I JUST POPPED A BROLY BOOST NOW IM FUCKING HORNY ( +MMT x BENZ )

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CRY FOR YOU (MMT SCHRANZ EDIT)

BENZ + 42FXNG + SAKACIDE - AFFLICTION ( +MMT )

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Prod MMT
Welcome to hell bitch i’m here to conquer then burn you all alive
Face full of shells do this shit like clock work i find all this death sublime 
Please don’t waste my time i got too much shit going on inside my mind
I embrace all the darkness in my head cuz evils so divine 
Fuck salvation know my life’s gone turn my demons into my pawns 
Don’t need a reason to take what i want i’ll do what i please i’m a hellspawn
My damnations on its way so i might as well kill while i still can 
Fuck this nation and fuck your faith i’ll burn you all while i still can
Fuck your rank your claims, smoking on gas and you know that shit stank
I’m not okay my brain, is so far gone and i feel dismayed
Give a fuck about my fate you pushed too far and i’m ready to break
All i ever feel is angst im way too filled with all of this hate 
Rearrange your face no your death will not be painless
Got no faith no more fell in love with my self hatred
Bitch just face it your words don’t mean shit to me
Bitch my cadence is worth more than you’ll ever be
Split your face all across the curb there’s no more talk bitch no more words
Knock your head and i make that shit hurt until you seeing fucking stars
Get a taste of all your blood bitch i’m your nightmare i’m the worst
Want you dead and i’ll chase you down bitch i promise you not getting far

SALVATION ( +MMT )

DJ NOIZ - VAI KO FAKALAVELAVE REMIX (1)

Near the start of this episode, Yeva Nersisyan talks with Steve about leftist economists who are still wedded to the belief that government spending relies on taxpayer money. She says if an academic on the left uses the ‘taxpayer dollar’ framing, then you cannot be surprised when the right uses it too – to say they’re saving taxpayer money, cutting wastefulness, cutting inefficiency. It’s why being consistent is so important. If one side can use it, the other side can too.

“It leads to the Elon Musks of the world using this taxpayer money trope to basically take a sledgehammer or a chainsaw to the public sector.”

Yeva and Steve revisit some basics of MMT, including the understanding that a government is not like a household.

Our own spending doesn’t really affect our own income. We’ll still get our wages, we will still have that, and then we will continue consuming, but consuming less and therefore end up with more savings.

But it doesn’t work for the economy as a whole. Because for the economy as a whole, if spending goes down, that means there is now less income, and less income means someone somewhere is earning less and therefore they have to cut their consumption and they also have to cut their saving. And it becomes this cycle where, okay, someone cut their consumption, now someone else is earning less or the grocery store is earning less, right? And now they have to fire their workers. Now their workers don’t have income and they are spending less, and so on and so forth.

Yeva and Steve go into other insights of MMT, including sectoral balances and the reality of the so-called national debt.

They unravel the absurd dynamics of current economic policy and look at the implications of proposed spending cuts by the Department of Government Efficiency, or DOGE. Fallout from the government’s ruthless abandonment of social programs will be disastrous.

Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College in Lancaster, PA. She received her B.A. in economics from Yerevan State University in Armenia, and her M.A. and Ph.D. in economics and mathematics from the University of Missouri-Kansas City. She is a macroeconomist working in the Modern Money Theory, Post-Keynesian, and Institutionalist traditions. Her research interests include banking and financial instability, and fiscal and monetary theory and policy. She has published a number of papers on the topics of shadow banking, fiscal policy, government deficits and debt, and the Green New Deal. Nersisyan is currently coediting the Elgar Companion to Modern Money Theory with L. Randall Wray.

Find her work at levyinstitute.org/publications/yeva-nersisyan

DOGE Ball: A True Oligarch Story with Yeva Nersisyan

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Steve’s guest is noted economist L. Randall Wray, one of the early developers of modern money theory. As many times as this podcast has talked about MMT, it’s always topical. In fact, just last week, Elon Musk discovered 14 magic money computers in government agencies!

