#168 You’re Entitled! Unpacking The Deficit Myth Part 6

The MMT Podcast with Patricia Pino & Christian Reilly

As the UK celebrates the coronation of its most famous pensioner and its central bank tells everybody else to accept being poor, Patricia and Christian continue their conversation about Stephanie Kelton’s best-seller, The Deficit Myth and ask: can the world’s 5th richest economy afford dignity for all, or just those with their own anthem?

Please help sustain this podcast!

Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

LIVE EVENT! Christian will be interviewing Cory Doctorow in Nottingham (UK!) on Tuesday 30th May 2023, tickets here: https://www.waterstones.com/events/an-evening-with-cory-doctorow/nottingham

For an intro to MMT:

Our first three episodes: https://www.patreon.com/posts/41742417

Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318

Our “Unpacking The Deficit Myth” series: https://www.patreon.com/posts/47191289

All our episodes in chronological order: https://www.patreon.com/posts/43111643

Relevant to this episode:

For more on ensuring the sustainability of Social Security/state pensions with this one not-so-weird trick that unmitigatedly works for all other types of government spending, listen to Episode 164 - Yeva Nersisyan: Saving Social Security From Its Saviours: https://www.patreon.com/posts/80870597?pr=true

We briefly touch on how the central bank reserve system impacts commercial banks and vice-versa, for more on that listen to Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318

For more on the effective dependency ratio, see “Ageing, Social Security, and the Intergenerational Debate” by Bill Mitchell: https://billmitchell.org/blog/?p=25377

Our Job Guarantee episodes:

Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701

Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543

Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346

Quick read: Pavlina Tcherneva’s Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/

Quick MMT reads:

Warren’s Mosler’s MMT white paper: http://moslereconomics.com/mmt-white-paper/

Steven Hail’s quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095

Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”: https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/

For a short, non-technical, free ebook explaining MMT, download Warren Mosler’s “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf

Order “The Deficit Myth” by Stephanie Kelton: https://www.amazon.co.uk/gp/product/B081JVRT57/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0

Order the Gower Initiative’s “Modern Monetary Theory - Key Insights, Leading Thinkers” (2023): https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html

Order L Randall Wray’s latest book, “Making Money Work for Us” (2022): https://www.amazon.co.uk/gp/product/B0BDCS46BG/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0

Episodes on monetary operations:

Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824

Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318

Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887

Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683

Episodes on inflation:

Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508

Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678

Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835

Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379

Episode 128 - L. Randall Wray & Yeva Nersisyan: What’s Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558

More on government bonds (and “vigilantes”):

Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245

Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500

Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true

Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421

Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513

Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true

More on Silicon Valley Bank and bank runs:

Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true

Episode 163 - L. Randall Wray: Breaking Banks - The Fed’s Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true

Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true

MMT founder Warren Mosler’s Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html

MMT Events And Courses In 2023

More information about Professor Bill Mitchell’s MMTed project (free public online courses in MMT) here: http://www.mmted.org/

Apply for Dr Dirk Ehnts’ Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics

Details of Modern Money Lab’s online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/

Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: https://fundacjalipinskiego.pl/wydarzenia/

Website of the 3rd International European MMT Conference (September 9th-10th: https://www.mmtconference.eu/

MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies

MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship

A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757

We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos

Show notes: https://www.patreon.com/posts/82602167?pr=true