This was Stephanie Kelton on The Daily Show in the USA last night, talking about modern monetary theory:
In case the link does not work (and YouTube seems to be unreliable this morning), it's also here.
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Great video and on American prime time! I just wish she’d also talked about the multiplier effect to illustrate the power of (some) spending. On which point I note Rishi Sunak’s new pledge to up defence spending by £75 billion over the next 6 years, which, as you have pointed out Richard, has one of the poorest multiplier effects of any Government spending.
Indeed…I thought she did really well though, and have told her
Great video but I think that any presentation of MMT needs to start by highlighting that current explanations of how the financial system works are not actually what happens. Explain that we do not Tax first and then spend the collected taxes and that Banks do not just relend their customers money. Explain the problems first and then advance a theory that better fits the observable reality.
And I think it is worth explaining that all advances in science and the world around us work in this way.
I think that if you have been lucky enough to receive a half decent education you know this, but in a world that believes in Creationism and thinks that Donald Trump is a fit person to be President of the USA this will all come as a startling revelation.
We will be doing some on this theme
They may overlap, but so what?
I hope Rachel Reeves is watching!
Gordon’s summary of MMT is spot on. However, there are way too many Ronnies who need to unlearn the BS out there. Perhaps the new documentary by Stephanie, Finding the Money, will help to educate the wider public.
I hope so…
Interesting to note she was actually allowed to speak and was listened to. This wouldn’t happen here.
In the UK, for ‘balance’, we’d have some idiot from the IEA/TPA/IFS etc etc responding with plausible-sounding nonsense which makes unevidenced claims about how MMT is wrong and, even if it isn’t, it wouldn’t work in any case.
Seems like we will have to wait a while yet for a UK or online release:
OFFICIAL U.S. RELEASE: May 3, 2024!
”
FINDING THE MONEY
There’s another side to the national debt.
”
https://findingmoneyfilm.com/
Brilliant performance all round. Please, Channel 4 take note and just buy it in!
Endorse entirely the comments about multiplyer effects needed included – but shifting the basic language is the prize first and this sort of TV would help enormously.
Congratulations to all concerned.
Profound apologies for the self promotion:
https://www.youtube.com/watch?v=QAu7zlFsV_o
2:16:30 in
Eurogas conference – my question followed the bit about house rennovation and all the panellist whining that there is no money. One Italian guy even came up with Thatchers idiocy (there is only tax payers money).
Me making the point that central banks i.e. ECB have infinite resources etc.
Worth listening to the bit where Moser (Head of Unit in the European Commission) responds and in doing so commits professional suicide by claiming there is no climate crisis. I will be writing to the Commission (his Director General and the Commissioner) requesting that they explain why the European Commission thinks there is not a climate crisis. Keep in mind – on that stage he IS the European Commission. Some people have asked me to go easy on Moser, cos he’s a nice guy, I have long passed the point where I feel like being fair. It is the nice guys that have got us into this mess.
Good work , Mike
@Mike Parr: Great little summary and question – which Moser totally ducks, as you say.
“It’s not an emergency, it’s an inter-generational challenge”…!!
If that isn’t Newspeak, what is?
In other words, it’s about how we can avoid doing too much today, kick the can down the road in terms of necessary action and have future generations pay for it in their finances and their environmental and life situation.
A Big D for Deflect, Dilute and Delay!
Ecocidal-genocidal crime against my grandchildren. And they’re in Britain: heaven help those in some other places.
BBC and or C4 should be doing something similar. I think Nahil Arthanaeka had her on his afternoon radio 5 chat .
I wonder why Bill Mitchell doesn’t seem to be involved. Is he being sidelined
I do not think I am the only person who has problems getting on with Bill, or his approach to MMT.
Australian economist Steven Hail gave a presentation to the Green Party Economy & Finance Group yesterday on MMT. It was very good and well received. He expressed his preference for a job guarantee over a UBI (Green Party policy) but said one doesn’t rule out the other. I think the GP is going in the right direction.
He is very good
Very late post. I’ve been very busy with family stuff , I lived in the US for three years during the Clinton surplus ! Stephanie does a brilliant job getting the message across. She has a way of cutting through with accessible language. No one will read this now but I feel better gave vocalised !