of the New Deal when it became clear that allowing banks to get into the securities business and sell high-risk securities to investors around the world played a very large role in creating the conditions for the Great Depression. Congress saw that banks won’t be objective lenders or impartial investment advisers if they're taking loans and packaging them up into securities and selling them. They become biased and inclined to take lots of risks, which is not what banks should be doing. The act also prevented non-banks or “shadow banks” from engaging in the banking business. And so there was a very strict wall of separation created between banks and the capital markets, which operated very effectively, and helped maintain a very stable financial system from 1933 at least into the 1980s. There were no major systemic financial crises during that period. There were problems, but the crises that happened tended to occur within particular sectors and they could be contained because you didn't have banks exposed to what was going on in the capital markets. Art points out that the stock market crash of 1987 didn't affect the banks because Glass-Steagall was in effect, preventing the banks from being involved in the stock market. After a series of liberalization from the late 1980s through ‘90s, Glass-Steagall was repealed in 1999, removing the firewall between banks and the capital markets. When the next boom and bust cycle brought global financial crisis, it started in the shadow banking area in the capital markets and spread very quickly to the banks. From the global financial crisis through the pandemic crisis, there’s been a continued expansion and explosion of all types of debt. We had a record amount of corporate debt by 2020, including an unprecedented amount of high-risk corporate debt. Much of that debt involved companies borrowing trillions of dollars to finance stock buybacks, serving only the interest of insiders by driving up their stock price. Meanwhile, we’ve had a continuing run-up of consumer debt, particularly in things like car loans, student debt, and credit card debt, all exacerbated by the pandemic. Art reminds us we’re doing the same thing over and over and expecting a different result - the very definition of insanity. We're continuing the system that churns out debt, protects Wall Street and then bails out Wall Street when the crisis comes. We keep giving them incentives to take on more risk. They think they won't fail. Art says they will fail. Eventually, they'll get to the point where the government can't bail them out. But I think the pandemic crisis, in my opinion, confirms everything that I argued in my book: that we're in this global doom loop, I say, where the central banks and the governments are backing up the universal banks and the shadow banks on Wall Street, and everybody is churning out more and more debt without any understanding of how we could make that sustainable over the long term. Art’s prescription is a new Glass-Steagall, ending bailouts for every hiccup in the capital markets. “Markets are supposed to be where you take risks - and if you lose, you lose. If you win, you win. If we keep bailing them out, they're not markets anymore. They're just one-way gambles on the federal government and as I say, they're crony capitalism.” Arthur E. Wilmarth, Jr. is Professor Emeritus of Law at the George Washington University Law School and author of Taming the Megabanks: Why We Need a New Glass-Steagall Act. He has testified before committees of the U.S. Congress and the California legislature on financial regulatory issues.…

Macro N Cheese

1
Ep 109.5 - Austin Needs Water with Romteen Farasat 14:32

4 years тому14:32

14:32

In this extra edition of Macro N Cheese, Steve talks with Romteen Farasat, Incident Commander of Austin Needs Water. We all saw the news photos of Texas under a blanket of snow and ice. The freeze occurred the night of February 14th, yet two weeks later, people are still living without water. Public water has returned but private water lines are still off. They serve apartment buildings and housing complexes, so tens of thousands of residents are still going without. When government fails to step up, the people step up. But the people have very limited resources. Romteen tells Steve the enormity of their needs and reminds us this is happening under a Biden presidency. Those who celebrated the ousting of the orange monster must now concede that candidate Biden was truthful in his campaign pledge that nothing will fundamentally change. Crises continue to engulf us, inaction remains the same. The city of Austin doesn’t have the infrastructure to handle this disaster, but as MMTers we know that the US government has the money. Sending dollars is the easiest thing in the world, yet the residents haven‘t seen a single dime. Where is it? Without a functioning government, it falls to us to care for our neighbors. Water, food, and monetary donations are needed, as well as volunteers on the ground. Austin Needs Water is led by volunteers from BASTA, WDP, UPO, Austin Urban League, AFA, DSA Austin, Foundation Communities, Austin Mutual Aid, Street Medics Austin, and many more local organizations. To donate: AustinNeedsWater.com @RomteenF on Twitter…

Macro N Cheese

1
Institutions with Linwood Tauheed 1:01:28

4 years тому1:01:28

1:01:28

This week Steve talks with Linwood Tauheed, someone we’ve heard about from several of our recent guests. Dr. Tauheed is an institutionalist economist; he looks at the economy not as a macroeconomy or a microeconomy, but as an economy that's founded on institutions. Beyond the economy, or perhaps intertwined with it, institutional frameworks enable and constrain all parts of social life. They are sometimes the unconscious or conscious ideas that structure the way ordinary people live their lives. Such an expansive, dialectical look at society inspires Steve to take this interview down a number of paths, visiting both recent and distant history. They talk about the stark differences between the French and American revolutions. Slavery was outlawed during the French revolution, which was fought by the poor against the rich: It was a class-based revolution, whereas the American Revolution was a revolution of the very well-off in this country against the monarchy, the very well-off in Britain. And so it wasn't a revolution that was based on freeing the poor. It was a revolution based on freeing the rich. The US Constitution is just one representation of the institutions that undergird the divisions of race and sex in the service to capitalism. According to institutionalist Thorstein Veblen, capitalists organize systems enabling them to “make a living without earning a living.” There are micro-institutions and “habits of thought” that continue to divide people whose common oppression should unite them. This episode includes discussion of A Tribe Called Quest, the life of Malcolm X, and, of course, Modern Monetary Theory. A transcript of the interview is available on our website. For additional, related content, check out the Extras page. Linwood Tauheed is an Associate Professor of Economics at the University of Missouri Kansas City, and teaches introductory and advanced courses in Institutional Economics, Political Economy of Race, Class, and Gender, Economic Development, and a doctoral seminar in Interdisciplinary Research Methodology. His primary research interests are in Economic Methodology, Community Economic Development and Analysis of Education. A major research project involves the development of ‘Critical Institutionalism,’ an interdisciplinary metatheoretical framework for developing models for evolutionary institutional change in social systems through social action. He is the immediate past president of the National Economic Association (NEA), which was founded in 1969 as the Caucus of Black Economists and recently celebrated its 50th anniversary.…

Macro N Cheese

1
Knowledge is Power with Rev. Delman Coates 57:34

4 years тому57:34

57:34

The last time Delman Coates was a guest on Macro N Cheese, the Our Money campaign was still fairly new, this podcast was on its 20th episode, and none of us had heard of COVID-19. Now, almost two years and 100 episodes later, it was long overdue for him and Steve to get together again. Delman believes the federal response to the pandemic has been an eye-opener. People saw the government use the public purse to provide economic stimulus. New money was created through deficit spending without the need for new taxes to pay for it. It’s out in the open: whether deficit spending is being done to bail out corporations or whether it’s spent on emergency relief, everyone can see it happening. And so that's why I think that there is so much power in MMT. Paulo Freire talked about the pedagogy of the oppressed. MMT is a pedagogy of the people. And as people see their government working and functioning, they understand that the concepts that we've been espousing are true. And because of that, I think it's unassailable. Delman says it’s our charge to educate all across the political spectrum. When the people understand how our economy actually works, they’ll realize we’ve been asking for far too little. Believing the public purse is funded through tax revenue, “we've been asking for crumbs when we could get the loaf.” Our Money’s Repair and Restore agenda is centered around a federal job guarantee, free health care, and federal funding of public education, pre-K through college. Delman describes these three central policies as the biggest, broadest, and most robust form of automatic stabilizers to benefit the American people and black folks in particular. He emphasizes the use of stabilizers as opposed to stimulus. Stimulus is temporary. When we provide FDIC insurance for banks to go out here and treat the commercial lending market like it's a casino, we are providing public supports to the financial sector. So I want to be clear that when we talk about the power of the public purse, we're not talking about giving people something that they don't deserve. Delman goes into the job guarantee’s history in the civil rights movement. From Sadie Alexander, the first black American economist, to Dr. Martin Luther King, Jr, and A. Philip Randolph, through today’s leaders, many have understood what guaranteed jobs could do in the battle against racism and the struggle for a secure decent life for all. The results would be profound. You won’t want to miss this episode. Delman’s eloquence and clarity are inspirational. Reverend Delman Coates is the Senior Pastor of Mt. Ennon Baptist Church in Clinton, MD. He’s the Founder of Our Money, an economic justice campaign that seeks to solve some of our nation’s greatest social and economic challenges. Dr. Coates also founded the Black Church Center for Justice and Equality to address the social and spiritual challenges of the African American faith community. ourmoneyus.org On Twitter: @iamdelmancoates @ourmoneyus…

Macro N Cheese

1
We Are Losing The Media War with Jordan Chariton 1:09:37

4 years тому1:09:37

1:09:37

From his days at TYT to his ground-breaking investigative work at Status Coup, Jordan Chariton has been on the front lines of journalism for years. The stories he covers should be plastered all over cable news and the national publications… but they aren’t. While the mainstream is obsessed with impeachment and a newly-elected Republican who follows QAnon, Jordan has been reporting on the tragedies and travesties being visited upon American communities far from Washington, DC. From Flint’s poisoned water supply to Iowa’s fraudulent Democratic caucus, what’s notable is the absence of the national press corps. Jordan travels to trailer parks and tent cities where he educates himself and his followers about the day-to-day misery perpetrated on the people. I'd be seeing what's actually happening in the country, which was just an economic Hunger Games mixed with environmental genocide. And I'd get back to the hotel or wherever I was staying, and the media's main focus would be on whatever Trump tweeted. Jordan and Steve delve into our current political reality, agreeing it’s increasingly unlikely substantive change will come from the halls of Congress. Steve suggests the progressive movement will need to engage in direct action while organizing legal and mutual aid. In Jordan’s view, targeted public pressure is important. He thinks we should focus on pressuring and dismantling the current corporate media monolith. We need to quell the mass public brainwashing, as well as disseminate the real news to a confused population. Jordan Chariton, Status Coup CEO, is an independent progressive journalist who’s worked inside and outside the belly of the corporate media beast for over a decade. He has worked at Fox, MSNBC, and The Young Turks, before starting Status Coup. His team’s investigative work is attracting attention and expanding their reach. @JordanChariton @StatusCoup statuscoup.com Check out Jordan’s article on DNC tampering https://theintercept.com/2020/12/23/dnc-iowa-caucus-app-shadow/ and on Snyder’s prior knowledge of Flint https://theintercept.com/2021/01/13/flint-michigan-rick-snyder-legionnaires/…

Macro N Cheese

1
Reform or Revolution with Danny Haiphong 1:06:40

4 years тому1:06:40

1:06:40

We at Macro N Cheese are big fans of Black Agenda Report because of their clear, no-bullshit analysis and their global perspective. This week’s guest does not disappoint. Danny Haiphong is a contributing editor of BAR, co-host of The Left Lens, and co-author of American Exceptionalism and American Innocence: A People's History of Fake News―From the Revolutionary War to the War on Terror. Danny describes austerity as the assault on the rights and well-being of working people. It has been normalized and disconnected from the issues of xenophobia and white supremacy being peddled by both parties in a kind of faux competition between the elite over who is going to lead the charge for the empire at this given moment. Steve and Danny spend much of the episode addressing the distinction between reform and revolution and the dangers inherent when the lines are blurred. While it’s becoming clear that electoral politics are inadequate for bringing the kind of revolutionary change we need, we can’t entirely dismiss them. Unfortunately much of the American left lacks a historical materialist analysis and holds the mistaken belief that time can be reversed. And sometimes a disservice is really done, I think, when folks in the Sanders camp, for example, talk about the New Deal and FDR being the model, when at that time there were forces in that camp who were purging and attacking the left, socialists, communists in order to purify them from those ideological elements and in fact, save capitalism. We ignore, at our peril, the massive struggles it took to achieve even minor reforms, We neglect the historical context of the New Deal or the civil rights era and don’t consider the economic base of society. Many in the progressive movement believe we can repeat the New Deal in the 21st century without asking what was the development stage of capitalism then... and what is it now? This episode goes into censorship, the media, and monopoly ownership. Is censorship ever warranted? Steve and Danny take a deep dive into political theory and practical possibilities given the reality of the American empire, global and domestic. Danny Haiphong is a contributing editor to Black Agenda Report and co-host of The Left Lens. His work has been published widely elsewhere and maintains a blog at patreon.com/dannyhaiphong. @SpiritofHo on Twitter American Exceptionalism and American Innocence: A People's History of Fake News―From the Revolutionary War to the War on Terror https://www.goodreads.com/book/show/41953443-american-exceptionalism-and-american-innocence…

Macro N Cheese

1
The Case for Scottish Independence with Kairin Van Sweeden 1:11:50

4 years тому1:11:50

1:11:50

We’ve had several episodes on Brexit, but this is the first time we’re talking about it with a Scottish nationalist. Kairin Van Sweeden is the executive director of Modern Money Scotland and works with the SNP, the Scottish National Party. Joining the union was forced upon the Scottish people in 1707 against the wishes of the majority. With the seat of government and economic power concentrated in London, the needs of Scotland are not a priority in the UK. Despite the continual growth of the independence movement, they couldn’t get it passed in the 2014 referendum. By the time of the Brexit vote in 2016, many realized their mistake as the majority in Scotland voted to stay in the European Union. Scotland has an abundance of resources, with a huge farming sector and an excess of renewable energy potential in the form of tidal and wind energy. They have 60% of the UK’s ocean water but only 8% of the population. Enter a problem. Scotland has an aging (shrinking) population and needs to attract young people. The result of the Brexit vote led to an immigrant exodus. Kairin’s anti-Brexit sentiment isn’t a signal of approval of the European Union. As an MMTer she understands the powerlessness coming from the lack of monetary sovereignty. Scotland is at the mercy of the Bank of London in a situation not so different from the EU nations’ impotence at the hands of the troika. We can see that neoliberalism is built into the EU. You cannot have more than a three percent deficit just across the board for all countries, you know, and that's complete nonsense. Of course, that can't possibly apply to all different countries. And different countries have different requirements as well. Greece is never going to be anything like Germany, so you can't expect it to be an industrial powerhouse in the way that Germany is. Kairin and Steve talk about the neoliberal mindset which is recognizable regardless of nationality. We’ve all heard of the Northern Europeans who blame Greece for its economic problems, but Kairin tells us of a former editor of The Sun newspaper who was recently online saying, "Yeah, that would be good if Scotland got their independence because I'm sick of paying for them out of my taxes." The COVID pandemic is opening many eyes. In recent years the UK’s national health care system has been eroded by privatization. Consumer choice is portrayed as a human right. But the public health crisis demonstrated that money can be created when politicians choose to do so. People must now ask why we’ve had decades of austerity. Kairin Van Sweeden is Executive Director of Modern Money Scotland, Convener @Yes Edinburgh North and Leith, and North East Coordinator of Scottish National Party Common Weal Group. @IndyAnatomist @ModernMoneyScot modernmoney.scot…

Macro N Cheese

1
Focus on the Family with June Carbone 1:08:47

4 years тому1:08:47

1:08:47

Recently our friend Bill Black introduced us to June Carbone. He suggested she could tell us how the job guarantee fits into cutting edge research on the family. June holds the Robina Chair in Law, Science and Technology at the University of Minnesota Law School and writes about the intersection of family, the economy, and politics. In this episode, June takes Steve through the evolution of the American family as it transitioned to meet the economic needs of modern society. She says what excites her is not so much what things are, but why they change. When the US was founded, it was an agricultural society. The foundation of the colonial era family was the farm, owned and controlled by men and primarily a self-contained unit. Industrialization and urbanization disrupted the system. The entire economy became dramatically more insecure, with boom-bust economic cycles. Women are no longer helping in the fields. They are the moral centers of the family. What's their job? Well, we think of it as sparkling kitchen floors from the 50s. But the real job of the women in the separate spheres is the creation of a new upper-middle class. It is to have the girls prevent the boys from getting them pregnant. Why? Because if the girls get pregnant too early, the boys have to marry them and that derails the whole enterprise. You’ve got to keep the boys in school. They've got to get the job. They've got to get through the first couple of years when they're working their way up, and then they can afford a wife. June talks to Steve about the changing economic conditions through the 19th and 20th centuries, and their effect on demographics and family behavioral trends. Race and class distinctions were sharp. Patterns of migration during WW II and the postwar period have had long-term effects, especially on African Americans. She explains how trends like divorce rates and single parenting reflect economic precarity. The Reagan years saw massive increases in both instability and inequality. By today’s unrealistic model of the urban middle class family, young people have cycled through the first three or four jobs, and have settled on a career. They’re able to marry and have children with the financial security to weather a downturn or allow the spouse to go back to school. As June points out, the majority of the population cannot get there. Well, start thinking of what it would mean to empower workers the way we empower employers. The corporate world wants flexibility, the ability to move plants abroad, to a different state, to automate, to sell one unit and buy another unit, to reinvent the iPhone. They have the iPhone replace the PC. We build in disruption in the corporate model. What would it mean to provide stability and security for people? Steve and June go through much of the interview without mentioning the job guarantee, yet there’s no doubt June is constructing the case for it. Our listeners may never have heard it approached from these angles. It will give you a whole new perspective. June Carbone holds the Robina Chair of Law, Science and Technology at the University of Minnesota School of Law. She is coauthor of RED FAMILIES V. BLUE FAMILIES: Legal Polarization and the Creation of Culture (Oxford, 2010) and MARRIAGE MARKETS: How Inequality is Remaking the American Family (Oxford 2014) http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=165168 @carbonej on Twitter…

Macro N Cheese

1
Ep 103 - Anatomy of a Job Guarantee with Fadhel Kaboub 59:09

4 years тому59:09

59:09

What can we say about the job guarantee that hasn’t already been said? Quite a bit, actually, as you’ll see in this and upcoming episodes. This week Fadhel Kaboub is talking to a mellower Steve, fresh from the hospital and still on the mend from Covid19. Fadhel begins with the reality that capitalism is a brutal system that constantly leaves people behind. It’s driven by technological change, and as this develops, we require some workers with new skill sets, while others are rendered virtually obsolete. We don’t have an existing system bringing them into the new technology. We count on individual workers to do this on their own, to somehow anticipate technological change, take time and money from their own budget, so to speak, to invest in learning new skills that will be useful for this new industry that doesn't exist yet and somehow be ready to go to transition to those new jobs. And those jobs sometimes are in a different location. Sometimes they're completely in a different country, a different part of the world. So that is the absurdity of the system that we leave this up to individuals to struggle. A job guarantee will treat training and education as part of the job. Advancing technology tends to be more capital intensive, requiring a smaller workforce. What do we do with all the surplus labor? Fadhel explains why it’s not enough to provide a basic safety net, such as healthcare and social services, though they are desperately required as well. Work is more than an income, with well-proven benefits to individuals and families beyond the paycheck. JG advocates like Pavlina Tcherneva and Fadhel speak of a “care economy” of the most valuable work from a broader human and social perspective. Fadhel says it’s “a social, economic and political consensus, a social contract that doesn't throw people under the bus as the economy changes over time.” Steve asks Fadhel about the job guarantee in a mixed economy and command economy. They discuss workers’ co-ops and the aversion, from some on the left, to state control. Fadhel reminds us the JG talks about federal funding. Everything else, from job creation to implementation and management, is done at the local level through a participatory democracy model. Some tricky questions arise. Who defines local? Is it state, municipal, county? How many grassroots voices do we have in the decision-making process? Is all the money going to go to the same city council officials who will hand out these contracts to the same developers who exclude minority groups from access to jobs, who always invest in the wealthier part of town? So those are important details so that we don't end up feeding the system and recreating the same problem. So grassroots participation, community participation is important. It can't be just symbolic. Fadhel talks about the role of nonprofit organizations, which are important not only because they are existing organizations we don’t need to invent or create from scratch. They’re also in touch with the people who need the most services, so are in the best position to speak to what will benefit them. The interview covers the UBI, with enough information to handle any debate. Fadhel explains the meaning of “buffer stock,” with examples of how economists normally use the term. He reveals the real reason UBI is being heavily promoted by Silicon Valley. Steve and Fadhel look at the need for independent media like Real Progressives. Democracy without a fourth estate is not a democracy. The privatization and monopolization of the media over the past 40 years has served to destroy local journalism, meaning we don’t have full-time reporters covering local news, city councils, how the money is spent. This episode covers much more than can be described here. You’ll just have to listen for yourself. Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. global-isp.org @FadhelKaboub & @GISP_Tweets…

Macro N Cheese

1
The Global Scourge of Neoliberalism with Patricia Pino 47:37

4 years тому47:37

47:37

Steve Grumbine has been in the hospital with Covid-19 complicated by pneumonia. We’re encouraged by his progress and expect to have him back in the saddle soon. Since he was unable to record a new interview this week, we’re reviving a 2017 conversation he had with Patricia Pino from the UK. Our listeners know her as co-host of the MMT Podcast, but this was recorded several months before that project was launched. It’s amusing to revisit the past, comparing ourselves then and now. In 2017 Steve was still very much into a heavy metal, confrontational style. He was constantly being challenged by folks obsessed with the “Illuminati.” They were more willing to believe in Rothschild conspiracies than in the reality of sovereign fiat currency. In contrast, Patricia was remarkably optimistic, assuring us that we’re “almost there”... MMT is catching on. American progressives had been frustrated by the results of the 2016 Bernie Sanders presidential campaign and identified with the disappointment in the Labour Party’s defeat in the UK. Many of us saw similarities between Jeremy Corbyn and Bernie, though the electoral systems, political parties, and governing structures are quite different. Patricia enlightens us on both. A large part of the discussion is about Brexit, which British liberals associate with racism and xenophobia. Patricia talks about the history of the European Union, a project that was sold to the public as a means of keeping the European countries united after WW2. Eventually, the neoliberal agenda slipped in by way of government spending treaties and single market agreements. Many still see in the EU the ideal of a united Europe and international cooperation. The extreme suffering of the Greeks is blamed on their own mismanagement. According to Steve, we can’t understand the Greek crisis without considering sectoral balances. Greece is a net importer. They have no ability to really produce any kind of export activity, not at least at the level required to sustain their existence. And when they gave up their monetary sovereignty by joining the EU, they, in essence, gave up the ability to offset the fact that they're a net importer. And so now they're basically a debtor nation enslaved to the troika. Eurozone countries that are net exporters, like Germany, are doing fine while non-sovereign countries that are net importers are struggling. This is as true of Greece as of Puerto Rico. Patricia and Steve look at the concept of government debt in both the US and UK and agree that when the public understands how things actually work there will be millions of angry people ready to make demands and accept no compromise. Folks won’t need to understand economics to see the truth. Patricia Pino is a London-based engineer, artist, and activist. She is co-host of The MMT Podcast and a research fellow at the Global Institute for Sustainable Prosperity. @PatriciaNPino on Twitter https://pileusmmt.libsyn.com/ http://www.global-isp.org/patricia-pino/…

Macro N Cheese

1
Ep 101 - Beat Back Better: Organizing in 2021 with Emma Caterine 1:01:51

4 years тому1:01:51

1:01:51

Happy New Year! Welcome to our first episode of 2021. Among ourselves, we on the Macro N Cheese team often debate (argue) whether it’s possible to achieve our economic and political goals under the present system. We’re as susceptible to discouragement and despair as anyone else. This is why we love a guest like Emma Caterine whose optimism is rooted in experience and realism. Emma’s message for 2021 is “organize!” To begin with, we must address the isolation that people are feeling while in the midst of the most heightened state of class war since the Great Depression. Everyone has lost a source of income - or they know somebody who has. Debt continues to accrue with no end in sight, and while people understand that this is widespread, they all experience it on a visceral, personal level. It’s our job to communicate with them. It’s our job to educate. It’s clear we can’t expect much in the way of solutions or relief from the Biden administration. The president-elect has had a lifelong political commitment to the finance industry. He's a true believer in financial capital. When the government denies relief, that industry does very well; we have nowhere else to turn. Emma describes the provisions in the Bankruptcy Abuse Prevention and Consumer Protection Act, which Biden co-authored. Class warfare is virtually written into the law. The whole point of going over this is to say that the Biden administration is not only ideologically committed to the finance industry, but Biden is so committed to the finance industry that he will actually do things that hurt the economy overall, not just working people, but the economy overall, just to make short term profits for his friends in the industry. On a positive note, there are groups doing great work. The Debt Collective initiated student loan strikes, which are a historic, successful attempt to inject class politics into the world of finance and debt. Make the Road NJ and NY, are mobilizing around workers and immigrant rights. During the pandemic, there have been many efforts to cancel rent, without much success. It comes down to the usual suspects: budgetary restrictions and means-testing for what little relief is available. The states are proclaiming their helplessness, but Emma pierces that veil. Steve brings up the “moral hazard” argument, which is an all-purpose excuse for federal lawmakers to clutch their pearls and tighten the purse strings. Emma says it’s a term that neoclassical economists love to use. The model is all nice and beautiful in its abstract vacuum world that is nothing like the real world that we actually live in. And that's a really important point, because these austerity politics, they're not pragmatic. They're not some kind of cost-cutting realism. It's an ideological belief that when times get tough, the worst off people should be the ones to shoulder the burden. It's not a mistake. It's not a hard reality. It is class warfare. It's an element of class war. As is appropriate for the first episode of 2021, the final part of the interview looks at our goals for the coming year. We need to build on the enthusiasm for the Sanders campaign and the awareness and participation in Black Lives Matter. Emma urges us to focus on recruitment. Let’s not just rely on reaction to events, whether positive (AOC’s election) or negative (police shootings). She shares her experiences as an organizer in the labor movement and Democratic Socialists of America. We have a long way to go, but maybe it’s not impossible. Emma Caterine is a lawyer and writer with more than a decade of experience working within economic justice, feminist, LGBTQ, and racial justice movements. Her legal practice and writing are focused on consumer debt and financial regulation. She is a partner at the Law Office of Ahmad Keshavarz. emmacaterine.com Find her work on Medium emmacaterine.medium.com…

