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FULL VIDEO: Does MMT End the "Debt Ceiling" Debate? (Patreon)

Published:
2023-02-16 17:09:33
Imported:
2026-06
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Video premiere at 2pm est!


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Does MMT End the "Debt Ceiling" Debate? (w/ Stephanie Kelton)

Briahna got tons of feed back on the Richard Wolff episode about the debt ceiling debate from Modern Monetary Theory heads who objected to Wolff treating the US economy like a household budget. So Briahna asked the foremost MMT economist & author of "The Deficit Myth," Professor Stephanie Kelton, on to explain what the left's approach to the debt ceiling discourse should be in her view. Also, Professor Kelton, who advised Senator Sanders in 2020, talks about her frustration with Bernie's reliance on "pay for" rhetoric, and argues that the left can't avoid teaching the public about MMT forever. Subscribe to Bad Faith on YouTube to access our full video library. Find Bad Faith on Twitter (@badfaithpod) and Instagram (@badfaithpod). Theme by Nick Thorburn (@nickfromislands)

Comments

Gee Zee

Thank you for having her on and listening to your viewer feedback…this is why you’re my favorite✊

Anonymous

I haven't read the book, but I'm skeptical by the way she talks. She sounds good but doesn't really explain much. I've heard more concrete info about how the dollar is propped up by it's almost exclusive use as the oil market currency. Once Brasil/China/India/Russia move to their own oil markets, the US will be more exposed by its 'print mo money' policy.

Rentaro Matsukata

I think with economics it's important to remember that all theories (Classical, Keynesian, MMT) are a collection of models that evolve with our assumptions. That being said, I think she's VERY wrong about the answer to whether we need to issue treasuries. Treasuries are used as collateral in many different scenarios including providing liquidity through the Repo (Repurchase Agreements) market. Most of the money we use day to day comes from liquidity backed by collateral and reconciled over SWIFT (shadow Banking). We need to fix the monetary system before we get rid of treasuries.

Anonymous

Very good interview! But I didn't understand her criteria when spending becomes a problem. And I really would have liked to get her opinion about a possible BRICS-Dollar. In recent months, there is more and more talk about the possibility of the creation of a reserve currency to de-dollarize the global financial system and to bypass US sanctions. https://www.cambridge.org/core/elements/can-brics-dedollarize-the-global-financial-system/0AEF98D2F232072409E9556620AE09B0#

Rentaro Matsukata
>>102066166

The dollar is propped up more by the Eurodollar and need for Treasuries to facilitate liquidity. The Eurodollars are offshore dollars unconstrained by reserve requirements. It's a money supply that can expand on its own because it's ledger based. For the BRICS+ system to take over it'll need to be an elastic medium of exchange and the trade balances will have to change drastically.

Anonymous
>>102066166

I don't BRICS wants to "take over", but it will just force the Dollar to compete in an open market.

Anonymous

Very good talk. Felt like I needed charts and diagrams for some of it. haha "This is a political choice. And if we can choose to increase funding for the military every year, we can choose to make the payments to Social Security beneficiaries... " Why are politicians more worried about seniors getting money to live than military contractors making millions and billions to kill people? The government is sick.

Gee Zee

When is the Callin show? I can’t find a time

Anonymous

YES! Thank you, thank you, thank you Briahna!!! Looking forward to having more of these voices on the pod. Please reach out to Christian Reilly at The MMT podcast. He can get you in touch with other economists who'd be great to have on the pod. For instance, he often has MMT founder Warren Mosler on, and incredibly clear and thoughtful people like Phil Armstrong and Pavlina Tcherneva (who you should absolutely talk to regarding the Federal Jobs Guarantee, MMT's primary policy prescription).

Nathan Ngumi

A great episode! The failures of Modern Monetary Theory are political not financial, which means it can be made to work if the political will is mustered. Unfortunately both sides have an interest in preserving the neoliberal status quo.

Anonymous
>>102076021

There should be. At the end of this episode she says "I look forward to seeing you all tonight on Callin". So 🤷‍♂️

Cclear
>>102072998

Her criteria for when spending becomes a problem is when it starts causing too much inflation. There's ways to deal with inflation, as Professor Fadhel Kaboub pointed out. Deal with the expenses that cause problems like transport, health care, education, etc. We don't need to overcomplicate this.