Warren Mosler MMT Podcast ep 80 delakoan

(https://twitter.com/MMTpodcast/status/1341789358739906568)

MMT Podcast (Christian Reilly)@MMTpodcast

Out today wherever you get your podcasts! MMT Podcast ep 80 Warren Mosler: MMT Q&A Holiday Special! (part 1)

@PatriciaNPino

and Christian ask MMT founder wbmosler questions written by patrons.

Entzun hemen:

https://pileusmmt.libsyn.com/80-warren-mosler-mmt-qa-holiday-special-part-1

2020 abe. 23

oooooo

[Transcript] Opening monologue for Episode 80 – Warren Mosler: MMT Holiday Special (part 1)

At the beginning there, you heard our guest this week, MMT founder Warren Mosler and in a moment we’re going to be asking him questions written by our patrons for our 2020 holiday special.

(…)

Regular listeners will know that many governments in the so-called developed world can afford not just the biggest turkey in the shop, but all the turkeys in all the shops, and vegan alternatives, because governments that issue their own currency, like those of, say, the UK, the US, Japan, Canada or Australia create new money when they spend and therefore can’t run out of their own currency, and so for these governments there’s no need to be a Dickens about spending to save lives – at any time of the year. And if you’re a first-time listener, you can listen to our first three episodes for an introduction as to why that is.

Just before we dive into this interview with Warren, a couple of points about messaging that came up in the conversation.

The first one is about the use of the word “borrowing” to describe government bond issuance. For me personally, depending on context, I think it’s often worth pushing back on the word “borrowing” when it’s used to describe government bond issuance. Because if you’re a government that issues its own currency without operational limit, and then after you’ve issued that currency, you shift some of it from a current account to a savings account at your central bank, which just entails changing numbers on a spreadsheet over which you have total control – I think calling that “borrowing” reinforces the fallacy that your government is in the same position as you in relation to your national currency, which it most certainly isn’t.

For you and me, we don’t issue the currency we use, so we *can* run out of money and we have to borrow what we need if we can’t get it through earnings, or gifts, or, if you’re a big enough employer, through wage theft. So while I agree with Warren that the ideal situation is to have people understand specifically what government bond issuance entails, I also think that pushing back on people using the word “borrowing” to describe government bond issuance is one way to open a door to that necessary conversation. But it all depends on context.

The second issue is the term “monetarily sovereign”, which Warren finds ambiguous, and I agree it is ambiguous on its own, but I think it’s meant to be an easy two words to use to describe a government that issues its own national currency, which it taxes in, which has a floating exchange rate and that doesn’t borrow in foreign currencies. So, in other words, a government that denominates all its promises to pay in a thing that it issues.

You can listen to our episode 12 for more detail on that, which I’ve linked to in the show notes, along with more interviews and essential writing by Warren, plus a few other things that came up in the conversation, and as ever, I’ve linked to where you can support this podcast financially via Patreon dot com slash MMT podcast.

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So, here’s the first half of our conversation with Warren, part two will be out next week, and to any fellow fans of Warren’s teaching I’d like to say, in the words of that great Christmas classic, Die Hard: “Now I have a machine gun – Ho! Ho! Ho!” and to everybody else: may God or, or Vishnu, or reason, or just whoever’s in charge where you live, bless us all – every one. Let’s dive in!

At the beginning there, you heard our guest this week, MMT founder Warren Mosler and in a moment we’re going to be asking him questions written by our patrons for our 2020 holiday special.

(…)

oooooo

abe. 23

Gehigarriak:

All our episodes with Warren Mosler: https://www.patreon.com/posts/42918786

Warren’s MMT white paper: https://docs.google.com/document/d/1gvDcMU_ko1h5TeVjQL8UMJW9gmKY1x0zcqKIRTZQDAQ/edit

Seven Deadly Innocent Frauds Of Economic Policy, by Warren Mosler: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf

The Natural Rate of Interest Is Zero, by Mathew Forstater and Warren Mosler: http://www.moslereconomics.com/wp-content/graphs/2009/07/natural-rate-is-zero.PDF

Maximizing Price Stability in a Monetary Economy, by Warren Mosler & Damiano B. Silipo: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2775400