Macro N Cheese

1
Flying with Sara Nelson 57:34

4 years тому57:34

57:34

Happy 100th! To our supporters, both old and new,Thank you for making this podcast a success exceeding our expectations. For the story of Macro N Cheese and our 100th episode, please check out the “Extras” section on the episode web page. realprogressives.org/podcast_episode/episode-100-flying-with-sara-nelson * * * * * Sara Nelson is a labor leader with MMT bullets in her bandolier. She’s practical, wise, and filled with compassion for the workers she represents and those she doesn’t. She joins us fresh on the heels of another victory, celebrating the passage of the latest Covid-19 relief bill while admitting it’s not perfect. She explains that her union’s strategy requires a multi-pronged attack and its success manifests on multiple fronts. They could only prevail because they are organized. Their battle began long before they arrived at the legislative process. They had already fought through the early rounds. We brought capital to the demands. OK? … This is organizing in the workplace and saying capital is going to be disrupted if you don't work with us. So bringing our airlines to this political process was what made all the difference. And that's only possible if we organize in mass numbers and build that kind of power in the workplace because the only thing that is going to move people is if you actually move capital. Sara shares astute observations of neoliberal maneuvers from Wall Street to Washington. She warns against those who ask “is it politically possible?” If you’re starting with that question, you’ve already lost. It’s up to us to make it politically possible. Steve and Sara discuss the power derived from penetrating the deficit myth, pulling back the curtain, and laying bare the lie of austerity. They talk about the 1912 textile workers’ demand for “bread and roses” and how it’s as vital now as it was then. The recent rebirth of the strike in this country is resulting in unexpected and transformative outcomes. Look at the Chicago teachers who lifted tens of thousands of people out of poverty with that strike. Life-changing. Right? Got nurses in the schools so that parents who are working two and three jobs to survive and don't understand why their child is having such a hard time at school. And now there's a nurse to say, you know, your child's having a hard time hearing and we just need to get them a hearing aid and all of a sudden that child can participate. And the parents, you know, I mean, can you imagine that? Can you imagine the difference this makes in people's lives? But those are the results that we can get by organizing. Sara Nelson is the International President of the Association of Flight Attendants-CWA, AFL-CIO. She worked to secure federal payroll grants to keep aviation workers employed and connected to healthcare during the coronavirus pandemic while banning stock buybacks and capping executive compensation. The program was extended in the emergency relief bill on December 21st. afacwa.org @FlyingWithSara on Twitter…

Macro N Cheese

1
Ep 99 - A Modern Debt Jubilee with Steve Keen 52:37

4 years тому52:37

52:37

Are you listening to Macro N Cheese on our website? If not, you’re missing the transcript and extra content that accompany each episode. This week we welcome Professor Steve Keen for his third visit to the podcast. He talks to us about the need for a debt jubilee, rising from the insanity of orthodox economics and the very real consequences attached to that paradigm. There's this belief which is promulgated by mainstream economics. If you read a text like Mankiw, for example, you'll find a statement saying that when the government runs a deficit, it has to borrow money from the private sector. And when it borrows that money, it puts an unreasonable burden on future generations. And that belief, I think, is the core of why we don't use the power the government has to create the money when it's necessary, as it is right now. And that belief is fallacious. The government creates money by running a deficit, it doesn't need to borrow in the first place to raise the money. It creates it by the deficit. Keen and Grumbine focus most of their discussion on the US, since its behavior is the most egregious, both in how it cares for its citizens and its export of neoliberal capitalism around the world. Keen compares the government’s response to the 2nd World War to its response to the COVID crisis. He also talks about the significance of the relatively low level of private debt after the 2008 recession and what that could have meant about the near future. Of course, with the pandemic, all bets are off. People will come out of this period buried under piles of personal debt, with no way of paying it off. He thinks we could be facing our very first slump not preceded by a boom. There’s a humorous (sort of) segment on why economists are unable to accept MMT. Having spent 50 years in the field, Keen notes that a few are simply malicious... ...but the vast majority of them believe they're making the world a better place by explaining economic theory to us and getting us to redesign the economy so it matches a first year economic textbook. And it is simply a mindset, and it's the same thing as a religious mindset. They have a paradigm. The paradigm makes perfect sense to them. He compares economics to science. Ptolemy’s model of the universe simply couldn’t explain the actual behavior of the planets, but even so, Copernicus wasn’t able to convince Ptolemaic astronomers they were wrong. Thus we have the trope that science advances one funeral at a time. So why is it that when the old generation of economists dies, a new generation replaces them believing the same thing? Keen provides a cogent explanation. Professor Keen is a Distinguished Research Fellow at UCL and the author of “Debunking Economics” and “Can We Avoid Another Financial Crisis?” He is one of the few economists to anticipate the Global Financial Crisis of 2008, for which he received a Revere Award from the Real World Economics Review. His main research interests are developing the complex systems approach to macroeconomics, and the economics of climate change. @ProfSteveKeen on Twitter Most of his content on Patreon is free. Subscribe: www.patreon.com/ProfSteveKeen…

Macro N Cheese

1
Imminent Collapse with L. Randall Wray 53:46

4 years тому53:46

53:46

This week, Randy Wray joins us for his fifth Macro N Cheese episode. As always, he brings loads of useful insights and factual information, both historical and of the moment. While cable news and Democratic social media are jubilant with the ouster of Donald Trump, we know it’s a hollow victory. There’s nothing to celebrate. Randy and Steve look at the sobering facts. We stand on the precipice of country-wide evictions and mortgage foreclosures. Many jobs and businesses are lost forever. The optimists among us keep looking for signs, but at every turn, we’re confronted with evidence that the incoming administration has no intention of meeting the challenges. In normal times (pre-pandemic), our paychecks are gobbled up by rent, health care, utility bills, and debt, debt, debt - leaving very little, if any, discretionary income. Now we’re faced with overdue rents and mortgages, overdue electrical, gas, and water bills. Student loans, car loans, and credit card debt haven’t gone away, and there’s no help in sight. Whatever relief numbers have been floated in Washington are woefully inadequate. Just like the Obama stimulus, our lawmakers are too timid to extend relief past the trillion-dollar line. Big numbers are so frightening! When the global financial crisis hit, instead of punishing the financial institutions, the Obama administration ramped up the moral hazard by rewarding bad behavior, thereby guaranteeing it would continue unabated. So financial institutions went back to doing what they had been doing in the run-up to 2007. Since then, their behavior has gotten worse and financial fragility has grown. Randy refers to the theory of his professor, Hyman Minsky, to explain the trend. When we look at government response to the pandemic, most of the focus goes to the individual relief checks. What tends to be ignored are the preemptive bailouts of financial institutions. Before they actually experienced a crisis, we began funneling funds to them, leading the mainstream press to marvel that despite record unemployment and a disastrous economy, the stock market keeps going up. It’s a miracle! Randy says it’s hard to make forecasts about the real depths of the economic crisis because of the uncertainty of the pandemic. The last one began as a financial crisis that then begot an economic crisis and high unemployment. This one is completely turned all the other way around where first it's a health crisis, then it's an economic crisis, and then eventually it's going to be a financial crisis. So there's lots of uncertainty about this, but I will be very surprised if we get through this without a major financial crisis. This episode covers a lot of ground, like PAYGO and healthcare. Steve and Randy discuss the double disadvantage American workers face -- the low rate of unionization leaves them without representation on the job, and the lack of a US Labor Party means no representation in Washington. They talk about the Panama Papers and make an interesting case about inefficiency created through legal tax avoidance and illegal tax evasion. They look at the way the pandemic has exposed weaknesses in global supply chains and whether this might lead to changes in the way production is organized. As liberals celebrate the Biden administration bringing us back into the international community’s efforts to address climate change, Randy offers a unique caution, Remember the Democratic convention last time around? ...I was surprised to find out that Russia and China were enemies of the United States, according to the Democratic Party. Building up to another Cold War contributes to the climate catastrophe, even if we don’t use the weapons and it is, of course, the opposite of cooperation. That just might be as scary as the climate crisis we face. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute.www.levyinstitute.org/scholars/l-randall-wray…

Macro N Cheese

1
Solidarity with Joe Burns 54:03

4 years тому54:03

54:03

You don’t have to be a Marxist to know the vital importance of labor. Workers hold the key to social change. They keep us fed, clothed, and provided for; they’re the only force with actual leverage over the ruling class. No wonder unions are such a threat. Joe Burns isn’t just a labor lawyer and negotiator, he’s a student of labor history. He joins us to talk about the past, present, and future of the movement. For the challenges faced today, it is instructional to look back. For example, the gig economy is not so different from the early days of the auto industry, when employment was often temporary. The sprawling nature of trucking was used by employers as a barrier to organizing. When unions saw past those conditions, they were able to grow and achieve results. Joe talks about the historical significance of national unions as we look at today’s international economy. Early unions were local or regional, but as transportation and trade developed, so did national manufacturing and product markets, so labor had to be organized on a national scale. And I think if we fast forward to today, we're really in a similar situation where labor and product markets are global in nature. So it doesn't match the employers' structure and scale if we're still organized only on a national basis. Right? So we need a global labor movement that's able to confront global capital. Now, that's not an easy task. And frankly, the labor movement over the years has done a horrible job at it. For decades, the labor movement basically operated as an arm of the United States State Department. When talking about solidarity, we don’t have to look into the distant past to see examples of it. While working-class solidarity may or may not exist naturally, it can build rapidly through struggle. Joe brings up the “red state teachers’ strikes” of 2018, which sprang from discussions by a handful of teachers on Facebook. After sharing their grievances (as one tends to do on social media) someone suggested a strike, and it spread like wildfire. West Virginia teachers went out and, despite its illegality, they were granted concessions. Teachers in Arizona and Oklahoma followed suit; and then it spread to blue cities and states. You can’t talk about labor without discussing class, and Joe briefs us on the two basic trends in the early years of organizing. There was class struggle unionism, represented by the IWW, International Workers of the World, and the business unions, typified by the AFL, American Federation of Labor. From the 1930s through the ‘60s, they achieved a grand bargain, gaining a little bit for a lot of workers. But at the same time, we didn't really contest this control over the workplace and society, and employers got more and more powerful because they accumulated more and more profits. And then eventually they turn it against the workers. Right? And against our movement. So if we're going to revive the labor movement, we really have to look to socialist union theory. It's hard to envision a labor movement that doesn't actively contest the power of capital in the workplace and society succeeding. Unsurprisingly there has also been a long debate about race among union organizers, with many believing they could talk about workers’ unity without involving race in the discussion, especially in the South. The leftist unions of the ‘30s and ‘40s confronted the special oppression of black workers head-on. Throughout the episode, Joe continues to look to the past for understanding of the present and lessons for the future. Joe Burns is a labor lawyer and negotiator. He is the author of “Reviving the Strike” and “Strike Back.” Look for “Class Struggle Unionism” in 2021. Check him out on Facebook https://www.facebook.com/Reviving-the-Strike-168598319827846 Buy his books https://bookshop.org/books/reviving-the-strike-how-working-people-can-regain-power-and-transform-america/9781935439240 http://www.igpub.com/strike-back/…

Macro N Cheese

1
Treasury’s Gift To The Fed with Robert Hockett 1:25:10

4 years тому1:25:10

1:25:10

When Steve Mnuchin announced a clawback of the CARES Act, the liberal media wasted no time before launching condemnations. Among our friends in the MMT community, wiser heads prevailed. Make no mistake, nobody denies Mnuchin is the Grinch who stole Christmas. But like a magic eye picture, if you change your focus slightly, a different image will form. This week, our friend, Robert Hockett, joins us to tell us why Mnuchin’s announcement can be seen as a gift in our stocking, not a lump of coal. On the surface, the CARES Act appeared to be an acknowledgment that the Federal Reserve and Treasury had gotten it wrong in 2008-09. They had bailed out the banks, while ignoring the victims of those very same institutions whose obscene dealings had plunged the planet into crisis in the first place. This time they were extending a lifeline to Main Street, and to the states, regions, and cities bearing the brunt of the current crisis -- who are, in fact, first responders on the front lines of both the pandemic and economic devastation it has wrought. The CARES Act was ultimately a smokescreen, making it appear as if Congress and the White House wanted to take serious action, while its performance was same old, same old. Mnuchin said the facilities established under CARES Act “achieved their objectives,” which apparently meant propping up Wall Street and enriching the elite. As Bob wrote in his recent Forbes column, the Fed never needed the CARES Act in the first place. It can provide funds to strapped entities under provisions that already exist under the Federal Reserve Act. Meanwhile, he sees the creation of the Municipal Liquidity Facility (MLF) and Main Street Lending Program (MSLP) as net positives because they call attention to the possibilities for “spreading the Fed.” This episode is packed with information on the workings of the regional Federal Reserve banks and their underutilized potential for meaningful aid to cities, states and territories (like Puerto Rico) and life-saving loans to small businesses. Whether the Fed will accept this role is a whole ‘nother question. It may never depart from its ostensible mission of shoring up the financial industry. Much may depend on the incoming administration. Which brings us to… The final part of the interview is Bob’s assessment of Janet Yellen, Biden’s pick for Treasury, as well as speculation on the rest of the team of economic advisors, including potential roles for Stephanie Kelton, a long-time favorite of this podcast. He ends on a note of his irrepressible optimism. We wish we could agree. We hope he’s right. But we doubt it. Robert Hockett is the Edward Cornell Professor of Law at Cornell Law School, Visiting Professor of Finance at Georgetown University’s McDonough School of Business, and Senior Counsel at Westwood Capital, LLC. He specializes in the law, economics, and philosophy of money, finance, and enterprise organization in their theoretical and practical, their positive and normative, and their local, national, and transnational dimensions. @rch371 on Twitter Check out Bob’s TWO new books! Financing the Green New Deal: A Plan of Action and Renewal https://bookshop.org/books/financing-the-green-new-deal-a-plan-of-action-and-renewal/9783030484491 Money From Nothing: Or, Why We Should Stop Worrying About Debt and Learn to Love the Federal Reserve https://bookshop.org/books/money-from-nothing-or-why-we-should-stop-worrying-about-debt-and-learn-to-love-the-federal-reserve/9781612198569 His latest column from Forbes: https://www.forbes.com/sites/rhockett/2020/11/20/treasurys-gift-to-the-fed--and-to-our-states-cities-and-small-businesses/?sh=571e252564c8…

Macro N Cheese

1
The Land Value Tax with Joshua Vincent and Rich Nymoen 53:29

4 years тому53:29

53:29

Not all of our listeners are anti-capitalist but it’s safe to say that most of us object to the accumulation of massive wealth solely by virtue of inactive, unproductive ownership. Sitting on idle property is a particularly egregious way of accruing riches, often to the detriment of surrounding communities that are forced to tolerate eyesores in their midst for decades on end. Depreciation has been a windfall for the ruling elite. Our guests, Joshua Vincent and Rich Nymoen, are proponents of the land value tax, or LVT, associated with 19th-century political economist and journalist Henry George. The term "Georgist philosophy" refers to the economic analysis and social philosophy he advanced. Neither Josh nor Rich promote the confiscation of property. Value is derived by different means: ...it's the rental value, not the actual land itself that belongs to the community. And most of that wealth is publicly created, is community-created. If you look at a city, almost all of its value - some comes through the location - but most of the value comes from the investments that have been made into that city: infrastructure, sewers, schools, fire protection, that kind of thing. And so I think it's our view that none of that wealth should be short-stopped by private operators, private players, rent-seekers. In this country, property taxes fall equally on land and buildings. When landowners improve or develop their holdings, their taxes go up, serving as a disincentive to improvement. Josh and Rich explain how communities can use the land value tax to encourage productive use of property and collect revenue benefitting the locality. The LVT applies pressure to develop vacant or unused sites by dramatically increasing the taxes on these properties, while improved lots will see significant reductions. Josh and Rich describe some remarkable successes, particularly in Pennsylvania, as well as the challenges they face when first attempting to introduce these concepts to recalcitrant officials. They find that they need to use both the carrot and the stick. The LVT has supporters as diverse as Joseph Stiglitz, Milton Friedman, and our recent guest, Michael Hudson. The financial industry’s connection to land is of critical importance. Most bank lending is tied to real estate. Since people borrow from a bank in order to purchase land, they’re essentially paying the land rent to the bank. So that's really how the 1% is being created: by all these land rentals and natural resource rentals being paid to the finance industry. Whereas if you were paying it to the community, it would be shared more equally than being funneled to the top. You may be aware that the board game, Monopoly was originally intended to teach these principles? This interview contains a good balance of the micro- and macroeconomics of Georgism, some strategies for applying them, and the community benefits that ensue. Josh Vincent is Executive Director of the Center for the Studies of Economics, a 501(c)3 organization dating back to 1926. One of the group’s endeavors is the Center for Property Tax Reforms. urbantoolsconsult.org centerforpropertytaxreform.org @JoshuaRVincent @urbantools Rich Nymoen is the President of Common Ground USA, a 501(c)4 affirming that “all persons have equal and common rights in the earth and its resources.” He is on the board of the Robert Schalkenbach Foundation. commonground-usa.net schalkenbach.org @rnymoen2 @Schalkenbach…

Macro N Cheese

1
Political Sobriety with Rohan Grey 1:05:05

4 years тому1:05:05

1:05:05

At Real Progressives, we get daily messages from people who are still recovering from Bernie’s trouncing in the primaries. They remain distraught, disillusioned, and discouraged - convinced that he was robbed. Last week Rohan Grey explained Rashida Tlaib and AOC’s Public Banking Act. This week we asked him to take off his MMT hat and talk to our wounded volunteers. To help them put the recent political past in perspective and move forward, they first must accept a sobering dose of reality. Rohan wasn’t surprised by Sanders’ loss. ...I think at least for me, as someone who tries to be a committed leftist revolutionary, whatever, the odds are always extremely small. The odds are extremely small right up until the point that you win. And they continue to be very small the next day for the next thing you try to win. And I don't think that the history of progress is the history of always inevitably having a good shot. It's the history of very, very difficult things, somehow managing to eke through as much as it is. The idea of continuity expressed above is repeated throughout the episode. He constantly suggests we ask ourselves what we’re going to do next. The social media battles for and against voting for Biden didn’t alter the need to fight for a Green New Deal and a job guarantee. For those who may still be reeling, Rohan reminds us: political action neither begins nor ends at the ballot box. Electoral politics can play a role in a left agenda, but the size and scope of its importance will vary, and shouldn’t be exaggerated. We could use a more nuanced appreciation of it as a cultural and political institution among many, just as there are many legitimate roles and actions for any of us to undertake. And most importantly, hopefully, you can develop a nose where you can say, OK, this opportunity is coming down the line, and it's one that has the potential to do something. Today we're out in the streets, tomorrow we're talking about a political candidate, the next day we're in the labor unions, the next day we're on social media, the next day we're writing a fiction novel that's going to spark a new social imagination. All of those are legitimate and valid. The only question is in what context and to what extent? To be effective, we need to be informed. Ideas don’t arise in a vacuum; they’re shaped by material conditions, but they also have an impact on those material forces. Rohan’s advice echoes that of some other podcast guests, like Esha Krishnaswamy, who suggested we read theory, especially Lenin. Rohan, unsurprisingly, thinks those who care about economic issues should understand the history of political economy, how it’s handled in academia, and how those ideas get refracted back through popular culture and media. We should work towards understanding human and social psychology. Armed with these tools we’re more adept at assessing the value of political resources and the usefulness of various strategies and tactics. The interview isn’t all advice and therapy, and it isn’t all Bernie. Steve asks about presidential politics because, well, we can’t help but be interested. Rohan calls it parlor gossip. After all, these are the celebrities of our time. He has an interesting take on the outcome of the election and suggests that a Biden presidency might be better for the left than the Obama years were or a Hillary Clinton victory would have been in 2016. His explanation might surprise you. Rohan Grey is an Assistant Professor of Law at Willamette University, the president of the Modern Money Network, and a director of the National Jobs for All Network, whose research focuses on the law of money in the internet society. rohangrey.net modernmoneynetwork.org @rohangrey on Twitter…

Macro N Cheese

1
The Public Banking Act with Rohan Grey 1:01:46

5 years тому1:01:46

1:01:46

On October 31st, Rohan Grey posted a 31-part Twitter thread about Rashida Tlaib’s and Alexandria Ocasio Cortez’s new Public Banking Act, which he helped craft. We immediately reached out and arranged for Steve to interview him, ending up with not one, but two episodes of Macro N Cheese. This week he answers our questions about the Public Banking Act. Next week he and Steve will venture into the swampland of politics. By the time the episode airs the election will truly - finally - be over. So, has anything changed? How does Rohan see the road going forward? But back to the Public Banking Act… "It's long past time to open doors for people who have been systematically shut out and provide a better option for those grappling with the costs of simply trying to participate in an economy they have every right to—but has been rigged against them," Tlaib said in a statement. "The COVID-19 pandemic has also plunged city and state governments into a financial crisis unlike any other they've ever experienced—and public banks could offer a much more tenable option for dealing with their debts at a time when they need it most.” -- Newsweek Instead of attempting to describe this interview, we’re going to let Rohan’s Twitter thread speak for itself: First, some big picture comments about the bill a) It does *not* create any new public banks. Rather, it *enables & encourages* the creation of public banks by establishing a comprehensive federal regulatory framework, grant programs, & supporting financial infrastructure. b) It is designed to foster *state & local public banks*, not establish a federal public bank. In contrast to the federal govt, which issues the $US dollar, state & local govts face unique financial & monetary constraints that public banks can help alleviate. c) It *complements, rather than competes with,* other progressive financial reforms, such as postal banking, FedAccounts, & eCash (on latter, see @RashidaTlaib’s #ABCAct). Together, they envision a new financial system that serves the people & promotes public purpose. d) It does not make the mistake of treating public banks as an alternative to/substitute for federal spending & investment. Rather, it provides “top-down” support for “bottom-up” local initiatives, even while recognizing the critical need for more direct federal action. e) Finally, it does not take a one-size-fits-all approach to the kinds of public banks eligible for federal support. Rather, it accommodates a wide variety of institutional structures and activities, from basic payments to consumer lending to public investment. Okay, now let’s look at what the bill says... The rest of the thread is published as an article on Real Progressives website. If you listen to Macro N Cheese on the website, don’t miss the EXTRAS section for each episode. This week it’s full of links leading to the complete text of the Public Banking Act, press releases, and articles. Rohan Grey is an Assistant Professor of Law at Willamette University, the president of the Modern Money Network, and a director of the National Jobs for All Network. His research focuses on the law of money in the internet society. modernmoneynetwork.org/ @rohangrey on Twitter…

Macro N Cheese

1
Propaganda and the Vortex of Centrism with Esha Krishnaswamy 1:06:21

5 years тому1:06:21

1:06:21

Esha Krishnaswamy, host of the historic.ly podcast, joins Steve to talk about the frustrating political miasma of centrism. Centrism. So vapid and insubstantial, how does one grab ahold? It’s a wispy dandelion head (aptly named the capitulum) - one slight *poof* and it’s gone. But we’re not fooled. As soon as the left gets behind a popular policy or candidate, the center reveals itself to be a mighty, unstoppable force in the service of the ruling class. In today’s world, the US centrist home turf is the Democratic Party. Esha’s jam is history and throughout the episode she calls on instances from the past, from John Locke’s justification of inherited land wealth to E. Belfort Bax on liberalism and socialism in 1890. Through the lens of historical materialism, events can be progressive or reactionary, depending on the conditions of their time. She likes reading Lenin because “he’s hilarious and insults everyone.” If he were around now he would be “the worst Twitter troll ever.” She compares the DNC to Russia’s Constitutional Democrats and reads Lenin’s 1906 description, summed up nicely with: They want to ransom themselves from the revolution. They long for a deal with the old authorities. They are afraid of independent revolutionary activity by the people. The more this party develops its public political activities, the more marked it becomes in its inconsistency and instability. Steve and Esha talk about the failure of electoral politics. In the US we’ve seen Bernie-like suppression of progressive candidates like Eugene V Debs, Henry Wallace, and Jesse Jackson. Whatever our democratic achievements, they were not won at the ballot box, but through political organizing and strikes. Esha points out that class awareness existed in the US up until the 1970s or 80s, when somehow it vanished. In Venezuela and Bolivia, radical change occurred through elections, but only with the groundswell of massive popular movements. Esha sums up her indictment of centrists: “Their entire grift is to convince you that if they had the power, they'd totally do it,” but their hands are tied because they have no power - “which is always a lie.” Esha Krishnaswamy is the host of the historic.ly podcast. She is a lawyer, writer, and media critic, whose focus is on history, foreign policy, and Modern Monetary Theory. @eshaLegal and @historic_ly on Twitter historicly.substack.com…

Macro N Cheese

1
Ep 91 - Crisis Management with Warren Mosler 53:04

5 years тому53:04

53:04

This second part of Steve’s conversation with Warren Mosler was to be about the government response to the pandemic, but first Warren talks about disagreements with some in the MMT community. We here at Macro N Cheese believe in healthy debate and want to bring a range of viewpoints to our listeners. The federal job guarantee is one area in which Warren disagrees with certain prominent MMTers. He sees the JG as a transitional program to be used during downturns in the business cycle with the goal of getting people hired by the private sector when the economy rebounds. A number of advocates see the job guarantee as a door to more spending on the public purpose. Warren’s position on public purpose jobs is simple: “if you need them, hire them.” We’re all in agreement that skilled workers shouldn’t be working minimum wage jobs, even at the more reasonable rate of a job guarantee minimum, but there’s a vast need for public services that won’t be met by private firms. Mosler says that some MMT proponents feel his position is politically naive; he goes so far as to suggest there’s an ideological war going on. We agree. Real Progressives is fiercely committed to radical systemic change extending beyond the seeming neutrality of MMT. Whether it’s naive or not, Warren wants to rely on the democratic process and an informed electorate. Steve brings up the reality of fraud within the system and the overwhelming imbalance of power, to which Warren expresses optimism about electing better candidates and brings up his “60-40 plan” to take the money out of politics. This would dilute the power of the 1% but, of course, it would have to be passed into law… by those in power. Warren is consistent in taking a straightforward approach to federal spending, and expresses skepticism about proposals to “mint the coin” or take advantage of swap lines through the Fed. ...well yeah, that's fiscal spending and that's the realm of Congress. You know, if Congress wants to support full employment in Mexico or Bangladesh or Canada or New York, you know, they can do it. They don't need the Fed to come up with subterfuge of using swap lines for financial assets to get redirected into goods or services. When the interview gets to COVID, Warren talks about the uniqueness of both the supply shock and demand shock we’re experiencing. They primarily involve non-essentials. Combine this understanding with the fact that the pandemic has resulted in a massive cut in our energy consumption, and there are lessons to be learned that should lead to significant changes in the way we live and do business. Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, US Virgin Islands, where he owns and operates Valance Co., Inc. He is the author of “The Seven Deadly Innocent Frauds of Economic Policy” and “Soft Currency Economics,” which are available on his website. moslereconomics.com/ @wbmosler on Twitter…

