(MTM: Moneta-Teoria Modernoa)
MMT: Finding the money against Elon Musk and Donald Trump
Finding the Money
Hasiera
Stephanie Kelton. Dirua topatuz
Segida
@tobararbulu # mmt@tobararbulu
Finding the Money Documentary [ FULL’MOVIE ] English https://youtu.be/4OJT1EVRduo?si=eQxF9U6NlEq9hSM_
oooooo
Gower Initiative for Modern Money Studies repostedFINDING THE M
@elonmusk: “If we don’t do something about this deficit, country’s going bankrupt!”
To get a bigger picture on how govt spending works, and the illegal Musk/Trump cuts– FINDING THE MONEY documentary is now FREE on YouTube!
http://findingmoneyfilm.com/where-to-watch/
Bideoa: https://x.com/i/status/1889791724312035593
Filmaren bideoa: https://www.youtube.com/watch?v=RFioFOBnseU
Transkripzioa:
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
0:07
getting half the picture and then somebody like me comes in and says well
0:12
let’s make sure we see the full Picture People naturally think wait
0:18
government deficit bad this is a negative thing let’s stop this right now and I say hang on let’s open the other
0:23
eye the government debt is not a burden on anyone the national debt is exactly
0:29
the the opposite of what the Orthodox story tells us this modern monetary the
0:35
modern monetary Theory what is mmt about and why has it suddenly exploded the
0:41
last thing we need is some hair brain Theory broke America’s broke Congress has spent all the money does the
0:47
government have to borrow dollars no of course not they don’t find the money they created uh is that what they do
0:55
where does money come from there’s a theory that says we should not be looking too closely at didn’t they tell
1:00
you you never touch the money question you’re going to scare the hell out of
1:06
everyone you could take the national debt clock that scares everyone and just rename it the US dollar savings clock so
1:15
now don’t you feel better the true story of money is not the story that I’ve Been
1:20
Told [Music]
1:31
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:37
getting half the picture and then somebody like me comes in and says let’s
1:42
make sure we see the full Picture People naturally think wait
1:48
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:53
eye the government debt is not a burden on anyone the national debt is exact the
2:00
opposite of what the Orthodox story tells us this modern monetary the modern
2:06
monetary Theory what is mmt about and why has it suddenly exploded the last
2:11
thing we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have
2:17
to borrow dollars no of course not they don’t find the money they created is
2:23
that what they do where does money come from there’s a theory that says we should not be looking too closely get
2:30
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
2:38
take the national debt clock that scares everyone and just rename it the US
2:43
dollar savings clock so now don’t you feel better the true story of money is
2:49
not the story that I’ve Been Told [Music]
3:01
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
3:07
getting half the picture and then somebody like me comes in and says well
3:12
let’s make sure we see the full Picture People naturally think wait
3:18
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
3:23
eye the government debt is not a burden on anyone the national debt is
3:50
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
3:57
getting half the picture and then somebody like me comes in and says let’s make sure we see the full
4:05
Picture People naturally think wait government deficit B this is a negative thing let’s stop this right now and I
4:12
say hang on let’s open the other eye the government debt is not a burden on anyone the national debt is exactly the
4:20
opposite of what the Orthodox story tells us this modern monetary the modern
4:26
monetary Theory what is mmt about and why has it suddenly exploded the last
4:31
thing we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have
4:38
to borrow dollars no of course not they don’t find the money they created uh is
4:43
that what they do where does money come from there’s a theory that says we should not be looking too closely at
4:50
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
4:58
take the national debt clock that scares everyone and just rename it the US
5:03
dollar savings clock so now don’t you feel better the true story of money is
5:09
not the story that I’ve been [Music]
5:20
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
5:27
only getting half the picture and then somebody like me comes in and says let’s
5:33
make sure we see the full Picture People naturally think wait
5:38
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
5:44
eye the government debt is not a burden on anyone the national debt is exactly
6:10
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
6:17
getting half the picture and then somebody like me comes in and says well let’s make sure we see
6:23
the full Picture People naturally think wait government deficit that this is a
6:30
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
6:36
on anyone the national debt is exactly the opposite of what the Orthodox story
6:42
tells us this modern monetary modern monetary Theory what is mmt about and
6:49
why has it suddenly exploded the last thing we need is some hair brain Theory broke America’s broke Congress has spent
6:56
all the money does the government have to borrow dollars no of course not they don’t find the money they created uh is
7:03
that what they do where does money come from there’s a theory that says we should not be looking too closely at
7:10
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
7:18
take the national debt clock that scares everyone and just rename it the US
7:23
dollar savings clock so now don’t you feel better the true story of money is
7:28
not the story that I’ve been [Music]
7:40
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
7:47
only getting half the picture and then somebody like me comes in and says well
7:52
let’s make sure we see the full Picture People naturally think wait
7:58
government deficit this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
8:04
government debt is not a burden on anyone the national debt is
8:20
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
8:27
only getting half the picture and then somebody like me comes in and says well
8:32
let’s make sure we see the full Picture People naturally think wait
8:38
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
8:43
eye the government debt is not a burden on anyone the national debt is exactly
8:50
the opposite of what the Orthodox story tells us this modern monetary Theory
8:56
modern monetary Theory what is mmt about and why why has it suddenly exploded the
9:01
last thing we need is some hairbrain Theory broke America’s broke Congress has spent all the money does the
9:07
government have to borrow dollars no of course not they’ll find the money they
9:12
created uh is that what they do where does money come from there’s a theory that says we should not be looking too
9:19
closely at money didn’t they tell you you never touch the money question you’re going to scare the hell out of
9:26
everyone you could take the national debt clock that scares everyone and just rename it the US dollar savings clock so
9:35
now don’t you feel better the true story of money is not the story that I’ve been
9:42
[Music]
9:50
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
9:57
only getting half the picture and then somebody like me comes in and says well let’s make sure we see the
10:03
full Picture People naturally think wait government deficit B this is a negative
10:10
thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden on
10:16
anyone the national debt is exactly
10:30
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
10:37
getting half the picture and then somebody like me comes in and says let’s
10:43
make sure we see the full Picture People naturally think wait
10:48
government deficit bad this is a negative thing let’s stop this right now and I say hang on let’s open the other
10:53
eye the government debt is not a burden on anyone the national debt is is
10:59
exactly the opposite of what the Orthodox story tells us this modern
11:04
monetary the mod monetary Theory what is mmt about and why has it suddenly
11:10
exploded the last thing we need is on hairbrain Theory broke America’s broke Congress has spent all the money does
11:17
the government have to borrow dollars no of course not they don’t find the money they created uh is that what they do
11:25
where does money come from there’s a theory that says we should not be looking to too closely at money didn’t
11:30
they tell you you never touch the money question you’re going to scare the hell
11:35
out of everyone you could take the national debt clock that scares everyone
11:41
and just rename it the US dollar savings clock so now don’t you feel better the
11:47
true story of money is not the story that I’ve Been Told [Music]
12:01
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
12:07
getting half the picture and then somebody like me comes in and says let’s
12:13
make sure we see the full Picture People naturally think wait
12:18
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
12:24
eye the government debt is not a burden on anyone the national debt is is
12:37
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
12:44
only getting half the picture and then somebody like me comes in and says well let’s make sure we see
12:50
the full Picture People naturally think wait government deficit that this is a
12:56
negative thing let’s stop this right now and I say hang on let’s open the other eyee the government debt is not a burden
13:03
on anyone the national debt is exactly the opposite of what the Orthodox story
13:09
tells us this modern monetary the modern monetary Theory what is mmt about and
13:15
why has it suddenly exploded the last thing we need is on hairbrain Theory broke America’s broke Congress has spent
13:22
all the money does the government have to borrow dollars no of course not they don’t find the money they create it uh
13:30
is that what they do where does money come from there’s a theory that says we should not be looking too closely at
13:36
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
13:44
take the national debt clock that scares everyone and just rename it the US
13:49
dollar savings clock so now don’t you feel better the true story of money is
13:55
not the story that I’ve Been Told [Music]
14:08
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
14:14
getting half the picture and then somebody like me comes in and says well
14:19
let’s make sure we see the full Picture People naturally think wait
14:25
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
14:31
government debt is not a burden on anyone the national debt is
14:47
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
14:54
only getting half the picture and then somebody like me comes in and says is
14:59
well let’s make sure we see the full Picture People naturally think wait
15:05
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
15:10
eye the government debt is not a burden on anyone the national debt is exactly
15:16
the opposite of what the Orthodox story tells us this modern monetary modern
15:23
monetary Theory what is mmt about and why has it suddenly exploded the last
15:28
thing we us on the hairbrain Theory broke America’s broke Congress has spent all the money does the government have
15:34
to borrow dollars no of course not they don’t find the money they create it uh
15:40
is that what they do where does money come from there’s a theory that says we should not be looking too closely at
15:46
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
15:54
take the national debt clock that scares everyone and just rename it the US
15:59
dollar savings clock so now don’t you feel better the true story of money is
16:05
not the story that I’ve been [Music]
16:17
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
16:24
only getting half the picture and then somebody like me comes in and says says
16:29
let’s make sure we see the full Picture People naturally think wait
16:35
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
16:41
government debt is not a burden on anyone the national Deb is exact
17:06
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
17:14
getting half the picture and then somebody like me comes in and says let’s
17:19
make sure we see the full Picture People naturally think wait
17:25
government deficit bad this is a negative thing let’s stop this right now I say hang on let’s open the other eye
17:31
the government debt is not a burden on anyone the national debt is exactly the
17:37
opposite of what the Orthodox story tells us this modern monetary the modern
17:43
monetary Theory what is mmt about and why has it suddenly exploded the last
17:48
thing we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have
17:54
to borrow dollars no of course not they don’t find the money they create it uh
18:00
is that what they do where does money come from there’s a theory that says we should not be looking too closely at
18:06
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
18:14
take the national debt clock that scares everyone and just rename it the US dollar savings clock so now don’t you
18:22
feel better the true story of money is not the story that I’ve Been Told
18:28
[Music]
18:38
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
18:44
getting half the picture and then somebody like me comes in and says let’s
18:49
make sure we see the full Picture People naturally think wait
18:55
government deficit that this is a negative thing let’s stop this right now I say hang on let’s open the other eye
19:01
the government debt is not a burden on anyone the national debt is
19:27
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
19:34
only getting half the picture and then somebody like me comes in and says well
19:39
let’s make sure we see the full Picture People naturally think wait
19:45
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
19:50
eye the government debt is not a burden on anyone the national debt is exactly
19:56
the opposite of what the orthod doc story tells us this modern monetary the
20:02
modern monetary Theory what is mmt about and why has it suddenly exploded the
20:08
last thing we need is on hair brain Theory broke America’s broke Congress has spent all the money does the
20:14
government have to borrow dollars no of course not they don’t find the money they created uh is that what they do
20:22
where does money come from there’s a theory that says we should not be looking too closely at money didn’t they
20:27
tell you you never touch the money question you’re going to scare the hell
20:32
out of everyone you could take the national debt clock that scares everyone
20:37
and just rename it the US dollar savings clock so now don’t you feel better the
20:43
true story of money is not the story that I’ve been
20:48
[Music]
20:57
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
21:04
only getting half the picture and then somebody like me comes in and says well
21:09
let’s make sure we see the full Picture People naturally think wait
21:15
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
21:20
eye the government debt is not a burden on anyone the national debt is exactly
21:36
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
21:44
getting half the picture and then somebody like me comes in and says well
21:49
let’s make sure we see the full Picture People naturally think wait
21:55
government deficit B this is a negative thing let’s stop this right now I say hang on let’s open the other eye the
22:01
government debt is not a burden on anyone the national debt is exactly the
22:07
opposite of what the Orthodox story tells us this modern monetary the modern
22:13
monetary Theory what is mmt about and why has it suddenly exploded the last
22:18
thing we need is some hairbrain Theory broke America’s broke Congress has spent all the money does the government have
22:24
to borrow dollars no of course not it’ll find the the money they created uh is
22:30
that what they do where does money come from there’s a theory that says we should not be looking too closely at
22:36
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
22:44
take the national debt clock that scares everyone and just rename it the US
22:49
dollar savings clock so now don’t you feel better the true story of money is
22:55
not the story that I’ve Been Told [Music]
23:08
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
23:14
getting half the picture and then somebody like me comes in and says well
23:19
let’s make sure we see the full Picture People naturally think wait
23:25
government deficit bad this is a negative thing let’s stop this right now and I say hang on let’s open the other
23:30
eye the government debt is not a burden on anyone the national debt is
23:47
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
23:54
only getting half the picture and then somebody like me comes in and says let’s
23:59
