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Discussing the economy, public policy, and current events through an MMT (Modern Monetary Theory) lens.
25 Episodes
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1David Andolfatto (@dandolfa) Professor & Economics Department Chair at the University of Miami, joins Adam, Douglas, and Ryan to discuss:David's journey from construction to academia and the Federal Reserve.His focus on monetary theory and views on the essence of money.How MMT compares and contrasts with traditional economic theories.David's take on money's role in resource allocation and price setting.Historical inflation trends and major economic shifts, like the 1970s oil crises.Analys...
In this episode, Brett Scott joins Adam, Doug, and Ryan to discuss: Vertical and horizontal dimensions of money Crypto capturing attention through an asset-only view of money that people commonly holdCrypto ignoring double-entry accounting and liability side of money by treating units as assets aloneBitcoin's reliance on energy-intensive mining and whether it can truly function as a reliable inflation hedgeBitcoin promoters shifting narratives between Bitcoin being an asset, a mone...
In this episode, Brett Scott joins Adam, Doug, and Ryan to discuss: Brett's intellectual journey with MMT and how he was exposed to the ideas through different communities and eventsChallenges of separating fact from conspiracy theories Brett's perspective on tensions between using existing monetary systems and building alternative currenciesDiscussion of libertarian and anarcho-capitalist views in early crypto and the concept of "vulgar libertarianism"Evolution of understanding of ...
In this episode, Derek McDaniel (@ratedisparity) joins Adam, Derek, and Ryan to discuss: Derek's Background: Transition from academics in mathematics and computer science to exploring economics and MMT.Journey into MMT: Early exposure to Austrian economics, online debates, and realization about the national debt.Current Stance on MMT: Emphasis on separating MMT into independent propositions like endogenous money, government finance, and price anchoring.Discussion on Endogenous Money: Exp...
In this episode, Adam, Ryan, and Doug interview Maren Poitras, creator of "Finding the Money", the documentary film about MMT. They discuss:Maren's backgroundMaren's inspiration for creating the filmThe film's development processReception to early screeningsMaren's observations regarding mainstream economics vs. heterodox economicsChallenges in explaining MMT via filmFuture plans for the filmFor more information and updates on the film, visit findingmoneyfilm.com.Buy tickets to the Findi...
Adam, Doug, and Ryan wrap up 2023, discussing their learnings, surprises, and expectations for 2024:The strong GDP growth and low unemployment in 2023, noting how rate hikes seemed to stimulate the economy, contrary to popular belief.Higher government spending and lower inflation in 2023 The importance of understanding fiscal policy's impact on the macroeconomy while other factors like bank credit and money supply are secondary.The relationship between fiscal spending, bank credit, and e...
In this episode, Ritik Goyal joins Adam, Ryan, and Douglas to discuss:Ritik's journey from working at Bridgewater to co-founding "The Monetary Frontier" on SubstackHow Ritik was drawn to MMT as a framework that accurately describes economic flows and policy impacts, especially in the context of austerity politics.Ritik's nuanced view on MMT, particularly questioning the idea of a zero neutral interest rate and its effect on the availability of safe assets like treasuries.The historical relati...
In this episode, Douglas of MMT Macro Trader joins Adam and Ryan discuss:Big announcement - the future of AppliedMMT & MMT Macro Trader!4.9% Q3 GDP printIs Fintwit connecting the dots on the interest income channel?What drove GDP growth in 2023?The relationship between interest rates and the economyPotential systemic risks in the economy todayThe “failed treasury auction” on November 9Powell’s recent comments – has the Fed changed its thinking?AppliedMMT.comAppliedMMT on TwitterDouglas (@...
In this episode, Charles Hayden joins Ryan to discuss:Warren Mosler’s thesis that the Fed has interest rate policy backwardsMMT academics countering mainstream economistsMainstream economists thinking unemployment is necessary to reduce inflationSaudi oil prices & their impact on inflationNegative GDP prints in 2022 & recession fearsBank credit increasing despite rate hikesFed collateral rules rather than rate hikes causing regional bank failuresMarc Goldwein’s hypocrisy on deficits &...
In this episode, Adam and Ryan discuss:Shout out to Nick Gomez of ANG Traders (@ANGTraders)Fears of market liquidity drain during TGA refill in late May/early JuneThe mechanics of the TGA refillThe Fed's reverse repo facilityMMT being blamed for inflationRandy Wray and Yeva Nersisyan's policy recommendations at the beginning of the pandemicMMT's opposition to UBIAre rate hikes keeping companies alive?Addressing the notion that MMT doesn't make predictionsOngoing effects of rate hikes on the e...