Macro N Cheese

1
The MMT Sequence with Warren Mosler 1:08:19

5 years тому1:08:19

1:08:19

Talking to Warren Mosler reminds us just how far MMT has come since the days he traveled from conference to conference, peddling his intellectual wares. Well, they no longer laugh at Mosler Economics, AKA Modern Monetary Theory. It’s a well-known part of MMT history that Stephanie Kelton, fresh out of grad school, set out to disprove his assertions, point by point, and ended up making MMT her life’s work. Today, in Warren’s view, she’s arguably the most influential economist in the world, because all of the powerful economic advisors have read The Deficit Myth . Of course, he gives credit to Randy Wray, Bill Mitchell, Mat Forstater, and those who came after, but, he says, her book saved the world. That we get this deficit spending is just great, you know, that we've had recently. You could say MMT has saved the world. Whether it knows it or not. There's no way they would have done three trillion and now talking another two trillion. And there hasn't been a single mention of a tax. In this first episode of a two-part interview, Steve decided it’s a good time to revisit the money story. This podcast always has new listeners and, for those also new to MMT, who better to go to than Warren Mosler for the money story? If you haven’t heard how he flummoxed a tour guide in Pompeii, you’re in for a treat. To further illustrate the order of operations, he includes the tale of British colonists in Africa, imposing a hut tax in order to create - or coerce - a labor force for their coffee plantations. Talking to Warren brings to light some of the differences among MMT proponents. They seem to be pretty much in agreement on the facts or core principles, although you might say proposals for the federal job guarantee are a significant departure from his “employer of last resort”. For the most part, however, Warren only expresses frustration with choices of emphasis, especially when it comes to the Fed’s inadequate analysis of some basics, like the rate of inflation. What is the rate of inflation? Well, how is it defined academically? Academically, inflation is the continuous change in the price level that's happening right now. It's faced by people in the real economy. What's the continuous change in the price level they're facing right now? That they're dealing with? That's affecting their business, their purchases, their sales. What the Fed doesn’t grasp is when they set interest rates, they are setting the inflation rate for the economy. Throughout the interview, Warren details some of the most significant contributions of MMT, including a tax liability’s function, the national debt, and the cause of unemployment. He explains that the Fed’s use of “easing” (lowering rates) and “tightening” (raising rates) are exactly backwards. Even those who don’t understand the Federal Reserve’s operations should be able to see that when they raise interest rates, it’s mainly a boost of interest to the wealthy. Warren calls it a “basic income” for people who already have money. Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, US Virgin Islands, where he owns and operates Valance Co., Inc. He is the author of “The Seven Deadly Innocent Frauds of Economic Policy” and “Soft Currency Economics,” which are available on his website. moslereconomics.com/ @wbmosler on Twitter…

Macro N Cheese

1
Juxtapositions with Bill Mitchell 58:17

5 years тому58:17

58:17

Bill Mitchell joins us this week to discuss a plethora of American misconceptions… perceived exceptionalism, obvious neoliberalism, and a dysfunctional electoral system, as we approach the culmination of perhaps the most absurd and disheartening presidential election in history. The interview covers the consequences of neoliberalism in Europe, the UK, Australia, and the US, both in the rightward march of political parties and the ticking clock of catastrophic climate change. They discuss the attraction to the Universal Basic Income by some on the left who can’t see its underlying agenda and the perils of turning us all into consumption units. Bill Mitchell is the guest we need to hear from as the ugly campaign season winds down. Our Australian friend’s vantage point, as well as his astute grasp of political economy, combine with his level-headedness to bring a message of understated optimism. When Steve gives in to a rare bout of despair about the future, Bill talks about the early days of the MMT movement, when Warren Mosler and the others would count the number of MMTers on their fingers. MMT is becoming mainstream. Everybody's hearing about it in the Australian press as regular articles now. I write op-eds in the Murdoch press about MMT. Critics or supporters are getting articles published regularly. Central bankers are talking about it. They're giving evidence before government committees about it. The financial markets are increasingly getting me to run workshops to teach them MMT - all around the world, not just in Australia - because they want to know about it, and they also now have finally worked out that an adherence to mainstream economics has cost them money. So I wouldn't be as despairing about the spread of the ideas just yet. Bill sees a cautionary tale in the subversion of Keynes’s ideas during the Great Depression. The mainstream economists hijacked his substantial insights into what’s called the neoclassical synthesis, which essentially watered his ideas down to only be applied in a special case. He sees today’s orthodoxy normalizing MMT within their own skillset when, in fact, the work of MMT economists has demonstrated the catastrophic failure of mainstream macroeconomics. He refers to the German physicist Max Planck, who said “Science advances one funeral at a time.” Bill adds that paradigms shift the same way. As for navigating through these final weeks of the US presidential election, Bill suggests we focus on and accelerate the education process and the organization of grassroots resistance. He says our challenge is to start rebuilding the sense of collective responsibility to society. ...And hope to hell that we've got some climate space that we can do that education, and that organization, and we can save the planet. But I'd focus on the positive and wouldn't get tied up too much in the dilemma you're facing with Biden and Trump. I mean, it's a no-win, isn't it? So try to move beyond that sort of angst, not tear yourselves apart about that, but move beyond it. And basically, I'm an optimist. I just, every day, get up and pursue the education agenda in hopes that little bit each day moves us in a positive way. It’s clear that with either electoral outcome we're not going to get a fantastic response to the climate emergency, new public infrastructure investments, and we’re certainly not going to fix our dysfunctional healthcare system, so if we're not going to get anything we want from either of these two, it’s time to move on. Professor Bill Mitchell holds the Chair in Economics and is the Director of the Centre of Full Employment and Equity (CofFEE), an official research centre at the University of Newcastle. He also is a Visiting Professor at Maastricht University, The Netherlands, and is on the management board of CofFEE-Europe, a sister centre located at that university. @billy_blog on Twitter http://www.billmitchell.org/ “Macroeconomics” ordering information on bilbo.economicoutlook.net/…

Macro N Cheese

1
Ep 88 - Debt Deflation and the Neofeudal Empire with Michael Hudson 52:11

5 years тому52:11

52:11

Some of us Macro N Cheesers first heard the term “rentier class” from Michael Hudson’s interviews and YouTube talks. In today’s episode, he and Steve discuss the idea of economic rent as a remnant of feudalism. Bankers have replaced the feudal lords as the parasites who extract most of the wealth from the economy. The financial, insurance and real estate (FIRE) sector comprise the contemporary kleptocracy. They have manipulated the system to such an extent, it is impossible to get an accurate measure of our society’s economic health or pain. Michael delves into the history of debt and its role in our ever-changing economic structure. He references classical economists like Smith, Mills, Ricardo, and Marx, with their concept of economic rent as unearned income. They believed that industrial capitalism would eliminate the entire legacy of feudalism and dissolve the landlord class by taxing away rent or nationalizing the land. Since most governments were subsidizing education and health care, it seemed counterproductive to allow privatization of health, education, or land rent monopolies. They also saw ‘credit’ as a public utility, expecting banks to lend for socially worthwhile and productive purposes. Ultimately, instead of banking being industrialized, industry was financialized. Debt deflation is the idea that the more people pay in debt service — i.e. mortgages, credit card interest, fines, and fees — the less they can spend on goods and services; so money is sucked out of the production/consumption economy, and siphoned off into the wealth economy. This demand for debt service pillages the domestic market, destroys employment, and drives the population to emigrate, suffer, or die. Since we’re still mired in the “silly season” of US elections, Steve asks Michael whether he holds out any hope for finding solutions through electoral politics. Michael says it’s not possible to vote ourselves out of the mess we’re in due to the nature of the two-party system in the US. It's basically the same party with a little ethnic difference between them, but economically it's the same party, and there cannot be any alternative to this monolithic - we'll call it the Republican Party with Democratic cheerleaders - there cannot be any progress made until you break up the Democratic Party. Looking at their success in keeping the Green Party off the ballot in most states, the Democrats and Republicans have sent the message of virtual impossibility for third party wins. They’ve gimmicked the system, leaving Wall Street in charge of the economy and our lives. The elected officials haven’t been captured by the kleptocracy; they are its front men. They’ve been nurtured and groomed for that role. I think most people who have to work for a paycheck realize that they're being squeezed, but that's not what the politicians say. You know, "hope and change"... and, of course, their real job is to prevent change and to smash hope. Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of J is for Junk Economics (2017), Killing the Host (2015), The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971), amongst many others. For access to his books, articles, and interviews: michael-hudson.com…

Macro N Cheese

1
Ep 87 - A Just Transition Through Participatory Governance with Cindy Banyai 56:35

5 years тому56:35

56:35

Our guest, Cindy Banyai, is exactly the kind of person we want representing us wherever policy is made. She has the life experience of a working woman raising three kids, runs her own consulting business, and has lived and traveled all over the world. Did we forget to mention she knows MMT and supports the Green New Deal, universal health care, and a federal jobs program to ensure a basic minimum wage, worker protections, and benefits? When Cindy happened upon Modern Monetary Theory, it made sense of much of what she already believed. She had been a longtime proponent of participatory budgeting and says that being freed from economic shackles in policy-making is revolutionary. When people in her district come with complaints, she can truthfully say she knows what to do. She talks with Steve about the conservatives from both parties who place roadblocks in programs like Social Security and then criticize them for having those very complications. They use terms like “accountability,” “efficiency,” and “effectiveness.” Cindy tells us that her consulting firm is all about evaluation: I eat, sleep, breathe, effectiveness, and efficiency. There is not a single one of these hucksters that's going to be able to put a program in front of me, put a policy in front of me, and say, "We're working on efficiency." If that doesn't have the metrics in it and that doesn't have the right kind of measures to actually get these things accomplished and not just be these stupid barriers for access, then I'm going to call him out on it. And I will probably be the only one doing it. Because I'm going to be the first evaluator elected to Congress. As parents, Steve and Cindy have a shared, gut-level understanding of the need to fix a broken healthcare system. Cindy’s three-year-old daughter spent her first two years fighting a rare blood disease; while she was in the hospital fighting for her life, Cindy was fighting the insurance companies. She knows that there’s an alternative to medical bankruptcies and treatments determined by somebody else’s bottom line. She has done research and comparative analysis between the Japanese national health care model and the US model. As we move to universal healthcare she wants us to consider adapting features of the Japanese model, including cost-setting by the central government and decentralized implementation at the state level. One of Steve’s favorite components of the job guarantee is the way in which it is a democracy enhancer. It will revitalize local democracy by having it funded by the currency-issuing federal government but locally administered. Communities will determine which jobs to create based on which services are needed. This is an invitation for citizens to become involved in designing their very own local program. The discussion ignites Cindy’s enthusiasm for rethinking the way that we do governance. She talks about participatory governance - and the participatory budgeting component of it - having been a major component of her life’s work and research around the world. She describes the amplifying effects of civic engagement: people are more invested in their community, they meet their neighbors, some develop joint projects or business ventures together. We here at Macro N Cheese cannot endorse a specific candidate, but we can urge our listeners to pay attention and ask questions of your future representatives. We hope everyone finds candidates as well-informed and passionate as this one. Dr. Cindy Banyai is a Democrat running for Florida Congressional District 19, spanning coastal Southwest Florida from Boca Grande to Marco Island. She is a mom of 3 native Floridians, a small business owner, and part of the faculty of Political Science and Public Administration at Florida Gulf Coast University. @SWFLMom2020 https://www.cindybanyai.com/ https://www.news-press.com/story/news/2020/08/14/social-security-florida-protecting-our-seniors-cindy-banyai-congress/3343662001/…

Macro N Cheese

1
Ep 86 - 2020 with Margaret Kimberley 58:46

5 years тому58:46

58:46

We here at Macro N Cheese are immersed in the world of MMT, but that doesn’t mean we don’t appreciate people who aren’t yet on board. As long as they’re not pushing an austerity agenda, we welcome them. Today’s guest, Margaret Kimberley, of Black Agenda Report, is just such an ally. Her book, Prejudential: Black America and the Presidents , was published earlier this year. This interview takes place as one region of the US is ablaze in wildfires and the pandemic is no closer to being resolved. Margaret sees the inadequate handling of COVID19 as confirmation that we live in a failed state. Countries that have responded best to the virus are either fully socialist or have robust public funding of their healthcare system. The climate crisis is further proof that capitalism is in crisis and neither of our two major political parties has plans to protect us from the fallout. Barack Obama illustrates the hypocrisy as he tweets dramatic images of the orange fire-lit skies and urges people to “vote like your life depends on it.” During his term as president, he bragged about increasing oil production and fracking. The Governor of California, another Democrat, has given more fracking permits this year than he did in 2019. The point is, we have these two parties who come together more often than not. Margaret reminds us that Democrats used to go through the motions of being the working people's party, and have been living off this reputation for decades. Yet when Kamala Harris was announced as Biden’s running mate, the headlines announced: "Wall Street Breathes a Sigh of Relief." "Silicon Valley is Happy." It’s impossible to have a conversation nowadays without debating the current presidential elections. Steve brings up his fear that a Biden win will cause Democrats to relax and go to brunch. Any energy built up in the resistance to Trump will die out. He asks whether she sees more possibilities for revolutionary change arising from a Biden or Trump victory. Margaret, who votes Green, believes they’re about equal, but doesn’t want to focus on electoral politics. Our job is to build the movement, taking a lesson from the civil rights era: During those years, people made concrete demands and they stuck with them. And they knew that they had an adversarial relationship with politicians and they didn't care. They knew that when they demanded the right to vote, or an end to segregation, or an end to housing discrimination, they knew that politicians didn't want to do what they were demanding. But they demanded it anyway. They worked cohesively en masse for years. And that is how those changes came about. I think the problem with electoral politics is that it should be what comes last. It's the movement that has to come first to create the political crisis, to move politicians, because that is the only way they move. That's true not only of civil rights legislation, it's true of the environment. Nixon gave us the EPA, the Environmental Protection Agency. Why he gave it is because people were in the streets, there were millions of people. Steve and Margaret talk about the differences and similarities between Malcolm X and Martin Luther King, Jr. By the end of King’s life he had broken with Lyndon Johnson, who was seen as an ally of the civil rights movement. This could be a model for working with elected officials; you don’t have to sell out your principles. The interview goes over many of the crucial issues affecting our lives in 2020, from Bernie Sanders to the actions of the Democratic Party elite; from Black Lives Matter to Antifa; from the Green Party to the need to end the duopoly. Margaret Kimberley is a co-founder and Editor and Senior Columnist for Black Agenda Report. Her first book, “Prejudential: Black America and the Presidents” was published in February. @freedomrideblog on Twitter http://steerforth.com/titles/prejudential/ https://bookshop.org/books/prejudential-black-america-and-the-presidents/9781586422486…

Macro N Cheese

1
Ep 84 - African Sovereignty and a Global Green New Deal with Fadhel Kaboub 1:05:36

5 years тому1:05:36

1:05:36

Our guest this week is long-time friend of the podcast, Fadhel Kaboub. The Macro N Cheese audience will remember when Fadhel and Ndongo Samba Sylla visited with us last October on their way to the conference on African Monetary and Economic Sovereignty in Tunis, Tunisia. In that episode, we learned about the CFA franc, a vestige of colonialism, a symbol of the lack of true sovereignty in the post-colonial world, and a tool of economic oppression by international financial powers. The conference in Tunis was an unqualified success and plans for a second one were underway until COVID19 interfered. To keep the conversation alive, Fadhel and his colleagues from Senegal, Tunisia, and Germany wrote An Open Letter on African Economic and Monetary Sovereignty . Having it translated into 50 languages and creating audio recordings in each, makes it accessible at the grassroots level. There are more than 500 signatures of scholars, economists, activists, and political figures from developing and former colonial nations. (See link below) Ironically the pandemic turned a spotlight on the systemic problems of most countries, including those of the developed world. Hardest hit are the former colonies, especially those on the African continent, who are adversely affected by the extractive nature of the global supply chain. Fadhel uses the MMT lens to explain the interconnectedness of the lack of monetary sovereignty, lack of food and energy independence, and lack of political power. In building a coherent economic development alternative for the developing world, we need to understand how the interests of the IMF and World Bank, in conjunction with those of private importers, trap poorer nations in external debt and prevent the development of a strong national economy. There’s an illusion that richer countries send money to poorer countries when in actuality the US (and others) extract more wealth than they inject; it’s a recurring global pyramid scheme. Fadhel lays out the myriad ways this is accomplished and looks at the kind of investments, both financial and resource-based, required for achieving sovereignty and reliable growth. In the second part of the interview, Steve and Fadhel talk about the Green New Deal. Too often the discussion of combating climate change focuses on plans and obligations of the developed world. When we ask what it would mean to look at it from the point of view of the poorer nations, it’s clear that we need to consider a global reparations agenda. Fadhel says: I use reparations in the broadest sense of the term. That includes reparations for slavery, reparations for colonialism, reparations for post-colonial abuse, reparations for climate debt. And reparations are not one country to another alone; it's also within countries because countries have abused their own native people and have abused their own environment... So we're talking about a global reparations model that goes beyond the United States. To read the Open Letter on African Economic and Monetary Sovereignty, visit the website: mes-africa.org/ @Mon_Sovereignty on Twitter If you’d like to hear more from Fadhel, with Q&A, you’re invited to attend the Real Progressives National Outreach Call. September 16, 2020, at 9pm EDT/6pm PDT. Register here: https://www.bigmarker.com/real-progressives2/September-National-Outreach-Call-w-Dr-Fadhel-Kaboub Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity. global-isp.org @FadhelKaboub and @GISP_Tweets on Twitter…

Macro N Cheese

1
Mutual Credit and the War on Cash with Brett Scott 58:41

5 years тому58:41

58:41

This week Brett Scott brings us a report from the war zone. He’s based in the UK but the war on cash serves the same global interests and employs the same sort of weapons in the US. The interview begins with Steve asking about the role of COVID19. Brett tells of the huge British supermarkets, at the start of the pandemic, blasting the message that cash is dangerous; warning that passing cash from hand to hand is likely to carry the virus along with it. The CDC as well as major financial institutions have published that there is evidence to the contrary. They say, in fact, that credit cards and pin pads are far more likely to transmit the coronavirus. But the message persists: cash is dirty. The mainstream narrative has it that the move to a digital economy is happening organically, from the bottom up. As if people are simply drifting away from cash and migrating towards digital payment systems. In reality the opposite is true. You could say the war on cash is a war on class, from the top down. Working-class and poor communities are highly suspicious of banks and digital finance. Once you have your dollars in your pocket, nobody has to know what you do with it, where you go, how you spend it… which is why the banks hate cash. Clearly then, the extension of that mainstream bottom-up narrative is also untrue. This is the part bemoaning the fact that certain marginalized communities have been left behind. (“If only we could plug them into digital payment systems, everyone would be on the same level.”) Cash is a public utility. Brett calls it a nonjudgmental form of money in this potentially dystopian brave new world. Without physical forms of money, you’re absorbed into a panopticon banking system which we have reason to mistrust. It’s not just the finance sector that’s waging war against cash. Huge companies like Facebook need to sell ads. How can they prove to advertisers that the ads are effective if they don’t know what you’re buying? How do they know when they can stop flooding your pages with ads for certain products? Behemoths like Amazon and Uber profit from being automated and efficient. When big tech marries big finance, they seamlessly integrate on a huge scale. This is why they are able to annihilate small businesses and independent operators. The international aid community has usually handed out cash in disaster areas. It not only helps the refugee or survivor, it typically gets spent in the local community, serving as a boost to the economy. Now they’re moving to digital transfers of funds via prepaid cards. Digital payments are designed for web commerce, not local development. Brett has spent the past 18 months working on a book that will be published late next year. We expect it to be full of the kind of insights about cash and class he has shared with us today. The book will also look at cryptocurrency (if you’re still unsure about bitcoin, you won’t be after this episode) and another area of Brett’s expertise: alternative monetary systems. In the rest of the interview, Brett teaches Steve, and the rest of us by extension, about mutual credit systems and ripple credit systems. It’s rare that a guest talks about something that’s completely new to us. We found it exciting and we know our listeners will too. Brett Scott is a journalist, campaigner, former derivatives broker, and author of The Heretics Guide to Global Finance: Hacking the Future of Money. @suitpossom on Twitter Subscribe to his new newsletter: BrettScott.substack.com…

Macro N Cheese

1
Ep 82 - A Lesson in Systemic Racism with Camille Walsh 56:50

5 years тому56:50

56:50

Whenever Steve's guest is a lawyer, we know we're going to learn something new. Rohan Grey told us it's like the saying: “when you're a hammer, everything looks like a nail.” When you're a lawyer, you look at any issue and see a network of laws. This is why we're so grateful for the lawyers on Macro & Cheese - they teach us about that underlying legal framework. Camille Walsh isn't just a lawyer, she's a historian. We've been hearing about her book, Racial Taxation: Schools, Segregation, and Taxpayer Citizenship, 1869-1973 , for a long time. Interestingly, she never intended to write about taxation, but her research led her there, and decided it for her. The notion of identifying as “taxpayer” is entwined with presumptions of entitlement which, in the US, date back to the founding principles, determining who has the right to be a citizen, who's qualified to vote, claim property, or own other human beings. The bottom line: it was a privileged group of white males back then and little has changed. Ultimately a group’s identity as taxpayers decides whether they’ll get some tiny amount of financial support, be it by federal, state, or local governments. After the Civil War, the taxpayers’ status was firmly established. All power was concentrated in their hands; they wrote all the laws and accrued all the benefits. It was during this period -- Reconstruction -- that there was a boom in the founding of schools. The fact that they were funded by local property taxes determined something as basic as whether a school was a one-room shack or a schoolhouse supplied with books. To this day, we have a stark disparity in resource distribution between schools in white and minority districts, with white men predominantly staffing the school boards and unevenly allocating funding based on this false sense of entitlement. The burden of educational funding remains squarely on the shoulders of revenue-constrained states and communities, creating a sense of scarcity and subsequent resentment toward nonwhites as “others,” allowing racist and classist biases to guide the outcome. Underfunded schools lead to under-educated citizens -- poor whites as well as minorities -- relegating them to low-income employment in a vicious cycle that traces back to the rigged educational system. Camille talks to Steve about the shocking number of rights that are assumed to be in the Constitution but aren’t actually spelled out until there’s a legal challenge, in which case the court’s ruling sets them in stone -- for better or worse. For example, the right to interstate travel didn’t exist until California attempted to limit settlers from other states. People assumed that Brown v Board of Education settled the issue of an equal right to education. In the 1954 ruling, Earl Warren said “education is possibly the most important function of state and local governments." What many of us weren’t aware of, though, was the 1973 decision in San Antonio v Rodriguez. It’s a little known case -- one out of many that dealt with education and segregation. In a 5-4 decision, it shot down the right to equal funding of schools. Unequal funding means unequal education. The argument leaned heavily on anti-communism, warning that once we start funding schools equally, we’ll be on the slippery slope to becoming Stalin’s Russia or Mao’s China. Justice Powell, that great hero of neoliberals everywhere, wrote the majority decision. In this particular moment in time, as extraordinary and unprecedented things are intersecting and coalescing, we need to understand the consequences of our history. This episode gives us much to consider. Camille Walsh is an Associate Professor of Law, Economics, and Public Policy at the University of Washington Bothell. She doesn’t spend much time on social media. Racial Taxation: Schools, Segregation, and Taxpayer Citizenship, 1869-1973 https://bookshop.org/books/racial-taxation-schools-segregation-and-taxpayer-citizenship-1869-1973/9781469638942…

Macro N Cheese

1
The World of Angrynomics with Mark Blyth 49:12

5 years тому49:12

49:12

World-renowned economics professor and accomplished author/podcaster/speaker Mark Blyth joins us this week to discuss MMT, the variants of capitalism, and the current culmination of the populist anger outlined in his new book Angrynomics , co-authored by Eric Lonergan. The book, in brief, is a revolutionary, yet practical solution for an economically unjust world brought into clear focus by the Covid19 pandemic. Mark has been a consistent ally to the progressive movement over the years, using his broad reach to advocate for economic literacy and justice. Although he hasn't fully embraced MMT as his lord and savior, he calls himself a fellow traveler with no doubt that when they round up the MMTers, he'll be thrown in the back of the van with them all. His sharp wit and finely honed sense of the absurd make his social and political observations as interesting as his economic ones. An underlying theme the authors encountered consistently throughout the research for Angrynomics was - you guessed it - anger. It arises from the disconnect between our experience of the world and how it's explained to us. About anger, Mark says, “you assume you know what it is, but don’t necessarily think about it.” He talks about public and private anger, distinguishing righteous anger from tribal anger which is, inevitably, weaponized. The economic portion of the discussion touches on the variants of capitalism throughout our history, and the benefits or drawbacks of each. He also focuses on how, when the government spends at the bottom through wages and public purpose spending, the wealth trickles up, but when spent at the top, it most certainly does NOT trickle down. There’s no lack of good ideas and policy prescriptions; there’s a lack of political courage to implement them. Mark and Steve look at the social and political differences between “boomers” and the generations that came after. Mark attributes it to their incomes. The boomers’ income is asset-based, making it stable and secure, while the others rely on income drawn from wages, uncertain and insecure. These younger and poorer Americans are expected to be the shock absorbers of a volatile and unpredictable economy. The current pandemic is revealing the gaping flaws in our economy and waking up many normally comfortable and apathetic folks to the reality millions of Americans have been living every day -- being left behind by an economy built by, for, and of the oligarchs. It’s capitalism… and the people are angry. We cannot nudge the system back to stability. We need radical economic reform to create a bottom-up economy now. Mark Blyth is Professor of International Political Economy in the Department of Political Science at Brown University and a Faculty Fellow at Brown's Watson Institute for International Studies. He is co-author, with Eric Lonergan, of Angrynomics, and author of Austerity: The History of a Dangerous Idea. Check out his podcast https://watson.brown.edu/rhodes/podcasts , including a recent interview with Stephanie Kelton http://markblyth.com/ @MkBlyth on Twitter https://www.goodreads.com/book/show/48908670-angrynomics…

Macro N Cheese

1
UNI's for All with Ben Wilson and Scott Ferguson 1:10:57

5 years тому1:10:57

1:10:57

The Covid19 pandemic is much more than a public health catastrophe; it has highlighted and exacerbated economic, social, and environmental crises on an unprecedented scale. While Congress sits on their hands, a learning-by-doing experiment is already underway at the Federal Reserve. With more than 40 million Americans out of work, the Fed appears ready to fulfill its congressional mandate to both maximize employment and promote stable prices. Indeed, the strongest signal that this time things can be different is the opening of the Fed’s new Municipal Liquidity Facility (MLF), which promises to buy both existing and future state and municipal debt. -- from “Overcoming Covid19 Requires Rethinking University Finance” (see article link below) Our guests, Ben Wilson and Scott Ferguson, are working with others in the MMT community to develop the plan for a new university-issued currency, the Uni, with backing by the Federal Reserve. Universities are not unlike small states or municipalities. They provide jobs and living quarters, engage in commerce both on- and off-campus. They collect rent on their vast real estate holdings. They also behave like banks, providing students with accounts for purchasing books and supplies. The university’s stated mission is to contribute to the greater good, produce educated citizens, and be cooperative partners with the surrounding communities. According to our guests, the Uni’s value extends beyond immediate financial practicalities. The project can use the university as a proxy for reformulating the macro economy on a micro-scale, creating real-world experience pushing the modern money agenda forward. We can ask ourselves what we want money to do for us and how it can meet the needs of our communities. Rather than wait for the federal government to act, we can structure it on our own terms. Benjamin C. Wilson is an Associate Professor of Economics at the State University of New York at Cortland and a research scholar at the Global Institute for Sustainable Prosperity. @autogestion77 on Twitter Scott Ferguson is an Associate Professor of Film & Media Studies in the Department of Humanities & Cultural Studies at the University of South Florida and a Research Scholar at the Global Institute for Sustainable Prosperity. He is co-host of Money on the Left podcast featured by Monthly Review Online. @videotroph on Twitter https://www.boundary2.org/2020/07/scott-ferguson-benjamin-wilson-william-saas-maxximilian-seijo-overcoming-covid-19-requires-rethinking-university-finance/ Read about the Uni in the demands issued by the Resident Assistant/Peer Mentor union at UMass Amherst. https://docs.google.com/document/d/1psWUI4PGVVYOJ9flQiwsWKWHK9qhdLPFjonToNo4R7M/mobilebasic?fbclid=IwAR2pKwOHzggugNSJsrrQGFtm1Bl7D-1eYJDfQNgzD4s5yIfnu2VgmkJCTkc The Global Institute for Sustainable Prosperity http://www.global-isp.org/…

