Rohan Grey and Nathan Tankus join Money on the Left to discuss the flurry of debate about Modern Monetary Theory (MMT) arising out of the Coronavirus crisis. We focus, in particular, on the Modern Money Network’s multi-pronged efforts to illuminate and remedy the resulting economic devastation. At the center of our conversation is Rohan’s contribution to Rep. Rashida Tlaib’s “Automatic BOOST Act.” Known by the popular hashtag #MintTheCoin, Tlaib’s proposal calls on the U.S. Treasury to mint two trillion dollar platinum coins in order to deliver direly-need cash assistance via preloaded public debit cards for all—no exceptions. In response to dismissive critiques of the proposal as a gratuitous “gimmick,” we affirm #MintTheCoin’s political significance as a gimmick—whether as a critical parody of sound finance trickery or as a meaningful pedagogical ritual that makes public money creation visible. Along the way, we delve into Nathan’s now widely-hailed Substack newsletter: “Notes on the Crises: The Pandemic-Induced Depression from a Monetary Political Economy Perspective.” We reflect upon the inadequacy of Congressional action, paradigm-smashing moves by the Federal Reserve, and MMT’s strategic importance for the future of leftist struggle, both in the near- and long-term.

For more information about Rep. Rashida Tlaib’s “Automatic BOOST Act” and #MintTheCoin, see here, here, and here. Sign up for Nathan’s Substack here.

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