make sure we see the full Picture People naturally think wait
24:05
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
24:10
eye the government debt is not a burden on anyone the national debt is exactly
24:16
the opposite of what the Orthodox story tells us this modern monetary mod
24:23
monetary Theory what is mmt about and why has it suddenly exploded the thing
24:28
we need is on the hairbrain theur broke America’s broke Congress has spent all the money does the government have to
24:34
borrow dollars no of course not they don’t find the money they create it uh
24:40
is that what they do where does money come from there’s a theory that says we should not be looking too closely at
24:46
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
24:54
take the national debt clock that scares everyone and just read name it the US
24:59
dollar savings clock so now don’t you feel better the true story of money is
25:05
not the story that I’ve been [Music]
25:17
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
25:24
only getting half the picture and then somebody like me comes in and says let’s
25:29
make sure we see the full Picture People naturally think wait
25:35
government deficit bad this is a negative thing let’s stop this right now and I say hang on let’s open the other
25:40
eye the government debt is not a burden on anyone the national debt is
25:53
exact so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
26:00
only getting half the picture and then somebody like me comes in and says well let’s make sure we see
26:06
the full Picture People naturally think wait government deficit that this is a
26:13
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
26:19
on anyone the national debt is exactly the opposite of what the Orthodox story
26:26
tells us this modern monetary mod monetary Theory what is mmt about and
26:32
why has it suddenly exploded the last thing we need is on hair brain Theory broke America’s broke Congress has spent
26:39
all the money does the government have to borrow dollars no of course not they don’t find the money they created uh is
26:47
that what they do where does money come from there’s a theory that says we should not be looking too closely at
26:53
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
27:01
take the national debt clock that scares everyone and just rename it the US
27:06
dollar savings clock so now don’t you feel better the true story of money is
27:12
not the story that I’ve been [Music]
27:23
told so much of the public discourse it’s like we’re going through like with one eye shut and one eye open and we’re
27:30
only getting half the picture and then somebody like me comes in and says let’s
27:36
make sure we see the full Picture People naturally think wait
27:41
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
27:47
eye the government debt is not a burden on anyone the national debt is exactly
28:13
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
28:20
getting half the picture and then somebody like me comes in and says well
28:26
let’s make sure we see the full picture people naturally think wait government
28:32
deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the government
28:38
debt is not a burden on anyone the national debt is exactly the opposite of
28:44
what the Orthodox story tells us this modern monetary the mod monetary Theory
28:50
what is mmt about and why has it suddenly exploded the last thing we need is some hairbrain Theory America BR
28:58
Congress has spent all the money does the government have to borrow dollars no
29:03
of course not they’ll find the money they created it uh is that what they do
29:08
where does money come from there’s a theory that says we should not be looking too closely at money didn’t they
29:14
tell you you never touch the money question you’re going to scare the hell
29:19
out of everyone you could take the national debt clock that scares everyone
29:24
and just rename it the US dollar savings clock so now don’t you feel better the true
29:30
story of money is not the story that I’ve been [Music]
29:43
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
29:50
only getting half the picture and then somebody like me comes in and says well let’s make sure we see
29:57
the full picture [Music] people naturally think wait government
30:02
deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the government
30:08
debt is not a burden on anyone the national debt is exactly
30:33
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
30:40
getting half the picture and then somebody like me comes in and says let’s
30:46
make sure we see the full Picture People naturally think wait
30:51
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
30:57
eye the government debt is not a burden on anyone the national debt is exactly
31:03
the opposite of what the Orthodox story tells us this modern monetary the modern
31:09
monetary Theory what is mmt about and why has it suddenly exploded the last
31:15
thing we need is some hairbrain Theory broke America’s broke Congress has spent all the money does the government have
31:21
to borrow dollars no of course not they don’t find the money they created uh is
31:27
that what they do where does money come from there’s a theory that says we should not be looking too closely at money didn’t they
31:34
tell you you never touch the money question you’re going to scare the hell
31:39
out of everyone you could take the national debt clock that scares everyone
31:44
and just rename it the US dollar savings clock so now don’t you feel better the
31:50
true story of money is not the story that I’ve Been Told
31:55
[Music]
32:04
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
32:11
getting half the picture and then somebody like me comes in and says well
32:16
let’s make sure we see the full Picture People naturally think wait
32:22
government deficit bad this is a negative thing let’s stop this right now and I say hang on let’s open the other
32:27
eye the government debt is not a burden on anyone the national debt is
32:53
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
33:00
only getting half the picture and then somebody like me comes in and says well let’s make sure we see
33:06
the full Picture People naturally think wait
33:11
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
33:17
eye the government debt is not a burden on anyone the national debt is exactly
33:23
the opposite of what the Orthodox story tells us this modern monetary modern
33:29
monetary Theory what is mmt about and why has it suddenly exploded the last
33:35
thing we need is on the hair brain Theory broke America’s broke Congress has spent all the money does the
33:40
government have to borrow dollars no of course not they don’t find the money they create it uh is that what they do
33:48
where does money come from there’s a theory that says we should not be looking too closely at money didn’t they
33:54
tell you you never touch the money question you’re going to scare the hell
33:59
out of everyone you could take the national debt clock that scares everyone
34:04
and just rename it the US dollar savings clock so now don’t you feel better the
34:10
true story of money is not the story that I’ve been [Music]
34:23
told so much of the public discourse it’s like we’re going going through life with one eye shut and one eye open and
34:30
we’re only getting half the picture and then somebody like me comes in and says well let’s make sure we see
34:36
the full Picture People naturally think wait
34:42
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
34:47
eye the government debt is not a burden on anyone the national Deb is exactly
35:03
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
35:10
getting half the picture and then somebody like me comes in and says well
35:16
let’s make sure we see the full Picture People naturally think wait
35:21
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
35:27
eye the government debt is not a burden on anyone the national debt is exactly
35:33
the opposite of what the Orthodox story tells us this modern monetary the modern
35:39
monetary Theory what is mmt about and why has it suddenly exploded the last
35:45
thing we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have
35:51
to borrow dollars no of course not they don’t find the money they created uh is
35:57
that what they do where does money come from there’s a theory that says we should not be looking too closely at
36:03
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
36:11
take the national debt clock that scares everyone and just rename it the US
36:16
dollar savings clock so now don’t you feel better the true story of money is
36:22
not the story that I’ve Been Told [Music]
36:34
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
36:41
getting half the picture and then somebody like me comes in and says well
36:46
let’s make sure we see the full Picture People naturally think wait
36:51
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
36:57
eye the government debt is not a burden on anyone the national debt is
37:13
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
37:20
only getting half the picture and then somebody like me comes in and says well
37:26
let’s make sure we see the full picture [Music] people naturally think wait government
37:32
deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the government
37:38
debt is not a burden on anyone the national debt is exactly the opposite of
37:44
what the Orthodox story tells us this modern monetary the mod monetary Theory
37:50
what is mmt about and why has it suddenly exploded the last thing we need is some hairbrain Theory America’s broke
37:58
Congress has spent all the money does the government have to borrow dollars no
38:03
of course not it’ll find the money they create it uh is that what they do where
38:08
does money come from there’s a theory that says we should not be looking too closely at money didn’t they tell you
38:14
you never touch the money question you’re going to scare the hell out of
38:20
everyone you could take the national debt clock that scares everyone and just rename it the US dollar savings clock so
38:28
now don’t you feel better the true story of money is not the story that I’ve been
38:35
[Music]
38:43
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
38:50
only getting half the picture and then somebody like me comes in and says let’s
38:56
make sure we see the full picture Picture People naturally think wait
39:02
government deficit B this is a negative thing let’s stop this right now I say hang on let’s open the other eye the
39:08
government debt is not a burden on anyone the national debt is exact
39:33
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
39:40
getting half the picture and then somebody like me comes in and says well
39:46
let’s make sure we see the full Picture People naturally think wait
39:51
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye
39:57
the government debt is not a burden on anyone the national debt is exactly the
40:03
opposite of what the orthodo story tells us this modern monetary the modern
40:09
monetary Theory what is mmt about and why has it suddenly exploded the last
40:15
thing we need is some hairbrain Theory BR America’s broke Congress has spent all the money does the government have
40:21
to borrow dollars no of course not they don’t find the money they created I is
40:27
that what they do where does money come from there’s a theory that says we should not be looking too closely at
40:33
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
40:41
take the national debt clock that scares everyone and just rename it the US
40:46
dollar savings clock so now don’t you feel better the true story of money is
40:52
not the story that I’ve Been Told [Music]
41:04
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
41:11
getting half the picture and then somebody like me comes in and says let’s
41:16
make sure we see the full Picture People naturally think wait
41:22
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other right
41:28
the government debt is not a burden on anyone the national debt is
41:53
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
42:00
only getting half the picture and then somebody like me comes in and says let’s make sure we see the
42:06
full Picture People naturally think wait government deficit that this is a
42:13
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
42:19
on anyone the national debt is exactly the opposite of what the Orthodox story
42:26
tells us This Modern monetary the modern monetary Theory what is mmt about and
42:32
why has it suddenly exploded the last thing we need is on hair brain Theory broke America’s broke Congress has spent
42:39
all the money does the government have to borrow dollars no of course not they don’t find the money they create it uh
42:47
is that what they do where does money come from there’s a theory that says we should not be looking too closely at
42:53
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
43:01
take the national debt clock that scares everyone and just rename it the US
43:06
dollar savings clock so now don’t you feel better the true story of money is
43:12
not the story that I’ve been [Music]
43:23
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
43:30
only getting half the picture and then somebody like me comes in and says well
43:36
let’s make sure we see the full Picture People naturally think wait
43:42
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
43:47
eye the government debt is not a burden on anyone the national debt is exact
44:03
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
44:10
getting half the picture and then somebody like me comes in and says well let’s make sure we see
44:16
the full Picture People naturally think wait
44:21
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the ey the
44:28
government debt is not a burden on anyone the national debt is exactly the
44:33
opposite of what the Orthodox story tells us this modern monetary Theory
44:39
modern monetary Theory what is mmt about and why has it suddenly exploded the
44:44
last thing we need is on hair brain Theory America’s BR Congress has spent all the money does the government have
44:51
to borrow dollars no of course not they don’t find the money they created uh is
44:57
that what they do where does money come from there’s a theory that says we should not be looking too closely at
45:03
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
45:11
take the national debt clock that scares everyone and just rename it the US
45:16
dollar savings clock so now don’t you feel better the true story of money is
45:22
not the story that I’ve Been Told [Music]
45:34
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
45:41
getting half the picture and then somebody like me comes in and says well
45:46
let’s make sure we see the full Picture People naturally think wait
45:51
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
45:58
government debt is not a burden on anyone the national debt is
46:13
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
46:20
only getting half the picture and then somebody like me comes in and says well
46:26
let’s make sure we see the full Picture People naturally think wait
46:31
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
46:38
government debt is not a burden on anyone the national debt is exactly the
46:43
opposite of what the Orthodox story tells us this modern monetary the mod
46:49
monetary Theory what is mmt about and why has it suddenly exploded the last
46:55
thing we need is some hair brain the broke America’s broke Congress has spent all the money does the government have
47:01
to borrow dollars no of course not it’ll find the money they created uh is that
47:07
what they do where does money come from there’s a theory that says we should not be looking too closely at money didn’t
47:13
they tell you you never touch the money question you’re going to scare the hell
47:19
out of everyone you could take the national debt clock that scares everyone
47:24
and just rename it the US dollar savings clock so now don’t you feel
47:29
better the true story of money is not the story that I’ve been
47:35
[Music]
47:43
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
47:50
only getting half the picture and then somebody like me comes in and says well
47:56
let’s make sure we you see the full Picture People naturally think wait
48:02
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
48:08
government debt is not a burden on anyone the national debt is
48:20
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
48:27
only getting half the picture and then somebody like me comes in and says let’s
48:33
make sure we see the full Picture People naturally think wait
48:38
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
48:43
eye the government debt is not a burden on anyone the national debt is exactly
48:50
the opposite of what the Orthodox story tells us this modern monetary the Monet
48:57
the what is mmt about and why has it suddenly exploded the last thing we need
49:02
is some hair brain Theory America’s BR Congress has spent all the money does the government have to borrow dollars no