Macro N Cheese

1
Ep 79 - Electing to Speak Out: Democracy Unchained with Senate Candidate Richard Dien Winfield 1:08:42

5 years тому1:08:42

1:08:42

This week we welcome Richard Dien Winfield, a rare candidate for national office who is running on the Federal Job Guarantee and Medicare for All. It’s no surprise, then, that Richard is fully onboard with Modern Monetary Theory and spoke at the MMT Conference in Stonybrook last September. Steve talks with him about his new book, Democracy Unchained: How We Should Fulfill Our Social Rights and Save Self-Government , and the platform for his current campaign. Richard is running in Georgia’s special election for the US Senate. His campaign is founded on correcting the failure to recognize and enforce our social rights, which he sees as the key to remedy blockages of opportunity that hobble our democracy. Throughout this interview, he frequently returns to the concept of social rights as the rights that are not in our constitution but should be. These include the right to a decent livelihood, healthcare, education at all levels, the right to balance work and family, and to level the playing field between employer and employee. Martin Luther King said that without a job and income, one can have neither life, liberty, nor the opportunity to pursue happiness. Richard eloquently connects the dots between our social rights, demonstrating their interdependence. How can you solve homelessness without a job guarantee, which will require a higher minimum wage than the $15-an-hour we normally hear about. The job guarantee would, of course, include full benefits of pension and healthcare -- though we wouldn’t need the latter if we had Medicare for All, which is another necessary social right: without health, we can’t exercise our freedoms. There are two exacerbating factors disempowering employees. The first is globalization and free trade, due to the ease with which companies can find the lowest wages and relocate. The second factor is the rise of the gig economy. Employers can use technological advancements so that workers are on their own and scattered around the globe; the employer doesn’t have to provide overhead or face worker solidarity. Richard describes the UBI as setting up a 2-tiered society: those condemned to the poverty income of the UBI alone, and those who receive the UBI plus wages from their jobs. Instead of eliminating economic disadvantage, it sanctions it. Considering the threat of fascism, we look again to an FJG. For all the praise given to the social democracies of northern Europe, the fact that they don't have a job guarantee has left them vulnerable to the kind of xenophobia and bigotry that has caused workers in other countries to vote for extreme right-wingers. When there aren't enough jobs, a wave of immigrants is seen as a threat. Universal healthcare and generous unemployment insurance do not replace the need for jobs. Richard and Steve go through all the social rights in depth and, sometimes, from a new angle. Listeners will hear something they might not have considered about racism, sexual harassment, unionization, corporate compensation, reparations, the needs of families, and much more. Have you ever heard a candidate demanding legal care for all? Listen to the episode! Richard Dien Winfield is an American philosopher and Distinguished Research Professor of Philosophy at the University of Georgia. He has supported striking workers, organized sugarcane laborers, and joined unionizing efforts at UGA. Winfield was a candidate for U.S. Representative from Georgia's 10th Congressional District in 2018 and has declared his candidacy for the 2020 United States Senate special election in Georgia. WinfieldforSenate.com @WinfieldForUS on Twitter https://bookshop.org/books/democracy-unchained-how-we-should-fulfill-our-social-rights-and-save-self-government/9781950794133 Find his books on Amazon https://www.amazon.com/Richard-Dien-Winfield/e/B001HP3FH2?ref_=dbs_p_pbk_r00_abau_000000…

Macro N Cheese

1
Paying Ourselves to Save the Planet: An MMT Story with J.D. Alt 52:38

5 years тому52:38

52:38

J.D. ALT is an architect who has spent much of his career researching, inventing, and visualizing things that he hoped might improve the quality-of-life and prosperity of collective society. Gradually, he came to two realizations: first, the kinds of things he was envisioning (free-to-ride downtown people-movers and affordable housing strategies) would never be undertaken by a profit-oriented corporate business model and, second, the only other possible financier--the federal government--was "broke" and hopelessly in debt. Alarmed and discouraged by these realizations, he stopped thinking about new things to build and started investigating how--and why--it could possibly be true that collective society was, "for lack of money," so helplessly unable to build things it both needed and could dramatically benefit from. So begins J.D. Alt’s biography on Amazon. This week he joins Steve to talk about his new book, Paying Ourselves to Save the Planet: A Layman's Explanation of Modern Monetary Theory . The interview begins with J.D. describing the insights he gained once he understood that fiat money actually refers to reserves and the other money we use, bank-created money and cash money, are claims on those reserves which are held in the reserve banking system and never leave. They are digital entries on a score sheet. One method for creating reserves is when banks make loans (creating bank-money). This is a claim on that bank’s reserves at the central bank and is how money for private enterprise is created. Since private corporations only engage in producing goods and services generating profits, it’s safe to say that bank-money is only created for profitable endeavors. Therefore, the myriad of things we need as a society that don't bring in a profit must be created by public enterprise. Where does the money for public enterprise come from? This leads to the heart of MMT, and J.D. breaks down the distinction between it and the standard theory of money. In his book, J.D. tallies up the public enterprise goods and services we require and puts together a projection of what they’ll cost. When compared to how much the standard money theory believes the government can either collect in taxes or borrow, it becomes clear that we must look at a different way to finance the public needs. Steve and J.D. discuss just a few examples of the cost of the climate crisis. Much of it involves paying people to mitigate and adapt to climate change, which includes the expense for farmers to sequester carbon in their soil and workers to build machines that scrub carbon out of the atmosphere. Ironically, the bottom line is instead of costing the people a lot of money, a lot of people will be getting paid. J.D. Alt is an architect who writes about the economy, the climate crisis, housing, and the needs of humanity. His books include Paying Ourselves to Save the Planet, The Millennials’ Money, The Architect Who Couldn’t Sing, Low Earth Orbit, and Housing for the Masses, Dwellings for the Soul. Find him and his books at JDAlt.com @JD_ALT on Twitter…

Macro N Cheese

1
Ep 77 - Banking Surveillance & Racial Taxation with Raúl Carrillo 1:01:24

5 years тому1:01:24

1:01:24

A discussion of racial taxation and private digital currency may seem like two disparate subjects. Raúl Carrillo’s genius is his ability to explain these things in such a way that their intrinsic connections are unmistakable. Just as there is racialized taxation, we also have racialized surveillance, and private digital currency is definitely in the surveillance business. Previous episodes have spoken of the effects of racial taxation, creating a disparity in public schools due to the inequities in local property tax funding schemes that pay for education. The same kind of taxpayer pressures that have defunded the schools have combined with the starving of federal support for the states, making it hard for local governments to provision themselves. States and municipalities resort to collecting fines and fees through petty crime designation, using the courts and incarceration as a funding source. The burden falls heavily on poor and oppressed minorities. These problems come from neoliberalism’s core embrace of austerity. Mass unemployment results in near-mass incarceration. A theme running through Raúl’s scholarship and our collective activism is that if something is a right, or is integral to due process and constitutional safeguards, then it should be funded by the federal government. Otherwise, what does it mean to have fundamental rights in this country? The government is willing to spend unquantifiable sums defending the rights of property while insisting it’s too expensive to provide jobs, healthcare, and housing. When the government doesn’t meet the people’s needs, it creates a vacuum that forces them into debt, turning to the predatory lenders who have built an industry on the backs of the needy. And now Wall Street is increasingly serving fewer kinds of investors. When Wall Street decides it’s no longer profitable to prey on the poor, Silicon Valley is offering an alternative that is predatory in its own way. Raúl recently produced a Black Paper on Libra, Facebook’s foray into the digital currency market. Most cryptocurrency doesn’t have retail value, so much of the activity is through speculation. Libra is an attempt to create a stabilized private money, which introduces a new set of dangers. Steve and Raúl devote a good portion of the interview looking at the different levels of threats that are posed by turning over the reins of currency creation to tech corporations. Libra is connected to Facebook and Uber, but Google and Amazon can’t be far behind with their own projects. Silicon Valley is now in the debt game. With public money, we can still demand some degree of protection for our privacy rights. Facebook’s entire business model is based on surveillance; it knows what you’ve bought, where you’ve been, what you like, and who you hang out with. Police have been using Facebook’s facial recognition to identify Black Lives Matter protesters. It’s hard to imagine enforcing legal protections when Facebook has been breaking promises to (defanged) regulators for years. For the US, public-private partnerships have crowded out government spending on social needs. For us MMTers, using the public purse for the public purpose is of seminal importance. A private currency, spying on us all, cannot be tolerated. We need to multi-task - wed the anti-racist, decarceration, and abolitionist fights with a vision of public money spent in a way that allows people to flourish. Raúl Carrillo is the Board Chair of the Modern Money Network and a Research Scholar at the Global Institute for Sustainable Prosperity. He sits on the boards of the National Jobs for all Network and the Our Money campaign. @RaulACarrillo on Twitter Reflections: Challenging Monetary Sanctions in the Era of Racial Taxation https://escholarship.org/uc/item/7rp8g89c Banking on Surveillance: The Libra Black Paper: https://ourfinancialsecurity.org/wp-content/uploads/2020/06/Libra-Black-Paper-FINAL-2.pdf?fbclid=IwAR1qqjecm45wHuNUljezfm19qCLg034VqgL2rQAwjqsr__B_Zfulzt0OKLs…

Macro N Cheese

1
Ep 76 - An Activist's Quest for Aboriginal Inclusion with Jengis Osman 59:57

5 years тому59:57

59:57

Our guest is Jengis Osman, an activist and labor organizer who was led to Modern Monetary Theory through his life experiences and those of his family and the people he works with. After graduating from university, he struggled to find work and questioned why it had been easier for his grandparents who had immigrated to Australia from wartorn Cyprus in the 1970s. When he taught English to new immigrants, they asked the same question: why aren’t there enough jobs? Jengis now lives in the Northern Territory, a remote section of Australia. The effects of austerity are always harshest on the most vulnerable groups, but the living conditions of Australia’s indigenous population also reflect that country’s unique history of brutal colonial oppression. Before colonization the people had an abundance of food and water; their kinship systems worked for them. The colonizers tore communities apart with forced relocation to different regions with different customs and a foreign language. Children were uprooted and sent to mission schools far from their families. Colonialism effectively made slaves of the indigenous people and austerity assured their continued suffering. When Jengis discovered Bill Mitchell’s blog (http://bilbo.economicoutlook.net/blog/), the pieces began falling into place. Much of this interview takes us through the MMT fundamentals that brought reality into focus for so many of us, starting with the difference between a currency creator and a currency user. Jengis talks about Pavlina Tcherneva’s example of the “hut tax” imposed by the British in Malawi as a coercive measure that provided the colonists with a labor force by creating a need for the pound sterling. Understanding that taxes don’t fund government expenditures at the national level leads to awareness of the vast array of unnecessary political choices that cause pain at every level, including unemployment and homelessness. Fracking in the Northern Territory will damage the water supply and prolongs the negative impact of fossil fuels. Yet when the central government doesn’t spend enough in the territories and states, regional governments are forced to find private investors whose interests don’t align with that of the community. This brings us back to the difference between a currency creator and a currency user. Steve often asks our podcast guests how they introduce MMT to the uninitiated. Jengis talks about money as akin to points on a scoreboard -- the referee cannot run out of them. Money is a measure, like an inch or a mile. Those numbers are a statistical artifact and without a context, they make no sense. The economy isn't an abstraction that sits above us and is not a “thing” we should be working to serve. The economy is us. We want to focus on achieving real outcomes, like employment opportunities, tackling climate change, and creating the kind of world we want to live in. Jengis Osman currently works as a union organizer. He has had many occupations over the years including a substantial time unemployed as neoliberalism has decimated the idea of secure employment, providing sufficient work for all and forced education and training onto the individual rather than a collective responsibility. These jobs include a terrible stint in the retail sector, a call center as a researcher, a garbage man, and an ELICOS teacher. Check out his blog: https://jengis.org/ @JengisO on Twitter…

Macro N Cheese

1
Navigating the Coming Great Depression with John Harvey 1:03:30

5 years тому1:03:30

1:03:30

This week we welcome back our favorite Cowboy Economist , who immediately tells us what a great job Real Progressives and Macro & Cheese are doing. Smart guy! John Harvey and Steve have much to discuss. The coronavirus pandemic is showing no signs of abating. It underscores or exacerbates all the other monumental problems we’re facing. There’s the high stakes presidential election asking us to choose between a deficit hawk neoliberal and a lunatic, while a large portion of the public have no faith that the electoral process is anything but rigged, especially after the primaries. Police brutality and injustice have reached critical mass, sending people into the streets in numbers we haven’t seen in our lifetimes. The climate crisis is being ignored, but the IPCC predictions hang over us like a doomsday clock, ticking away. Steve and John share the frustration of everyone who understands MMT: we know things don’t have to be this way. John holds the current economics discipline in particular disdain. Politicians turn to mainstream economists for advice, but the leading lights in the field believe that the market fixes itself. Paul Krugman might concede that we can “help it along,” but there are few other fundamental differences between the liberals and conservatives in the profession. Given that we’re staring down the barrel of a worldwide depression, Steve asks what we can learn from the Wall Street crash of 1929. John gives a concise history lesson, beginning with the enormous economic expansion that took place in the 1920s when, for the first time, there were as many people living in cities as on the farms. It was a time of huge investments on the part of government, businesses, and individuals. The federal response is where we see the difference between the depression of then and now. Today both parties confuse the economy with the market system. The economy is the means by which we meet our needs for food, shelter, and clothes, among other things. We don’t need the free market system to do that. During the New Deal, they applied extra-market solutions. There wasn’t a food scarcity, nor is there in 2020. What people need is an income so they can purchase those necessities, pay the rent and bills. John says that policies of the New Deal addressed social problems, not market problems. There were urban and rural projects, like building city parks or the Tennessee Valley Authority, creating jobs while improving the quality of life for residents of the area. Compare the government’s solutions today. The COVID-19 crisis has created massive unemployment and business closures, The response by every state governor is to increase commerce - get the market running again. The federal government could have generated income for everyone. Instead, we’re going to emerge from this pandemic under a mountain of debt. This interview isn’t entirely limited to the discussion of economics -- it would be hard for John and Steve to stay away from politics for a full hour. Their exchange of ideas is interesting because neither of them insists that he has all the answers. (We need a strong third party in order to exact some leverage. Or should we expend energy on parties at all right now?) They appear to be considering and reconsidering their positions just as we all are. In our whiplash world, how could we trust anyone who claims otherwise? John T. Harvey has been a Professor of Economics at Texas Christian University. since 1987. He specializes in exchange rates, macroeconomics, business cycles, and contemporary economic schools of thought. Check out the Cowboy Economist on YouTube.. https://www.youtube.com/channel/UCL9PHjlPQ5wq0CD6vAibxYg/featured @John_T_Harvey on Twitter…

Macro N Cheese

1
Ep 74 - Counterpoint: MMT’s Evaluation of AMI's Positive Money with L. Randall Wray 58:27

5 years тому58:27

58:27

An alternate title for this episode could be “Back to Basics.” It reminds us why Randall Wray’s MMT Primer continues to be a definitive resource for the Macro & Cheese community. This 2017 interview came about when the American Monetary Institute (AMI) published an article critiquing MMT. Randy Wray was mentioned and quoted throughout, so Steve invited him on to set the record straight — and maybe shed some light on AMI and its theory of “positive money.” If you don’t come away with a clear understanding of it, it’s because Randy himself can’t always get to the bottom of AMIs logic. It turns out they have some less than pristine methodology. It’s hard to assess the strength of their theory when you can’t pin down the theory. They don’t even produce balance sheets. AMI wants the Treasury to print greenbacks because they posit that the Federal Reserve is private and independent, with full control over the US dollar. Randy explains that we do, indeed, have a sovereign currency, and suggests that we read the Federal Reserve Act of 1913. The Fed is a creature of government, under the control of the Congress. Its very limited independence consists of the freedom to set overnight interest rate targets. It’s easier for Randy to debunk AMI’s critique of Modern Monetary Theory, and a large part of the interview takes us through the fundamentals of MMT — how money is created, the differing roles of the Treasury and the Fed, the causes of hyperinflation, sectoral balances, and why the US will always have a trade deficit. In our lifetimes, at least. We end with a long discussion of solutions to inequality. Since taxing the rich is politically unfeasible, Randy says a better way to reduce their wealth is to attack it at its source, where vast wealth is amassed. He wants to forbid corporations from buying back their stocks. Corporate CEOs and upper management receive outsized compensation in the form of stock options. Corporations spend more on stock buybacks than on investment in plants and equipment, which would create jobs. The buybacks raise the value of the shares, then the CEOs exercise their stock options for huge amounts of money. There’s no reason to allow it. This is an episode you’ll want to listen to right before trying to explain MMT to your uncle. Better yet, send him the link. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. http://www.levyinstitute.org/scholars/l-randall-wray https://neweconomicperspectives.org/modern-monetary-theory-primer.html Steve Grumbine says this article changed his life. Check it out: https://neweconomicperspectives.org/2014/05/taxes-mmt-approach.html…

Macro N Cheese

1
Rights, Justice, Equality And All Things Funky with Irami Osei-Frimpong 1:11:05

5 years тому1:11:05

1:11:05

If any of our listeners aren’t following The Funky Academic on his website, YouTube, or Twitter, this episode will change all that. Macro n Cheese usually leans heavily towards economics, but Irami Osei-Frimpong arrives at many of the same conclusions that we do, yet gets there by a different route. That helps make this such an interesting interview. In these disturbing times, his strong sense of humor and irony are a welcome respite. Irami is a PhD student in philosophy, which he chose to study because, as an undergraduate, he realized that people are confused about what justice looks like. In a liberal democracy, there’s no need for a minister of propaganda; our thinking is controlled by what is omitted from our education. He says we must know what we’re fighting for because if we’re merely guided by emotions or compassion, we can be easily confused and swayed. “You need actual arguments to ground you so you're not buffeted about when your latest crush is a Republican.” This is how we end up accepting that there’s a “natural” rate of unemployment, for example. The episode is full of astute observations about racism, economic insecurity, and the indisputable necessity of a Federal Job Guarantee. Alton Sterling was selling CDs from the trunk of his car, and Eric Gardner sold loose cigarettes. Imagine if they had guaranteed jobs that paid a dignified wage, which Irami maintains should be $22 an hour. We don’t want a living wage because we want to do more than just live. Irami draws lessons from history as much as from today’s headlines and he often ponders the concept of citizenship. How can we participate in the political process while dealing with unemployment? In a nation of laws, how can we exercise our rights as citizens if we can’t afford legal protection? He tells an anecdote about Hulk Hogan which illustrates why we need a single-payer legal system as much as we need single-payer healthcare. Steve and Irami discuss the marijuana business, reparations for African-Americans, and unprovoked police shootings. While the interview is laced with humor, the themes and implications are dead serious. Irami Osei-Frimpong is a PhD student in Philosophy at the University of Georgia. Check out his website: funkyacademic.com @IramiOF on Twitter…

Macro N Cheese

1
Nationalizing Payroll and The Right to a Job with Pavlina Tcherneva 1:04:14

5 years тому1:04:14

1:04:14

The coronavirus epidemic has brought about an unprecedented level of unemployment and destitution in the US. Without significant structural change, it could affect people’s lives for decades to come. In this interview, Pavlina Tcherneva talks about the roots of the problem and lays out the kind of imaginative yet practical solutions that we need. Pavlina’s new book, The Case for a Job Guarantee , will be published later this month. It is a call to rethink the assumption that unemployment is unavoidable and that there’s little we can do about it. As a primer on the Job Guarantee, it documents all the benefits of the proposal. It confronts the narratives on competition, the market, and personal responsibility. The book exposes what Pavlina calls a major failure of her profession of economics. Economists have validated unemployment, structuring our thinking about the economy, markets, and their behavior, around the fallacious concept of a “natural rate of unemployment.” This validation brings massive failure at the theoretical, policy, and moral levels. At the time of this interview, ongoing demonstrations across the globe have been erupting -- spurred by the Black Lives Matter movement in the US -- expressing discontent with inequality in country after country. The spotlight on racial and economic inequality, compounded by the public health crisis, makes this an ideal time to look at the Job Guarantee. In addition to providing economic security for individuals, it centers on the creation of jobs that are geared to the needs of each community. This is a time to think long and hard about preparedness for future crises of all types, and environmental rehabilitation is long overdue. The Job Guarantee has a significant place in all of these plans. In the current economic paradigm, work that doesn’t generate profit is undervalued. Yet on a human level, these are the jobs that matter the most: education, health care, environmental protection, and care for the young or elderly are the true essentials of life. The interview is vibrant with the depth of understanding and empathy that we’ve come to expect from Pavlina. Our social, political, and economic problems are not intellectual problems to be played out on charts. Unemployment and underpaid jobs take a devastating toll on individuals, families, and communities. Nobody understands this as well as Pavlina. PAVLINA R. TCHERNEVA, Ph.D., is an Associate Professor of Economics at Bard College and a Research Scholar at the Levy Economics Institute, NY. She specializes in Modern Monetary Theory and public policy. Check out a recent op-ed crafted by a group of international female scholars. It’s been published in 26 languages. https://democratizingwork.org/ Book https://www.wiley.com/en-us/The+Case+for+a+Job+Guarantee-p-9781509542109 Website: https://www.pavlina-tcherneva.net/ Twitter: @ptcherneva…

Macro N Cheese

1
Labor Pains with Tschaff Reisberg 54:24

5 years тому54:24

54:24

Tschaff Reisberg is not only an early proponent of MMT, but is also a union representative with extensive experience in real-world struggles between workers and employers. His story - and that of the flight attendants union - is instructional for anyone fighting for fundamental change. Prior to the COVID-19 pandemic, the airline industry was booming. Flight attendants’ jobs were secure, with expectations of growth and more hiring. When the virus hit, the entire industry shut down. They lost 95% of their passengers. Like many industries during the crisis, there were talks of bankruptcy and furloughs. Tschaff and Steve discuss the impact of the virus on the working class as a whole. When people lose their jobs, they stop spending; when they stop spending, others lose their jobs and it snowballs across the country, as we’ve seen in the record-breaking unemployment figures. In past financial crises, government bailouts served to enrich corporate CEOs and shareholders, while allowing the working class to suffer. Tschaff’s union was able to win unprecedented protections in the CARES Act, the Coronavirus Aid, Relief, and Economic Security Act. The airlines were awarded grants that came with stiff conditions: they can’t downsize or do stock buybacks, there are hard limits on executive compensation, and they can’t furlough the employees. Paychecks will be protected through September. Tschaff’s political and economic education included the realization that unions can’t just fight employers but need to work with the government as well. Corporate interests build connections with political officials and apply constant pressure to carry out their agenda. When the unions do likewise, they’re able to get a seat at the table. Organized labor has been weakened over the past half-century but has finally stopped declining. The more the unions flex their muscles the more popular they become. As MMTers, Tschaff and Steve understand the importance of fighting for a Job Guarantee. They talk about the myriad benefits which include protecting labor, stabilizing the economy, and preventing inflation. It also combats anti-immigrant sentiment; if your own job is secure, you have no reason to fear others. They talk about one aspect of organizing that isn’t always considered. The more engaged you become, you don’t just change others -- you yourself are changed because you interact with people you wouldn't ordinarily meet. Awareness of each others’ issues develops into overlapping and united interests. This is how we build a movement. Tschaff Reisberg has been in airlines for 12 years, having worked on the ramp, deicing, customer service, and IT. He’s a union delegate for the Association of Flight Attendants-CWA local 23089. He currently resides in Charlotte, NC, with his wife and 2-year-old daughter.…

Macro N Cheese

1
Revolution H'20: A Discussion with Green Party Presidential Candidate Howie Hawkins 1:02:13

5 years тому1:02:13

1:02:13

Howie Hawkins is the Green Party’s candidate in the US presidential race. He joins Steve to discuss not only his platform, but the role of third parties in US politics and, of course, economics. Steve opens the episode by pointing out that he and Howie are in about 90% agreement on all the issues. Howie was the first US candidate to campaign for a Green New Deal ten years ago, in 2010. He ran against Andrew Cuomo for Governor of NY state in 2010, 2014, and 2018. With the suspension of Bernie Sanders’ presidential campaign, progressives are confronted with the choice of “Dem-enter,” which nobody is excited about, and supporting a third party, which many think of as a wasted vote. Here Howie makes a good case: a strong third party can force the media and other candidates to deal with our demands and confront issues that they’d prefer to avoid. There are historical precedents: the Liberty Party put slavery on the ballot and the Socialist Party brought social insurance programs into the forefront, some of which were adopted in the New Deal. Howie’s gubernatorial run in NY put so much pressure on Cuomo that he was forced to adopt some Green Party positions including a ban on fracking, the $15 minimum wage, and paid family leave. One of Howie’s goals in this campaign is to receive a large enough percentage of the vote to get the Green Party on the ballot line during the next election cycle. This will make it easier for down-ballot Green candidates to run. To seriously compete for national power, it must be built from below. Steve and Howie discuss strategies for breaking through the media blackout, achieving rank-choice voting, and forcing third party candidates into the debates, which was easier to do when debates were sponsored by the League of Women Voters -- before the Commission on Presidential Debates muscled them out. The Commission is not a government agency; it’s a private nonprofit corporation controlled by Democrats and Republicans, so everyone has to play by its rules. The majority of the interview is about combating the climate crisis within the time limit we’re faced with. Steve brings up his recent interview with Steve Keen who says we will need a command economy. Howie counters that we need a democratically planned economy. We already have a command economy with giant corporations that are “private tyrannies.” The people don't have a say in whether we're doing more oil and gas drilling or investing in renewables. Howie proposes a socialist economic democracy which he says we will need in the key sectors if we're to make the rapid transition. It can’t be done with carbon taxes, some mandates, and a few incentives. The incumbent industries will always fight those and keep us tied up. We should take over the utilities and companies like Exxon Mobil and Koch Brothers Industries. Howie outlines a plan that includes maintaining a living wage for workers in that sector. The rest of the interview goes into the need for free or low-cost high-speed internet throughout the country, the historic movement for a job guarantee, and international policy. We suggest that after listening, you check out Howie’s website, howiehawkins.us Howie Hawkins is one of the original Greens who has run on the GP ticket numerous times. He became an activist during the civil rights and anti-war movement of the ‘60s and has been involved in the labor movement for much of his life. @HowieHawkins on Twitter Howie Hawkins 2020 on Facebook…

