What must the peer pressure be like, within a profession that keeps everyone in line with set of ideas, models, policies and practices known to be based on false assumptions, and to have detrimental effects on millions of lives? Economist Lachlan Kerwood-McCall has a great take on this. Using the example of the recent review of the Reserve Bank of Australia (RBA, Australia's central bank), Lachlan gives us some insights on how mainstream economists navigate the cognitive dissonance generated when using mainstream economics. And why is monetary policy is like "trying to do neurosurgery with a pointy rock?" Note: This is the first of two parts of our conversation with economist Lachlan Kerwood-McCall, which took place prior to the announcement of a new governor of the Reserve Bank of Australia (RBA), Michele Bullock, who will take over from Philip Lowe on 18 September, 2023. The underlying issues remain the same despite the change of personnel. Creditsblog entry by Professor Bill Mitchell"RBA Review Report ignores the real questions and proposes to entrench the failed Groupthink"The New Monetary Policy: Reimagining Demand Management and Price Stability in the 21st Centuryby Nathan Tankus Between The Lines, ABC RNTom Switzer interviews past federal treasurer, Peter Costello Theme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.

Think you had to get a debt notice to be a victim of Robodebt? Think again. The troubling implications of Robodebt are manifold. Robodebt might be the least of our calamities, if the political obsession with budget surpluses continues. Robodebt probably wont be the last systemic injustice, if we don't reflect on its political dimensions. Oppression of unemployed and employed workers will continue if we don't wake up to the real drivers behind Robodebt. As the report of the royal commission into the Robo-debt says:"Anti-welfare is easy populism, useful for campaign purposes. It is not recent, nor is it confined to one side of politics ...these attitudes are set by politicians, who need to abandon for good (in every sense) the narrative of taxpayer versus welfare recipient." Show Notes 7am Podcast: Inside Robo-debt: The Whistleblower The Age: PwC repaying almost $1 million in robo-debt consulting fees Credits Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. Flawed Optimist, by Brown Spirits https://orangefreesounds.com/quiz-show-background-music-loop/https://orangefreesounds.com/fat-warm-dreamy-synth-pad-sounds/Songs permitted for non-commercial use under license “Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)” https://orangefreesounds.com/magic-transition/Sound effects are permitted for non-commercial use under license “Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)” Dewey's DittyExzel Music Publishing (freemusicpublicdomain.com)Licensed under Creative Commons: By Attribution 3.0http://creativecommons.org/licenses/by/3.0/ IN FULL: Treasurer Jim Chalmers speaks about the economy, rising interest ratesABC News (Australia)Press Conference on Jul 18, 2022 How Centrelink's 'robodebt' ran off the railsABC Background Briefing, 5 March 2017

In his eighth "Letter From the Cape", economist Bill Mitchell, co-founder of Modern Monetary Theory (MMT) answers one of the great economic mysteries, if the Australian federal government can never run out of Australian dollars, why does it tax us? The rest of the show is a dog's breakfast. But then, it is the fifth Friday. Show NotesExcerpts from a panel session: Do we need ‘big’ government?held at the Adelaide Festival's Writers' Week, in March 2023Broadcast Wed 22 Mar 2023 at 8:00pmhttps://www.adelaidefestival.com.au/events/2023-writers-week/big-the-role-of-government/Panel chair: Paul Barclay from ABC Radio National.Panelists:Richard Dennis -- economist and Executive Director, The Australia InstituteAlan Kohler -- financial analyst at ABC NewsWayne Swan -- former Federal Treasurer with the Labor Party, notably during the GFCExcerpts from House Question Time, 22 June 2023Theme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.https://edkuepper.com/Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.Quiz Show Background Music Loop with changesby Alexander Bluhttps://orangefreesounds.com/quiz-show-background-music-loop/The song is permitted for non-commercial use under license “Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)”Ride To The CityExzel Music Publishing (freemusicpublicdomain.com)Licensed under Creative Commons: By Attribution 3.0http://creativecommons.org/licenses/by/3.0/

Professor L. Randall Wray, co-founder of Modern Monetary Theory (MMT) walks us through the topsy-turvy world as revealed by MMT. An American Congress that doesn't want the people to know who they really represent. The pandemic spending that saved us from a surplus. Central bankers who ruthlessly destroy parts of their own financial system. Along the way we also learn of some surprising ingredients that go into the making of an MMT economist. Show Notes recent articles by L. Randall Wray Alternative paths to modern money theory, 2019 by L. Randall Wray Making Money Work For Us by L. Randall Wray(for the layperson) Money for Beginners: An Illustrated GuideBy: L. Randall Wray, Heske van Doornen (Illustrator)(for the layperson) Macroeconomics by William Mitchell, L. Randall Wray, Martin Watts Capital (Volumes One and Two) by Karl Marx (1867) The Theory of the Leisure Class by Thorstein Veblen (1899) The Theory of Business Enterprise by Thorstein Veblen (1904) The General Theory of Employment, Interest and Money by John Maynard Keynes (1936) Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck.

Raw. Unedited. Live. Anne and Kev cut loose for 3CR's 2023 Radiothon. Alas, Anne and Kev made it to only half their $ target by the end of their Radiothon hour. But you still have time to make a difference! If you are listening to this podcast during the month of June 2023, please consider donating some of that dollar-denominated, sovereign fiat currency at https://www.3cr.org.au/donate. Meanwhile, in episode 7 of Letter From the Cape, economist Bill Mitchell shows us how the real workings of the economy have been hidden from us since we were kids. Anne applies the MMT Lens to a Netflix show, and Kevin launches his one-man campaign against the interest rate rises. A big thank-you to everyone who donated so far. We *are* listener-supported! Theme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.https://edkuepper.com/ Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.

