#178 Building An Economy For The People - Unpacking The Deficit Myth Part 7

Patricia & Christian conclude their conversation about Stephanie Kelton's best-seller The Deficit Myth.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767     LIVE EVENTS! "Rethinking Capitalism" weekend event with Dr Steven Hail (Canberra, 26th-27th August): https://modernmoneylab.org.au/events/ Sign up to the Gower Initiative For Modern Money Studies' mailing list for updates about their event with Warren Mosler in London on 1st September (details TBC): https://gimms.org.uk/mailing-list/ Website of the 3rd International European MMT Conference (Berlin, September 9th-10th: https://www.mmtconference.eu/     Relevant to this episode:   Our "Unpacking The Deficit Myth" series: https://www.patreon.com/posts/47191289 For more on MMT and the NHS/Medicare4All, listen to: Episode 42 - John T Harvey: The NHS And Healthcare Economics: https://www.patreon.com/posts/33460238 and Episode 96 - Deborah Harrington: The Fight For The NHS: https://www.patreon.com/posts/49819223 For more on MMT and ecological economics, listen to: Episode 39c - Steven Hail - Green Economics, A Just Transition and The 2020 Sustainable Prosperity Conference https://www.patreon.com/posts/32431123, Episode 108 - Steven Hail & Gabrielle Bond: Achieving Sustainable Prosperity: https://www.patreon.com/posts/54178535, Episode 172 - Steven Hail: Bond Vigilantes! Inflation! The National Debt! The Excuseonomics Killing The Planet: https://www.patreon.com/posts/84572294?pr=true, Episode 138 - Stephen Williams: Economics vs The Planet: https://www.patreon.com/posts/69831268?pr=true, Episode 140 - Michael Hoexter: Hard Money Ideology Won't Save The Planet: https://www.patreon.com/posts/70471081?pr=true and Episode 141 - Phil Lawn: On Ecological Economics: https://www.patreon.com/posts/70826821?pr=true For more on Overt Monetary Financing, read "Overt Monetary Financing – again", by Bill Mitchell: https://billmitchell.org/blog/?p=32361 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 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887, 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 and episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 For more on the MMT Job Guarantee, see "Our Job Guarantee episodes" (below). For more on MMT and inflation, see "Episodes on inflation" (below)   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   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 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      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   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/     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/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/ Website of the 3rd International European MMT Conference (Berlin, 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/86849221?pr=true