In the second part of our two-part conversation, Nick Gomez of ANG Traders joins Adam and Ryan to discuss:The causes of post-COVID inflationUnemployment benefits & "no one wants to work anymore"The US fiscal situation in 2023 vs. 2022Shortages in the housing marketHow Nick analyzes the stock marketThe effects of treasury issuanceAccounting between the Fed & TreasuryThe relationship between treasuries and the stock marketWarren Mosler being denied a meeting with the FedLinks:ANG Trader...
In this episode, Nick Gomez of ANG Traders joins Adam and Ryan to discuss:Nick's background in physics/math and how he became interested in MMTReactions to Nick's work on Seeking AlphaUnderstanding the US dollar, national debt, and debt ceilingTreasuries as UBI for people who already have moneyThe relationship between stocks & interest ratesNick's bullish outlook on the US economyChallenges in explaining MMTHow rate hikes are impacting inflationLack of discussion regarding fiscal flows in...
In this episode, Adam and Ryan discuss:The state of the economy & stock marketAdditional rate hikes in ArgentinaRyan's attendance at the Warren Buffet/Berkshire Hathaway shareholder meetingProfit margins, inflation, and bank lendingMichael Green (@profplum99) vs. Warren Mosler's economic outlooks"Money" by James MadisonAppliedMMT.comAppliedMMT on TwitterDouglas (@MMTmacrotrader) on TwitterDisclaimer: The content of this podcast is for informational purposes only and should not be construe...
In the second episode of this two-part interview, Warren Mosler, one of the "founders" of MMT, joins Adam and Ryan to discuss:Warren’s take on the inverted yield curveCost of capital & entrepreneurshipEffects of low interest ratesWhere does additional interest income go? Is it driving growth?Interest rates and equity valuationsFiscal contraction in early 2022Lack of conversation around fiscal policy as opposed to monetary policyHow oil prices are determined Oil prices as a tail...
In the first episode of this two-part interview, Warren Mosler, one of the "founders" of MMT, joins Adam and Ryan to discuss:Warren's perspective on rate hikes vs. other MMTersWarren's meeting with George W. Bush's Chief of Staff, Andrew CardWarren's conversations with Paul Krugman on deficits/inflationWarren's conversations with Argentina's central bank on interest rates/inflationForward outlook for rate hikes in the USRecent banking crises in the USWhether or not anyone at the Fed recognize...
In this episode, Adam and Ryan to discuss:Recent Richard Murphy/MMT Twitter controversyThe Republican proposal to put the US back on a gold standardPublic vs. private solutions to real estate issuesRyan’s concept of the “real resource dividend”Thoughts on the Job GuaranteeAppliedMMT.comAppliedMMT on TwitterDouglas (@MMTmacrotrader) on TwitterDisclaimer: The content of this podcast is for informational purposes only and should not be construed as financial or investment advice. The views...
In this episode, Adam and Ryan to discuss:Big banks moving deposits to FirstRepublicHold-to-maturity securitiesMisunderstandings around bankingSolvency issues vs. liquidity issuesBitcoin and bankingLinksIntroductory MMT resourcesPocket Change podcastNYC Deficit Owls Meetup AppliedMMT.comAppliedMMT on TwitterDouglas (@MMTmacrotrader) on TwitterDisclaimer: The content of this podcast is for informational purposes only and should not be construed as financial or investment advice. The...
In this episode, Adam and Ryan to discuss:The failure of Silicon Valley BankMorgan Ricks' commentary on bank runs and game theory Links:Morgan Ricks on TwitterIntroductory MMT resourcesPocket Change podcastNYC Deficit Owls MeetupAppliedMMT.comAppliedMMT on TwitterDouglas (@MMTmacrotrader) on TwitterDisclaimer: The content of this podcast is for informational purposes only and should not be construed as financial or investment advice. The views and opinions expressed in this podcast...
In this episode, Bijou Smith of MMT Macro Trader joins Adam and Ryan to discuss:Bijou's background in physics and how he became interested in MMTWhy MMT is importantThe relationship between economics & physicsHow Bijou and Douglas started collaborating on MMT Macro TraderUsing machine learning & neural networks to model the macroeconomy and stock market indicesHow the job guarantee fits into capitalismAdam Smith, economics, and moral philosophyLinks:MMT Macro Trader on PatreonMMT Macr...
In this episode, Adam and Ryan discuss:Whether or not all MMTers believe interest rate hikes are expansionaryThe newest PCE inflation dataRetail inflows to the stock marketInterest rates and asset bubblesThe post-2008 venture capital boomGambling apps & cryptocurrencyLinks:Introductory MMT resourcesPocket Change podcastNYC Deficit Owls MeetupAppliedMMT.comAppliedMMT on TwitterDouglas (@MMTmacrotrader) on TwitterDisclaimer: The content of this podcast is for informational purposes on...
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