49:10
of course not they don’t find the money they created it uh is that what they do
49:15
where does money come from there’s a theory that says we should not be looking too closely at money didn’t they
49:20
tell you to never touch the money question you’re going to scare the hell
49:25
out of everyone one you could take the national debt clock that scares everyone
49:31
and just rename it the US dollar savings clock so now don’t you feel better the
49:37
true story of money is not the story that I’ve been
49:42
[Music]
49:50
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open open and
49:57
we’re only getting half the picture and then somebody like me comes in and says well let’s make sure we see
50:03
the full Picture People naturally think wait government deficit that this is a
50:10
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
50:16
on anyone the national debt is exactly
50:30
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
50:37
getting half the picture and then somebody like me comes in and says well let’s make sure we see
50:43
the full Picture People naturally think wait government deficit that this is a
50:50
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
50:56
on anyone the national debt is exactly the opposite of what the Orthodox story
51:02
tells us this modern monetary the modern monetary Theory what is mmt about and
51:09
why has it suddenly exploded the last thing we need is on the hairbrain Theory broke America’s bro Congress has spent
51:16
all the money does the government have to borrow dollars no of course not they don’t find the money they created uh is
51:24
that what they do where does money come from there’s a theory that says we should not be looking too closely at
51:30
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
51:38
take the national debt clock that scares everyone and just rename it the US
51:43
dollar savings clock so now don’t you feel better the true story of money is
51:49
not the story that I’ve Been Told [Music]
52:01
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
52:07
getting half the picture and then somebody like me comes in and says well
52:12
let’s make sure we see the full Picture People naturally think wait
52:18
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
52:24
eye the government debt is not a burden on anyone the national debt is
52:50
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
52:57
only getting half the picture and then somebody like me comes in and says well
53:02
let’s make sure we see the full Picture People naturally think wait
53:08
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
53:14
government debt is not a burden on anyone the national debt is exactly the
53:20
opposite of what the Orthodox story tells us this modern monetary the
53:27
the what is mmt about and why has it suddenly exploded the last thing we need
53:32
is some hair brain Theory America’s BR Congress has spent all the money does the government have to borrow dollars no
53:40
of course not they’ll find the money they create it uh is that what they do
53:45
where does money come from there’s a theory that says we should not be looking too closely at money didn’t they
53:50
tell you you never touch the money question you’re going to scare the hell
53:55
out of it everyone you could take the national debt clock that scares everyone
54:01
and just rename it the US dollar savings clock so now don’t you feel better the
54:07
true story of money is not the story that I’ve been [Music]
54:20
told so much of the public discourse it’s like we’re going through life with one eye shut and one and I open and
54:27
we’re only getting half the picture and then somebody like me comes in and says
54:32
well let’s make sure we see the full Picture People naturally think wait
54:38
government deficit bad this is a negative thing let’s stop this right now and I say hang on let’s open the other
54:44
eye the government debt is not a burden on anyone the national debt is exactly
55:10
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
55:17
getting half the picture and then somebody like me comes in and says let’s
55:23
make sure we see the full picture people naturally think wait government
55:28
deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the government
55:35
debt is not a burden on anyone the national debt is exactly the opposite of
55:41
what the Orthodox story tells us this modern monetary the modern monetary
55:47
Theory what is mmt about and why has it suddenly exploded the last thing we need
55:52
is some hair brain Theory broke America’s broke Congress has spent all the money does the government have to
55:58
borrow dollars no of course not they don’t find the money they created uh is
56:03
that what they do where does money come from there’s a theory that says we should not be looking too closely at
56:10
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
56:18
take the national debt clock that scares everyone and just rename it the US
56:23
dollar savings clock so now don’t you feel better the true story of money is not the story
56:30
that I’ve been [Music]
56:40
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
56:47
only getting half the picture and then somebody like me comes in and says let’s
56:53
make sure we see the full picture [Music] people naturally think wait government
56:59
deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
57:04
government debt is not a burden on anyone the national debt is
57:20
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one I open and we’re
57:27
only getting half the picture and then somebody like me comes in and says well
57:32
let’s make sure we see the full Picture People naturally think wait
57:38
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
57:43
eye the government debt is not a burden on anyone the national debt is exactly
57:50
the opposite of what the Orthodox story tells us this modern monetary the
57:56
monetary Theory what is mmt about and why has it suddenly exploded the last
58:01
thing we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have
58:08
to borrow dollars no of course not they don’t find the money they created uh is
58:13
that what they do where does money come from there’s a theory that says we should not be looking too closely at
58:20
money didn’t they tell you you never touch the money question you’re going to scare the hell out out of everyone you
58:28
could take the national debt clock that scares everyone and just rename it the US dollar savings clock so now don’t you
58:35
feel better the true story of money is not the story that I’ve been
58:42
[Music]
58:50
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
58:57
only getting half the picture and then somebody like me comes in and says well let’s make sure we see
59:03
the full Picture People naturally think wait government deficit that this is a
59:10
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
59:16
on anyone the national debt is exactly
59:30
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
59:37
getting half the picture and then somebody like me comes in and says well
59:42
let’s make sure we see the full Picture People naturally think wait
59:48
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
59:53
eye the government debt is not not a burden on anyone the national debt is
59:59
exactly the opposite of what the Orthodox story tells us this modern
1:00:04
monetary Theory modern monetary Theory what is mmt about and why has it
1:00:10
suddenly exploded the last thing we need is on the hair brain Theory bro America’s bro Congress has spent all the
1:00:16
money does the government have to borrow dollars no of course not they don’t find
1:00:21
the money they created uh is that what they do where does money come from
1:00:26
there’s a theory that says we should not be looking too closely at money didn’t they tell you you never touch the money
1:00:33
question you’re going to scare the hell out of everyone you could take the
1:00:38
national debt clock that scares everyone and just rename it the US dollar savings
1:00:44
clock so now don’t you feel better the true story of money is not the story
1:00:50
that I’ve Been Told [Music]
1:01:01
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:01:07
getting half the picture and then somebody like me comes in and says well
1:01:12
let’s make sure we see the full Picture People naturally think wait
1:01:18
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:01:24
eye the government debt is is not a burden on anyone the national debt is
1:01:37
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:01:44
only getting half the picture and then somebody like me comes in and says let’s make sure we see the
1:01:50
full Picture People naturally think wait government deficit that this is a
1:01:56
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
1:02:03
on anyone the national debt is exactly the opposite of what the Orthodox story
1:02:09
tells us this modern monetary modern monetary Theory what is mmt about and
1:02:15
why has it suddenly exploded the last thing we need is on hair brain Theory broke America’s broke Congress has spent
1:02:22
all the money does the government have to borrow dollars no of course not they don’t find the
1:02:28
money they create it uh is that what they do where does money come from there’s a theory that says we should not
1:02:35
be looking too closely at money didn’t they tell you you never touch the money question you’re going to scare the hell
1:02:42
out of everyone you could take the national debt clock that scares everyone
1:02:47
and just rename it the US dollar savings clock so now don’t you feel better the
1:02:54
true story of money is not not the story that I’ve been [Music]
1:03:07
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:03:14
only getting half the picture and then somebody like me comes in and says well let’s make sure we see
1:03:20
the full Picture People naturally think wait government said that this is a negative
1:03:27
thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden on
1:03:33
anyone the national debt is exactly
1:03:56
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:04:04
getting half the picture and then somebody like me comes in and says well let’s make sure we see
1:04:10
the full Picture People naturally think wait government deficit that this is a
1:04:16
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
1:04:23
on anyone the national debt is is exactly the opposite of what the
1:04:28
Orthodox story tells us this modern monetary Theory modern monetary Theory
1:04:34
what is mmt about and why has it suddenly exploded the last thing we need is some hairbrain Theory broke America’s
1:04:41
BR Congress has spent all the money does the government have to borrow dollars no
1:04:47
of course not they don’t find the money they created uh is that what they do
1:04:52
where does money come from there’s a theory that says we should not be looking too closely at money didn’t they
1:04:57
tell you you never touch the money question you’re going to scare the hell
1:05:02
out of everyone you could take the national debt clock that scares everyone
1:05:07
and just rename it the US dollar savings clock so now don’t you feel better the
1:05:13
true story of money is not the story that I’ve Been Told
1:05:18
[Music]
1:05:28
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:05:34
getting half the picture and then somebody like me comes in and says well
1:05:39
let’s make sure we see the full Picture People naturally think wait
1:05:45
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:05:50
eye the government debt is not a burden on anyone the national debt is
1:06:17
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:06:24
only getting half the picture and then somebody like me comes in and says well let’s make sure we see the
1:06:30
full Picture People naturally think wait government deficit that this is a
1:06:36
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
1:06:43
on anyone the national debt is exactly the opposite of what the Orthodox story
1:06:49
tells us this modern monetary the modern monetary Theory what is mmt about and
1:06:55
why has it suddenly exploded the last thing we need is on hair brain Theory broke America’s broke Congress has spent
1:07:02
all the money does the government have to borrow dollars no of course not they don’t find the money they created uh is
1:07:10
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:07:16
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
1:07:24
take the national debt clock that scares everyone and just rename it the US
1:07:29
dollar savings clock so now don’t you feel better the true story of money is
1:07:35
not the story that I’ve been [Music]
1:07:47
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:07:54
only getting half the picture and then somebody like me comes in and says well let’s make sure we see the
1:08:00
full Picture People naturally think wait government deficit B this is a negative
1:08:07
thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden on
1:08:13
anyone the national debt is exactly
1:08:36
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:08:44
getting half the picture and then somebody like me comes in and says let’s
1:08:49
make sure we see the full Picture People naturally think wait
1:08:55
govern deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
1:09:01
government debt is not a burden on anyone the national debt is exactly the
1:09:07
opposite of what the Orthodox story tells us this modern monetary mod
1:09:13
monetary Theory what is mmt about and why has it suddenly exploded the last
1:09:18
thing we need is on hairbrain Theory broke America’s broke Congress has spent all the money does the government have
1:09:24
to borrow dollars no of course not they don’t find the money they created uh is
1:09:30
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:09:36
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
1:09:44
take the national debt clock that scares everyone and just rename it the US
1:09:49
dollar savings clock so now don’t you feel better the true story of money is
1:09:55
not the story that I’ve been [Music]
1:10:07
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:10:14
only getting half the picture and then somebody like me comes in and says let’s
1:10:19
make sure we see the full Picture People naturally think wait
1:10:25
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
1:10:31
government debt is not a burden on anyone the national debt is
1:10:47
exact so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:10:54
only getting half the picture and then somebody like me comes in and says let’s make sure we see the full
1:11:02
Picture People naturally think wait government deficit bad this is a negative thing let’s stop this right now
1:11:08
and I say hang on let’s open the other eye the government debt is not a burden on anyone the national debt is exactly
1:11:16
the opposite of what the Orthodox story tells us this modern monetary the modern
1:11:23
monetary Theory what is mmt about and why has it suddenly exploded the last
1:11:28
thing we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have
1:11:34
to borrow dollars no of course not they don’t find the money they create it uh
1:11:40
is that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:11:46
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
1:11:54
take the National Debt Clock that scares everyone and just rename it the US
1:11:59
dollar savings clock so now don’t you feel better the true story of money is
1:12:05
not the story that I’ve been [Music]
1:12:17
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:12:24
only getting half the picture and then somebody like me comes in and says let’s make sure we see the full
1:12:32
Picture People naturally think wait government deficit that this is a negative thing let’s stop this right now
1:12:38
and I say hang on let’s open the other eye the government debt is not a burden on anyone the national debt is exactly
1:12:56
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:13:04
getting half the picture and then somebody like me comes in and says well let’s make sure we see
1:13:10
the full Picture People naturally think wait
1:13:15
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:13:20
eye the government debt is not a burden on anyone the national debt death is
1:13:26
exactly the opposite of what the Orthodox story tells us this modern
1:13:31
monetary the modern monetary Theory what is mmt about and why has it suddenly
1:13:37
exploded the last thing we need is some hair brain Theory America’s BR Congress has spent all the money does the
1:13:44
government have to borrow dollars no of course not they don’t find the money they create it uh is that what they do
1:13:52
where does money come from there’s a theory that says we should not be looking too closely at money didn’t they
1:13:57
tell you you never touch the money question you’re going to scare the hell
1:14:02
out of everyone you could take the national debt clock that scares everyone
1:14:07