Macro N Cheese

1
Ep 69 - A Legal Framework For a Digital Future with Rohan Grey 1:20:27

5 years тому1:20:27

1:20:27

In March, Rohan Grey was the guest speaker on a Real Progressives National Outreach Call. He talked about his forthcoming book, Digitizing the Dollar: The Battle for the Soul of Public Money in the Age of Cryptocurrency . The title says it all. In the midst of the pandemic, people are living with unprecedented financial insecurity. There’s no real sense of when they’ll be able to return to work or whether there will be jobs awaiting them. Rohan had been working with Representative Rashida Tlaib on her emergency assistance act, which is designed to provide relief funds of $2,000 a month to every man, woman, and child in the US. He explained the thinking that went into drawing up the bill, which is far more generous than any other coronavirus stimulus bill to this day. Of special interest to proponents of MMT is the fact that the Treasury would finance the program through minting trillion-dollar coins. Rohan told us how this provides a legal workaround to arguments about the debt-ceiling. The distribution method is also of interest to MMT-ers and it leads to the central topic of the presentation: digital currency. A debit card would be issued to everyone, sent by mail or available for pickup at numerous distribution centers. The debit cards themselves are to be privacy-protected. That issue - privacy - must be at the heart of any plans for cryptocurrency. The goal in designing the bill was that it be as simple, universal, and accessible as possible, but there’s nothing simple about the reasoning and planning that went into it. Rohan walks us through the process, showing the logic behind each choice. Fans of this podcast are familiar with Rohan Grey’s ability to explain complicated issues in a clear and fascinating way, making connections between ideas and facts, contemporary and historical. He refers to ancient Mesopotamian temples and Seinfeld plots to make a point. He is the ideal teacher to guide us through the maze of technical and moral issues we confront when dealing with digital currency. When asked about the phrase from the title of his book - the battle for the soul of public money - Rohan says that this is the soul of the human race. It’s the soul of democracy. We put our hopes and dreams, our personalities, and our experiences into our computers every time we use Google or Facebook. More to the point here, every time we use Venmo or Paypal. The net that holds those souls either respects our freedom and privacy or it doesn't. It’s either a tool of emancipation that connects us as equals or it’s a tool of control and subjugation. Do we entrust it to private corporations? In the battle for the soul of public money, “it's hard enough to learn about money -- and about law. Now we're adding technology. Those three worlds are converging at a rapid pace. The fight we’re facing is for a just money system, and when we get that money, it isn't a snitch, isn't a traitor.” In discovering why we need to struggle for the soul of public money, this episode takes us straight to the heart of the matter. Rohan Grey is the founder and president of the Modern Money Network, a research scholar at the Global Institute for Sustainable Prosperity, and a J.S.D. candidate at Cornell Law School, where his research focuses on the law of money in the internet society . https://modernmoneynetwork.org/ @rohangrey on Twitter…

Macro N Cheese

1
Reframing Marx Through Modern Monetary Theory with Nathan Tankus 52:57

5 years тому52:57

52:57

MMT seems like a natural fit for Marxists so why has there been some resistance to it? MMT explains the monetary system. Period. If we build a post-capitalist society we’ll need to understand how currency works. If we want to discuss getting rid of money altogether, we’ll still need to understand it. In this episode, Steve called upon Nathan Tankus to break it down and explain the objections to MMT among some on the left, particularly Marxists. Along the way, he tries to dispel some of the fears and objections. Marx devoted himself to studying and developing a theory of capitalism. He left a huge body of work and, occasionally, some parts of it contradict other parts. There’s a strand of Marxist tradition that influenced Post-Keynesians, Chartalists, and MMTers, so it’s hard to make the case of incompatibility. A criticism of MMT from the left is that it is only relevant to a monetary sovereign nation, especially one, like the US, that doesn’t hold foreign-denominated debt. MMT is explicit about the perils of holding debt in a foreign currency, whether in the Weimar Republic, Zimbabwe, or the Eurozone. In fact, Stephanie Kelton made an early call on the unsustainability of the Euro. (For an in-depth discussion of the economic problems of the post-colonial world, listen to our episode “The Spectrum of Monetary Sovereignty in developing Nations with Ndongo Samba Sylla and Fadhel Kaboub.”) Steve brings up the specter of capital flight, which Nathan describes as a non-Marxist issue that Marxists argue about. Marx demanded clarity; to understand an issue, one must look at what is really going on. In the case of capital flight, Nathan asks what kind of capital they’re worried about. Is it commodity capital? Variable capital? Constant capital? We must understand which processes and mechanisms apply. What are the underlying biophysical relationships, ownership relations, and payment systems? By tracing various hypothetical cases of capital flight, Nathan demystifies this often exaggerated problem. It’s practically canon among leftists that we prioritize raising taxes on the rich. Our listeners know that MMTers are sometimes criticized for decoupling “taxing the rich” from our demand for social programs. Nathan and Steve discuss the irony in the fact that raising the marginal tax rates on billionaires may decrease their household wealth, but it does nothing to change the fundamentals -- the ownership and control of the means of production. Universal healthcare will immediately save lives. A Green New Deal will immediately save the planet, thus saving lives. Free college education will improve lives, as will student debt forgiveness. A federal job guarantee will transform the social fabric, benefiting communities, families, and individual lives. What do we gain from increasing taxes on the 1%? It’s not a Marxist proposition: he never suggested that taxes would alleviate exploitation. Nathan makes the point that tying these vital programs to the collection of taxes implies that capitalists fund the government with their tax dollars and it limits us to what we can squeeze out of them. This interview is packed with important ideas and facts. They consider the irrational fear of robots replacing human labor. They look at some of the endless possibilities opened up by a job guarantee, including as a way to finance workers’ coops, creating laboratories for other means of organizing labor. Nathan explains the bathtub analogy for understanding stocks and flows. And there’s much, much more. Nathan Tankus is the Research Director of the Modern Money Network and Research Scholar at the Global Institute for Sustainable Prosperity. He has written for the Financial Times, Business Insider, Naked Capitalism, The Appeal and JSTOR Daily, and currently has a blog, Notes on the Crises, at NathanTankus.substack.com…

Macro N Cheese

1
Ep 67 - A Universal Basic Income vs A Job Guarantee with Claire Connelly 53:11

5 years тому53:11

53:11

This week we’re bringing back a conversation Steve had with journalist and researcher Claire Connelly in 2017, which explores all the best arguments in the job guarantee vs universal basic income debate. Claire says that the American nostalgia for a more prosperous era supports the case for government involvement in employment even beyond the New Deal. The fact that the US had almost full employment during WW2 is largely responsible for much of the prosperity in the postwar era. Even today, it could be said that the military is the closest we have to an employer of last resort. Conservatives object to government involvement in the economy - but Claire points out all the ways in which the government subsidizes large corporations and enriches the lives of those at the top. Since the government creates the currency, a job guarantee wouldn’t require a tax increase that would decrease anyone’s stash of money. We’ve given the government permission to abdicate its responsibility for employment and both sides of the political aisle are comfortable with the idea. That being the case, Claire asks why not dissolve government entirely and elect the CEO of Goldman Sachs? The implications are directly responsible for the situation in the Eurozone. The EU, IMF, and World Bank have more power than the national governments themselves. Most of those countries have not benefited from the arrangement. Even the Greek bailout did more for the German banks more than the people of Greece. One of our objections to a UBI is the fact that it doesn’t set a price anchor or a wage floor. It simply serves to funnel more money to these same corporations and rentiers. Claire talks about the rentier economy being one of the largest detriments to economic growth. The level of personal debt in the developed nations implies that income derived from a UBI will simply go to the rentiers - in the form of mortgages, rents, payment of credit card or other debts - doing little to improve the lives of the citizens and possibly making it worse by effecting a rise in prices. Elsewhere in this episode, Steve and Claire discuss a range of topics from Georgian land value taxes to autism, all within the context of the jobs and income. Anyone who gets involved in arguments about the UBI and FJG will want to listen.…

Macro N Cheese

1
The Con with Bill Black, Patrick Lovell and Eric Vaughan 1:06:54

5 years тому1:06:54

1:06:54

April was the 33rd anniversary of the Keating 5 Savings & Loan scandal, so we brought back our favorite former bank-regulator, Bill Black, to talk about it. It turns out that Bill has been involved in a documentary series about banking fraud and suggested that we should also hear from the directors, Patrick Lovell and Eric Vaughan. He calls them “the Coen brothers of documentaries.” The Con is a 4-part series that was inspired by Patrick’s own experience during the 2008 Great Financial Crisis. He was a successful producer and entrepreneur who had built a business and owned a home for his young family. The financial crisis wiped him out. Listeners to our podcast will be struck by the similarities to Steve Grumbine’s story. People who were hurt by the crisis say that they were struck by the disconnect between the media portrayal and their own real-life experiences. The victims were said to have been greedy and irresponsible, trying to “use their homes as ATMs.” The perpetrators were dismissed as a few bad apples. Patrick and Eric set out to uncover the true story behind 2008 and other financial crises. They were fortunate to find Bill Black. To produce a financial crisis, Bill says there must be two crucial components: elite crimes at the very top of the private sector and corruption by their political allies in the public sector. The Keating 5, in fact, were US Senators who got together with the specific purpose of pressuring S&L regulators to go easy on Charles Keating, the owner of Lincoln Savings & Loan. Bill calls it the first act in the three-act tragedy that produced the GFC. In making The Con, Patrick and Eric began looking for a top-down explanation of the financial deception that trickled down to ordinary people and caused tens of millions to lose their homes. But when they heard Bill Black say that the targets of people like Keating were “the meek, the weak, and the ignorant” it opened a new lane of investigation for them. Whether being conned into taking a risky mortgage or putting their life savings into uninsured junk bonds, the scams were carefully orchestrated to target the most vulnerable among us. The Con tells their stories as well. The series is made in the style of a true-crime documentary, which seems like a good way to emphasize that these were not just boardroom shenanigans. They were crimes, perpetrated by criminals on real-life, flesh-and-blood victims. The people who tried to do the right thing were also victimized; they were silenced and, for many of them, their careers were ended. Bill Black always has important lessons for us. It’s fascinating to hear what these two film-makers learned from him; they clearly value him as much as we do. The Con should be released sometime this summer. We hope they’ll come back then to talk about it. Bill Black is a professor of Economics and Law at the University of Missouri – Kansas City (UMKC) and the Distinguished Scholar in Residence for Financial Regulation at the University of Minnesota Law School. He is a serial whistleblower and authored The Best Way to Rob a Bank is to Own One. Patrick S. Lovell is a 30 year veteran of media production. He is producer and protagonist of the upcoming documentary limited series: The Con. Eric S.Vaughan is an award-winning commercial director/producer with extensive experience in leading-edge media production from narrative films to VR/immersive experiences. Eric has recently completed his long-form documentary series directorial debut, THE CON.…

Macro N Cheese

1
Ep 65 - Afterberner: The Progressive Path Forward with Jamarl Thomas 1:08:32

5 years тому1:08:32

1:08:32

The progressive movement is still coming to terms with the suspension of Bernie Sanders’ campaign and his endorsement of Joe Biden. We decided to check in with one of our favorite people in independent media, Jamarl Thomas of Progressive Soapbox. Steve and Jamarl spend an hour (give or take a few minutes) addressing the two questions that seem to be on everyone’s mind: what went wrong and where do we go from here? Jamarl’s critique of Sanders is fairly straight-forward -- he went to war against a powerful enemy with no powder in his gun. Would it have helped if Bernie had allowed his team to use opposition research against Joe Biden and others? Jamarl thinks that's part of what the campaign lacked. We’ll never know. To understand 2020 we have to understand that the Democrats’ number one priority was beating Sanders. His movement was a threat to the oligarchy. When they picked Biden they understood all his defects, but in their calculations, they figured that he could get the Black vote, which was enough to beat Sanders. Whether it’s enough to beat Drumpf is secondary. Jamarl makes the case that none of the Democrats in power are actually hurt by Drumpf; they may find him distasteful, but their material interests are not threatened. They know if that if Sanders were to win, they’d lose the party for a generation. They’d be exposed for they truly are. Despite paying lip service to identity politics and concern for the poor, they don’t fight to materially improve people’s lives. They were threatened by Sanders but couldn’t mount an effective attack on him due to his long history of authenticity and consistency. So they went after his supporters. They made the same accusations of racism and sexism against Bernie’s supporters as against Drumpf’s. In Jamarl’s view, the left has been weak and cowardly for 30-40 years. The Democratic Party can neglect and ignore them because they continue to get away with it. In the end, the opposition always buckles. To succeed the movement has to be willing to withstand the accusation that they’re the reason Donald Drumpf was elected. Steve brings up the question of building a third party but Jamarl insists that the left has to unite around policy, not party. Everyone needs to agree on some basic demands and stand up to the Democrats. That’s playing hardball. The conversation goes well beyond campaign politics. Jamarl and Steve talk about the Labour Party’s bungling of Brexit, and how the lack of monetary sovereignty is crippling the economies of the Eurozone. Jamarl explains why African Americans always vote Democratic, and whether it’s possible to make a change. They look at FDR’s deft use of the New Deal to ward off the imminent threat of socialism in the 30’s and visit a number of other issues, domestic and international -- past, present, and future. For more from Steve and Jamarl, check out Steve’s appearance on Political Misfits: https://www.facebook.com/SputnikNews/videos/586423068641351 Find Jamarl and the Progressive Soap Box on YouTube: https://www.youtube.com/user/jamarl31 On Twitter: @theProgSoapbox @JamarlThomas…

Macro N Cheese

1
Supply Chains and Pandemics with Steve Keen 50:52

5 years тому50:52

50:52

If you missed our recent episode with Professor Steve Keen, you’ll want to go back and listen to it soon. In January he spoke of the inevitability of disastrous climate crises. Now here we are, a few months later: different crisis, same chaos, inescapable tragedy. Although there is much agreement between Steve Keen and our friends in the MMT community, there are a couple of areas where the views diverge. At Macro n Cheese, we’re not afraid of a little disagreement. In fact, we welcome it. We’re all on the same side. Keen believes that during a crisis -- climate or pandemic -- we need a centralized authority to take over and maintain civilization. We've been following the advice of neoclassical economists for about half a century. During the stagflation of the 1970s, Milton Friedman vanquished the last remnants of the Keynesian approach. Thus began the unshakable belief in deregulation, privatization, and globalization. Reduce the size of government and let the market take control. This ideology ignores the crucial fact that the economy exists inside the ecology; without the ecology, there is no economy. Without the ecology, there are no humans. Steve Grumbine brings up Warren Mosler’s assertion that imports are a real value, exports are a real cost. As Mosler asks: which would we rather have, the little green pieces of paper or the cars, phones, and cheap goods we can buy from other countries? Steve Keen vehemently disagrees with this premise. It certainly doesn’t hold up during the kind of crisis we’re facing with the coronavirus. The supply chain is broken and the US is unable to get its hands on an adequate number of ventilators, masks, food and other necessities. He says that we need regional production capability for essential goods. Loopholes in US export tariff laws make it cheaper for companies to spread manufacturing across the globe, wherever they find the cheapest labor and resources. 43 countries are involved in producing the iPhone, for example. During the pandemic, 20 of these nations aren’t shipping to the US. While we can survive without iPhones, some products can be a matter of life and death. Keen and Grumbine discuss the unavoidable comprehensive solutions required in the face of a widespread crisis like this one and debate the concept of a universal basic income. The episode gives us a lot to think about. Professor Keen is a Distinguished Research Fellow at UCL and the author of “Debunking Economics” and “Can We Avoid Another Financial Crisis?” He is one of the few economists to anticipate the Global Financial Crisis of 2008, for which he received a Revere Award from the Real World Economics Review. His main research interests are developing the complex systems approach to macroeconomics, and the economics of climate change. @ProfSteveKeen on Twitter Most of his content on Patreon is free. Subscribe: https://www.patreon.com/ProfSteveKeen https://www.wiley.com/en-us/Can+We+Avoid+Another+Financial+Crisis%3F-p-9781509513727 https://www.zedbooks.net/shop/book/debunking-economics/…

Macro N Cheese

1
Revolutions and Reconciliations: The Bernie Sanders Movement with Ryan Grim 53:04

5 years тому53:04

53:04

As The Intercept’s DC Bureau Chief, Ryan Grim is well-positioned to assess the American political scene. This interview took place a few days before Bernie Sanders suspended his presidential campaign, but the writing was already on the wall. We all know that the movement still has work to do, but we're faced with different possible strategies now that we no longer have Bernie to shine a light and bring media attention to it. Steve and Ryan discuss where to go from here. Between the energy and attention generated by Bernie’s campaign and the coronavirus pandemic, the people have never been more open to progressive policies. For the first time, the idea of public health is taking hold. The US handling of the COVID-19 crisis is worse than anywhere else in the world. There’s an inescapable connection between that and the fact that we don’t have a real public health system in place. The patchwork quilt of private healthcare simply doesn’t work. The mainstream media joined Bernie’s opponents in insisting we can’t afford universal single-payer healthcare -- and they’re all now exposed as economic illiterates. Those who claimed that 165 million people who are insured through their employers “love their insurance companies” now look like clowns. The left has a real opportunity to expose these things and rethink what is possible. Ironically, most Democrats agree on the issues much more than Republicans do and yet are unable to build an effectual coalition. How did we end up with a candidate who represents almost none of the policies that the constituents want? Steve and Ryan analyze what went wrong with the presidential campaign and speculate on what the next steps might be. What will the left do to make sure this revolutionary moment turns into something serious and long-lasting? They look at Alexandria Ocasio-Cortez and the “Squad.” Have their tactics changed? Will coalition-building be more effective than a more aggressive approach? For the first time, the left has been able to envision itself with an inexorable voice. Now we have to ask ourselves whether we are simply here to engage in the conversation or if we want real power. Ryan points out that historically the success of a third party is contingent upon one of the two main parties failing. The Whigs were torn apart by the issue of slavery. Ryan is unconvinced that big money and corporate power will rise to that level. People won’t fight over capitalism the way they fought over slavery. The conversation ranges from the very real threat of climate change to the very realistic depiction of contemporary dystopia in the film “Joker.” We’re not saying we have the answers, but you’ll certainly come away with a lot to think about. Ryan Grim is The Intercept’s D.C. Bureau Chief and author of the book “We’ve Got People: From Jesse Jackson to Alexandria Ocasio-Cortez, the End of Big Money and the Rise of a Movement.” @RyanGrim on Twitter https://theintercept.com/staff/ryangrim/ https://strongarmpress.com/catalog/weve-got-people/…

Macro N Cheese

1
Ground Zero with Lauren Ashcraft 1:02:25

5 years тому1:02:25

1:02:25

This week’s guest is a bit of a departure for us. We don’t usually interview political candidates but Lauren Ashcraft is a stand-up comedian, a Democratic Socialist, and an ardent proponent of MMT, so how could we resist? She was introduced to us by our friend Andrés Bernal, who must have recognized how well all these attributes would serve her in the US Congress. When someone’s convictions are born of their lived experiences, the roots run deep. Corporate greed literally killed her grandfather who was a victim of a notorious coal mining accident. Her grandmother could not have survived without Social Security. Ironically Lauren became radicalized from working in the belly of the capitalist beast. She worked for one of the huge financial institutions where she received daily messages about profits being down. Staff was constantly being laid off or forced to relocate, at a time when these companies were receiving billions of dollars in incentives. And somehow the compensation to those at the very top continued to grow. She was witnessing the “socialism at the top, rugged capitalism for the rest of us” that Bernie Sanders talks about. Lauren is running as a Democrat in New York’s 12th Congressional district, challenging incumbent Carolyn Maloney. The district includes some of the wealthiest neighborhoods in the country (we’ve all heard of NY’s Upper East Side, right?), but also extends to the Queensbridge Houses, the nation’s largest public housing development. Steve and Lauren debate whether it will be possible to change the Democratic Party from within, and agree that it’s really not about Democratic vs Republican. They talk about strategies to continue expanding the movement, breaking away from partisanship, and how the COVID-19 pandemic is shining a light on - and exacerbating - the need for the very policies in Lauren’s platform. There’s much more to her story, including her journey to becoming a stand-up comedian. Let’s just say it began with a Groupon coupon -- you’ll have to listen to the episode to hear the rest. Lauren Ashcraft is a candidate for New York’s 12th Congressional District. She has been endorsed by Brand New Congress, Marianne Williamson, and Shahid Buttar, among others. https://laurenashcraft.com/ @voteAshcraft on Twitter…

Macro N Cheese

1
HBCU's, Codeswitching and MMT with Matthew Robinson 57:10

5 years тому57:10

57:10

Sometimes it seems like economists forget that economics is a social science which is why we’re excited to bring the new generation of MMT to Macro n Cheese. Matthew Robinson is a doctoral student at UMKC, which has been an academic home base to many friends of this podcast, including Mat Forstater who brought Matthew to our attention. Matthew talks to Steve about the personal and academic journey that led to his current work. As an undergrad at Fresno State, he saw a disconnect between what he was being taught and what he was seeing as a volunteer in the community. The west side of Fresno was a segregated neighborhood, with as much as 20% unemployment -- a reality that wasn’t reflected in the textbooks. At UMKC’s Center for Economic information, there’s a group working on health issues, recognizing that minority neighborhoods experience the worst cases of childhood asthma, lead poisoning, and a myriad of other problems, exacerbated by years of poor housing conditions and inadequate healthcare facilities. Matthew’s area of focus is violent crime, with the understanding that people make certain choices out of necessity. Reaching out to the community is a great use of economists’ time. It’s a field that isn't known for advocating for the people most in need. There’s a lot of theory but the least served populations aren’t included in the conversation. Matthew talks about what it means to serve as a support role for those on the front lines. He is also involved in bringing MMT to the HBCU’s -- Historically Black Colleges and Universities. Before the coronavirus pandemic brought things to a standstill, he had been to Morehouse, the alma mater of Dr. Martin Luther King, Jr, who advocated for a job guarantee more than half a century ago. There’s no doubt of the value of a federal job guarantee but Matthew talks about the level of skepticism in the Black community. There have been so many promises made, matched only by the numbers of failed results. In these pessimistic times, our listeners will be encouraged by hearing a voice from this new generation of activist-scholars. Matthew Robinson is getting his PhD in Economics at the University of Missouri, Kansas City. He went to Fresno State and got his master's degree at the University of Denver. @econ_robinson on Twitter…

Macro N Cheese

1
Ep 60 - COVID-19 with Fadhel Kaboub 1:06:41

5 years тому1:06:41

1:06:41

When asked to talk about public health needs during the current coronavirus pandemic, Fadhel Kaboub immediately brings up climate change and expands the concept of public health to a degree that some will find surprising. After giving it a moment’s thought you can’t help but agree. Even if COVID-19 isn’t related to climate change, the effects of the climate crisis will accelerate in the coming years and we’ll see more pandemics and other disasters. We were caught flat-footed this time, but our inexcusable lack of preparedness cannot happen again. As Fadhel warns, there can be no “return to normal.” This pandemic illustrates why it’s impossible to think of public health needs in narrow medical terms. This kind of crisis requires massive intervention early on. Clearly we need the infrastructure and medical capabilities to handle screening, testing, treatment, and hospitalization of huge numbers of patients all over the world. To slow the spread of the virus requires decreasing the intensity of human contact by working and shopping from home. Businesses and their customers, schools or universities and their students, all will need broadband internet access as a public utility. Privatization and deregulation of the telecommunications industry will have to be reversed, which means going up against entrenched interests and their representatives in the government. Everyone deserves paid sick days and universal medical coverage. We need contingency plans across the system, including efficient means of providing goods and services during the crisis. We have to keep the supply chain moving as much as possible, keep the quality of life maintained -- these are enormously complex problems, as Fadhel explains. An overarching impediment to this level of emergency planning is the fact that the market considers it a waste. To have enough hospital rooms, ventilators, ambulances and test kits during the crisis, they must be constructed beforehand. Capitalism doesn’t produce excess goods out of a sense of civic duty. Only the federal government can afford to do this. The pandemic demonstrates what MMT has been emphasizing all along: that it's not about having the money. To transform our system to handle public health emergencies, what matters is the real productive capacity of the economy -- the physical and technical resources, human capabilities, and knowhow. Fadhel says it’s time to reframe our current crisis within the economic policy agenda that we've been talking about for years. Understanding the monetary sovereignty of the US government, we need a three-point program: 1 - Universal public services: education, childcare, healthcare, and broadband access. It’s the responsibility of the federal government to guarantee these things as human rights. 2 - Job guarantee for people who want to work. The program should be resilient and flexible enough that you don't have to be physically present. 3 - Generous income support for people who cannot or should not work. As always with Fadhel, the discussion covers too much to recount here. He tells us how to address the “cost” of the Green New Deal and what to say to someone who thinks the federal budget should be treated like that of a corporation. He reveals a serious flaw in our understanding of the GDP. It’s easy to forget that we’re still in the throes of the political primary season, but Steve had to ask him to weigh in on that. Fadhel leaves us with a reason for optimism. Bernie Sanders and his supporters have proven that there’s an alternative to rule by super-PACs and corporate interests. People believe in the transformational nature of the movement and many dozens have been inspired to run for office with a progressive agenda. Dr. Fadhel Kaboub is an Associate Professor of Economics at Denison and President of the Global Institute for Sustainable Prosperity. http://www.global-isp.org/president/ @FadhelKaboub and @GISP_tweets…