The ideas that come out of the mouths of past and present federal treasurers. The ideas that saturate the media, and hinder our ability to demand positive change. Anne & Kev deconstruct some typical mainstream conversations, so you too can recognise dangerous misinformation when you hear it. The ideas that perpetuate a dysfunctional economy. An economy that deliberately keeps hundreds of thousands out of work and in poverty, burdens students with debt, does not take adequate care of the disabled and elderly, and trashes the environment. Change begins with liberating ourselves from false economic ideas. Meanwhile, in episode #6 of Letter From the Cape, economist Bill Mitchell reveals that everything we thought about the national government debt is wrong, including that it is not a debt! Show Notes Letter from The Cape Podcast Credits Between The Lines, ABC RN Do we need ‘big’ government? Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck.

Federal budgets could offer us much more than you might think. Yet 99% of the talk surrounding the Australian Labor government's 2023 federal budget misses these opportunities. For a budget commentary that is both realistic and inspiring, Anne and Kev are joined by Andy and Lily, two bright, young advocates of progressive, heterodox economics. They provide the fresh perspective we desperately need, and they throw in deflationary cheese sandwiches for good measure. Meanwhile, in episode #5 of Letter From the Cape, economist Bill Mitchell helps us to follow the money, when the federal government spends it. Keep in mind as you listen: a budget surplus is when the federal government has received more dollars in taxes, than dollars it has spent into the economy over the past yeara budget deficit is when the federal government has received less dollars in taxes, than dollars it has spent into the economy over the past yearthe money received in a surplus is not saved or spent by the governmentthe money spent in a deficit does not create a debt the government must pay back Let MMT turn your budget night upside down! Show Notes source of the passage on inequality read out by Kevin:Less is More: How Degrowth Will Save the WorldBy: Jason Hickel CreditsTheme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.

If the taxes we pay to the federal government don't fund federal government spending, then why do we need to pay taxes? If the government's "debt" is actually the government's fiscal injection into the economy, then what would happen if we "paid back the debt"? And where do private sector profits come from? Kev puts it all together in his "economic theory of everything". Only to discover someone else got there first. Meanwhile, in episode #4 of Letter From the Cape, economist Bill Mitchell reveals the true nature of taxes. Show NotesKalecki and Kaleckian EconomicsUnderstanding the Economics of Michal Kalecki and His Legacy after 50 YearsBy: Louis-Philippe Rochon (Editor), Marcin Czachor (Editor), Gracjan Robert Bachurewicz (Editor)CreditsTheme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.https://edkuepper.com/(link is external)Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.

The new economics that could guide us through a just transition to a post-carbon economy is by-passing Australian universities. Australia is not generating the expertise we desperately need. Anne and Kev are joined by two people working hard to change this dire situation. Gabrielle Bond and Dr. Steven Hail are visiting Melbourne from Adelaide, to present a two-day workshop called, “Rethinking Capitalism”. Anne and Kev attend the workshop and meet people from all walks of life who are attracted to this blend of Modern Monetary Theory, ecological economics and other progressive thinking about the economy. We find out whether economics too difficult for the rest of us. And in episode #3 of Letter From the Cape, economist Bill Mitchell is sounding strangely unconcerned about the MCG running out of points during a football game. Show NotesRethinking Capitalismhttps://sustainable-prosperity.net.au/summer-school/The Deficit Mythhttps://stephaniekelton.com/book/ CreditsTheme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.https://edkuepper.com/(link is external)Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.Swinging Sofas (ID 272) - Remastered by Lobo Loco is licensed under a Attribution-NonCommercial-ShareAlike 4.0 International License.https://freemusicarchive.org/music/Lobo_Loco/my-favorite-jazz-lounge-compilation-remastered/swinging-sofas-id-272-remastered

MMT is not a lens, it's a bottle opener! We had an absolutely rollicking conversation with the high octane Steven Grumbine, who is a recognized face of MMT in America. What does the party at the end of the world look like? While the libertarians are sharpening their knives, and eyeing our soft underbellies, we on the left are milling around debating the existence of beer. But Steve serves up some genuinely inspiring ideas to imbibe. Let's show 'em how to party like there is no planet B! Meanwhile, in episode #2 of Letter From the Cape, economist Bill Mitchell reminds us that Australia once experienced the wonder of a "full employment" economy. Show NotesReal Progressiveshttps://realprogressives.org/our-founder-steven-d-grumbine/The Deficit Mythhttps://stephaniekelton.com/book/The 7 Deadly Innocent Frauds of Economic Policyhttps://moslereconomics.com/mandatory-readings/innocent-frauds/https://warrenmosler.com/publications/Randall Wrayhttps://neweconomicperspectives.org/about.htmlThe Capital Order by Clara Matteihttps://www.claramattei.com/books/the-capital-orderCreditsTheme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.https://edkuepper.com/(link is external)Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.https://orangefreesounds.comSongs and sound effects permitted for non-commercial use under license “Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)”https://www.youtube.com/watch?v=eepBkv32IWAIN FULL: Treasurer Jim Chalmers addresses the latest jobs figures, ABC News (Australia), Press Conference on February 16, 2023