and just rename it the US dollar savings clock so now don’t you feel better the
1:14:13
true story of money is not the story that I’ve Been Told
1:14:18
[Music]
1:14:28
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:14:34
getting half the picture and then somebody like me comes in and says well
1:14:39
let’s make sure we see the full Picture People naturally think wait
1:14:45
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:14:50
eye the government debt is not a burden on anyone the national death is
1:15:17
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:15:24
only getting half the picture and then somebody like me comes in and says well
1:15:29
let’s make sure we see the full Picture People naturally think wait
1:15:35
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:15:40
eye the government debt is not a burden on anyone the national debt is exactly
1:15:46
the opposite of what the Orthodox story tells us this modern monetary the modern
1:15:53
monetary Theory what is mm about and why has it suddenly exploded the last thing
1:15:58
we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have to
1:16:04
borrow dollars no of course not they don’t find the money they created uh is
1:16:10
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:16:16
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
1:16:24
tell take the national debt clock that scares everyone and just rename it the US dollar savings clock so now don’t you
1:16:32
feel better the true story of money is not the story that I’ve been
1:16:38
[Music]
1:16:47
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:16:54
only getting half the picture and then somebody like me comes in and says well
1:16:59
let’s make sure we see the full Picture People naturally think wait
1:17:05
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
1:17:11
government debt is not a burden on anyone the national debt is exactly
1:17:36
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:17:44
getting half the picture and then somebody like me comes in and says well
1:17:49
let’s make sure we see the full Picture People naturally think wait
1:17:55
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:18:00
eye the government debt is not a burden on anyone the national debt is exactly
1:18:06
the opposite of what the Orthodox story tells us this modern monetary the modern
1:18:13
monetary Theory what is mmt about and why has it suddenly exploded the last
1:18:18
thing we need is some hairbrain Theory broke America’s broke Congress has spent all the money does the government have
1:18:24
to borrow dollars no of course not they don’t find the money they created uh is
1:18:30
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:18:36
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
1:18:44
take the national debt clock that scares everyone and just rename it the US
1:18:49
dollar savings clock so now don’t you feel better the true story of money is
1:18:55
not the story that I’ve been [Music]
1:19:07
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:19:14
only getting half the picture and then somebody like me comes in and says let’s
1:19:19
make sure we see the full Picture People naturally think think
1:19:25
wait government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:19:30
eye the government debt is not a burden on anyone the national debt is
1:19:47
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:19:54
only getting the picture and then somebody like me comes in and says let’s
1:19:59
make sure we see the full Picture People naturally think wait
1:20:05
government deficit bad this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:20:10
eye the government debt is not a burden on anyone the national debt is exactly
1:20:16
the opposite of what the Orthodox story tells us this modern monetary the modern
1:20:23
monetary Theory what is Mt about and why has it suddenly exploded the last thing
1:20:28
we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have to
1:20:34
borrow dollars no of course not they don’t find the money they created is
1:20:40
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:20:46
money didn’t they tell you you never touch the money question you’re going to scare the hell out of
1:20:53
everyone you could take the national debt clock that scares everyone and just rename it the US dollar savings clock so
1:21:02
now don’t you feel better the true story of money is not the story that I’ve been
1:21:08
[Music]
1:21:17
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:21:24
only getting half the picture and then somebody like me comes in and says let’s
1:21:29
make sure we see the full Picture People naturally think wait
1:21:35
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:21:40
eye the government debt is not a burden on anyone the national debt is exactly
1:21:56
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:22:04
getting half the picture and then somebody like me comes in and says well let’s make sure we see
1:22:10
the full Picture People naturally think wait
1:22:15
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:22:20
eye the government debt is not a burden on anyone the now national debt is
1:22:26
exactly the opposite of what the Orthodox story tells us this modern
1:22:31
monetary the monetary Theory what is mmt about and why has it suddenly exploded
1:22:38
the last thing we need is some hairbrain Theory broke America’s broke Congress has spent all the money does the
1:22:44
government have to borrow dollars no of course not they’ll find the money they
1:22:49
created uh is that what they do where does money come from there’s a theory that says say we should not be looking
1:22:55
too closely at money didn’t they tell you you never touch the money question you’re going to scare the hell out of
1:23:03
everyone you could take the national debt clock that scares everyone and just rename it the US dollar savings clock so
1:23:12
now don’t you feel better the true story of money is not the story that I’ve Been
1:23:17
Told [Music]
1:23:28
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:23:34
getting half the picture and then somebody like me comes in and says well let’s make sure we see
1:23:40
the full Picture People naturally think wait government deficit that this is a
1:23:46
negative thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden
1:23:53
on anyone then national debt is
1:24:03
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:24:10
only getting half the picture and then somebody like me comes in and says let’s
1:24:16
make sure we see the full Picture People naturally think wait
1:24:21
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
1:24:28
government debt is not a burden on anyone the national debt is exactly the
1:24:33
opposite of what the Orthodox story tells us this modern monetary the modern
1:24:39
monetary Theory what is mmt about and why has it suddenly exploded the last
1:24:45
thing we need is some hair brain Theory broke America’s bro Congress has spent all the money does the government have
1:24:51
to borrow dollars no of course not they don’t find the money they create uh is
1:24:57
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:25:03
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
1:25:11
take the national debt clock that scares everyone and just rename it the US
1:25:16
dollar savings clock so now don’t you feel better the true story of money is
1:25:22
not the story that I’ve been [Music]
1:25:33
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:25:40
only getting half the picture and then somebody like me comes in and says well let’s make sure we see
1:25:46
the full Picture People naturally think wait
1:25:52
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:25:57
eye the government debt is not a burden on anyone the national debt is
1:26:13
exact so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:26:20
only getting half the picture and then somebody like comes in and says let’s
1:26:26
make sure we see the full Picture People naturally think wait
1:26:31
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:26:37
eye the government debt is not a burden on anyone the national debt is exactly
1:26:43
the opposite of what the Orthodox story tells us this modern monetary modern
1:26:49
monetary Theory what is mmt about and why has it suddenly exped the last thing
1:26:55
we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have to
1:27:01
borrow dollars no of course not they don’t find the money they created uh is
1:27:07
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:27:13
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
1:27:21
take the national debt clock that scares every everyone and just rename it the US
1:27:26
dollar savings clock so now don’t you feel better the true story of money is
1:27:32
not the story that I’ve been [Music]
1:27:43
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:27:50
only getting half the picture and then somebody like me comes in and says well
1:27:56
let’s make sure we see the full Picture People naturally think wait
1:28:01
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:28:07
eye the government debt is not a burden on anyone the national debt is exactly
1:28:33
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:28:40
getting half the picture and then somebody like me comes in and says well
1:28:46
let’s make sure we see the full Picture People naturally think wait
1:28:51
government deficit B this is a negative thing let’s stop this right now and I say hang on let’s open the other eye the
1:28:58
government debt is not a burden on anyone the national debt is exactly the
1:29:03
opposite of what the Orthodox story tells us this modern monetary the modern
1:29:09
monetary Theory what is mmt about and why has it suddenly exploded the last
1:29:15
thing we need is some hairbrain Theory America’s broke Congress has spent all the money does the government have to
1:29:21
borrow dollars no of course they don’t find the money they created uh is that
1:29:27
what they do where does money come from there’s a theory that says we should not be looking too closely at money didn’t
1:29:33
they tell you you never touch the money question you’re going to scare the hell
1:29:39
out of everyone you could take the national debt clock that scares everyone and just
1:29:44
rename it the US dollar savings clock so now don’t you feel better the true story
1:29:51
of money is not the story that that I’ve been [Music]
1:30:03
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:30:10
only getting half the picture and then somebody like me comes in and says well
1:30:16
let’s make sure we see the full Picture People naturally think wait
1:30:22
government deficit B this is a negative let’s stop this right now and I say hang on let’s open the other eye the
1:30:28
government debt is not a burden on anyone the national debt is exactly
1:30:53
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:31:00
getting half the picture and then somebody like me comes in and says well let’s make sure we see
1:31:06
the full Picture People naturally think wait government deficit B this is a negative
1:31:13
thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden on
1:31:20
anyone the national debt is exactly the opposite of what the Orthodox story
1:31:26
tells us this modern monetary the mod monetary Theory what is mmt about and
1:31:32
why has it suddenly exploded the last thing we need is some hairbrain Theory broke America’s broke Congress has spent
1:31:39
all the money does the government have to borrow dollars no of course not they don’t find the money they created uh is
1:31:47
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:31:53
money they tell you you never touch the money question you’re going to scare the
1:31:58
hell out of everyone you could take the national debt clock that scares everyone
1:32:04
and just rename it the US dollar savings clock so now don’t you feel better the
1:32:10
true story of money is not the story that I’ve Been Told
1:32:15
[Music]
1:32:24
so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:32:31
getting half the picture and then somebody like me comes in and says well let’s make sure we see
1:32:37
the full Picture People naturally think wait government deficit B this is a negative
1:32:43
thing let’s stop this right now and I say hang on let’s open the other eye the government debt is not a burden on
1:32:50
anyone the national debt is exactly
1:33:03
[Music] so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re only
1:33:10
getting half the picture and then somebody like me comes in and says well
1:33:16
let’s make sure we see the full Picture People naturally think wait
1:33:21
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:33:27
eye the government debt is not a burden on anyone the national debt is exactly
1:33:33
the opposite of what the Orthodox story tells us this modern monetary modern
1:33:39
monetary Theory what is mmt about and why has it suddenly exploded the last
1:33:45
thing we need is some hairbrain Theory America’s broke Congress has spent all the money does the government have to
1:33:51
borrow dollars no okay of course not they don’t find the money they create it
1:33:57
uh is that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:34:03
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
1:34:11
take the national debt clock that scares everyone and just rename it the US
1:34:16
dollar savings clock so now don’t you feel better the true story of money is
1:34:22
not the story that I’ve been [Music]
1:34:33
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:34:40
only getting half the picture and then somebody like me comes in and says well let’s make sure we see
1:34:46
the full Picture People naturally think wait
1:34:52
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:34:57
eye the government debt is not a burden on anyone the national Deb is
1:35:13
exact so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:35:20
only getting half the picture and then somebody like me comes in and says well
1:35:26
let’s make sure we see the full Picture People naturally think wait
1:35:31
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:35:37
eye the government debt is not a burden on anyone the national debt is exactly
1:35:43
the opposite of what the Orthodox story tells us this modern monetary the modern
1:35:49
monetary Theory what is mmt about and why has it sudden exploded the last
1:35:55
thing we need is some hair brain Theory broke America’s broke Congress has spent all the money does the government have
1:36:01
to borrow dollars no of course not they don’t find the money they created uh is
1:36:07
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:36:13
money didn’t they tell you you never touch the money question you’re going to scare the hell out of everyone you could
1:36:21
take the national debt clock that scares everyone and just rename it the US
1:36:26
dollar savings clock so now don’t you feel better the true story of money is
1:36:32
not the story that I’ve been [Music]
1:36:43
told so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:36:50
only getting half the picture and then somebody like me comes in and says well
1:36:56
let’s make sure we see the full Picture People naturally think wait
1:37:02
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:37:07
eye the government debt is not a burden on anyone the national debt is
1:37:20
exactly so much of the public discourse it’s like we’re going through life with one eye shut and one eye open and we’re
1:37:27
only getting half the picture and then somebody like me comes in and says let’s
1:37:33
make sure we see the full Picture People naturally think wait
1:37:38
government deficit that this is a negative thing let’s stop this right now and I say hang on let’s open the other
1:37:43
eye the government debt is not a burden on anyone the national debt is exactly
1:37:50
the opposite of what the Orthodox story tells us This Modern monetary the mod
1:37:56
monetary Theory what is mmt about and why has it suddenly exploded the last
1:38:01
thing we need is on hairbrain Theory broke America’s broke Congress has spent all the money does the government have
1:38:08
to borrow dollars no of course not they don’t find the money they created uh is
1:38:13
that what they do where does money come from there’s a theory that says we should not be looking too closely at
1:38:20
money didn’t they tell you you never touch the money question you’re going to scare the hell out of
1:38:26
everyone you could take the national debt clock that scares everyone and just rename it the US dollar savings clock so
1:38:35
now don’t you feel better the true story of
oooooo
@tobararbulu # mmt@tobararbulu
Professor Stephanie Kelton | Finding The Money | https://youtu.be/viddh5Dft1A?si=wvVIzFVbuw8Z3job
youtube.com
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Professor Stephanie Kelton | Finding The Money |
(https://www.youtube.com/watch?v=viddh5Dft1A)
Professor Stephanie Kelton outlines her support and involvement in the groundbreaking Modern Monetary Theory (MMT) film “FINDING THE MONEY”, which will tour Australia in March 2024.