"So, Trump had to hire the richest man in the world who hired who knows how many hundreds of young tech kids to discover what we’ve been saying for 30 years, which is that Congress appropriates money, and then the computers keystroke it into people’s accounts.

There’s no mystery about this at all, but they think they’ve discovered not only something that people didn’t know, but something that’s, oh, it’s so scary. It’s nefarious that the government uses computers to increase the size of people’s accounts. Well, that’s spending. That’s the way it’s done."

Clearly, this is a good time to revisit the valuable insights of MMT and look at the implications for building a society that serves its people.

This episode dives deep into the fundamentals, debunking misconceptions about government spending, the role of taxes, and the myth that the US government can run out of money, like a household.

Randy and Steve talk about changes in the economy due to financialization, and the difference between budget constraints and inflation constraints. Randy explains why we need to look at the history of debt in order to understand money. He talks about banking, including transactions between the Federal Reserve and the Treasury.

The conversation breaks down complex concepts into relatable terms, sometimes with a touch of humor.

Illustrating the creation of currency, Randy describes an imaginary scenario in which the fictional characters Robinson Crusoe and Friday devise a currency to facilitate barter.

Randy: So, they come up with the idea of, ‘hey, we can use seashells as a medium of exchange.’ And this is where money came from. It was Robinson Crusoe and Friday. Okay, think about this a little bit. It’s pretty bizarre. We’ve got Crusoe and Friday marooned on a desert island. I can think of two much more likely scenarios. Okay, one, Crusoe came from Europe. What do Europeans do when they come across native people?

Steve: Kill them.

Anyone with an interest in how the economy truly operates will learn something from this episode.

L. Randall Wray is a Professor of Economics at the Levy Economics Institute of Bard College, and Emeritus Professor at University of Missouri-Kansas City. He is one of the developers of Modern Money Theory and his newest book on the topic is Understanding Modern Money Theory: Money and Credit in Capitalist Economies (Elgar), forthcoming in spring 2025.

Recent books on MMT include Making Money Work for Us (Polity, November 2022), a companion illustrated guide, Money For Beginners (Polity, May 2023, with Levy Institute graduate Heske Van Doornen), and the third edition of Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems (Springer, 2024). He is also the author of Why Minsky Matters (Princeton, 2015) as well as the author, co-author, and editor of many other books.

Find more of his work at levyinstitute.org

Modern Money with L. Randall Wray

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This week’s episode comes from Steve’s recent appearance on The Tracy Show, where he was invited to talk about MMT with host Tracy Carson, who had some questions.  

Tracy: Okay, I’m going to tell you what I think I understand about Modern Monetary Theory or MMT. I’m just going to go with ‘MMT’. The federal government can pretty much generate money out of thin air. 

 Steve: It does. It’s the only way it works. Yes.  

Tracy: Okay. Okay, so I got that part right. [pause] Basically, that’s pretty much where I’m at in terms of my understanding. 

Actually, it wasn’t the only thing Tracy understood. She knew that states rely on taxes, unlike the federal government. She knew that federal budget deficits are not a crisis. And she knew that those simple facts have huge implications for the government’s ability to provide national health care, for example, while state-based health care is virtually impossible and propels a race to the bottom. In a nation that has spent $8 trillion on war, post 9/11, there is no excuse for poverty. There’s an explanation, but no excuse.

The conversation covers the destruction of essential services through deliberate under-funding, with austerity as a policy choice. They look at the illusion of the “national debt” at home as well as IMF manipulation of the global South. 

Many of us have experienced moments when we clearly recognize the truth yet lack the knowledge or language to explain it. In seeking the tools to fully articulate it, Tracy is actively moving herself beyond those moments. We should all be so motivated. Learning MMT is a process. Others will hear about it from her and begin their own journey.  When it comes to knowledge, there are no resource constraints. #EachOneTeachOne 

Tracy Carson is the host of The Tracy Show and an organizer of the March for Medicare for All in her home state of Indiana.  

