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

Steve interviews Bill Mitchell on the controversial concept of “Theory” in Modern Monetary Theory, demonstrating that even the most complicated economic concepts can be made accessible to the layperson. &nbsp;They take on several of the predominant criticisms of #MMT including microfoundations while taking us on a journey through macroeconomics, from Keynes and Milton Friedman including today’s New Keynesians. &nbsp; Now…. Enjoy the very first episode of Macro n Cheese! &nbsp; Special Thanks to The MMT Podcast's own Christian Reilly for assisting in audio engineering for this episode! 

Special Thanks to Geoffrey Ginter for the excellent intro song! And of course special thanks to our guest Professor Bill Mitchell, the donors of Real Progressives and our excellent staff of volunteers

Putting the T in MMT with Professor Bill Mitchell

The Covid19 pandemic is much more than a public health catastrophe; it has highlighted and exacerbated economic, social, and environmental crises on an unprecedented scale. 
 
While Congress sits on their hands, a learning-by-doing experiment is already underway at the Federal Reserve. With more than 40 million Americans out of work, the Fed appears ready to fulfill its congressional mandate to both maximize employment and promote stable prices. Indeed, the strongest signal that this time things can be different is the opening of the Fed’s new Municipal Liquidity Facility (MLF), which promises to buy both existing and future state and municipal debt.
-- from “Overcoming Covid19 Requires Rethinking University Finance” (see article link below) 
 
Our guests, Ben Wilson and Scott Ferguson, are working with others in the MMT community to develop the plan for a new university-issued currency, the Uni, with backing by the Federal Reserve. 
 
Universities are not unlike small states or municipalities. They provide jobs and living quarters, engage in commerce both on- and off-campus. They collect rent on their vast real estate holdings. They also behave like banks, providing students with accounts for purchasing books and supplies. The university’s stated mission is to contribute to the greater good, produce educated citizens, and be cooperative partners with the surrounding communities. 
 
According to our guests, the Uni’s value extends beyond immediate financial practicalities. The project can use the university as a proxy for reformulating the macro economy on a micro-scale, creating real-world experience pushing the modern money agenda forward. We can ask ourselves what we want money to do for us and how it can meet the needs of our communities. Rather than wait for the federal government to act, we can structure it on our own terms. 
 
Benjamin C. Wilson is an Associate Professor of Economics at the State University of New York at Cortland and a research scholar at the Global Institute for Sustainable Prosperity. 
 
@autogestion77 on Twitter 
 
Scott Ferguson is an Associate Professor of Film & Media Studies in the Department of Humanities & Cultural Studies at the University of South Florida and a Research Scholar at the Global Institute for Sustainable Prosperity. He is co-host of Money on the Left podcast featured by Monthly Review Online. 
 
@videotroph on Twitter 
 
https://www.boundary2.org/2020/07/scott-ferguson-benjamin-wilson-william-saas-maxximilian-seijo-overcoming-covid-19-requires-rethinking-university-finance/ 
 
Read about the Uni in the demands issued by the Resident Assistant/Peer Mentor union at UMass Amherst. https://docs.google.com/document/d/1psWUI4PGVVYOJ9flQiwsWKWHK9qhdLPFjonToNo4R7M/mobilebasic?fbclid=IwAR2pKwOHzggugNSJsrrQGFtm1Bl7D-1eYJDfQNgzD4s5yIfnu2VgmkJCTkc 
 
The Global Institute for Sustainable Prosperity
http://www.global-isp.org/

UNI's for All with Ben Wilson and Scott Ferguson

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!

MMT for the Proles

Macro n Cheese

Related tracks