The film follows former chief economist to Senator Bernie Sanders, Professor Stephanie Kelton, on a journey through Modern Money Theory, or “MMT”, to unveil a deeper story about money, injecting new hope and empowering democracies around the world to tackle the biggest challenges of the 21st century: from climate change to inequality.
In this wide-ranging interview with Steven Hail for Modern Money Lab, Professor Kelton covers a wide range of topics, including how we need to reframe our view of the economy.
Professor Stephanie Kelton gave the first talk in the January 2024 Economics of Sustainability lecture series, which featured six world-leading experts in ecological and macroeconomics.
Transkripzioa:
0:01
good morning everybody and thanks for joining us or good evening if you’re in uh the us or anywhere else in the world
0:09
good day good evening good night glad to see you joining us um it’s fantastic to have such a big group of people my
0:16
name’s Gabby um I’m uh the CEO of modern money lab I’m here with Steven hail and
0:22
Stephanie Kelton for this talk in our economics of sustainability 2024 lecture
0:27
series and we’d love to thank thank thank Stephanie for giving us her time to to um talk to us today about finding
0:34
the money um which is a really important um thing that we um that we all need to
0:40
know about and also the title of a new movie which is coming up a documentary featuring Stephanie which we’ll get into
0:46
a bit later um just before we start the the session I’d like to acknowledge that
0:51
um in Adelaide we are living and working on the land of the Garner people of the Adelaide Plains I’d like to acknowledge
0:58
that this land was never seated and we pay our respects to Elders past and present and I’m going to hand over to
1:04
Steven now a very warm welcome to everyone um
1:10
especially if you’re joining us live from somewhere where it’s very late at night or early um in the morning it’s a
1:18
great pleasure to see um so many people in on the list of names I can see a lot of names that are familiar to me and a
1:24
lot of names that aren’t so um thank you all for coming before welcoming our guests I I’d like to say that this
1:31
series of interviews and talks has been organized by modern money lab modern money lab is a registered charity
1:38
headquartered in Adelaide South Australia and we where Gabby and I are sitting which we set up for about three
1:46
years ago now mainly to answer the question where can I study modern monetary Theory and ecological economics
1:54
we wrote a graduate certificate graduate diploma and master’s degree so that for the first time Wherever You Are in the
2:00
world there’s an answer to this question and we were lucky enough to find a university that was prepared to partner
2:05
with us to offer these courses we’ll be starting our fifth trimester in February
2:11
and we’d love it if you could join us on The Graduate certificate to empower yourself to debate economic issues with
2:18
anyone or on the full Masters to train as a professional Economist Stephanie needs no
2:25
introduction really she’s a professor of public policy at Stony Brook University
2:32
author of the best-selling book the deficit myth a former Chief Economist on the US Senate committee on the budget
2:39
and I mustn’t forget to add also an honorary or Adjunct professor at our partner torren University Australia
2:46
among many other things and so I just like to say welcome Stephanie very nice to be with all of
2:54
you um let’s start with the movie since Gabby just mentioned it finding the money
3:00
which I hope wherever people are in the world they’ll get to see at some point this year and which we’re touring with
3:07
the director Mar and pess around Southeastern Australia in in March how
3:13
did the movie come about well this is uh Marin’s uh idea
3:21
you know she she sort of took an interest and she she can give you uh
3:27
obviously a better answer than I can because she will know you know what inspired her to seek us out and to find
3:36
the connections that she found between the work that many of us were doing as
3:42
economists uh specifically within the mmt uh macro framework and her own
3:50
interest in the environment and sustainability and so you know we were
3:56
doing work and I think it it goes all the way back to really the the very earliest stages of mmt with people like
4:04
Matthew forat who was a colleague of mine at the University of Missouri in
4:09
Kansas City where I taught for 17 years and uh Matt was always doing work in
4:17
this space I mean environmental I think he used to teach and probably still does
4:22
courses like environmental economics so there were at least some mmt economists
4:27
from the very beginning who whose Work Incorporated uh these sorts of questions
4:34
around climate and sustainability um I don’t remember to be
4:39
honest when I first had a conversation with muren I know that she a long time
4:46
ago though isn’t it it was years ago this this film is is many many years in
4:51
the making and I think that uh and again she could correct me if I if I get this
4:57
wrong but I as I remember it her original idea was to to do a film that
5:05
was a bit different from what she ended up doing I I think uh I was giving a
5:11
talk many of us were at uh Harvard University and there’s a group here of
5:18
activists and they call themselves the sunrise movement and someone organized a
5:23
conference up at Harvard and brought many scholars and and activists legal
5:29
Scholars economists historians and others together I remember her being there and
5:35
filming uh and after a period of time I
5:40
guess the movie started to take shape the story started to take shape in her mind and it became one that sort of
5:49
centered my intellectual Journey as one of a number of economists who um had
5:56
contributed to the scholarly literature around mmt and she said look I think this is
6:03
sort of the missing ingredient in in the climate um fight I mean it is a fight of
6:10
for our lives and a fight of our lives and she saw the work we were doing as
6:16
integral and as useful to that movement and I think the film is her uh effort to
6:22
bring the story together so that when we you know hear people talk about how much
6:29
money is going to cost to tackle the imminent you know challenge that we’re
6:35
facing with respect to climate breakdown uh how will you pay for it and Marin wanted to use that as I
6:42
think an entry point to say this is the wrong question and you know I I laid
6:48
this out at Harvard that in fact finding the money is the easiest part of the whole challenge it’s everything else
6:55
that’s really hard uh that’s going to require a lot of thoughtful uh hard work on our part but finding the money is the
7:02
easy part and I think that’s the the story she wanted to present that’s a great answer someone
7:09
asked me yesterday in a meeting actually somebody who’s who’s here the to to summarize the movie in 60 seconds and I
7:16
had to go but I didn’t do it that well um it’s very difficult to do so because it covers so much
7:23
ground actually I think I started and still talking five minutes late and but it’s a great movie but just
7:30
before moving on from the movie if you are in South Australia and you haven’t booked to come and see it yet then um
7:38
please do I I was I knew it was going to be good before I saw it for the first
7:44
time but it was much better than I expected it to be it’s a great achievement of mar and putting the movie
7:50
you know Stephen she put it together so beautifully and one of the things that that the film really does is it is an
7:58
indictment of modern mainstream economics I mean that that is a a very
8:04
big part of what it is that she’s attempted to do in this film is to reveal uh how much they get wrong and
8:13
what the costs are for all of us if we continue down this path of asking the
8:20
wrong questions and then answering them incorrectly on top of that and uh and
8:25
the price that we’ll pay collectively uh as a civilization I think it um it
8:31
really does a beautiful job of breaking it down and presenting it in a way
8:37
that’s really accessible to people because these are lofty fights that economists have about you know
8:43
macroeconomic Theory and all this kind of stuff and she really uh makes it I
8:48
think um very accessible to laay audience you know just what the issues
8:54
are what’s at stake and why the role of economists has been both so important in
9:01
bringing us to the place that we are in in the current debate and why it’s been
9:06
so problematic yeah and uh I don’t know whe this has been factious but if if anybody
9:12
enjoys seeing famous economist making a complete full of themselves then this is the movie for you um yes I won’t I won’t
9:20
name them you’re concerned uh I heard no spoilers pardon
9:26
no I’m not gonna spoil no spoilers no uh I heard you the other day being
9:32
interviewed on NPR about the US national debt going over 34
9:39
trillion dollars I mean for to most people $34 trillion may as well be $24 trillion or it’s just a huge number um
9:49
people maybe even more in the US than here uh seem to be
9:55
scared about the national debt they’ve always been scared about the national debt um what is the national debt what
10:03
are people scared of what are they getting wrong well let’s talk let’s talk about
10:09
what people are scared of um what people are scared of are the the things that
10:17
they have been told about the national debt that are supposed to personally
10:23
jeopardize their Futures that’s that’s what it’s about you know if you just thought oh well it’s a big number but it
10:30
doesn’t connect to me in any way you probably wouldn’t worry very much but
10:35
when they say things like because of this very large number because we have this national debt hanging over our
10:43
heads it is going to mean a bleak future for our children and grandchildren it is
10:50
going to force us to make tough choices uh with respect to the federal budget
10:56
because so many dollars have to be diverted to to repaying the debt that
11:01
money won’t be available for Education Health Care uh other priorities that are
11:08
important to people and so people hear those kinds of you know like every day
11:14
in the newspaper on the radio on television you know uh somebody is is
11:20
spinning a tail of Woe about the so-called national debt and making it
11:25
very personal and you know we’ve got a big billboard in New York City it used to be situated
11:32
right there in Times Square and they’ve moved it to sort of a side street but it’s still there and you can walk by and
11:38
this thing Towers over you and the numbers change in real time so you just
11:43
look up and you see click click click click and the number is getting bigger and bigger and then down below that big headline number it says your share and
11:51
then it’s you know the per capita so you take the total debt and divide by the size of the population and then you’re
11:58
told this is how much you’re personally on the hook for well of course people get worried you know they’ll say that
12:04
it’s going to mean a a future of crushing a crushing burden of taxes in
12:09
the future that you know they’re going to come for your wallet and and you’re going to have to Pony up the funds to
12:16
pay this all back so you said what do they get wrong everything I just said is wrong everything they say is wrong so
12:24
what you know what I think creates so much anxiety
12:30
both the fact that it’s going to hit you personally but also just the word debt right just the fact that we are so
12:36
conditioned to have a a sort of visceral reaction to the word debt I mean we
12:43
probably all have a com a credit card you use your credit card but you know you have to be careful the last thing
12:49
you want is to go to the mailbox every month and find a statement with a number that’s growing and you feel like there’s
12:55
no end you know how am I ever going to pay this off um we’re careful with you
13:00
know other sorts of debt borrowing and that sort of stuff we know people can end up in trouble you can go broke we’ve
13:07
seen businesses and companies you know have trouble with debt and file bankruptcy so we understand that debt
13:14
can become a problem and then when we hear that the federal government is deeply inde dead
13:21
the only way we know to sort of make sense of it is to liken it to our own personal finances so then people take
13:27
advantage of that you know the fact that we don’t have a better understanding and they say well just like you right the
13:34
government’s going to end up running out of money or going broke or all of this sort of stuff okay so what do we get
13:40
wrong well the federal government is not like the rest of us okay and the the main way that we like to try to explain
13:47
the difference in pretty simple terms is to say the federal government issues the
13:53
currency in Australia your government issues the Australian dollar here in the US the government is the issuer of the
14:00
US dollar the Japanese government issues the Yen and and the British government issues the pound and so forth right so
14:07
if you were the issuer of the currency would you ever worry about running out
14:13
of money no I wish I could do it right I can’t it’s illegal it’s called
14:18
counterfeiting if I try to create the US dollar um so I can’t run out of money I
14:24
can’t face bills coming due in dollars that I can’t afford to pay if I’m the
14:30
federal government of the United States or if you’re the Australian government so you’re not going to run out of money you’re not going to go
14:36
broke why do you have to borrow why do governments go into debt okay and that
14:44
gets into a whole deeper conversation but let me just say the the simple thing
14:50
that people need to understand is that the thing that we call the national debt
14:58
is nothing more than our after tax savings that’s what it is so one simple
15:05
example and then I’ll stop the deficit is the difference between two numbers that’s all it is
