Patricia and Christian talk to award-winning economist and author of “Making Money Work For Us” Professor L. Randall Wray about how central banks use [checks notes] vibes to “anchor inflation expectations”, why it keeps failing, and what might work instead.
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Order “Making Money Work for Us” by L. Randall Wray: www.amazon.co.uk/gp/product/B...
Order “Money for Beginners: An Illustrated Guide” by L. Randall Wray: www.amazon.co.uk/Money-Beginn...
Order the Gower Initiative’s “Modern Monetary Theory - Key Insights, Leading Thinkers”: www.e-elgar.com/shop/gbp/mode...
Free tickets for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on 20th April: gimms.org.uk/event/book-launch/
For an intro to MMT:
Our first three episodes: / 41742417
Episode 126 - Dirk Ehnts: How Banks Create Money: / 62603318
All our episodes in chronological order: / 43111643
All our episodes with L. Randall Wray: / 44467066
Relevant to this episode:
“Magical Monetary Thinking at the Fed Killed SVB” by L. Randall Wray & Stephanie Kelton: stephaniekelton.substack.com/...
“The collapse of SVB shows why monetary policy is the wrong tool to fight inflation” by Yeva Nersisyan & L. Randall Wray: thehill.com/opinion/congress-...
Randy talks about how central banks had to give up on targeting money supply - and that’s because the money supply is determined endogenously. For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to:
Episode 43 - Sam Levey: Understanding Endogenous Money: / 35073683
Episode 126 - Dirk Ehnts: How Banks Create Money: / 62603318
Randy talks about US government bond issuance during World War II being a whole other story - for more on that, listen to these two episodes:
Episode 32 - Sam Levey: How Uncle Sam Paid For World War II (part 1): / 30005574
Episode 33 - Sam Levey: How Uncle Sam Paid For World War II (part 2):
/ 30112818
Our Job Guarantee episodes:
Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: / 41742701
Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: / 36034543
Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: / episode-148-why-73211346
Quick read: Pavlina Tcherneva’s Job Guarantee FAQ page: pavlina-tcherneva.net/job-gua...
Quick MMT reads:
Warren’s Mosler’s MMT white paper: moslereconomics.com/mmt-white-...
Steven Hail’s quick MMT explainer: theconversation.com/explainer...
Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”: christreilly.com/2020/02/17/s...
For a short, non-technical, free ebook explaining MMT, download Warren Mosler’s “7 Deadly Innocent Frauds Of Economic Policy” here: moslereconomics.com/wp-content...
Episodes on monetary operations:
Episode 20 - Warren Mosler: The MMT Money Story (part 1): / 28004824
Episode 126 - Dirk Ehnts: How Banks Create Money: / 62603318
Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: / 41790887
Episode 43 - Sam Levey: Understanding Endogenous Money: / 35073683
Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): / 46352183
Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): / 46865929
Episodes on inflation:
Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: / 41780508
Episode 65 - Phil Armstrong: Understanding Inflation: / 40672678
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