Macro N Cheese

1
The Black Vote and The Bernie Sanders Movement with Glen Ford 56:40

5 years тому56:40

56:40

Recent presidential primary results have been disappointing for supporters of Bernie Sanders. The corporate media and mainstream pundits say that Bernie’s weakness is his failure to attract Black voters. Steve’s guest, Glen Ford, executive editor of Black Agenda Report, tells us that, in fact, Bernie’s agenda is quite popular among blacks, especially the younger generation. The problem lies elsewhere. Our two-party system of governing reflects the realities of our capitalist and racist nation. One side of the duopoly is always the party of white supremacists -- the white man’s party -- which must be kept out of power. In the past the Democrats had been the white man’s party, switching roles in 1968. For Black voters, the presidential primaries are about choosing the candidate who can defeat the Republican. Most Blacks understand Joe Biden’s culpability in the murder and mayhem caused by police in their communities. They know the part he played in the passing of the crime bill. Many would prefer a Sanders presidency, but they see that Biden has the support of the corporate media and the ruling class. Under capitalism, that means that Biden will be the nominee. The powerful elite will oppose Sanders; if he were to be nominated they would undermine his candidacy, making way for another term with the white man’s party in power. Glen talks about the Blacks who hold elite positions within the Democratic party and serve as gate-keepers between the Black community and the corridors of power. He refers to them as the “mis-leadership” class, calling them a profoundly reactionary element within the community. Their fortunes are tied to the party establishment, making them unwilling to upset the status quo. Consider the effects of Representative Jim Clyburn’s endorsement of Biden prior to the S. Carolina primaries. “We have two governance parties,” Glen says, “and both are capitalist.” People are pressured to fashion their politics accordingly. Electoral politics can be important; politicians pass laws and enact programs. However, the duopoly serves as a cage for Black America because of the critical need to oppose the white man’s party. In fact, the duopoly suppresses all anti-corporate politics, making it difficult to build a left movement via the electoral route. Glen and Steve look at the acute crisis in capitalism. Young people of all races know this, which is why they favor Bernie. The contradictions are evident all around them, as reality butts up against the false narrative of neoliberalism. There has been a 40-year race to the bottom as wages, working conditions, and security are being systematically degraded by the oligarchy. The youth, especially, have no illusions about their bleak future under capitalism. Without mentioning MMT, Glen is crystal clear on the reasons behind the shredding of the social safety net. It has nothing to do with affordability or budget deficits. Destroying social programs serve the capitalist class by creating desperation and precarity among the working class, so they will be forced to accept lower-quality jobs and paltry wages. They are deprived of all other options. Bernie's platform is the antithesis of the race to the bottom -- universal childcare, a minimum wage, affordable housing, and national healthcare, all create conditions in which workers can turn down inadequate jobs. He has been the biggest threat to the ruling duopoly in the postwar era. Glen has fascinating insights into the real reasons behind Mike Bloomberg’s recent candidacy. It had nothing to do with buying the presidency. Listen to the episode for more on this as well as the catch-22 in the handling of the coronavirus! Glen Ford is the Founder and Executive Editor of Black Agenda Report. See his full bio here: https://blackagendareport.com/about-us @GlenFordBAR on Twitter…

Macro N Cheese

1
Radical Honesty in the Age of Deceit with Warren Mosler 58:46

5 years тому58:46

58:46

Our guest is the OG of MMT. Listeners always appreciate Warren Mosler’s ability to slice through to the clear and practical fiscal implication of any policy consideration. Today he talks to Steve about the deflationary bias of Medicare for All, the countercyclical effects of a federal job guarantee, how to apportion the resources that will be freed up by M4A, and why it makes sense to replace the income tax with some kind of asset tax. You don’t need a degree in economics to understand why expanding Medicare’s coverage from age 65 to age zero will result in an immediate reduction in overall spending on healthcare. Warren estimates $600 billion in savings. Meanwhile at least 5 million jobs will be lost. Economists call it a massive “positive productivity shock.” Whenever you can produce the same amount of goods or services for less money, it’s good for the economy, despite the job loss. Now those people can be deployed for something more useful than the advertising, marketing, and administrative tasks of private insurance companies. With M4A, the costs for private firms drop because they’re no longer buying medical coverage for their employees. This is another good thing. There’s no sensible reason for the cost of healthcare to be built into the cost of products; business expenses go down substantially, putting downward pressure on prices. It’s a deflationary event. The two things described above - increased unemployment and downward pressure on prices - work together to reduce inflation. As Warren says, “when you have that kind of impulse you don’t raise taxes or cut spending to offset it. That’s nonsensical. It just makes it worse.” Eventually moving to M4A could have inflationary effects, but Warren explains the importance of timing. We have to think about what happens on “day one.” People and firms will have more money in their pockets because they don’t have to buy healthcare. Ultimately they’ll begin spending some of it. Increased consumer demand will cause prices to rise; corporations might increase production. But these effects don’t play out immediately. So, again, it’s ridiculous to start with a huge tax to offset the inflation that hasn’t yet occurred. There will be time to decide what’s needed. In light of the number of people who will become unemployed from M4A, Steve asks whether it makes more sense to have the Federal Job Guarantee in place first. This leads to a broader discussion of the FJG. Warren compares it to the joke that says, to avoid being eaten “I don’t have to outrun the bear; I only have to outrun you.” The FJG doesn’t have to be perfect; it only has to be better than unemployment. There are no economic criteria where it's worse than unemployment, so even if it's merely equal, economically, we should do it because by every other measure it's superior. Mosler has always maintained that it must be transitional, while some MMT proponents see it as a chance to expand the public sector workforce, including within a Green New Deal. Despite some disagreements, the conversation has brought MMT awareness into the mainstream. This is a huge plus. Once we get past the household analogy for the federal budget we can begin determining priorities for allocating resources, including labor. The US needs less than 1% of the population to grow all the food and 7% for manufacturing. Our productivity gains give us the luxury of allowing more time to be spent taking care of each other - with education, research, healthcare, and infrastructure, for example. In assessing the value of government expenditure, we aren’t limited to old notions of productivity. Solar energy requires more man-hours to produce than an equal amount of energy from coal, but that’s no reason to continue using coal. When planning for the public purpose we can take the greater good into account. Warren Mosler’s books are available on his website: http://moslereconomics.com/ @wbmosler on Twitter…

Macro N Cheese

1
OK, Boomer. Great Again Isn't Good Enough with L. Randall Wray 53:23

5 years тому53:23

53:23

It’s always a treat to welcome L. Randall Wray, one of our favorite economists and guests, to Macro n Cheese. This episode is an added treat because, in a bit of a departure, Randy talks to Steve about politics and policy, looking through the lens of MMT while putting today’s issues in a historical context. Who better to bring that perspective than someone who lived through it? Maybe he wasn’t around for the Great Depression or World War II, but as a baby boomer, he witnessed first hand much of the massive growth and expansion of the postwar years and talks about what made America great and not-so-great during that period. Randy states the only reason the policies proposed by Bernie Sanders seem so far outside the mainstream is because the mainstream has become so regressive. The ideas aren’t radical -- the Democratic Party is conservative. Steve asks him why our society is so regressive. Much of the answer lies in the rise of finance capital -- the financialization of the economy. Wall Street has its fingers in every aspect of society, yet it doesn't produce anything, so the net value added to the economy is massively negative. Randy likens them to the rentier class. They take a percentage of corporate profit right off the top. A percentage of one’s paycheck goes to the FIRE sector -- finance, insurance, and real estate. (Obamacare is a recent example that furthered the process.) Obviously they’re not going to support democracy. Randy says that in order to assess a policy proposal we shouldn’t ask how much it will cost. The correct questions are: do we know how to do it and do we have the resources. He and Steve go down the list, from free college and daycare, to Medicare for All, to the greening of the economy and public ownership of utilities -- the answer to those questions is “yes.” We have historical examples of some major successes. We also have examples of failures, like JFK’s “war on poverty,” from which to learn and craft more systemic approaches. They consider the likely deflationary bias of Medicare for All and Randy explains why economists are talking about offsets. This is an episode that will interest everyone who’s interested in real possibilities for shared prosperity. L. Randall Wray is a Senior Scholar at the Levy Economics Institute of Bard College. http://www.levyinstitute.org/scholars/l-randall-wray https://www.goodreads.com/book/show/33657496-macroeconomics…

Macro N Cheese

1
Ep 56 - A Road Less Travelled and the Media with Alexandra Scaggs 1:02:16

5 years тому1:02:16

1:02:16

Our guest, Alexandra Scaggs, is a senior writer at Barron’s, where she covers markets and fixed income. The episode begins as an interview about financial journalism and dealing head-on with the neoliberal economic narrative, but evolves into a conversation that is both personal and political in which she and Steve share their experiences with everything from sobriety to learning about MMT. As Alexandra tells it, news organizations maintain the mainstream narrative through ways both subtle and direct. In her career, she hasn’t faced overt censorship. Financial publications often hire young journalists who don’t yet have a sophisticated understanding of functional finance or economics. They tend to respect credentials and positions of authority, thus are likely to accept the word of those in positions of power. Reporters are also dealing with deadlines, leaving them no time to investigate other explanations. Austerity begets austerity; the publication doesn’t hire enough journalists, so each of them are doing the work of several. Sounds like the conditions most workers face, doesn’t it? Steve likes to ask his guests about the “aha moment” -- that point in time when the veil was lifted, the haze cleared, and Modern Monetary Theory pointed them toward the truth. Alexandra remembers that shortly after the 2016 election there were a number of Democrats writing op-eds that sounded the alarm about the economic devastation that the Drumpf presidency would surely cause, driving our fiscal health into the ground, plunging the US into bankruptcy. She was struck by the disingenuousness of it. The political parties don and remove their cloak of fiscal responsibility depending on whose team is in power. She had also been aware that interest rates continue to be low regardless of the size of national debt or deficit. Alexandra credits friend-of-the-podcast Rohan Grey with teaching her about MMT. She was covering the treasury market where certain facts weren’t making sense. She met Rohan, “a very effective advocate, who sat me down and shouted at me until I understood it,” she says, “and I’m so glad he did.” The scarcity mindset pits us against each other in a zero-sum game. If the pie is small, we must scratch and scramble to secure our own little slice. With everyone competing for scraps there's little time to think of an alternative and yet Alexandra’s experience in the recovery community inspires her to imagine a broader collaboration that rejects the neoliberal imperative. She believes we can construct an economic reality in which all are valued and her optimism, in turn, inspires us. Alexandra Scaggs is a senior writer at Barron's covering markets, with a focus on fixed income. She previously wrote news and commentary about markets, the economy, and social issues for the Financial Times and FT Alphaville. Before that, she covered markets for Bloomberg and The Wall Street Journal. https://www.barrons.com/authors/8576 @alexandrascaggs on Twitter…

Macro N Cheese

1
The Economics of Martin Luther King Jr. with Mathew Forstater 58:30

5 years тому58:30

58:30

The mainstream media has created a pasteurized and homogenized version of Martin Luther King, Jr, befitting the neoliberal cultural bell jar. That being said, our friend Mathew Forstater reminds us that Dr King had a laser-like focus on economics and unemployment. The massively successful August 1963 march was called The March on Washington for Jobs and Freedom for a reason. Without economic security, the social and political advances of the civil rights movement cannot take hold. Steve kicks off the interview by asking Mat to speak about MLK in the context of today’s debate about a Universal Basic Income versus the Federal Job Guarantee. Dr King and other civil rights leaders promoted an economic bill of rights that was specifically and intentionally not a UBI. The three-part platform demanded a job for anyone willing to work, an income guarantee for those who cannot work, and a raise in the minimum wage sufficient to lift the working poor out of poverty. All three prongs are necessary -- a job guarantee alone doesn’t help those who cannot work; raising the minimum wage doesn’t help the working poor. Dr King’s vision of a job guarantee encompasses four vital components: 1. The development of education and skills must be outcomes of the program and not prerequisites. Rather than being trained for nonexistent jobs, people are to be hired first and trained while they’re being paid. 2. Any jobs should produce community services -- the public and social services that are in short supply and benefit the neediest communities. Labor is directed to our most pressing demands, including environmental and social justice. 3. The program generates income for families that have unmet basic needs. There must be an improvement in basic standards. 4. Acknowledge that there are numerous psychological and social benefits for individuals, families, communities, and the nation as a whole. This is based on MLK's recognition of the social and economic costs of unemployment. Research outside the field of economics (anthropology, social psychology, sociology) confirms the importance of work. In contrast, a UBI provides no development of skills and no production of public services to benefit the community. In a UBI only the income piece is addressed. Supporters of the UBI tend to look at work or human labor not as it was meant to be -- a pursuit of one’s life mission. They're looking at dead-end low-paying jobs with horrible working conditions. It's understandable that they would oppose that kind of work. We have always distinguished our version of a job guarantee from draconian workfare -- the kind that forces welfare mothers to take underpaid jobs where they'll develop no skills or knowledge. Our plan is built around the understanding that people enjoy contributing, working with others, and developing their talents. For models, we look to successful programs of the past like the WPA, CCC, and Argentina’s Plan Jefes. In the rest of the interview, Mat explains that Dr King was not alone in advocating for a JG. He talks about the history of the Humphrey-Hawkins Act, which was originally intended as full-employment legislation but ultimately was gutted. From 1946 to 1978 virtually every major African American leader and organization came out for full employment, including James Farmer of CORE, Bayard Rustin of the AFL-CIO’s A. Philip Randolph Institute, and Oliver C. Cox, who wrote a number of Marxist critiques of capitalism. The second demand of the Black Panther Party’s 10 Point Program was that the government provide “full employment for our people.” We know our Macro n Cheese audience will appreciate this fascinating history of the intersection of the civil rights movement and the ongoing fight for a Federal Job Guarantee. Mathew Forstater is a Professor of Economics at the University of Missouri–Kansas City and Research Director at the Global Institute for Sustainable Prosperity. http://www.global-isp.org/research-director/ @mattybram on Twitter…

Macro N Cheese

1
Ep 54 - Empire with Ajamu Baraka 55:01

5 years тому55:01

55:01

In the midst of the chaos of the campaign season, it’s important to remember that there’s a whole world out there, where people are suffering in large part due to the actions of the US. Our guest Ajamu Baraka is never far from that reality and his global perspective is woven throughout this interview. He is an internationally recognized leader of the emerging human rights movement in the U.S. and has been at the forefront of efforts to apply the international human rights framework to social justice advocacy in the U.S. for more than 25 years. Ajamu is co-chair of the Embassy Protectors Defense Committee. The Washington, DC, trial will begin on February 11th, and he tells Steve the story of the events leading up to it. Many Americans are unaware of the extent of the international sanctions that have been put in place - by both parties - over the last decade or so. It’s not just Iraq and Iran; there are now around 33 nations under sanctions. Ajamu wants us to understand that US sanctions aren’t simply geared towards top officials but are structured to bring real pain to innocent civilians in hopes that they will rise up against their leaders and achieve the regime change that is the true agenda of the US elite. The problem is that sanctions don’t merely cause discomfort. People are dying. In Venezuela alone, over 40,000 have died as a consequence of US sanctions since 2017. To understand the situation in Venezuela, one must consider the history of colonialism in Latin America and the liberation struggles that emerged in the post-World War II era. Over the last few years, progressive efforts have been undermined in Bolivia, Ecuador. and Brazil. In Venezuela, a phony election in the Senate resulted in the sham “presidency” of Juan Guaidó. Despite the fact that his position is not recognized by the UN nor the majority of the world’s nations, US support for him is steadfast. Against this backdrop, a group of activists occupied the Venezuelan Embassy in Washington, DC, with the support of the legitimate (Maduro) government. They stayed for 37 days until they were forcibly removed by federal and DC police. Ajamu and Steve talk about the stepped-up repression of progressive movements domestically as well as abroad. They discuss our need to recognize and oppose the expansion of the American empire that savages the lives of millions. Given that Ajamu was the Vice Presidential candidate for the Green Party in the 2016 election, Steve wanted to get his take on Bernie, the current campaign season, and whether it’s possible to enact a progressive agenda while the country is hamstrung by the two-party system. Ajamu continues to build support for the Embassy Protectors and is working to organize resistance to aggression towards Iran. Refusal to withdraw forces from Iraq exposes how the US has become a rogue state. Ajamu is raising awareness on the domestic front as well: A few months ago, Drumpf announced what is in effect a domestic military "surge." Under the guise of fighting crime, they will start with the infusion of federal dollars and military assistance to the first seven cities. The prime targets? The brown and black working class. Ajamu Baraka is a human rights defender, member of the leadership, US Peace Council, national spokesperson for Black Alliance for Peace, a geopolitical analyst, United Antiwar Coalition member, and co-chair of the Venezuelan Embassy Defense Committee. He is the former vice presidential candidate for the Green Party. https://www.ajamubaraka.com/about @ajamubaraka on Twitter…

Macro N Cheese

1
Ep 52 - Colored Property: A History of Redlining with David Freund 56:38

5 years тому56:38

56:38

The post-war years are widely trumpeted as the golden era for America’s middle class. This is when we became a nation of suburban homeowners. Most would agree that federal programs - like the GI Bill and the FHA - contributed to this prosperity. Where some will differ is the extent to which the government is responsible. Our guest, David Freund, sets us straight. David pierces through the propaganda and exposes the reality behind the sunny fantasy of the post-war economy. His book, Colored Property: State Policy & White Racial Politics in Suburban America , reveals the mechanics of the federal programs and the institutional racism built into them. The racial politics of redlining are known to many of us, but there were also significant changes in municipal politics during this era. Among these was the rise in municipal zoning, giving local governments the actual power to legislate those decisions. There was simultaneous growth of the planning profession and real estate industry. Taken altogether, David argues that these developments created the very familiar late 20th-century US landscape, where the majority of white people own their homes and where most growth is focused in suburban rather than urban areas, with remarkable disparities in wealth. Interestingly, enormous effort was made to obscure this history from the people living it. There has been a specific political narrative intended to distort our understanding of the federal government’s role in creating segregation and wealth disparity. The mechanics are important to understand and those mechanics help us see why particular narratives were popularized. The white beneficiaries of the boom became invested in a falsehood: that it was the free enterprise system that was producing the post-war prosperity and literally remaking the nation. It was the golden age of celebrating free-market capitalism. This was the cultural and political landscape. The image is one of bustling economic prosperity with a little bit of assistance from government programs. But the reality was something else entirely. Prior to the boom, people were afraid of going into debt. A 30-year mortgage was seen as incredibly risky; bankers didn’t want to lend and borrowers didn’t want to borrow. The FHA needed to prime the pump so they applied aggressive marketing techniques. They did extensive groundwork educating the real estate and banking industries. They produced film reels and literature, and FHA officials went on speaking tours to professional conferences. They took their pamphlets door-to-door, contacting millions of households. In the end, they successfully convinced banks to become debtors and consumers to go into debt. This was no small campaign; it went on for a quarter of a century -- all while insisting that these federal programs were not distorting the free market. At the same time, they perpetuated the mythos of the American dream and fed the narrative that anyone could achieve it. The 2020 campaign season has us talking about what it would mean to have a job guarantee, to create a green new deal, and to properly fund public education. As we do, David Freund cautions us to learn the lessons of history - the real history - else we be doomed to repeat it. David M. P. Freund is Associate Professor in the Department of History, University of Maryland, College Park. He is the author of Colored Property: State Policy and White Racial Politics in Suburban America (University of Chicago Press, 2007), which received the 2008 Ellis W. Hawley Prize from the Organization of American Historians, the 2007 Kenneth Jackson Book Award from the Urban History Association, and the 2009 Urban Affairs Association Best Book Award. @MpeterF on Twitter https://www.press.uchicago.edu/ucp/books/book/chicago/C/bo5298959.html…

Macro N Cheese

1
Sanders v. Warren and the Overton Window with Robert Hockett 1:13:38

5 years тому1:13:38

1:13:38

On a podcast that’s primarily about macro, today we’re compelled to talk about the cheese. The last time Bob Hockett was here, he told a skeptical Macro & Cheese audience that Elizabeth Warren was genuinely progressive and, he believed, deserving of our trust. We’ve seen him on Twitter, getting into testy exchanges about her motives. Now he sadly acknowledges that those motives are less than pure. Last week on the debate stage, Warren called into question Bernie’s truthfulness. In apparent collusion with CNN, her campaign released a story alleging a negative attitude about the possibility of a female US president. Nobody who has followed Senator Sander’s career would believe this story but it succeeded in muddying the waters, diluting his message, and hijacking the news cycle. Bob examines all possible hypotheticals of Warren’s motives, sincerity, and beliefs -- and she comes up short. As he puts it, nobody who is serious about helping the working class would employ such a movement-splitting gambit. Even if she truly believes in the programs she proposes, her actions reveal a level of opportunism. In July she was on the same debate stage hugging Bernie, yet she claims that he made this dubious statement in 2018? Either she believes he is misogynous or she doesn’t. What changed last week other than a slip in her poll numbers? Steve and Bob spend much of the episode exploring the reality of political calculations and questioning the invisible hand of the party machine behind certain campaign tactics. They consider the different types of alliances - or “marriages of convenience” - debating how to engage without compromising one’s core principles. It’s a slippery slope for which there are no easy answers. Join us for this thoughtful discussion. Robert Hockett is the Edward Cornell Professor of Law at Cornell Law School, Visiting Professor of Finance at Georgetown University's McDonough School of Business, and Senior Counsel at Westwood Capital, LLC. He specializes in the law, economics, and philosophy of money, finance, and enterprise organization in their theoretical and practical, their positive and normative, and their local, national, and transnational dimensions. @rch371 on Twitter https://www.lawschool.cornell.edu/faculty/bio_robert_hockett.cfm…

Macro N Cheese

1
Event Horizon: A Climate In Crisis with Steve Keen 1:07:01

5 years тому1:07:01

1:07:01

If you thought you understood the urgency of climate change, our guest, Professor Steve Keen, will shatter those illusions. We’ll be straight with you, this is not an easy episode to hear - but you need to listen anyway. How can we deal with the effects of climate change if we don’t understand the urgency? Professor Keen won’t sugar coat it but he can back up every statement with facts, figures, and astute analysis. Throughout the interview, he refers to - and debunks - the work of William Nordhaus, who won the Nobel Prize for Economics in 2018 “for integrating climate change into long-run macroeconomic analysis.” From Left Foot Forward: "When future generations ask why humanity delayed taking action against climate change for so long, Nordhaus’s model will be one of the prime suspects. The model, known as DICE – Dynamic Integrated model of Climate and the Economy – is a dangerous gamble for humanity’s future. "Nordhaus’s transgressions are immense. His ‘damage function’ which he uses to estimate global warming damage is incorrect and uses data that has nothing to do with climate change. Despite this, the Intergovernmental Panel on Climate Change (IPCC) uses his model to advise governments about the economic impact of global warming." Nordhaus’s sins trace back to his attacks on 1972’s “Limits to Growth” study. The predecessors to our contemporary climate deniers dismissed its findings, yet it has been proven remarkably accurate. In this interview, Professor Keen compellingly compares facts to fancy. As his home country of Australia is ablaze, he explains why this was predictable. What you learn in this episode will enrage and probably depress you. We can’t afford to ignore it; ignorance is not an option. Professor Keen is a Distinguished Research Fellow at UCL, the author of Debunking Economics (2011) and Can We Avoid Another Financial Crisis? (2017), and one of the few economists to anticipate the Global Financial Crisis of 2008, for which he received the Revere Award from the Real World Economics Review. His main research interests are developing the complex systems approach to macroeconomics and the economics of climate change. @ProfSteveKeen on Twitter https://www.patreon.com/ProfSteveKeen…

Macro N Cheese

1
The Paradox of Enlightenment with Lua Kamál Yuille 55:52

5 years тому55:52

55:52

What are the mental roadblocks to achieving a system that creates prosperity for all? We often talk about the neoliberal narrative on this podcast, but this week’s guest, Lua Yuille, peels the onion a few more layers to reveal the structure beneath the story-telling -- what some may call brain-washing -- showing us how our minds have been colonized and need to be untrained. Our entire legal system is framed and structured to convince people that they are achieving or failing on their own. We frame certain types of support as supporting their initiatives. It’s deeper than storytelling; it’s a structure that exists to make invisible all of the ways the government props you up. If someone buys a house there are tax breaks for the homeowner. Estate laws allow you to inherit a house you didn’t pay for. In these ways you’re rewarded for being an autonomous individual (or being born to one). On the other hand, if you need housing assistance, you’re in public housing. It’s seen as largesse for losers. You can look at any tiny thing that happens in your life and see the ones that are coded positively and negatively. The government has made those choices. The government makes itself undetectable by coding things positively, and it highlights itself - and the people are denigrated - by coding negatively. When we call some support “welfare” but call other kinds of support “breaks” or “benefits” we’re teaching ourselves to see these things in a divisive way. It makes it hard to engage with one another and find solutions. Lua demands that we deal in actual reality. She says we need to engage in a clear-eyed process of “naming, claiming, blaming” -- calling things out for what they are. We must understand the way economic policy itself shapes our brain and convinces us what is possible and what is not. When our conversation about policy includes the “pay for” question we’re training the entire nation to understand that the necessary consideration is “how do we pay for it?” Steve and Lua use the latter part of the interview to talk about their own lives and delve into the complex questions of race and privilege. In the civil rights movement, Black people literally put their lives on the line because they felt they had nothing to lose. Will we reach the point where white people are willing to do the same? In a world of winners and losers -- where very few are winners -- what will it take for people to risk it all? This is a fascinating episode that will add nuance and clarity to your understanding of our social, political, and economic crisis. It may be that nothing short of a revolutionary movement will free us. Lua Kamál Yuille is an interdisciplinary scholar whose current work connects property theory, business law, economics, critical pedagogy, and group identity. She is Associate Professor in the School of Law and Core faculty in the Center for Latin American and Caribbean Studies at the University of Kansas. https://www.profyuille.com/ @ProfYuille on Twitter…

Macro N Cheese

1
How to Lose an Election in 60 Days with Patricia Pino 58:04

5 years тому58:04

58:04

The UK’s MMT Podcast has been an inspiration to us since well before we launched Macro n Cheese. As fellow MMT promoters from outside the academy, we consider the co-hosts, Patricia Pino and Christian Reilly, to be kindred spirits. So it’s always a treat to have them as guests on our show. This week, it’s Patricia’s turn to explain the behavior of our UK cousins as we seek to learn lessons from their most recent electoral debacle. When Steve spoke with Patricia, she was still feeling intense disappointment and frustration in the wake of the Tory victory. Many in the Labour Party were in shock, trying to make sense of it all. Unfortunately, the most dominant voices are the least likely to admit fault. Attempting to understand Labour’s loss requires considering a multitude of layers -- economic, cultural and political -- historic issues of democracy which have been ignored for a long time. Patricia believes that the issues of sovereignty and perhaps even national identity, may play a stronger role in the UK than they do in the US. Britain joining the European Union was a blatant step in the continued abandonment of the nation-state. The challenge to their national sovereignty may appear to be less significant to the UK than to the Eurozone nations because the British retained the use of their own currency. Patricia explains that while the UK has more autonomy than the Eurozone countries, the government portrays the neoliberal policies of the EU as if they were mandated or part of an international treaty. The EU has no means of enforcing rules regarding deficits or privatization, but it applies enough political pressure to direct policy in a certain direction, simultaneously providing cover so the government can avoid claiming responsibility for unpopular policies. In both the UK and the US, elements of the right have tapped into discontent felt by marginalized members of society and gained a new throng of voters. Patricia refers to Jeremy Corbyn as a “Euro-skeptic,” which may explain why he understood the voters’ discontent in a way that other members of Labour’s leadership did not. Just as in the US, the party that was supposed to represent the interests of working people has proven to be out of touch. Labour voters had chosen Brexit; the Labour leadership was perceived as blocking it. The rank and file stopped believing their promises. As is always the case with Steve and his guests, the discussion turns to solutions -- specifically, how to deal with those people who are supposed to be on our side yet are still spreading incorrect analysis based on ridiculous assumptions, when applying the lens of MMT would bring things into focus. In the UK, even the so-called leftwing economists engage in the same kind of fear-mongering as the most dedicated neoliberal ideologues. Patricia clarifies that not all MMTers are Brexiters, but knowledge of MMT clearly illuminates the ills of the EU and the consequences of interfering with national sovereignty. Understanding how power is wielded through control of the currency naturally leads one to be an advocate for democratic systems of government. She suggests that she’s ready to step out of the functional finance silo and plans to start working with groups who may not yet support MMT but whose causes will be advanced through knowledge of it. With 5 years of Conservative rule to look forward to, she can’t afford to sit on the sidelines. None of us can. Patricia Pino is a London-based engineer, artist, and activist. She is co-host of the MMT Podcast and a founder of the Gower Institute of Modern Money Studies. @PatriciaNPino on Twitter https://pileusmmt.libsyn.com/ https://gimms.org.uk/…