15:12
right the first number is called outlays how many Australian dollars the
15:17
government puts into somebody’s hands every year the other number is called
15:22
receipts how many do they subtract away from people mostly through taxation so
15:28
so this thing we call a deficit is the difference between those two numbers
15:33
right if the government spends more than it collects back mostly in taxes we say
15:38
the government has run a deficit when the government matches its
15:44
deficit by selling securities in our case us
15:50
treasuries uh those treasuries become Financial assets to
15:56
their holder but we call call it adding to the national debt and so when the
16:04
government chooses to allow us to trade in some of
16:09
our dollars for these interest bearing dollars we call it borrowing and we say
16:16
the government is going into debt but what’s really happening is that the government is just facilitating our
16:23
savings when it adds more than it subtracts it’s making a financial contribution the rest of us somebody
16:31
gets to hold those as part of their wealth part of their savings yeah so in Australia they’re
16:37
part of our superannuation funds and people often make a fuss about uh foreign investors owning part of the
16:44
government’s debt but that all that is is that we don’t ban foreign investors from buying uh buying the government’s Bonds
16:51
on the secondary market and if they want to hold Australian dollars then rather than holding them in in Australian bank
16:57
accounts if they want something even safer than those they they can buy government bonds that’s how they end up
17:02
holding them we don’t depend on the rest of the world to buy our government’s debt either do we in the US doesn’t
17:09
depend on China to provide it with US Dollars you say that it’s basically like
17:16
the the government can issue two different instruments and one could call currency and the other we call you know
17:24
Securities they’re both dollars it’s just that you know one of them comes
17:30
with an interest payment in the case of bonds uh so it will throw off some
17:35
additional dollars over time and the other one is u a non-interest bearing uh
17:42
account so you have like the choice to hold your dollars in a checking account or savings account the government is
17:49
giving us that option to hold some of our dollars in the form of a savings
17:54
account as opposed to a checking account that’s really all it amounts to but because we use this word debt to
18:02
describe the savings account and not the checking account it leads to lots of I
18:08
think unnecessary anxiety yeah you’ve reminded me about uh
18:13
well a couple of really good parts of the movie again not giving it away U but there is one mainstream Economist who in
18:20
the middle of the movie is asked why does the government issue debt in the first place and he realizes half way
18:28
through his answer that he doesn’t know the answer that question and he can’t think of an answer that makes sense
18:34
that’s that’s one of the one of my favorite parts of the movie and the other thing you just reminded me of is how minin uses symmetry so nicely in the
18:43
movie and to promote the movie as well and and of course you’ve just been talking about a symmetry there which is
18:49
that when the government runs a deficit they are giving us more dollars than they’re taking away from us so we’re
18:55
running the Surplus when the government runs the deficit and and I mean that word is really important right symmetry
19:03
because it is it is matched to the penny right the the government deficit is
19:10
mirrored by a financial Surplus on the other side of the ledger so I you know I
19:16
like to say they’re readed in I don’t know if you use that term uh we use it from you
19:24
I their red in their red ink is our black in their deficits are our
19:31
financial surpluses which makes it kind of crazy when you think about you know politicians running around pledging that
19:38
if you vote for me I promise you I will shrink the size of your financial
19:45
Surplus now they don’t say it like that but when they tell you that by voting
19:50
for them you’re going to get smaller government deficits what they are by definition promising you are smaller
19:57
finan Cal surpluses in the non-government part of the economy if they said it like that I have to believe
20:04
most voters would say I’m not voting for that guy right well they don’t most of them don’t understand and more than once
20:11
they don’t more than once I’ve seen on the front page of the Australian financial review an article about the government’s deficit falling and next to
20:18
an article about household savings falling yeah at the same time and they don’t make the connection they don’t
20:24
think there is a connection between exactly right yep so should we get rid the debt of the so-called debt the
20:30
national debt or should we stop issuing treasury bonds and do something else you know we
20:37
we have to it’s this word Stephen because if if the government just ran a deficit and
20:45
let the dollars accumulate as savings which they they are right and and we
20:53
would all say oh that’s fine you know we have dollars and they would show up as liab abilities on the central bank
21:00
balance sheet but that balance sheet doesn’t carry the word debt the Federal
21:05
Reserve does not write the word debt on The Ledger and so we just call it
21:11
reserves and nobody has a real you know panic attack over it but when those
21:18
reserves are swapped out for Securities the liability goes on the
21:24
treasury’s books right it’s it’s a ledger for the US Treasury instead of the Federal Reserve and it’s referred to
21:32
as part of the public publicly held debt and it’s the it’s like six one a half a dozen of the other right how do you who
21:39
do you want to pay the interest the fed or the treasury and when the FED pays the interest uh on assets known as
21:48
reserves we just say interest on reserve balances and that’s how we describe it when the treasury pays the interest we
21:54
say the interest burden on the national debt or something like that so it’s it’s
22:01
the way we talk about it and because it’s so problematic and because you know I’ve been at this for like 25 years or
22:09
more at this point trying to educate the public and uh it’s just very hard to
22:16
break through on a scale that is you know large enough to change the
22:22
conversation and so if only for that reason you know I you could convince me
22:28
to say just stop issuing the bonds either issue nothing longer than a
22:34
three-month T Bill set the interest rate the overnight interest rate put it back to zero or something very close to zero
22:42
and then the conversation would largely go away about interest burden and interest expenditure and all that the
22:48
other option is you could let central banks issue the Securities and that would just make the whole thing much
22:54
more transparent that it’s about interest rates it’s it’s about in it’s about maintaining interest rates above
23:01
zero um the treasury doesn’t have to be the one to issue the Securities the FED could do it would be a lot more
23:08
transparent so I think one or a combination of things could help us like
23:14
move Beyond this um NeverEnding battle and conversation
23:20
about debt default and debt ceilings and burdens and all the rest of it
23:29
yeah uh well I noticed that the the debt ceiling in the US at the moment is suspended
23:38
temporarily what did they do uh I think it they they yeah because
23:44
the language of the last one is sort of if I I I might not remember this correctly but there was a deal reached
23:52
where they either voted to raise it sufficiently high that it won’t become
23:57
an issue before the next X date yeah I think it’s the beginning of next year it
24:04
might be the year after this year isn’t it yeah but I know there was a price to
24:10
pay that everything right after the election y
24:15
yeah anyway perhaps we’re going off down down a path we don’t need to go down there H we’re not saying that government
24:23
should never necessarily be in Surplus and we’re certainly not saying that
24:29
governments should be spending without limit or shouldn’t be budgeting carefully so what are we saying about
24:35
how governments should go about doing their budgeting well all right you’re let me
24:41
reinforce what you just said which is that mmt takes no
24:49
position um in the abstract on whether budgets should be in deficit small
24:55
deficit mediumsized deficit large deficit Surplus balance right the goal
25:01
of policy is not to achieve any particular budgetary outcome the goal of
25:07
macroeconomic policy is to achieve real outcomes now you know what those are is
25:13
a matter of um of public policy right the this is what elected officials do
25:19
and budgets are uh a constraining device and they commit um Financial Resources
25:26
to healthcare education infrastructure and all the rest of it and they’re important both because you know you
25:33
can’t have it all there are limits and a budget is a a necessary and important
25:39
way to try to structure the commitments and the the the stress that you’re going
25:45
to place on the economy’s productive capacity in any given year or series of
25:51
years so you look at a budget and you say I’m going to put X number of dollars additional into infrastructure structure
25:58
this year next year and the following year I have a three-year Bill well okay that’s a three-year commitment and it’s
26:04
becomes part of the budget um what are you trying to achieve with that are you
26:10
trying to deal with child poverty do you have a goal in mind are you trying to reduce the rate of childhood poverty uh
26:17
cut it in half every two years until it’s as close to zero as you know one
26:23
can hope to to uh achieve so real goals
26:28
real objectives I mean people like Mariana matato who many of these uh
26:34
people who are here with us now have probably heard she’ll describe Mission
26:39
oriented right public policy being Mission oriented what is the mission
26:44
what is it you want to deliver through the budgeting process and committing the
26:50
financial resources is an important and necessary step but it’s not a sufficient step because you’ve also got to be able
26:57
ble to manage the spending that you are proposing to do in a way that respects
27:05
the productive capacity the limits the real resource limits uh of the domestic
27:11
and any outside uh capacity you’re hoping to use and also the planetary
27:17
constraints the ecological limits so the real outcomes are what you target
27:24
not the budgetary outcomes which kind of feeds on to inflation really um and what people have
27:32
sometimes called the cost of living prices inflation the inflation rate in both the US and Australia peaked at
27:38
nearly 8% in the US uh I think the um
27:44
one of the measures of inflation the PC one is below 3% now it’s Fallen much more quickly than a lot of people
27:51
expected without uh unemployment having to rise significantly to to bring it
27:58
down there’s been a lot of talk about team transitory versus Team permanent as far as inflation is concerned and you
28:04
were always on team transitory why
28:09
was well for a number of reasons you know to be to have inflation become
28:17
entrenched in the system and essentially you know feed on itself which is one of
28:23
the concerns that was raised by uh economy Like Larry Summers U he wasn’t
28:30
alone but he was probably the most vocal here in the US uh and he was worried of
28:36
a situation where you know wages in particular would begin to rise and then
28:42
as wages increase companies would raise prices because their costs are going up and labor is a huge cost of production
28:49
and then workers would you know say I’m not going to work for that because I need more money and then you get the the
28:55
old wage price spiral uh it was very hard to imagine how you were going to
29:01
have a scenario like that take hold in the US uh where you know the labor
29:08
movement has been substantially weakened over the last 40 years people like Larry
29:15
Summers sometimes sound as though they’re still living in the 1970s yeah uh that was the reference
29:22
back to either the 60s or the 70s that we were we were going to end up in that
29:27
sort of a a he would talk about stagflation as well where you’d end up with very little growth high
29:33
unemployment and high inflation alongside and of course none of that is
29:39
what ended up happening so you know what what I was saying from the early stages
29:44
was that this is this is a supply shock this is a negative Supply shock and uh
29:52
you know we in the US in March of 2020 when covid really hit
29:57
you know we basically told every worker in this country if you’re not essential
30:02
to the economy stay home we didn’t have vaccines we didn’t know if we would ever have vaccines we had you know our most
30:09
famous white house um sort of scientists saying it could be four or five years
30:15
before we develop an effective vaccine we didn’t know businesses were told don’t open your doors workers were told
30:22
stay home uh it was a negative Supply shock and it obviously caused people to
30:30
spend money very differently we couldn’t go to bars and restaurants and gyms and theaters and nail salons and all of
30:36
those kind of service oriented um outlets and we’re a service economy 80%
30:42
of the US economy is service and we mostly couldn’t do any of those things so what did we do our kids were home
30:48
from school we were told to work from home if we could so you turn your spare bedroom into a home office uh you buy
30:55
new furniture and um you know desk chairs and tablets and all that kind of stuff well all those things have to be
31:02
manufactured somewhere and we’ve got Global Supply chains and so uh we all
31:09
remember the fragility of Supply chains right you you had shipping containers
31:15
that weren’t available and shipping costs going up and ships that were backed up at the ports and we didn’t
