#124 Phil Armstrong: Talking Turkey & Strategic Price Controls

Patricia and Christian talk to Dr Phil Armstrong about potential solutions to pandemic-related inflation and challenges faced by nations that have become dependent on foreign capital and foreign currency debt.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Phil Armstrong: https://www.patreon.com/posts/42072846   Isabella Weber: Could strategic price controls help fight inflation?: https://www.theguardian.com/business/commentisfree/2021/dec/29/inflation-price-controls-time-we-use-it   Bill Mitchell: Turkey tells us nothing about MMT – but MMT tells us a lot about why Turkey is in trouble: http://bilbo.economicoutlook.net/blog/?p=48895   Some of our episodes on inflation 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/episode-104-john-52207835 Episode 88 - Warren Mosler & Phil Armstrong: Weimar Republic Hyperinflation Through An MMT Lens (part 1): https://www.patreon.com/posts/47638591 Episode 89 - Warren Mosler & Phil Armstrong: Weimar Republic Hyperinflation Through An MMT Lens (part 2): https://www.patreon.com/posts/episode-89-phil-47904999   A Framework for the Analysis of the Price Level and Inflation by Warren Mosler: https://docs.google.com/document/d/1sySbx6EHOAYpAjE4FGnYApdZNyY6rh79KzajZxSU884/edit Monopoly Money: The State as a Price Setter by Pavlina R. Tcherneva: http://moslereconomics.com/wp-content/uploads/2018/04/Tcherneva_MonopolyMoney_2002.pdf   Our episodes laying out the MMT Job Guarantee: 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   Our episodes on US treasury spending during WWII: Episode 32 - Sam Levey: How Uncle Sam Paid For World War II (part 1): https://www.patreon.com/posts/30005574 Episode 33 - Sam Levey: How Uncle Sam Paid For World War II (part 2): https://www.patreon.com/posts/30112818 How To Pay For The War by John Maynard Keynes: https://archive.org/details/in.ernet.dli.2015.499597   Warren Mosler's banking reform proposals: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html   Our episodes on monetary operations: Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887   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 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683   Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183   Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929     For information on their forthcoming MMT book, sign up to the Gower Initiative For Modern Money Studies mailing list: https://gimms.org.uk/   A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757   Transcript for opening monologue: https://www.patreon.com/posts/61624152   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/61624068