This week’s episode is another webinar from our RP Live series: Inside a Failed State, with Michael Hudson. Michael prefers a Q&A; format. Attendee questions revolved around US political economy, domestic and global. He discusses topics such as healthcare, de-dollarization, and the impact of economic policies on the working class. He emphasizes the need for a change in economic philosophy and highlights the government's ability to create money for social programs. 
 A common Hudson theme is the difference between the production and consumption economy, or what he calls the real economy, and the financial sector of assets and liabilities, of loans and debts, which is superimposed on the real economy. 
“Money is spent in the real economy, but bank credit is spent really just to increase the debt overhead in the economy — the overhead of mortgage debt, of corporate debt, and speculative debt.”
 A Michael Hudson episode always sparks lively, sometimes contentious, comments. His insights on finance, politics, and class power dynamics give fans and detractors alike something to chew on. 
 Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City. Support him at patreon.com/michaelhudson 
 Find his work at michael-hudson.com

RP Live Presents: Inside a Failed State Q & A with Michael Hudson

Macroeconomics has never been so ... delish!  Macro and Cheese explores the progressive movement through the lens of Modern Monetary Theory, with hot and irreverent political takes, spotlights in activism, and the razor sharp musings of Real Progressives Founder and host Steve Grumbine.  The cheese will flow as experts come in for a full, four course deep dive into the hot queso. 

Comfort Food for Thought!

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Society & Culture

News

Politics

When most of us think about bail, we focus on the financial burden it presents to the accused. This week’s guest is Jeffrey J. Clayton, Executive Director of the American Bail Coalition. He talks to Steve about the complicated anti-democratic trap that is our criminal justice system. Jeff explains that across the US there are plans in place to eliminate bail. (One would think that’s good news. One would be wrong.) In reality, these plans result in greater violations of civil liberties. Bail is being replaced by pre-trial incarceration and risk assessment tools using computer algorithms (AKA profiling?) 
 In his dissent in United States v. Salerno, Justice Thurgood Marshall warned that we are quickly moving to a criminal justice system where "a person innocent of any crime may be jailed indefinitely." Marshall called the bail system a shortcut to conviction. 
 Steve and Jeff discuss the most obvious ways to address crime – by providing jobs, housing, and education or training. Some caught up in the criminal justice system need recovery treatment. In the US, those healthcare services have become punitive. Jeff refers to them as the dragnet of the state. 
 Steve speaks of addressing the material conditions that contribute to criminal behavior. He brings up the concept of a federal job guarantee and talks about resource allocation and macroeconomic justice. 
 Jeffrey J. Clayton serves as the Executive Director of the American Bail Coalition (ABC). He holds a B.B.A. from Baylor University, an M.S. in Public Policy from the University of Rochester, N.Y., and a J.D. from the Sturm College of Law, University of Denver. 
 @ambailcoalition on Twitter

Is Bail Reform the Answer? with Jeff Clayton

**Check our website for upcoming events such as book clubs, RP Live webinars, and the Tuesday evening discussion group, Macro ‘n Chill. https://realprogressives.org/ 
 This week’s episode is the audio track of a recent webinar with historian Esha Krishnaswamy. Esha is now living in Russia to research and write a people’s history of the Soviet Union. 
 The discussion begins with the story of the First World War and the Bolshevik Revolution. The formation of the USSR as a proletarian state shook the capitalist nations of the West to their core. As a result, the Soviet Union was regularly under threat economically, militarily, as well as propaganda warfare. 
 Esha talks about the history of the Soviet Union and its ultimate dissolution against the will of the majority. She delves into the impact of its fall on various countries and the global economy. She looks at the shock doctrine years of Boris Yeltsin in the 1990s and the effects of such extreme austerity and privatization on the average citizens. She then goes into the Putin era and the move towards social democracy. 
 Finally, she touches upon NATO, the IMF, and the war in Ukraine. 
 Esha Krishnaswamy is a writer and media critic, whose focus is on history, foreign policy, and Modern Monetary Theory. She hosts Historic.ly and Late Nights with Lenin. 
 Find her work at historicly/substack.com 
 @eshaLegal on Twitter

