RadioMMT

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

Money is something we use everyday, and think about a lot, yet the real nature of money is shrouded in mystery. If you haven't come across MMT (Modern Monetary Theory), chances are, money remains an enigma. Even economists and financiers often get it wrong.The econo-babble surrounding money is no accident. We are not taught about money, or our monetary system. Economic literacy is not part of our general education. Not in the same way we are taught to read and write, or use a computer. Into this void step multiple pundits, doomsayers, gold bugs, misguided mavericks, and... mainstream economists.Anne and Kev set us on the right track by looking at four ways for thinking about money:     the Story of Money    money as an IOU    the monetary system as a pyramid of IOUs    money as like points in a football game Once you see it, you can't un-see it.  CreditsTheme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.https://edkuepper.com/Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.https://edkuepper.com/https://orangefreesounds.comSongs and sound effects permitted for non-commercial use under license “Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)”

It is a brave economist who dares to say, "the mainstream approach to economics... is part of an ideological structure to reinforce power relations."If these power relations are keeping capitalism in place, and if capitalism has reached its use-by date, then we somehow need to change our political economy.Understanding what is possible is the first step. Imagine a world where no one worries about the federal debt. A brand of economics known as Modern Monetary Theory (MMT), reveals the so-called government debt is just a smokescreen for maintaining the status quo. Show NotesAnnual Lecture at the University of Helsinki by Professor William Mitchellhttps://www.youtube.com/watch?v=JFpD_g8dgsIModern Monetary Theory: Economics for the 21st Century, free, online, 4-week course by mmted.orghttps://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-centuryCreditsTheme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.https://edkuepper.com/Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.https://edkuepper.com/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)”https://www.youtube.com/watch?v=lBYI_lWEK7wN FULL: Treasurer Jim Chalmers speaks about the economy, rising interest ratesABC News (Australia)Press Conference on Jul 18, 2022https://www.abc.net.au/radionational/programs/backgroundbriefing/8319442https://www.abc.net.au/radionational/programs/backgroundbriefing/8319442How Centrelink's 'robodebt' ran off the railsABC Background Briefing, 5 March 2017https://www.youtube.com/watch?v=wxzW1qEvpF8Scruffy Looking Nerf HerderOct 19, 2017

Featuring former Australian Prime Minister, Scott Morrison, in the hot seat at the Robodebt Royal Commission. The Robodebt scandal was appalling enough by legal and ethical standards. The questioning by the Senior Counsel assisting the Royal Commission of Mr. Morrison, seemed to be aimed at determining:    • how did something which is unlawful, get implemented?    • why did the need for legislative change disappear from the briefings?    • and why did Mr. Morrison see no reason to question this?But what are we to make of the Robodebt scheme from an economic perspective? What are we to make of Scott Morrison's testimony in light of what we know about "taxpayer money"?

De-growth, de-carbonise, well-being, inclusion, a healthy environment. Yes, we can have an economy that is sustainable, and that includes everyone -- via full employment.MMT-informed ecological economist, Professor Phil Lawn explains how this is possible. We can harness the many wonders of the Job Guarantee (which featured recently in a Boyer lecture given by Indigenous lawyer and activist, Noel Pearson.) We can include everyone in the economy, but we won’t be using a "Universal Basic Income". And watch out Gina, Kev the Commie is coming after your wealth!Creditshttps://www.abc.net.au/radionational/programs/boyerlectures/the-first-ga...(link is external)The First Game Changer: A Job Guarantee For The Bottom MillionNoel Pearson giving his Third Boyer Lecture on ABC's Radio National, 18 Nov 2022Noel Pearson: "Only those accustomed to the opportunity of work can afford the luxury of the idea that work is not foundational to the well-being of all humans."

What caused Liz Truss to become the shortest serving Prime Minister in UK history? Was it her inflationary, unfunded tax cuts for the rich, or the energy price guarantee? Anne draws upon the analysis of Thomas Fazi. Is crypto currency even worthy of being called currency? Probably not. Music: Feeling of Love by Harvey SutherlandRisky Behaviour by Party Dozenwho both played at the most recent Loch Hart Music Festival.

MMT-informed ecological economist Professor Phil Lawn says "Growth is killing the planet". What exactly is growing? Can we have good growth and bad growth? And dare we raise the issue of population growth? Phil tells us about the Genuine Progress Indicator (GPI), which brings with it some good news, and we reflect on why no-one is talking about it. (Although after we recorded our conversation, the Labor government did announce it intends to "Measure What Matters".)