31:20
have people to unload them and Trucking and it all fed into in various ways it
31:27
increases in prices early on in Goods production we weren’t getting um you
31:34
know factories that manufacture those little chips the little semiconductors that go into just about everything now
31:42
from washing machines and microwave ovens to uh PCS and Automobiles and all
31:48
that we couldn’t get those things and so used car prices went crazy for a while and anyway the point is that we changed
31:56
our patterns of of consumption we couldn’t buy a lot of services and we tried to cram a lot of dollars into a
32:02
very narrow and fragile supply chain for goods and we got inflationary pressures
32:10
and so you had to sort of game out whether you thought the increases in
32:16
inflation that really started April of
32:21
2021 um you really started to see inflation kind of 4% is and he said okay
32:28
this is twice what the FED uh targets so um how should we respond and the debate
32:35
about transitory was really among economists saying does this Merit a
32:41
response by the Central Bank does the Central Bank need to respond to the
32:46
increasing inflationary pressures the way it would typically fight inflation which is by raising interest rates and I
32:54
I never not once not I think in any interview you ever did I take the position that interest rate hikes were
33:01
the right way to respond to that uh kind of inflationary pressure that I saw I don’t think any mmt Economist did to be
33:10
fair we didn’t think it we didn’t think it was the right medicine and we are skeptical of the
33:18
transmission mechanism even before Co we weren’t um you know as confident as many
33:27
of our peers in the the transmission mechanism like how do rate hikes actually work do they work to dampen
33:35
aggregate demand in a reliable way and that brings down inflation or is it more
33:40
complicated than that and can rate hikes actually under certain circumstances exacerbate inflationary
33:48
pressure so we didn’t want to turn to the interest rate tool as a policy
33:53
response we said there are a whole bunch of other things that we could do to try to work on the kinds of problems
34:00
that were creating the inflationary pressure and President Biden did a lot of that you know he said if we have
34:07
problems at the ports and this is part of what’s creating some inflationary
34:12
pressure let’s deal with the problems at the ports so he ordered you know you got to run
34:18
247 uh and we’re going to help with Trucking and Licensing and we’re going to get more drivers out there and if we
34:24
don’t have enough workers in the labor force and it’s getting hard for employers to find the people they need
34:30
maybe part of the reason is that millions of workers especially women are sitting on the sidelines because they
34:37
can’t find affordable child care and so let’s deal with that and we’ll try to bring some workers back in what about
34:44
immigration what about you know you go down the list and there uh are a whole lot of things that this Administration
34:51
did later using the Strategic petroleum Reserve to try to deal with some of the
34:57
um increase in you know gas prices that were um becoming a hardship for millions
35:03
of families here so and that in a bit to Isabella vber
35:09
and strategic price controls which lots of prominent economists initially um not
35:15
to name anyone uh were very skeptical even mocky about the idea they were I mean
35:24
they were and it wasn’t just that they were skeptical of the suggestion you know she didn’t
35:30
even there was this little I don’t know if everybody here is familiar but there’s an economist uh a young academic
35:38
uh at the University of Massachusetts at Amherst is Isabella vber is her name um
35:43
she published a fairly short oped in the Guardian newspaper I don’t remember what
35:50
month that appeared but inflation was clearly a problem uh by that time and
35:56
she sort of floated the idea that at least some of the uh higher prices that
36:03
consumers were facing was perhaps the result of companies taking advantage of
36:10
the inflationary moment and saying well kind of consumers expect to face higher
36:16
prices when they go into the store when they you know purchase things so maybe
36:21
we can get away with pushing prices up even faster than the costs that we’re
36:28
facing because you know we’re going to raise prices because our own costs are going up but maybe we could squeeze out
36:34
a little bit extra because the consumer is going to be like well this is that inflation everyone’s talking about they
36:39
won’t really balk at it they’ll pay those higher prices so she said you know
36:44
that that could be happening and to the extent that that sort of stuff is taking place maybe one might wish to consider
36:53
the Strategic use of some price controls so it was a very soft you know if this
36:58
is happening maybe this she didn’t just go in and say this is what’s happening and we need and the uh a lot of people
37:07
just had a a very negative reaction to even the suggestion that one might look
37:14
to see whether firms were taking advantage price gouging whatever you want to call it uh and that price
37:20
controls could be part of a uh a policy response so you’re quite right um they
37:27
we had a similar sort of controversy in in Australia there’s a body called the Australia Institute that uh um published
37:36
uh uh well Drew on Isabella’s ideas I think and published some research to
37:42
support that and uh for the RBA at the time it was almost
37:49
heresy sure but then you had then you had central banks like the European Central Bank actually start producing
37:56
studies to say how much of the call it excess inflation that we’re experiencing
38:02
at the moment can we Trace to you know having done too much fiscal uh stimulus
38:09
how much is due to just the pandemic and the supply chains and that sort of stuff how much is due to what the kind of
38:16
thing that Isabella pointed to where they were just quite explicit about it they give you a bar graph and tell you
38:22
how much of the inflation of the inflationary pressure they themselves the ECB could point to
38:30
you know uh what’s been called sellers inflation or profit L inflation or whatever and it’s not
38:37
zero yeah where the RBA published research like that they tended to ignore it in the uh the leading officials when
38:45
they were discussing these issues in public but anyway maybe uh we better open up to questions soon but before we
38:52
do uh you’ve recently announced you’d successfully auction another book book can you tell us anything about
38:59
that or not you you said it I didn’t announce you said well I don’t know I’m
39:06
not gonna be in a position to say too much I’ve got an interview um coming out in the Ft I
39:13
think they’re going to run it this week they’ve been sitting on it for four weeks I think uh they wanted to be able
39:21
to publish the working title of the book but I don’t think we’re going to do that because it’s not it’s not certain um but
39:30
let’s just say that a lot of the things that we’ve been talking about here are going to be dealt with in that next book
39:37
and I’m excited uh to have it you know um to have it in my mind more or less uh
39:45
the idea of what it what it is that I think is important to say for audiences
39:51
and to be publishing it with um a new editor and with uh penguin Random House
40:00
Crown is going to publish it in the US uh John Murray will publish the UK
40:05
Edition and they did a wonderful job with the deficit myth and I was really happy to be able to to stay with them
40:12
for the textbook um but broadly think think about
40:18
inflation deep okay well we look forward to that we’ll be definitely pushing that book around Australia when it comes out
40:26
Gabby how are we doing with questions uh there’s a lot of great questions actually um you want to pick one sure
40:33
okay so the first one I’ve got is uh from Michelle um does national debt affect
40:40
our credit rating well
40:46
our does it’s it’s almost the other way well does national debt affect our
40:52
credit rating I think she’s talking from an Australian perspective should well it’s just from Australian should I ever
40:58
go that yeah well sure because graduate
41:04
student you wouldn’t have a credit rating presumably if you didn’t have the debt to rate uh and so the rating
41:12
agencies are advising investors about well Stephen what do you
41:17
want to say I wanted to say that we had a graduate student is now a PhD student somewhere in Melbourne uh Adela Union
41:25
when I was there called Matthew ER whose thesis I supervise who looked empirically at the impact of uh
41:33
downgrading or Warnings on the credit ratings of monetary Sovereign governments like Australia uh that’s a a
41:41
government that b issues its own currency has no foreign currency denominated debt at all um significantly
41:48
in a floating exchange rate and he proved that there is no impact at all on
41:54
Australian interest rates of uh changes uh in the uh credit
42:02
ratings of governments like Australia so as far as the credit rating agencies are
42:09
concerned uh although you wouldn’t believe this to listen to our politicians but uh uh Federal
42:17
politicians in countries like Australia should just ignore them we’re not in 1975 now we don’t have a US dollar debt
42:25
uh we don’t have a fix exchange rate the world is a very different place the credit rating agencies have no power
42:31
over the Australian Commonwealth government whatsoever if only the government realized that and there’s
42:37
empirical evidence that that’s the case well okay so let me just jump on that because um the question is is clear when
42:45
you ask does do the rating agencies impact the ability of the government to
42:53
issue debt like that that’s a no could it uh does it impact the interest that
43:00
you have to pay on the debt so no could it could a downgrade have real impacts in terms of
43:08
public policy if the policy makers themselves view the downgrade as a
43:15
legitimate warning about the sustainability of a nation’s finances and might that cause them to um you know
43:25
adjust the budg in ways that make it more austerity right uh driven because
43:31
they’re fearful of uh continuing to allow uh the deficit or whatever yeah
43:37
that can happen I mean we see that here we get the downgrade of you know us
43:42
treasuries and all of a sudden uh at least a handful of politicians start calling it a warning sign and then using
43:50
it to justify um you know cuts to programs like Social Security and Medicare or
43:56
other sorts of things so there’s an irony there that isn’t it’s almost a warning that the that the politicians
44:03
might do something stupid because the only risk in the US really is that they don’t raise the debt
44:09
SE yeah I mean we should probably mention Japan uh in this context right
44:15
because one of the examples that we’ve pointed to for a lot of years um is that
44:21
Japanese government bonds uh the rating agencies downgrade
44:26
Japanese government uh bonds to a level that was below that of
44:32
Botswana I say oh my right this must be really bad for the government of Japan
44:38
they’re gonna have a terrible time trying to borrow and they’re gonna have to pay exorbitant interest rates and so
44:44
forth and of course all of that is wrong uh I think the debt to GDP ratio gross
44:50
uh Japanese government debt is like 262 per at the moment the Bank of Japan
44:56
holds some 60% of all the jgbs on its own balance sheet um the central bank
45:03
has been um the overnight interest rate right the policy rate has been negative
45:09
for a period of years they’ve been doing yield curve control with the 10year pinned roughly at zero uh for much of
45:17
the last several years so you don’t lose control of interest rates you don’t lose the ability to issue Securities or any
45:24
of those sort of things even if you’re um so-called dead is downgraded you know
45:30
to sort of Third World um developing economy uh with that borrows heavily in
45:37
foreign currencies and all the rest of it some of the confusion came over in the NPR interview when she mentioned
45:43
Grace to I thought this is an intelligent German it’s it’s 2023 nearly
45:51
2024 and she’s saying can the US government maybe she was just ask it to
45:56
provide you to answer but exactly the us into Greece she she’s great and they’re
46:03
great and let me just say because I did see a lot of people on Twitter um you
46:10
know saying not very nice things about NPR and about the host of that program
46:16
and I was you know kind of bothered by that because um I know what really
46:23
happened and so if I if this is a moment where I could say a couple of words about that I think you know I’d like to
46:28
do that so they came to me and they said you know there’s all this hysteria about
46:34
the national debt you have a very different view we want to have you come on and share your view so that’s what
46:42
they wanted and then they have you do a pre-interview so that you talk to the
46:48
producer who can then help shape the the program right but it was a four and a half minute segment that’s what I was
46:55
given four and a half minutes and I knew that up front and so I spent you know an
47:00
hour on the phone with the producer going through all of this and then they come up with four questions and my job
47:06
is to respond to those four questions in the four and a half minutes that I’ve been offered and I didn’t get out that
47:14
last response quickly enough and so she had to sort of interrupt and rap and a lot of people thought that she didn’t
47:20
want to allow me to give an answer it wasn’t that at all uh it was just you know you run out of time it’s a tightly
47:27
scripted show uh and she asked the question not because she thinks the US
47:34
is like Greece but because she wanted me to have a chance to explain to the audience why the US is not like
47:40