Modern Money Awakenings with Tracy Carson

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This episode is the first of a two-part discussion delving into historical splits within socialism. C. Derick Varn, the host of Varn Vlog, has an extensive background in philosophy, anthropology, and history. He takes us from the First and Second Internationals to the ideological divergences of Trotskyism and Stalinism. He also discusses the factions within Leninism, the impact of World War I on socialist strategies, and the emergence of Trotskyist and Marxist-Leninist thought. The episode navigates through key historical figures, including Lenin, Trotsky, and Stalin. Of course it wouldn’t be Macro N Cheese without a look at Modern Monetary Theory and its place in a discussion of socialist theory.  

C. Derick Varn is a poet, teacher, and political theorist. He is the host of Varn Vlog. He was a reader at Zer0 books from 2015 to 2021. He spent most of the 2010s outside the U.S. in the Republic of Korea, Mexico, and Egypt. He is the author of the poetry collections, Apocalyptics and Liberation and All the Bright Etcetera.  

https://varnblog.substack.com 

Find all his links at https://allmylinks.com/dionysuseatsyou  

The Red Thread: A History of Socialist Tradition with C. Derick Varn, Part 1

Part of our mission is to introduce MMTers to socialism and socialists to MMT. We’ve had a few metaphorical doors slammed in our faces along the way. Former friends from the MMT community now delight in slinging accusations worthy of a HUAC hearing, while some socialists suspect modern monetary theory is just a sideshow of bourgeois economics. So, we didn’t know what to expect when we reached out to Justin and Jeremy, co-hosts of a podcast we’ve long admired. Compared to the vicious rejection we sometimes encounter, their good faith skepticism felt like a warm embrace. They invited Steve and Virginia to come onto Proles Pod and make a case for the radicalizing potential of MMT.

The conversation goes into the role of the state in currency issuance, the coercive nature of taxation, and how MMT can critique and unveil the inherent power dynamics within capitalism. Austerity, that devastating weapon of class warfare, is not a glitch; it’s a feature.

Virginia asks that listeners stop using the expression taxpayer money. “Even if you’re not ready to wrap your mind around MMT, just start calling it public money. You might not believe where it comes from but just stop. It’s public money.” Given the classist, racist implications of relying on taxpayers to fund the government, a change in language is a good first step. Steve adds: “Whatever you tax, you immortalize. Whatever you tax, if you believe it’s funding, you need forever.” The state is the source of currency; let’s stop elevating billionaires.

They look at the relationship between currency manipulation, inflation, and global economic dominance. They also touch on Gramsci and the impact of cultural hegemony. Ultimately, they agree on the necessity of a class-based analysis as a prerequisite for revolutionary change.

Proles Pod is a podcast about history, politics, and culture… without the liberalism

Find their work at prolespod.libsyn.com/

Support them at patreon.com/prolespod

Follow them @ProlesPod on X

MMT for the Proles

This week we're releasing an interview Steve did as a guest of Jim Byrne, host of MMT101 podcast.  

Steve and Jim have much in common, so it’s interesting to hear how their approaches differ. In part, this is related to the conditions of their nationalities. Jim, in Scotland, isn’t faced with the myth of political democracy. They have a devolved government, under the thumb of Westminster, with no control over the economic levers. The demands are straightforward: more money... and independence.  

Jim says he prefers to see MMT “purely as a technical – almost a technical description – with a bit of theory thrown in there, because of course T stands for theory.”  

Steve describes his 15-year journey with MMT. Originally, he focused on the “wonky stuff,” the mechanics of the monetary system.  He came to understand that people aren’t interested until they can see how it relates to their own lives. Today he maintains that MMT should be connected to real-world issues such as class struggle, poverty, student debt, and geopolitical conflicts like the horrific situation in Gaza.  

The episode is a great conversation between two MMT activists. Despite their differences, they find they have much in common. 

Jim Byrne is currently developing an MMT foundation course aimed at beginners and intermediate learners, as well as people who already know about economics but are curious about Modern Monetary Theory. 

Follow his work and the MMT101 podcast at mmt101.substack.com 

@MMT101DotORG  

MMT101 with Jim Byrne

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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. 

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