Macro N Cheese

1
Reclaiming The Brexit with Bill Mitchell 1:03:31

5 years тому1:03:31

1:03:31

In April of 2018, Jacobin Magazine published “Why the Left Should Embrace Brexit,” which made the case for this radical break from neoliberalism. To gain perspective on Labour’s trouncing in the recent elections, we called upon our friend, Bill Mitchell, one of the co-authors. Bill has been writing and speaking about the UK’s entry into the Eurozone since the 1990s. As an outside economist, his warnings about the dangers of ceding fiscal control fell upon deaf ears. He addressed these issues in two books, Reclaiming the State -- co-authored with Thomas Fazi -- and Eurozone Dystopia. He recalls that as a young academic he was puzzled by the fact that social democratic political parties in the UK, Europe, and the US were supporting anti-labor policies and enabling the advance of the neoliberal agenda. Reclaiming the State traces the turning points -- those historical moments in the 1970s and 90s when Labour adopted monetarism, threw their support behind austerity politics and became apologists for globalization. Western governments were no longer mediators between workers and capital. The ruling elites created alternate media and think tanks while revamping the legislative structure. They reshaped the state in their own image, reflecting and serving their own needs -- and in the process the people lost the gains made in previous decades. In order to understand the recent UK elections and the significant role played by Brexit, it’s necessary to look back at the post-World War 2 era of nation-building and economic growth, the gains that were made by working people, and the point at which capital had had enough. Compared to the US, the UK maintained a fairly robust social safety network in spite of the capitulation by “New Labour” in the 1990s. When it comes to the question of British membership in the European Union, both Labour and the Tories have been conflicted. Ultimately, accession into the EU was pushed through as a consequence of the rising concepts of globalization and monetarism. After the great financial crisis, the hollowing out of the state proceeded apace in the UK. The Tories inflicted harsh austerity by de-funding local governments, thus shutting down the most basic services that people relied upon. Traditional Labour constituencies in the mining and industrial regions in the North and the Midlands were hard hit by the free trade treaties, deregulation, and the destruction of the manufacturing sector. Meanwhile, the increased financialization of the economy had turned London into a huge international hub which benefited the urban residents who enjoyed access to freedom of travel and relatively high paying jobs. If you’ve forgotten the history of the Brexit vote, Bill sums it up for us here. Both British parties underestimated the seething discontent brought about by membership in the European Union, but the divide within Labour turned out to be fatal. In the latter portion of the episode, Steve and Bill bring it around to the US presidential race, comparing the treatment of Jeremy Corbyn and Bernie Sanders -- not only by the mainstream media but by their own political parties. They speculate on Sanders’ chances for success and talk through potential strategies for future action. Are there lessons to be learned from what we’re seeing in the UK? Bill Mitchell is Professor of Economics at University of Newcastle, Melbourne, Australia, and creator of the first blog devoted to MMT. He is the co-author of Macroeconomics and Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World, and author of Eurozone Dystopia: Groupthink and Denial on a Grand Scale. http://bilbo.economicoutlook.net/blog/ Twitter @billy_blog https://www.jacobinmag.com/2018/04/brexit-labour-party-socialist-left-corbyn https://www.macmillanihe.com/page/detail/Macroeconomics/?K=9781137610669…

Macro N Cheese

1
Ep 47 - 1000 Castaways: An MMT Journey with Clint Ballinger 56:40

5 years тому56:40

56:40

We admit that Macro n Cheese can be quite wonky. We interview an impressive array of scholars and a typical episode looks at functional finance on a granular level. This episode is a treat for the rest of us, with a guest who makes a point of speaking in plain English. Clint Ballinger’s book, 1,000 Castaways: Fundamentals of Economics, is meant to be a primer, bringing macroeconomics to those with no special background in the subject. Its title - and dominant model - is a reaction to the Austrian school’s hypothetical society consisting of 10 people or Paul Krugman’s “babysitters co-operative.” Clint expanded his model to more accurately reflect reality. Let’s face it: 10 people is reductionism, not simplification. “A renegade band of Modern Monetary Theorists has overturned mainstream economics in part by emphasizing that there is not one, but two systems of modern money, the ‘vertical’ and the ‘horizontal.’ They conclusively demonstrate how unifying our understanding of these is crucial for grasping modern economics.” Clint’s jumping-off point for the book is Warren Mosler’s quote: “The key to understanding Modern Monetary Theory is this vertical-horizontal relationship” On his island of castaways, Clint creates simple scenarios that illustrate the need for, and development of, the two money systems. Horizontal money is bank credit, ideally used to provide capital to improve productivity. On the island, a fisherman realizes he could catch more fish by using bigger nets, so he hires others to help weave them. A primitive payment system develops into the use of IOUs, and eventually a ‘trusted group of citizens’ begin making those loans. The hypothetical community determines a need or desire for goods and projects that will add to the wellbeing of the citizens. For example, a road will improve access to lumber and a school will educate the children. Thus, vertical, or government-issued money, is born to fund projects that will directly improve their lives or will amplify private industry. To the citizens, it’s a seamless system: a dollar is a dollar. But in reality, the government-issued dollar remains in existence until it’s taxed out. Banks just operate as accounting ledgers, providing the promise to pay. In the private system, it nets to zero. Simple and elegant, it’s also crucial; Clint believes that voters, public servants, and students of economics need to understand how these basic systems operate. In the later chapters, 1,000 Castaways addresses how we can use these principles for real-world solutions. As Steve points out, it all comes down to real resources and the island is a great illustration because it’s a confined system where you easily see cause and effect. There is so much misinformation about economics. The mainstream uses confusing terms, leaving people ill-equipped to defend themselves. The narrative becomes the rule and the rule becomes how we structure society, rightly or wrongly. In Clint’s view, the problem that led to the 2008 recession was that the FIRE section (finance, insurance, real estate) was allowed to become too bloated. There’s a simple fix. We give public licenses to banks; we can take them away. Meaningful regulation would limit banks to funding productive enterprises and running our payment system. Period. Could combining a sensible, boring, banking system with robust funding for the public purpose turn our modern world into an ideal society? You decide. Clint Ballinger got his MA in Political Science at the University of North Carolina at Chapel Hill, where he focused on modern uneven economic development and went on to specialize in the interpretation of global econometric data for his PhD in Geography at Cambridge University. His interest in developing economies has led him to live in China, Costa Rica, and the former Soviet Republic of Georgia. https://clintballinger.wordpress.com/2019/01/14/1000-castaways-fundamentals-of-economics/ @ClintBalllinger on Twitter…

Macro N Cheese

1
Ep 46 - Austerity and the Consumer Debt Trap with Emma Caterine 59:56

5 years тому59:56

59:56

Steve’s guest, Emma Caterine, is a consumer rights attorney with special interest in predatory lenders like loan sharks and payday loan companies. She begins by talking about credit as a social construct, To fully grasp the causes of Great Recession we must understand the difference between consumer debt, with a high risk of default, and federal spending, which is new money and can never default. When our economy grows through private debt, it’s unsustainable and leads to crises like the Great Recession. MMT economists, including Wynn Godley, Stephanie Kelton, and L. Randall Wray, have shown that the idea that public “debt” and the deficit are inherently evil and to be avoided at all costs, or that financial crises are caused by “imbalance in the economy” are all myths. What we see then is that cutting public spending -- austerity -- is a political choice. Emma asserts that private household debt and private corporate debt have similar consequences on different scales, though the households bear more of the burden. Private equity firms load companies with tons of debt to be serviced by cutting labor and selling real estate holdings, which is detrimental to surrounding local communities -- people of color and the working poor in particular. This growth model based on private debt proves that lessons weren’t learnt from the Great Recession. It’s a more intense and modern version of basic capitalism. The data underscores how undemocratic it is. It’s actually about who gets the power to make these decisions. Emma boils down the increasingly neoliberal method: austerity politicians deregulate and cut funding, then the private financial sector fills the gap with privatization. Nearly everything in our lives has private equity behind it, prepared to strip all value with no regard to long-term sustainability. Emma expresses the hope that politicians like Warren and Sanders can and will stop the Wall Street looting. Steve and Emma then turn to the effects of austerity, from abandoned malls and virtual ghost towns to shorter, more brutish lives, and an ever-growing private debt bubble from payday and title loans -- death traps for the already suffering. The average family cannot afford a $400 emergency but are forced to turn to these predatory forms of credit. Steve, as someone who suffered the ill effects of the recession, and Emma, a consumer rights attorney whose clients are working-class and mostly people of color, discuss how we cannot simply talk about income inequality but must actively choose to reverse austerity and the neoliberal paradigm to end the punishment of poverty. Emma advocates increasing public investment, regulating private corporations and the financial industry. She supports the Loan Shark Prevention Act, putting a cap on interest rates. This regulation would counter any inflationary risks of the Green New Deal and Medicare For All. Plans are not enough here; an organized, people-led movement is essential for any paradigm shift. Emma doesn’t trust “professional middle-class experts” to solve the problem but instead focuses on community groups, agitation, organizing, and allying with labor. The movement needs to be people-powered, and groups like DSA are there to hand out the (metaphorical) torches and pitchforks. Emma Caterine is a consumer rights attorney on the board of the Modern Money Network, a decades-long writer and advocate of economic justice, LGBTQIA+ racial and feminist justice movements - and a proud member of Democratic Socialists of America. @EmmaCaterineDSA on Twitter Sign the manifesto at https://jobguaranteenow.org/ https://lpeblog.org/category/piercing-the-monetary-veil/…

Macro N Cheese

1
Race For Profit with Keeanga-Yamahtta Taylor 46:42

5 years тому46:42

46:42

The Great Recession was a maelstrom that hit many Americans hard - lost jobs, lost homes, for some everything but the clothes on one’s back. Despite the stock market, real recovery has been glacial at best. Yet many don’t know just how deep the crisis' roots go when it comes to the Black community. Keeanga Yamahtta-Taylor explains the origins of the systemic discrimination behind the housing policies that skipped over, then exploited, Black families trying to find a safe, sound, and affordable place to raise their families. Keeanga's newest book, Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership , evolved from her organizing and activist work as a tenant advocate to protect tenants from eviction. The Great Recession hit while she was in grad school and she saw the parallels between her research on the origins of segregation and the subprime lending market as she studied the relationship between the federal government and housing programs over the decades. Steve notes the changes wrought by neoliberalism and the shift of power from public to private sector; Keeanga adds that though neoliberalism was always there in some form, it became a distinct and rising ideology during the late 60s to early 70s. Contributing factors to “include” Black people in housing were a market opportunity that arose with white homeownership’s saturation of the market; demand that increased with the Black exodus from South to North, and their growing incomes; and urban uprisings like the Watts riots which pushed the federal government to find a solution to quell the rebellion - the idea was that if more Black people owned their homes, they’d be less likely to burn them down. Between FHA guaranteed loans to blacks and a $2 billion pool raised by the top 300 insurance companies, cracks began to appear in redlining and housing discrimination, but the ensured inclusion of Blacks in the housing market instead became predatory, as real estate operatives and speculators jumped into the mix - buying houses for pennies on the dollar, quickly flipping them and selling them high. New methods of exploitation like these were developed to take advantage of Black people. Conditions created by those decades of discrimination became "evidence of risk" to allow creditors, bankers, and realtors to devise a different set of rules for Black would-be homeowners and business owners. Black families went from being refused housing to bending over backward to get it - only to find conditions deplorable and forcing them to walk away, while real estate brokers and lenders got away with the loot between commissions, closing costs and the eventual foreclosure. One official called it “business in heaven - you can’t lose money.” A supposed step up for the Black community became a stumbling block and another source of corporate profit. Steve refers to Michelle Alexander, who called the situation “a horror story in racial capitalism” and Keeanga concurs: in the course of her research, it became ever clearer that "the issue is not the system failure of capitalism or American system of governance" but that the system works perfectly fine - just not for Black people. In closing, Keeanga is inspired by the fact that thanks to Bernie Sanders and the Squad, housing as a human right is now being debated and discussed, which provides another shot to do things right this time. There must be boots on the ground to force the Republicans and centrist Democrats to do the will of the people they’re elected to serve. Keeanga-Yamahtta Taylor is Assistant Professor of African-American Studies at Princeton University. She writes and speaks on Black politics, social movements and racial inequality in the US. http://www.keeangataylor.com/ https://uncpress.org/book/9781469653662/race-for-profit/ @KeeangaYamahtta on Twitter…

Macro N Cheese

1
The Green New Deal: Non-Fiscal "Pay-Fors" and Balance of Payments with Nathan Tankus 57:31

5 years тому57:31

57:31

“How do you pay for The Green New Deal?” is a serious question in today’s political environs -- though as Nathan Tankus clarifies, not for the reasons you might think. In Part 3 of his interview with Steve Grumbine, he recognizes that MMT and the US Bond market don’t finance spending in financial terms but shows us how non-fiscal “pay-fors” can give the US economy resource room to reallocate workers and energy through financial and environmental regulation. This can be accomplished without interest rate management and raising taxes to appease those who still believe the US is constrained by debt. The Green New Deal and a Job Guarantee will make it possible to identify which areas in the US need more resources allocated to them simply by analyzing how many citizens sign up for the program. While the state of the US economy is oft described as a whole, the number of people entering the job guarantee program can show what counties are affected more by poverty and unemployment and allow them to remain in their home regions rather than flock to major urban centers to seek employment. He also notes that the largest American cities are coastal and would be first affected by the rising waters due to climate change. Rather than drive people to those regions, we should be planning escape routes when those cities become uninhabitable. Describing a recent video narrated by Alexandria Ocasio-Cortez, Nathan points out how an army of workers is going to be needed to help rebuild areas that are destroyed by natural or man-made disasters. Using the example of how Syria endured years of drought which drove rural workers to city centers to find work, Nathan shows us how many poor & unemployed young people are now basically housed in prisons and argues that they should be emptied, primarily for moral reasons, but also to increase the productive capabilities of the United States. He cites the example of inmates being utilized as (unpaid) firefighters in California to show that we already do this to a limited extent and in an immoral way. The remainder of the interview deals with Balance of Payments. Nathan explains that countries can have either a balance of payments deficit or surplus, depending on outflows such as payments for exports, interest payments and dividend payments netted with payment inflows. The addition of all balances of payments from all countries will, therefore, theoretically be zero. Monetary Sovereignty is a spectrum. Most countries in the world pay globally in US dollars because the large sums of debts and treaty obligations are denominated in dollars -- which in turn lead to exports and imports "invoiced" in dollars, which prevents countries from using their own currencies in payments. Thus, dollar exchange rates and interest rates are very important. Nathan and Steve then examine the concept of the International currency hierarchy and the two elements that determine a country’s standing: Financial Strength and Physical Resources. A country can have a large current account deficit and a pegged currency but be rich in physical resources -- and be in equal or better standing than a country with a current account surplus and full monetary sovereignty but with few physical resources. In closing, Nathan compares how US states have current account positions with one another, similar to those between Eurozone states. However, understanding this relationship is difficult because no records have been kept - and the data could be distorted to criticize states with large deficits as lazy or delinquent, simply because they have fewer jobs or lower incomes. Such data could be used by ‘bad actors’ who wish to divide people based on race. Armed with this information, America could do some amazing things using the Green New Deal and the Federal Job Guarantee Nathan Tankus is Research Director at Modern Money Network. @NathanTankus on Twitter…

Macro N Cheese

1
The Green New Deal: Public Banking and Non-Fiscal "Pay-Fors" with Nathan Tankus 50:26

5 years тому50:26

50:26

Public banking is a hot topic in progressive circles. We at Macro n Cheese support it as long as it serves the public purpose, but not all visions of public banking are equal. Luckily, we have Nathan Tankus to help us navigate the shoals. In this second episode of a three-part series, Nathan begins by addressing the overall question of banks as public institutions. All banks, whether private, public, or democratic cooperatives, are given government charters and must abide by regulations. There may be similarities in the structure of governance, but when it comes to incentives, they are very different creatures. Nathan compares the different kinds of banks, including China’s state-owned banking system and looks at possibilities for regulations and services. Steve brings up proposals for infrastructure banks and the concept of financing public spending through a network of public banks. Some of these ideas don’t necessarily jibe with the MMT perspective; Nathan, Raul Carrillo and Andres Bernal recently wrote an article in Business Insider making the case that the federal government must pay for the Green New Deal. Full stop. The power of the federal purse is far superior to public-private partnerships or, worse, nudging the private sector to finance local public projects. Public banks can and should provide much-needed services -- at present, state and local governments keep their funds in, and make payments through, private banks that charge astronomical fees for the privilege. (We’re looking at you, Wells Fargo.) Nathan explains what it means to be “unbanked” or “underbanked,” as with individuals and communities who are denied services by the private banking industry. Much of this is taken for granted by those who have always had access. Banks provide a place to cash a check or receive automatic deposits from one’s employer, not to mention mortgages and car loans. In the US, the poor are crowded out of the banks and pushed towards predatory actors like check-cashing and payday lenders -- the high cost of poverty. Public and postal banks would provide normal banking services for those who are traditionally excluded. Nathan suggests that rather than simply making loans, public banks should award grants and emergency funds to individuals. In the second half of the episode, Steve and Nathan turn to a positive vision of the future. Steve refers to the combination of the Green New Deal, Medicare for All, a Federal Job Guarantee and a universal right to housing as an end-to-end, 360-degree plan to address inequality. Nathan looks at different aspects of each and how they are interconnected. For example, right now people migrate to a handful of metropolitan areas because that’s where they can find employment. With the job guarantee, previously abandoned communities can be revitalized, housing can be refurbished and retrofitted, and choices can be made based on preference rather than necessity. Nathan points out that a minimum wage is a leaky wage floor; it’s meaningless for those who don’t have a job. The FJG provides a true floor, forcing employers to compete with wages and benefits. Creating a “just transition” for unemployed coal miners will require more than FJG jobs. With the other social insurance in place, compensation will more nearly approximate their lost salaries. They will need childcare, supplemental income through an expanded Social Security or basic income, affordable housing, and free education. In the heat of this presidential campaign season, candidates are competing for our attention with complicated proposals. After listening to this episode you’ll be equipped to unpack their promises and assess them through a true MMT lens. https://www.businessinsider.com/green-new-deal-climate-change-government-spending-no-private-money-2019-9 Nathan Tankus is Research Director at Modern Money Network. @NathanTankus on Twitter…

Macro N Cheese

1
Repo Mania: Has The Fed Bailed Out Wall Street Again? with Nathan Tankus 51:08

5 years тому51:08

51:08

If you follow the financial press you’ve probably noticed some recent hysteria about the “repo market.” Since this involves the dealings of the Federal Reserve, it falls under our purview here at Macro ‘n Cheese. Because unraveling the strands of this dense subject requires someone more knowledgeable than we are, we called upon friend-of-the-podcast Nathan Tankus to help us out. Nathan is Research Director at Modern Money Network and can often be found on Twitter, educating the world about MMT. “Repo” simply refers to the repurchase of bonds. Banks and bond traders sell Treasury bonds back to the Federal Reserve with the understanding that they (the banks) will buy them back the following day. As Nathan points out, this is always spoken of from the point of view of the central bank as buyer; it could just as well be called the resale market. Why does this matter? Why do the banks sell back their Treasurys for such a brief period of time? When banks buy them back the price is higher due to the interest charged. So why do it at all? It turns out to be the mechanism by which banks ensure that they have enough balance reserves to ensure that their payments clear. To do this they need to deal with liquid assets, which can quickly be bought and sold and converted to "money" (or at least change the balance in their account). Nothing is more liquid than a Treasury bond. See? Perhaps the banking industry isn’t just lawlessness and anarchy after all? Well, they certainly want us to believe the system is self-regulating so we won’t demand that the lawmakers rein them in and protect the public. As Nathan explains it, concern about the repo market is much ado about nothing. The central bank has been doing these repurchase agreements since 1917 and during some periods they are a normal part of the Fed’s toolbox. But the 2008 financial crisis put a halt to the practice for a while. In response to the liquidity crisis (ie, the lack of liquid assets), the Fed created trillions of dollars of what most of us think of as bail-out money, which was distributed to all the banks. At that point, banks didn’t need to sell bonds to meet their reserve balances because they all had plenty. Thus, no need for repo. When repo agreements started up again, some in the media thought that, since it hadn’t been done since 2008, it must be a sign that there’s a new crisis at hand. It doesn’t help that the FDIC, headed by Trump appointee Jelena McWilliams, is investigating the central bank, insisting that the repo market is actually another bank bailout by the Fed. Somehow, people have forgotten that these have historically been normal activities. In this interview we learn the meaning of the liquidity trap -- and liquidity itself. We learn about settlement balances, quantitative easing, and overnight interest rates. We learn of regulations like Dodd-Frank and international banking agreements like Basel III. We learn how these things are connected to such far-flung historical events as Bretton Woods, the Yom Kippur War, and German postwar reparations. We learn why MMT economists have promoted a detailed understanding of monetary operations and argue that the banking system does not serve the public purpose. The next time you get spooked by a headline in the financial press, tune into this episode again. It all makes so much sense when explained by someone who knows what he’s talking about. Nathan Tankus is Research Director at Modern Money Network. modernmoneynetwork.org @NathanTankus on Twitter…

Macro N Cheese

1
Ep 41 - Demand Congress Serve the People with Brad Voracek 49:07

6 years тому49:07

49:07

This 2017 interview features a younger Steve Grumbine speaking with a younger-still Brad Voracek. Brad was in the first graduating class of the masters’ program at the Levy Economics Institute of Bard College. His real-world experience as a teacher and mentor in Arizona is vastly different from Steve’s, a father of nine in Pennsylvania, who has had to cope with the medical challenges and expenses faced by his late father -- and now, his own. It’s refreshing to hear a young person explain how MMT makes sense based on his own observations and point of view. Rather than engaging in arguments about politics and economics, Brad tells us that he approaches each issue with simple questions: what is our purpose/what do we want? In his view, rather than battling over a basic income, let’s determine how to meet people’s basic needs -- after all, we already know how to pay for it. Steve and Brad take the discussion of a job guarantee away from the usual talk of a transitional buffer stock of labor and delve instead into a broader range of human values. In redefining work we can find a kind of fulfillment that we don’t always associate with minimum wage jobs. Whether we find that fulfillment in creative fields, caring for the vulnerable, or public service in general, the possibilities are endless. Brad is less riled by anti-MMT cynics than some of our older colleagues. This may be because of his early exposure to the concept of sectoral balances. It boils down to basic double-entry accounting; a debit on one side is a credit on the other. It’s always a two-sided transaction between humans. A government deficit means a private surplus. Join us for this intergenerational conversation. You might see something in a whole new light! Brad Voracek got his master’s degree at the Levy Economics Institute of Bard College. In 2017 he worked in AmeriCorps VISTA, observing how direct job creation programs work in practice. Now he is a high school teacher at Phoenix Coding Academy and lead mentor for the robotics team. @bradvoracek on Twitter…

Macro N Cheese

1
The Spectrum of Monetary Sovereignty in Developing Nations with Ndongo Samba Sylla and Fadhel Kaboub 53:44

6 years тому53:44

53:44

Modern Monetary Theory is often accused of only being relevant to the US. While this is a ridiculous claim, some of us might be a bit guilty of lacking in-depth knowledge about Africa and developing nations. That ends today. We’re excited to introduce our listeners to Ndongo Samba Sylla, whom we met at the 3rd International MMT Conference where he delivered the keynote on “Money, Imperialism, and Development.” Fadhel, an old friend of this podcast, needs no introduction. Ndongo is an expert on the CFA Franc, a currency imposed on the former French colonies in Africa, who cannot achieve monetary sovereignty until they rid themselves of it. To provide context, he and Fadhel talk about the meaning of monetary sovereignty from an MMT perspective. It is important not to confuse it with political sovereignty. Political independence is limited without it. For full monetary sovereignty, a country must issue its own currency, tax the population in its own currency, be able to issue debt in the national currency (in other words, they don’t have to borrow and repay in another currency), and they don’t fix their exchange rate to gold, or dollars, or any other nation’s money. Not all countries are equal. There are those with full monetary sovereignty, like the US, Japan, or China, and there are countries that have given up their national currency. Some, like the 14 nations that use the CFA Franc, did so involuntarily. Others gave it up willingly. Most developing nations fall somewhere in this spectrum. Developing nations have structural weaknesses, like the inability to produce enough food or energy to meet the population’s needs. They tend to import, in addition to food and energy, capital goods, and export low value-added content, like manufactured consumer goods. Thus, they have trade deficits, placing downward pressure on the exchange rate of their currency. If their money is devalued, everything they import will be more expensive. In a very real sense, they’re importing inflation. When prices go up on essentials such as food, energy, and medical resources, it leads to social and political unrest. When discussing the economic problems of developing nations, we must look at the role of international institutions like the IMF and the World Bank, set up between World War I and World War II, to manage global financial activities. Remember that in 1945 when they were created, there were no developing nations; they were still colonies. Their economic concerns were not considered. But in the 1950s and 60s, as these countries achieved independence, economic problems began to emerge between the developing and developed nations. In the ensuing half-century, solutions prescribed by the IMF and World Bank have proven to be spectacularly harmful to the developing world. MMT focuses on the reality of econ activity, unlike the global financial institutions. When a country exports, these resources don’t go to the citizens. When looking at trade surpluses and deficits, the IMF and World Bank do not consider quality but limit their attention to monetary value. MMT allows us to consider root causes and craft solutions that address them. To that end, Ndongo and Fadhel announce an upcoming conference in Tunisia, November 6-9. “The Quest for Economic & Monetary Sovereignty in 21 Century Africa: Lessons to be Learned and the Way Forward” (see link below) will assemble economists, historians, Marxists, political scientists, to build on the advances of MMT in developing a plan to benefit Africa and the developing world. MES-Africa.org live-tweeting: @mon_sovereignty Dr. Ndongo Samba Sylla, a Senegalese development economist, is a Senior Research and Programme manager at the West Africa office of the Rosa Luxemburg Foundation in Dakar @nssylla on Twitter Dr. Fadhel Kaboub is an Associate Professor of economics at Denison and President of the Global Institute for Sustainable Prosperity @FadhelKaboub and @GISP_tweets on Twitter…

