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L. Randall Wray Senior Scholar, Levy Economics Institute Professor of Economics, Bard College Mark and Melodye Teppola Distinguished Visiting Scholar, Willamette University, for the 2022-23 academic year. Books Understanding Modern Money https://www.amazon.com/Understanding-Modern-Money-Employment-Stability/dp/1845429419 Money for Beginners https://www.politybooks.com/bookdetail?book_slug=9781509554607 Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems https://www.abebooks.com/servlet/BookDetailsPL?bi=31380456555&ref_=ps_nb_ggl_US_Shopp_Textbook&cm_mmc=ggl-_-US_Shopp_Textbook-_-product_id=COM9781137539908USED-_-keyword=&gclid=Cj0KCQjwiZqhBhCJARIsACHHEH9_Kc38GauqqhhvfpL896JxjG-T1cygwW7FX_G8KcMdNAM_xGMzW5oaAnn0EALw_wcB
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L. Randall Wray Senior Scholar, Levy Economics Institute Professor of Economics, Bard College Mark and Melodye Teppola Distinguished Visiting Scholar, Willamette University, for the 2022-23 academic year. Books Understanding Modern Money https://www.amazon.com/Understanding-Modern-Money-Employment-Stability/dp/1845429419 Money for Beginners https://www.politybooks.com/bookdetail?book_slug=9781509554607 Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems https://www.abebooks.com/servlet/BookDetailsPL?bi=31380456555&ref_=ps_nb_ggl_US_Shopp_Textbook&cm_mmc=ggl-_-US_Shopp_Textbook-_-product_id=COM9781137539908USED-_-keyword=&gclid=Cj0KCQjwiZqhBhCJARIsACHHEH9_Kc38GauqqhhvfpL896JxjG-T1cygwW7FX_G8KcMdNAM_xGMzW5oaAnn0EALw_wcB
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| L. Randall Wray Senior Scholar, Levy Economics Institute Professor of Economics, Bard College Mark and Melodye Teppola Distinguished Visiting Scholar, Willamette University, for the 2022-23 academic year. Books Understanding Modern Money https://www.amazon.com/Understanding-Modern-Money-Employment-Stability/dp/1845429419 Money for Beginners https://www.politybooks.com/bookdetail?book_slug=9781509554607 Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems https://www.abebooks.com/servlet/BookDetailsPL?bi=31380456555&ref_=ps_nb_ggl_US_Shopp_Textbook&cm_mmc=ggl-_-US_Shopp_Textbook-_-product_id=COM9781137539908USED-_-keyword=&gclid=Cj0KCQjwiZqhBhCJARIsACHHEH9_Kc38GauqqhhvfpL896JxjG-T1cygwW7FX_G8KcMdNAM_xGMzW5oaAnn0EALw_wcB |
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Interesting he somewhat expects a recession.
Well done Mike and Prof.Wray informative, easy to understand and made me laugh several times.
The more educated people are about how money and the financial system really works, results in a more civilized society. How many times have we heard some economically misinformed angry person ranting about that is my tax-payer money going to help a homeless person for example, when in reality at the federal level of government, when the government spends it is new money key-stroked into existence, so no such thing as tax-payer money at this level of government only public money.
Top quality interview
Thanks for inviting Randall. (At least you got his head to join.)
Seriously, this was a great talk!
This is great to blend the academics with the real world. Thank you both!
"To live a creative life, we must lose our fear of being wrong." _
They know. Which is why a Fiat Currency in the hands of a feckless populace & cowardly Congress is a frightening thing to witness. #EndlessWar #PandemicProfieering #Ukraine
Oh snap! I almost applied to Bard just to take this dude's courses.
Aside from crating unemplomyent the only inflation raising IR's do have an impact on is house prices, they did stop the bidding wars of 2022, somewhat ironic as house prices are no longer recorded in inlfation. Even here the problem is whilst crushing demand it has also crushed supply (as Wray mentions), housing starts have fallen and no one wants to sell their property, so it's function is very limited. A land value tax would be far more effective at limiting inflation and would actually increase supply of housing.
Aside from poorly-managed banks failing, there seems to be some capitalist business support in raising rates.
Unemployment is great for businesses. Jobless workers help business keep wages down, ample supply of wage slaves, less unionization.
Somebody profits from interest rate raises. Treasury dealers? New lenders?
If marginally competent businesss have survived because of low rates, then removing the punch bowl, allowing them to fail or compete poorly, and will enable more competent businesses to succeed.
Sure, overall its bad, but certian segments are favored by higher rates. Nothing new in America – favoring particular classes. If that's the Fed's real goal – success!!
Less businesses means less competition so prices rise due to market power, it is not all about efficacy, those less efficient businesses still employ people, this helps the economy as a whole, those employed people send money, one person's spending is another person's wage. High unemployment means more crime and other obvious social problems in society. Capitalism works best when there is lots of businesses competing to produce the best product or service in each market sector. Duopolies and cartels are not good for society if you want high quality goods and services and less corruption. It has been well documented profit-gouging is one of the main factors causing inflation at the moment, this is less likely to happen with many competing business in each market sector. What I have just written is so obvious it is embarrassing that it is needed to be written. I guess it comes down to values — some people can see the benefits of a civil society to us all, others can not.
@coolherman Only you said "less businesses", not I. In your mechanical utopia, if you understood your own theory, you would know that even capitalists agree that a crappily run business should be replaced by a better one that doesn't have to depend on low rates (government support) to survive – more jobs. While Mike and Randy seemed to agree that the banks (SVB) should not be blamed, other experts have expressed dismay that the 17th largest bank had no risk manager. What!? What I have just written is so obvious it is embarrassing that it is needed to be written.
@41:00 so on point. The whole COVID era my average grocery bill has not moved more than a few dollars, some weeks it seems cheaper, I just don't see any CPI inflation **personally** but my credit card bill does, and plenty of other friends have felt a pretty big bite in their wallets because their basket of goods is very different to mine.
I feel like I’m listening to bill explain to bea she has to die but he dies😂
Hashtag irony😮
Thanks, content is fundamentally different. Go on more shows, your subs will climb. The Fed will be absorbed by Treasury. This is the answer to the $T-coin dilemma the fallout notwithstanding.
I still think fox news is partially responsible for boosting inflationary expectations
I've been following MMT for years and even bought the textbook in 2019. If only people knew how the monetary system really works we would never let politicians babloozle us ever again. Great show.
Interesting about the imputed prices being used in the inflation index.
Nice interview Mr Norman … how about Mr Mosler?