RP Live: Putin's Russia with Esha Krishnaswamy

“Assange is being targeted by the US government because he doesn't conform to the dominant culture of the US prestige media. He's not going to be invited to the White House Correspondents' Dinner. He's not going to be given a Pulitzer. He's not going to be treated as one of them.”
 Steve’s guest is journalist Kevin Gosztola, author of Guilty of Journalism: The Political Case Against Julian Assange. Kevin has been advocating for freedom of the press since the George W. Bush administration and the imperialist wars in Iraq and Afghanistan. 
 Steve and Kevin discuss the lack of available unbiased information, particularly regarding events like the ongoing genocide in Gaza and the presidential election. They look at the collusion between mainstream media outlets and the government, the demonization of individuals who counter the mainstream narrative, and the targeting of journalists and newsrooms. 
 They highlight the efforts of the US empire to prevent information from reaching the public and discuss the significance of the documents published by WikiLeaks. They also discuss Assange's current situation and the deterioration of his health. 
 Kevin Gosztola is a journalist, press freedom advocate, and the author of Guilty of Journalism: The Political Case Against Julian Assange from Censored Press and Seven Stories Press. He publishes The Dissenter Newsletter at TheDissenter.org and has spent the past 10-15 years reporting on Assange, WikiLeaks, the war on whistleblowers, press freedom, and government secrecy. 
 @kgosztola on Twitter

Assange: In Defense of Journalists & Whistleblowers with Kevin Gosztola

**RP Book Club is beginning a new series, Sunday April 7, 14, and 21, at 3pm ET/12pm PT. Register once for all three sessions. realprogressives.org/event/rp-book-club-the-communist-manifesto/2024-04-07 L. Randall Wray talks with Steve about the concept of value in the context of MMT. Randy discusses the labor theory of value and the liquidity premise theory, saying both approaches are critical to understanding how money works in a capitalist economy. 
 Randy looks at the historical development of economic thought and the neoclassical revolution of the 1870s, which aimed to prove that a free-market economy could reach equilibrium without considering money. He explains why this just isn’t so. He compares and contrasts the intentions and conclusions of Keynes and Marx. He emphasizes the need to look beyond surface phenomena and understand the structure of the capitalist economy to determine the value of money. 
 The conversation also goes into the importance of the federal job guarantee in setting wages and stabilizing the value of labor. 
 L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. 
 www.levyinstitute.org

Defining Value with L. Randall Wray

A hundred years ago, John Maynard Keynes predicted we would see a massive expansion of growth and productivity under capitalism. Bingo. He got that right. He said this amazing efficiency would result in a shorter work week with far more leisure time for everyone. Oops. Not so much. The structure of capital ownership will never permit it. Bill Mitchell’s blog post, Keynes Was Wrong Because He Failed to Consider Class Conflict, was the inspiration for this episode. Bill talks with Steve about many of the truths about capitalism economists and historians get wrong, beginning with the idea that capitalism freed workers from the bonds of feudalism. Bill covers the social democratic politics of the postwar era and how the ruling elites then ensured that government would only serve as their agent. He and Steve take a critical look at the dangerous power of institutions like the World Bank and IMF. Bill explains why he supports degrowth instead of “green growth.” 
 Bill believes progressives shouldn’t be working to reform the system; they must work to change it. Coming from the Marxian tradition, he says MMT is only part of the story. 
 
“Yes, it provides a first class lens into monetary operations but it doesn't have a theory of power. And you have to add that ideological layer for it to be, in my view, a purposeful framework for advancing systemic change. Just to have an MMT understanding provides you with no additional tools to work out systemic change.”
 
 Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. Follow his work on https://billmitchell.org/blog/ 
 @billy_blog on Twitter

RP Live Presents: Inside a Failed State Q & A with Michael Hudson

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