Macro N Cheese

1
Trade, Foreign Exchange and Modern Monetary Theory: A Field Guide with Bill Mitchell 1:07:14

6 years тому1:07:14

1:07:14

For non-economists to learn essentials such as the balance of payments, currency exchange, and trade between nations, presentation matters. The brilliant Bill Mitchell, as always, distills complex concepts in such a way that everyone comes away with valuable knowledge. He doesn’t simplify, but presents them as common sense. We recently came across this gem from Steve’s interview with him last year and immediately saw that it’s too valuable to gather dust in the library. Bill begins by addressing a criticism of MMT that has confronted him since the 1990s: "it only applies to the large, closed economy of the US." He explains MMT’s relevance to his home country of Australia - a small, open economy - as well as to developing nations. Material conditions and availability of resources will differ, affecting the balance of imports vs exports, and their respective standards of living reflect these realities. Regardless, the insights afforded by MMT are just as legitimate. MMT economists start with real-world behavior. Financial flows associated with trade can easily be traced. You go into a car dealership, buy an import, write a check or hand over your credit card, and ultimately your account is debited. But where do those numbers go? Some believe that when you buy foreign goods the money leaves the country and those dollars simply disappear. Bill points out that they can all be traced. “It’s not high intellectual stuff, it’s just detail” -- careful analysis of accounting conventions in real-time existence. By looking at interactions between commercial banks and central banks - and interactions across currencies through international exchange markets - one can clarify the process and solve the mystery. With a similar appeal to common sense, he punctures the mystique of the petrodollar, a favorite bug-a-bear of MMT critics. He talks about the changing role of central banks and the IMF from World War II until the present. The conversation veers to the philosophical when Steve expresses frustration with naysayers and merchants of doom. Bill reminds him -- and us -- that most of us are ignorant outside of our limited realm of knowledge. We extemporize our own experience which is narrow, ill-informed and emotional. We take advice from experts, relying on them to actually know what they’re talking about. He finds the "experts" in his own field to be a disgrace. In economic matters, we are guided by our individual life experience and that of our friends: debt is a matter of concern in our own household budget, so it must be the same on the national level. Then, we hear the “experts” reinforcing that view. It’s no surprise that we’re operating out of a fog of ignorance that reflects the dominant view. It’s heartening to hear Bill Mitchell’s take on the cynics and pessimists who predict failure for the Job Guarantee, for they have “such a negative view of human capacity.” Imagine the complex physics, astronomy, and engineering that was required to put a human on the moon 50 years ago -- yet they’re saying we can’t put together a few jobs? The limitations aren’t financial. Whatever logistical constraints might exist will require foresight, planning, and imagination. Certainly we can rustle up a sufficient amount to make big changes. Bill Mitchell is Professor of Economics at University of Newcastle, Melbourne, Australia and creator of the first blog devoted to MMT. http://bilbo.economicoutlook.net/blog/ Twitter @billy_blog https://www.macmillanihe.com/page/detail/Macroeconomics/?K=9781137610669…

Macro N Cheese

1
Exposed! A Serial Whistleblower's Story with Bill Black 1:07:58

6 years тому1:07:58

1:07:58

Regulatory agencies taking on Savings & Loan fraud may not be everyone’s idea of a swashbuckling tale, but for us nerdy types at Macro N Cheese it’s pure gold. It has villains like Charles Keating and the Keating 5. (No, that’s not an English rock group from the 70's.) It has unsung heroes whose names aren’t known to most Americans, including our special guest, Bill Black, and the cofounders of Bank Whistleblowers United. Had people like them been allowed to do their job, the Great Financial Crisis of 2008 might have been prevented, along with the economic devastation of millions of people. Financial fraud is somehow beyond the ken of neoclassical economists whose assumptions about the behavior of corporations render them blind to reality. They are left baffled and unable to explain the S&L debacle and the GFC. But, as Bill reminds us, seeking profit is risky; it’s a gamble. “Why would you think the CEOs are gambling when fraud is a sure thing?” In the 1980s and 90s, regulators noticed that S&Ls were behaving in a way that made no sense under traditional economic models but made sense if they were engaging in what was called “control fraud.” The explicit targeting of Blacks, Latinos and the elderly became known to the rest of us during the subprime mortgage crisis - there have even been movies about it - but regulators saw it even then. “Control predation” functioned under the assumption that people who were less likely to be economically sophisticated would be easy marks. The history Bill relates is long enough to write a book about. And he did -- The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry. This interview begins with the tale of Long Beach Savings, which morphed into Ameriquest, the Johnny Appleseed of fraud and predation. Through successful manipulation of the system it managed to avoid prosecution, the fate of numerous other financial institutions in the early 90s. It landed outside the jurisdiction of the federal regulators and was allowed to grow for 13 years, pumping out 75 billion dollars in tainted loans. Ameriquest served as a blueprint for the other frauds and predators in that industry. Another stream of this narrative takes us through what Bill Mitchell might call “capturing the state.” It involves increasingly outrageous political appointments, placing industry foxes in the regulatory henhouse. With Reagan appointees diverting prosecutions from within, and lobbyists and Senators applying pressure from without, a whole lot of criminal activity was allowed to flourish in the most powerful financial institutions in the world. Bill Clinton and George W. Bush took the axe to legislation, like Glass Steagall, designed to protect consumers. The industry used its power to launch a smear campaign against the regulators at a time when anti-government ideology was taking hold throughout conservative and “New Democratic” politics. Our listeners will recognize the names of a number of the players, such as Alan Greenspan, appearing here as a lobbyist assigned to recruit Senators in support of Charles Keating. Keating, the CEO of Lincoln Savings, will be forever linked with the Keating 5, a group of US Senators, including John McCain, to whom he made huge political contributions and from whom he received outrageous favors. Greenspan and the Senators insisted that Lincoln Savings had a clean bill of health. The fact that it ended up with a loss of 3.4 billion dollars -- the largest failure in US banking history until the GFC -- didn’t deter Clinton from appointing him as Chairman of the Fed. Bill Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is also a white-collar criminologist, a former financial regulator, former banker, and serial whistleblower. He is a co-founder of Bank Whistleblowers United (BWU). https://www.goodreads.com/book/show/1144371.The_Best_Way_to_Rob_a_Bank_Is_to_Own_One…

Macro N Cheese

1
Organizing, Democracy, and Modern Monetary Theory with Mitch Green 51:47

6 years тому51:47

51:47

Mitch Green joins host Steve Grumbine to talk about his work with Democratic Socialists of America in Portland, OR, and the role Modern Monetary Theory can play in DSA. As an eco-socialist, Mitch’s focus is on the climate crisis, and as an economist, he uses MMT to answer the ubiquitous question concerning solutions: “how will you pay for it?” Even when people are not open to accepting MMT, he finds it effective to simply ask them the price of continuing to live like this. The standard posture is to simply “tax the rich” but given the political climate, that probably won’t fly. So, what should we do? The clock is ticking. If we consider the costs of catastrophe, even standard cost-benefit analysis will tell us we must act and take what he refers to as a moon-shot approach, opening up the spigot of federal money creation. None of this is to say we shouldn’t tax the rich. But we need not rely on their money to implement the necessary policies. We can apply the levers of the state. People can be taught that the laws of economics are not immutable; they are social phenomena -- of human creation. Mitch sees the Green New Deal as something bigger and bolder than any list of traditional policy objectives. It is a bold statement that says we want to change every aspect of our society. It takes the threat of ecological collapse and uses it as a way to galvanize many interests into one organized body of action. The GND is an opportunity to change how, where, and for whom we produce things, irrespective of financial price tag. We’ll do it in such a way that protects and respects the people who are immediately affected by the transition. When Steve asks him about the challenges we face, Mitch talks about the need to get money out of politics. (Fans of this podcast may remember Scott Ferguson insisting that we only need to get private money out of politics and, in fact, should have an injection of public money into the process!) The truth is that most Americans don’t “do” democracy very well. We must have a theory of democracy that understands power. If we’re naïve about power in politics we’ll be frustrated by the inability to change. Mitch expresses optimism for the future. His experience working with DSA has shown that people have a proclivity for community and stewardship. Organizing with a rights-based framework is inspiring and powerful. We see that conservatives are animated by the fear of losing their rights, and while this is mainly concerned with their right to own guns, everyone wants the right to a dignified life. It is up to us to seize control of the narrative and tie it to the right to a job, a clean environment, health care and housing. This is where our power stems from. The discussion goes into the difference between micro and macroeconomics. They talk about Steve’s view of the job guarantee as a democracy enhancer. And they go into greater detail about the possibilities arising from the Green New Deal. Mitch Green is a Research Scholar at the Global Institute for Sustainable Prosperity. He has taught courses in political economy, economic statistics and applied microeconomics at Franklin & Marshall College and currently moonlights as an adjunct economics instructor at Portland Community College. https://www.salon.com/2019/09/02/this-economist-debunked-all-the-right-wing-talking-points-about-the-green-new-deal/…

Macro N Cheese

1
The Role of Taxation in MMT with L. Randall Wray 1:05:20

6 years тому1:05:20

1:05:20

In 1946, Beardsley Ruml, chairman of the NY Federal Reserve, published an article entitled “Taxes for Revenue are Obsolete.” According to Randall Wray this was consistent with the thinking of the time. In the 1930s and 40s, politicians and economists understood that taxes did not finance the federal budget. In fact, during World War II the government ran a deficit that was 25% of the GDP and a national debt equal to 100% of GDP. This 2017 interview begins with Wray giving credit to Warren Mosler for the MMT insight that, in short, “taxes drive money.” We need only to look at colonial America for the basic facts. The colonies passed, simultaneously, the laws allowing for issuance of currency simultaneously and allowing the government to levy taxes in that currency. The purpose of that tax was to redeem those notes and burn them, a low-tech way of achieving the same effect as today’s keystrokes debiting our accounts when we pay taxes. During the postwar years, the understanding that tax revenue does not fund federal spending was lost. It is politically expedient for those opposed to relying on government to solve social problems. They argue that we cannot expand spending on social programs unless we “find” more money somewhere. They claim that raising taxes will cause a reduction in private investment, thus stunting economic growth. There is not much daylight between the positions of conservatives and liberals. Whether they’re opposed to or in favor of government social programs, both sides believe that the money would have to come from taxpayers and, more specifically, from taxing the rich. Wray maintains that by tying these programs to taxing the rich, progressives are defeating their own policy. In this episode, L. Randall Wray and Steve Grumbine discuss the difference between “good” and “bad” taxes, the role of the Federal Reserve and how it could be reformed, and the historic connection between attempts to repay the national debt and the onset of periods of economic depression. Finally they look at the connection between state and federal economies, and how taxes serve each. In the past, states were given block grants to make up the shortfall in their budgets. There is no reason not to do this again. Wray concludes with the observation that it is possible to create all the jobs that we need, providing income on the one hand and necessary services on the other. Isn’t it interesting how nearly all discussions among proponents of Modern Monetary Theory lead to a federal job guarantee? This is not a coincidence. L. Randall Wray is Senior Scholar at the Levy Economics Institute and Professor of Economics at Bard College Papers: www.levyinstitute.org/publications/?auth=287 Co-editor Journal of Post Keynesian Economics ISSN 0160-3477 (Print), 1557-7821 (Online) www.tandfonline.com/toc/mpke20/current New Book: Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Press http://press.princeton.edu/titles/10575.html New Book: Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan http://www.palgrave.com/page/detail/modern-money-theory-l-randall-wray/?isb=9781137539908…

Macro N Cheese

1
Ep 35 - A Green New Tomorrow: A Survival Guide with Rohan Grey 1:09:40

6 years тому1:09:40

1:09:40

When we talk about debt, it’s not just what someone owes, it’s also that someone has something owed to them. That’s the absurdity of the World Debt Clock. If the entire planet is in debt, who will we pay? Jupiter? In the second half of our interview with Rohan Grey, he begins with the fact that all money is debt, but the cash in our pockets is not recorded as part of the national debt, which is concerned with debt instruments. He compares a $100 bill and a Treasury note to a checking account and a savings account. Only the latter pays interest. When Rohan goes through the realities of this secondary market for government debt -- wholly a creature of the Fed -- it is clear that all worries are for naught. Most T bonds are rolled over, and if someone wants to cash out, there’s always someone else who wants them. If there arises a situation in which nobody wants to buy them, the central bank itself will do so. The question of government debt comes up whenever there’s talk of the Green New Deal. Some have suggested it be financed by public banks, either because of political calculations or because those proposing it do not understand how money is created and believe we should take advantage of the huge pools of private wealth. Rohan points out the danger of both of those approaches. Lending rather than spending is a trap. If you need to be convinced of that, look no further than the student debt crisis. Rather than fund higher education, we said “let them eat loans!” As for the second option, well, the marrying of corporate financing and the public purpose is a good definition of fascism. Asking the Green New Deal to give a return on the investment is entirely misguided. Do we ask school children to pay back the cost of their education by the time they turn 18? Do we insist that the military to turn a profit? When we try to turn public service into a revenue-generating endeavor, we distort the entire industry. Profit itself becomes the motive force, and the actual service takes a back seat. Nowadays it’s impossible to have a conversation with a Modern Money Theorist without talking about the ubiquitous Yang gang and the UBI. Our objection can be summed up in the words of C. H. Douglas, an early creator of the UBI. His goal was to create “a democracy of consumers and an aristocracy of producers.” That says it all, doesn’t it? In their debate with Matt Bruenig in “In These Times,” Raul Carrillo and Rohan Grey expressed the demand for a world where the production process is as democratic and empowering for workers and average people as the consumption process. Steve Grumbine often speaks of the job guarantee as a democracy enhancer. The community determines which work needs to be done. Democracy at the workplace is just as important as at the ballot box. Steve and Rohan talk about democratizing the fruits of intellectual labor as well as more traditional concepts of work. They address the hysteria about robots replacing all the workers. Certain jobs can be automated, however any job that requires human beings to interact with other human beings, by definition cannot be automated. Some of our listeners may be surprised to learn that Rohan’s view of the job guarantee is significantly different from Warren Mosler’s. Tune in to find out how. Rohan Grey is the founder and president of the Modern Money Network, a research scholar at the Global Institute for Sustainable Prosperity, and a J.S.D. candidate at Cornell Law School, where his research focuses on the law of money in the internet society. http://inthesetimes.com/features/job-guarantee-universal-basic-income-up-for-debate.html https://modernmoneynetwork.org/ https://www.lawschool.cornell.edu/admissions/degrees/graduate-legal-studies/JSD-Student-Profiles-Rohan-Grey.cfm…

Macro N Cheese

1
The Legal Nature of Money and the History of the Federal Reserve with Rohan Grey 1:00:30

6 years тому1:00:30

1:00:30

Surely Rohan Grey is one of the smartest guys in the world. It’s not just that he possesses an impressive amount of knowledge. He has a unique way of using analogies and metaphors to give shape to an idea. He illustrates his points with references to popular films, folklore and lyrical poets. With his experience in the realms of music, early childhood education, political economy, and jurisprudence, he brings Modern Monetary Theory to life in unexpected ways. Throughout this two-part interview he frequently correlates economics and the law by making connections and illustrating subtle conceptual parallels. The episode begins where any discussion of macroeconomics should begin — talking about money. Instead of thinking of it as a “thing,” or a store of value, Rohan asks us to think of money as a series of relationships, structured by law. He calls it a web of invisible filaments. The MMT story starts with state-created money. While the original logic had to do with tax obligations, the desire for money takes on a life of its own. We don’t wake up thinking about wanting money to pay taxes. We want it for all those other goods and services we need and desire. Steve asks Rohan to discuss talk about the Federal Reserve, an institution often misunderstood by even the sharpest political minds. The rest of this episode takes us through its history and before, beginning with the earliest years of the American colonies, when states were developing their own economies. This was a time when local governments were still relatively accountable to their constituents and the democratic process was vibrant. The constitution was designed in large part to move monetary powers from the state level up to the federal level. In fact, Rohan says that, in contrast to the American revolution, the creation of the US Constitution was a counter-revolution. There’s far too much history to recount here. Rohan takes us through Lincoln’s creation of greenback dollars, the Federal Reserve Act of 1913, FDR, and the decades-long bitter political battle for supremacy between the Department of Treasury and the Fed culminating in the Treasury-Fed Accord of 1951. The struggle to create a central bank was basically a power grab by the capitalist class. Throughout its history, the Fed has zealously guarded its autonomy just as the Supreme Court has done; each determined to remain unaccountable to democratic forces. Both institutions employ the same tactic, convincing the public that they alone have the unique expertise to deal with complex matters. Ultimately Rohan maintains that the Federal Reserve adds no real value to the government or the economy. Our listeners will surely agree. Rohan Grey is the founder and president of the Modern Money Network, a research scholar at the Global Institute for Sustainable Prosperity, and a J.S.D. candidate at Cornell Law School, where his research focuses on the law of money in the internet society. https://modernmoneynetwork.org/ https://www.lawschool.cornell.edu/admissions/degrees/graduate-legal-studies/JSD-Student-Profiles-Rohan-Grey.cfm…

Macro N Cheese

1
Sustainability in a Modern Money Economy with Steven Hail & Phil Lawn 1:04:11

6 years тому1:04:11

1:04:11

With climate catastrophes in the news on a regular basis, we thought this 2017 interview was worth revisiting. Drs Philip Lawn and Steven Hail are Australian modern monetary theorists who focus much of their work on the economics of resolving the climate crisis. As an ecological economist, Lawn believes that the economy cannot grow forever because growth requires continual use of resources and constantly generates waste. He claims that a non-growing economy can still improve and likens it to a human being. The body stops growing around age 20, but one can continue to develop as a person. Hail calls himself an agnostic regarding growth, but believes we need to have the discussion. He is interested in looking at people’s levels of life satisfaction and well-being and how this relates to GDP. It is interesting to find that these two are not in lock step regarding growth. There’s something reassuring about knowing that MMT has reached the point where such differences can exist. Both Lawn and Hail say that the good news is that governments can afford to deficit spend for the purposes of creating full employment. Perhaps countries like the US and Australia do not need to grow their GDP; perhaps it’s a question of distribution. This fascinating three-way interview goes on to look at differences and similarities between the US and Australia and other, less developed, economies. They delve into complex questions that have no simple solutions. But, as Dr. Hail says, we must begin the discussion. Dr. Philip Lawn is a Research Officer at the Southgate Institute for Health, Society and Equity at Flinders University. In addition, he is a Visiting Lecturer in the School of Economics at the University of Adelaide, a Research Scholar at the Global Institute for Sustainable Prosperity, and a member of the Wakefield Futures Group of Concerned Scientists. Dr. Steven Hail is a Lecturer in Economics at the University of Adelaide, where he has lectured in financial and macroeconomic since 2002. He is also a Research Scholar at the Institute for Sustainable Prosperity. @StevenHailAus on Twitter…

Macro N Cheese

1
Politics, Public Banking, and the Green New Deal with Andrés Bernal 56:18

6 years тому56:18

56:18

We’re fortunate to have a close friend and advisor of Alexandria Ocasio Cortez as our guest for this episode. Andrés Bernal’s optimistic and expansive point of view is contagious and inspiring. Explaining the source of his optimism in this terrifying time, Andrés says he is influenced by historical struggles for justice: the Black struggle, from abolition to the civil rights movement and beyond, the struggle of indigenous communities, and the liberation movements of colonized nations. In seemingly impossible situations, against all odds, people persevered. What emerged are the most beautiful examples of solidarity. Andrés was a philosophy major, with concern for deconstructing knowledge, questioning what we know and how we know we know it. Perhaps this explains the direction his life has taken. Whether his boundless curiosity is innate or epistemological, his passion for humanity is palpable. He believes that cynicism is the fastest way to destruction and the antidote is a genuine search for knowledge. He has managed to combine his disciplined pursuit of greater understanding with a belief that we can build a society of abundance that’s grounded in human creativity and based in a caring economy. In this interview he has the same reasoned enthusiasm when explaining the Green New Deal, a federal job guarantee, or public banks. Andrés relates the story of his long friendship with AOC and how her political evolution coincided with his developing understanding of Modern Monetary Theory, which he shared with her. This magical confluence has had history-altering consequences; she is a major reason MMT has broken through the surface, and the ripples have not yet been stilled. She put the job guarantee on her platform and told a reporter that MMT should be part of the national discussion. She challenged the accepted wisdom that there’s a natural rate of unemployment, below which society will collapse, or face some calamitous fate. The chairman of the Federal Reserve was forced to agree with her, publicly. This interview covers enough wonky material to satisfy regular fans of Macro N Cheese. But Andrés also inspires us to unleash our imagination, reconsider the nature of work, and plan for a future that meets all our needs. Andrés Bernal is Lecturer of Urban Studies at CUNY Queens College, Doctoral student in Public & Urban Policy at The New School, and policy advisor, political organizer and Green New Deal scholar. https://www.huffpost.com/entry/opinion-green-new-deal-cost_n_5c0042b2e4b027f1097bda5b Andrés-Bernal.com @andresintheory on Twitter…

Macro N Cheese

1
MMT Basics with Eric Tymoigne 50:37

6 years тому50:37

50:37

Have you seen Eric Tymoigne’s recent tweet destroying the top myths about Modern Monetary Theory? If not, listen to this episode and hear the myths evaporate. Tymoigne begins by giving an elegant explanation of MMT as a theoretical framework explaining how governments issuing their own currency, or monetarily sovereign, operate in the economy. Understand that and you understand the importance of government policies in promoting full employment and price stability. And now, the myths: #1 MMT ignores Minskian financial instability. Listen to Eric’s explanation of Minsky's Financial Instability Hypothesis. He describes why, in the last financial crisis, people took on mortgages they were unable to afford, giving them no choice but to borrow more, default or attempt to sell their assets. #2 MMT ignores capital controls. Capital controls regulate the flow of money into and out of a country. Ideally, you only allow money that is productive and limit speculative activity through taxes or other barriers. #3 MMT only applies to the US. Wrong. MMT applies to any country with monetary sovereignty. What does that mean? When a country issues its own currency it is monetarily sovereign. Similarly when it issues debt only denominated in own currency, imposes taxes only in own currency, and makes payments using its own currency, it satisfies the definition of monetary sovereignty. Plenty of nations do that. Eric explains what’s special about the US is having foreign demand for the US dollar. When the foreign sector wants to save in US dollars, the federal deficit must increase. But even the US has constraints making it appear not to have sovereignty. The public debt ceiling, which has been used for political gain, has created disruptions and self-inflicted constraints. #4 MMT says nothing about developing economies. (Editor’s note: anyone who has listened to Fadhel Kaboub knows that this is patently false.) Development involves complex decisions regarding how to develop production and provide for the needs of the people in housing, education and healthcare. Monetary sovereignty gives you some freedom to work through these issues. #5 MMT doesn’t recognize there can be tradeoffs. MMT economists are constantly confronted with examples of hyperinflation in Zimbabwe and the Weimar Republic. They understand these were unique circumstances; when spending runs close to a nation’s productive capacity, there are potential inflationary pressures. In the US and other developed, monetarily sovereign countries, we are far from full productive capacity today. #6 MMT is for monetary financing of government spending. Eric explains the complex relationship between the central bank and the Treasury. This is a complicated issue, coordinated in an extremely refined manner. #7 MMT says deficits don’t matter. Eric explains that deficits matter quite a bit because deficits inject income into the private sector. The government can always afford to deficit spend. MMT is concerned with the availability of real resources. Eric Tymoigne is an Associate Professor of Economics at Lewis and Clark College, Portland, Oregon; and Research Associate at the Levy Economics Institute of Bard College. His areas of teaching and research include macroeconomics, money and banking, and monetary economics. https://college.lclark.edu/live/profiles/51-eric-tymoigne https://www.tandfonline.com/doi/abs/10.1080/05775132.2019.1639412?journalCode=mcha20&…

Macro N Cheese

1
Framing the Message For Economic Justice with John Harvey 52:52

6 years тому52:52

52:52

Our guest this week is John Harvey, the alter-ego of everybody’s favorite Cowboy Economist. While this cowboy would be at home in any MAGA rally, we find that behind his homespun wisdom is a great deal of planning and analysis. John talks to Steve about his approach to framing macroeconomics in such a way as to break through our preconceived notions. In response to recent attacks on Modern Monetary Theory as a radical plan, John’s aim is to show that there’s nothing radical about it. It’s been with us all along. Who better than a cowboy to carry this message? In explaining the Green New Deal and federal job guarantee, John’s first step is to point out that it’s not in the private sector’s best interest to hire everyone who is willing to work. The private sector minimizes the use of labor because labor is a cost, so there’s no reason to expect them to hire everyone who wants to work. This isn’t necessarily a bad thing; when businesses automate, it saves us money as consumers, but it puts people out of work. So, on the one hand there’s a pool of labor that private sector won’t hire, and on the other hand there are services that our communities require. The police and fire departments are obvious examples and from there it’s not such a leap to think of others, like child protective services or environmental cleanup. None of these are profitable industries, so we can’t expect the private sector to meet those needs. On to the big question: how will we pay for it? To answer this, John takes us back to World War II. When the US entered the war, after the bombing of Pearl Harbor, there was still massive unemployment. The government didn’t borrow money by selling bonds, then build factories and hire the workers. The sequence of events was pretty much the opposite. They spent the money, creating it in the process. They built the factories, activating idle resources and taking resources from the private sector. In John’s narrative, they took steel that would have been used to build Fords and used it to build Shermans. The role of war bonds was never to finance the war. Their main purpose was to deter people from spending the newly earned income that was burning a hole in their pockets on products that were no longer available due to the shifting of production priorities. This episode will interest anyone new to MMT, as well as those who hope to introduce others to the concepts. John T. Harvey is a professor of Economics at Texas Christian University http://personal.tcu.edu/jharvey/cowboyeconomist/index.html Follow him on YouTube https://www.youtube.com/channel/UCL9PHjlPQ5wq0CD6vAibxYg/featured Twitter @John_T_Harvey Read his blog https://www.forbes.com/sites/johntharvey/#5935884b685c…

Macro N Cheese

1
The Emergence of FinTech and the War on Cash with Brett Scott 51:10

6 years тому51:10

51:10

It turns out that cryptocurrency is both more complex and more simple-minded than one would have thought. Or are we missing something profound? Is bitcoin just another speculative asset or will it soon be replacing money as we know it? Steve’s guest Brett Scott dispels the myths about bitcoin and gives us a brief history lesson on the development and uses of fintech (which simply means financial technology), blockchain, and cryptocurrencies, including bitcoin. Some of the misconceptions about bitcoin can be traced to the way it’s explained by the mainstream media. It’s treated as a radical new ‘stateless’ currency. But the bitcoin community itself is also guilty of doublethink and contradictory language. Predictions of bitcoin replacing fiat currency are not grounded in reality. How can it take the place of the US dollar when it is, in fact, priced in US dollars? Scott’s explanations are blessedly clear, coherent, and consistent with MMT. Even listeners unfamiliar with blockchain technology and cryptocurrencies will find this episode illuminating. Brett Scott is a journalist, campaigner and the author of The Heretic’s Guide to Global Finance: Hacking the Future of Money. He is a Senior Fellow at the Finance Innovation Lab in London. Follow him on Twitter @suitpossum…

Macro N Cheese

1
Overcoming the Orthodoxy with Scott Fullwiler 57:20

6 years тому57:20