Greece which mainly is of course because Grace doesn’t issue its own currency yeah or as I put it I think to
47:48
the producer because we did not make the colossally stupid decision to abandon
47:54
our Sovereign currency and start borrowing in a currency that isn’t our own right that we can’t issue Greece and
48:01
and by the way uh Spain and Portugal and Germany and France and all the rest of
48:06
them uh they abandon their Sovereign currencies and effectively turned
48:13
themselves into currency using governments not all that different from
48:19
California New York the state of Georgia Illinois uh Pennsylvania and so forth
48:25
right right so it’s a big difference and countries like Argentina Sri Lanka turkey where there’s a a lot of foreign
48:33
currency usually US dollar de they’re also in a different position to the us a
48:38
lot of foreign currency lot of yeah foreign denominated debt uh a lot of the
48:43
budget that is indexed to inflation lot more than what we have here so that when
48:50
prices start increasing payments start increasing so prices increase again so pay increase again it’s much easier to
48:57
get that sort of entrenched inflation uh in countries that have you
49:03
know a lot of indexing well thanks very much for that question we we went on about it for
49:09
quite a long time so um I I think I’ve managed to find the link to the NPR radio and popped it in the chat there um
49:16
hopefully that link works would you toest um sure I let’s go with the second
49:24
one that I I picked out there’s so many so many great questions and I’d like to also acknowledge the students in our
49:30
program are jumping in and answering quite a lot of people’s questions there too thank you so much for doing that I
49:36
think so yes um so this question is from Anne um and it’s about messaging which
49:44
I’m also interested in as an activist um so what are your thoughts on the
49:49
slightly inaccurate shorthand she puts slightly inaccurate in Brackets and with a question mark to say deficits don’t
49:56
matter and also to say taxes don’t fund spending because it is more complicated
50:02
than that well I don’t say either of those
50:08
things so I I don’t that’s not part of my no I think she’s talking about like
50:15
um people communicating about Bond monetary Theory online right but I guess
50:20
then what I’m trying to say is well I don’t communicate about mmt using either
50:26
of those shorthands if I thought it would be helpful to do so I guess I would be doing it but I think I purpose
50:34
I probably try to avoid saying either of those things because I don’t think it’s
50:41
helpful um I get the I get it I know why people
50:47
want to say deficits don’t matter and what they leave unsaid is the way we’ve been taught to believe right but to say
50:54
they don’t matter is almost like well then we don’t need them you know if they don’t matter then it doesn’t matter if
51:01
we eliminate them they do I mean very much don’t they they do matter they do
51:06
matter so that’s why to the extent that I’ll say deficits don’t matter I would always bookend it with the way you’ve
51:13
been taught to believe yeah and taxes don’t fun spend I mean
51:18
that’s almost it’s almost for me
51:25
I don’t think it helps me advance the larger points that I’m trying to make so
51:31
I don’t say it and then and if you do say it then of course you’re just going
51:36
to have to fight with deeply held convictions uh about you know why people
51:41
think they pay their taxes and how this is part of what allows the government to provide you know benefits and uh public
51:49
services and all the rest of it but you can challenge that it just depends who your audience is and how much time you
51:54
have and which fight you want to pick yeah um there’s actually a great
52:00
question from Rigo um which I’m I’m not taking them in order now but this one came up which I I thought a lot of
52:07
people might be interested in um could you give your take on what uh the new
52:13
Argentinian uh president I not sure if I’m pronouncing his name mili um
52:20
correctly um to what he is trying to do in Argentina to fix the 150% inflation
52:27
um eliminating the central bank or what what else should Argentina what what
52:33
other options are there for Argentina if they didn’t have a person such as him in
52:39
charge yeah yeah that’s a big question um
52:48
look th this is not a new problem in Argentina and to think that we’re going
52:54
to do in three minutes uh any kind of Justice to this question it’s just
53:00
impossible um he’s obviously comes from a a very different perspective from the
53:07
one that I come from I think um clearly you know he’s a a sort of Chicago School
53:15
Milton Freedman on steroids kind of guy he believes I think uh deeply that you
53:22
know the problems that Argentina faces are somehow uh related to the the notion
53:31
of a fiat currency itself this talk about you know folding up the central
53:37
bank and all that kind of stuff I think he’s backed away from that I don’t think that’s uh a pledge that he intends to
53:44
try to keep privatizing lots of public um assets and and pursuing austerity and
53:53
uh you know not first time is it it’s not the first time they’ve done it’s not
53:58
the first time they’ve done something like this the 199 similar yeah I mean I
54:04
I it would take so much more time to talk about you know the Argentinian economy and I’m not an expert on the
54:11
Argentinian economy um I could say much more but in the time that we have I
54:16
don’t uh we’re not we’re not even going to scratch the surface let’s just leave it at I think his macroeconomic
54:23
framework is uh could not be more different from the framework that I operate
54:30
within uh and you know while bits and pieces of things that he has said are
54:37
consistent with uh you know what one might do if one was trying to reduce
54:44
inflationary pressures it’s not completely detached from you know
54:50
reality um I think people could
54:55
the problem what’s that I think people could uh look up on Wikipedia or
55:00
somewhere Argentina’s history and just look at the last 150 years in Argentina
55:06
there has never been a successful democracy at any stage in 150 years in Argentina apart from maybe for about
55:13
five years after the last time an experiment experiment like this
55:19
collapsed in the early 2000s it’s been basically two uh it
55:25
Elite groups uh uh uh fighting and neglecting
55:32
uh people in rural communities and and there’s never been a functioning democracy I don’t think MNT is is a
55:39
magic wand and if if if if the if you don’t have decent
55:45
institutions if you don’t have a working democracy then uh macroeconomic policy
55:51
whatever it is is not going to solve all your problems for yeah this happens in a lot of countries where the exporters are
55:57
really kind of running the country there is a very good podcast uh David
56:03
McWilliams if you know who that is he’s an Irish Economist he has a great
56:08
podcast and not so many weeks ago he had the leader of the opposition party on
56:15
his podcast to talk about Argentina and you can get a lot out of that conversation in terms of you know how
56:22
deeply entrenched these problems are and U hear it from Martin who uh I think
56:29
lays out really nicely you know what what the challenges are and some alternative ways that you could think
56:36
about you know trying to address the problems yeah there is a talk not that I
56:42
go along with absolutely everything in it but there is a talk by someone we uh certainly deeply respect Warren Mosin on
56:49
his view of what would be the best thing to do in Argentina on M economics.com
56:55
but somewhere at the end he said says something along the lines of well I’ve got an idea what I do in Argentina but
57:04
uh there’s no way that any political group would be interested in actually trying to do this
57:11
yeah perhaps just to round it out then um if we come back to the idea of
57:16
framing um and uh I’ve I’ve got a question here in a direct message um but
57:23
the I think the the g g of it is um is there anything that we could or should
57:28
be doing in the public domain that would be most helpful to this cause of um
57:35
teaching people that finding the money is not the the
57:41
problem yeah show up uh when your elected officials have um you know
57:48
campaign events or meet with their constituents write letters to the editor make your voice heard call into radio
57:56
programs um you know if if you feel confident that you have a a decent grasp
58:04
of you know where the conventional um messaging and narrative is going off the
58:10
rails and you think you can offer some you know helpful way to reframe and and
58:17
get people to think differently the comments section I mean I remember early on uh a lot of the early kind of boost
58:25
to mmt came from people who were following our work going out and you
58:33
know putting comments in the section in the comment section on the New York Times after a high-profile Economist
58:40
let’s call him Paul Krugman would write a piece and all of a sudden it would sort of get flooded with comments and
58:46
links to work that you know mmt economists had done it’s irritating to
58:52
the person who’s written the piece but but it’s also really helpful because uh
58:58
you know there’s so many people reading that stuff that if they go down and look
59:03
at the comments and they see somebody saying this isn’t right what you should read is is this other thing it turns out
59:10
that that can help propagate um you know the ideas so invite people to come to
59:17
the movie if it’s showing anywhere come to the mov take coures if you yeah um
59:23
but right call in communicate use your voice to be optimistic the only reason
59:30
really that I know Stephanie is that when I first got interested in mmt there
59:35
were so few people who were interested in mmt that it it didn’t really matter who you were
59:41
you knew everyone because there were many people to me and it’s very very different now
59:49
very different very very different yeah and thanks to the efforts of people like
59:55
you Stephen I mean well people like you no no
1:00:02
no takes all of us um I don’t think we’ll get time for more questions um because we are about
1:00:10
to well we we’re over the hour but um I wanted to just tell people that I’ve
1:00:16
posted in the chat a link to the modern money Lab website which has lots of information for people who might be
1:00:23
thinking about studying with and there’s various ways that people can get involved with that um and we have a
1:00:30
Q&A plan for uh new students and potential students coming up in about
1:00:35
well the same time as this started in eight days is one of them and then we have another one a little after that so
1:00:42
we we’d love to have you along to those if you’re thinking about it and want to just meet us and and ask us about it we
1:00:48
also have the next lecture in this series with um Professor Josh Farley
1:00:54
Joshua aali from University of Vermont um who is going to be talking to us about ecological economics and that is
1:01:00
in 3 days time at the same time um yes there will be a recording of
1:01:06
This emailed out to all the participants and everyone who’s registered and I
1:01:11
wanted to just acknowledge um that there’s been so much interest in this January series I’m really overwhelmed
1:01:18
with um the number of people who’ve who’ve booked online to be part of this
1:01:24
um uh you know we made this free U so you can join um you can join in these six
1:01:30
wonderful talks without paying anything and actually people have donated you not
1:01:35
going to believe this but nearly $35,000 has been donated just to support this series which is amazing wonder the
1:01:42
movie tour is quite expensive to organize so thank you we are so grateful
1:01:48
thank you we are the next lecture is in three days time not two let’s add the
1:01:53
other speak speakers as well we we have uh we have uh another one of the
1:01:59
founders of modern monetary Theory who’s Rand Ray who’s gonna uh who’s doing a
1:02:04
talk for us soon uh on the history of money uh which is uh I heard him give
1:02:10
that talk many times it’s always fascinating uh we are going to hear from
1:02:15
our great friend fatel kaboo also who’s going to talk about um decolonization
1:02:21
and decarbonization and and we’re going to hear from our lecture
1:02:27
on our courses durken who’s going to talk to us about the Eurozone and we
1:02:33
have actually two ecological economists talking to us uh one of whom is at the
1:02:38
top of my screen at the moment actually looking at me Mark diendorf it would be great to hear from as well the co-author
1:02:46
of the book The Path to a sustainable civilization I’m really looking forward to that one as well yeah and just to
1:02:55
absolutely clear up the confusion um the next talk in our series is Friday
1:03:01
morning for Australians and Thursday evening if you’re in the US just because
1:03:07
um uh I can see some dates and times coming in there and I just wanted to make that clear um we we’re kind of
1:03:14
quite far apart in terms of time zones so um uh but I’ll try and do reminders
1:03:19
for everybody so that you know exactly when it is and uh of course um we a huge thank you to
1:03:27
Stephanie and thank you not only just for this talk but for being so supportive of what we’re doing with our
1:03:33
with our postgraduate qualifications and for taking the time to come out to Australia and tour around with us I’m
1:03:40
just so looking forward to this it’s going to be an absolute Joy um it’s wonderful to go around Australia and
1:03:47
meet people and um we’re going to have an amazing time and thank you so much
1:03:52
for doing it yeah it’s obviously we’re a long way apart so we very rarely get to
1:03:57
meet Steph but we’re really looking forward to me too I’m excited to be coming
1:04:05
back fantastic yes I can stop the recording now thank you very much and
1:04:10
thanks again everybody so much for coming
oooooo