word Nana, nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah nah Make him back. You're welcome, Neil. This is hell. Modern monetary theory is all the rage. In fact it can send people into a rage

about whether it's the most revolutionary economic idea to come around in a long while.

The solution to neoliberalism, or it's all a scam a trick of the

accounting ledger that will inevitably lead to runaway inflation and debt.

By definition, modern monetary theory describes currency as a public monopoly,

and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires.

So what does that mean? Well, in practice, apparently.

It means we can afford things like not just one, but two COVID-19 stimulus packages, and as neither

one has had an adverse effect on the economy, this kind of spending is no longer

of her boat. Can we now afford anything we damn well please? of spending is no longer

not only not a bad idea but a great way to contribute to a

potentially booming economy can modern monetary theory finally get us to full employment and

when we get there can we keep inflation down by taxing the private sectors to reduce

spending and to be honest I don't think I've ever asked so many questions in the introduction to a show alone.

Ever done, had that many questions in an introduction before.

That's how uncertain I am about modern monetary theory.

So we'll try to figure out modern monetary theory without getting in trouble from

listeners who know far more about it than I do.

And we may get to February's power outage in Texas,

an outage that was by design,

and we might even touch on China as well.

When we speak in a few with the economist James Kenneth Galbraith

...