Is the Magic Money Tree Real?

The Bunker – News without the nonsense

Podmasters

News, Society & Culture, Politics, Government

4.6 • 1K Ratings

🗓️ 14 July 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

Why have we been told there isn’t a magic money tree? And could such a thing actually exist? Alex Andreou discusses this question and unpacks modern monetary theory with L. Randall Wray, a senior scholar at the Levy Economics Institute of Bard College who has authored several books on the subject. “For a very long time we've had a view that finance is a scarce resource.” “What we have is this belief that the Government is just like a household and it could run out of money.” “There appears to be no limit to the private financial sector’s ability to layer up more debt.” “Politicians are scared to death of inflation… politically, it is a huge issue.” “We argue we should focus on resource availability and the public purpose.” “The economy decides what the deficit will be – it takes two to tango.” https://www.patreon.com/bunkercast Written and presented by Alex Andreou. Lead Producer: Jacob Jarvis. Producers: Jacob Archbold and Jelena Sofronijevic. Assistant Producer: Elina Ganatra. Audio production by Robin Leeburn. THE BUNKER is a Podmasters Production Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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1:16.6	shake to give everyone what they want. Former Prime Minister Theresa May once snapped back at
1:21.3	a nurse asking for a pay rise. The magic money tree
1:25.1	trope has been used by all stripes of politicians to rebuff rivals in public
1:29.6	alike. Then the pandemic happened and oh gosh darn it wouldn't you know it the magic money tree turns out to have been there in the backyard of Downing Street all along
1:40.8	The new excuse in vogue is that one can't shake it forever. The tree must be
1:47.2	repaid. To paraphrase Mary Meller, the state moved from being the main creator of public money back to
1:55.2	supplicant housewife. My guest today is a professor of economics at Bard College,
2:00.4	a student of the great Hyman-Minsky, his current research focuses on providing a critique of
2:06.5	orthodox monetary theory and policy, and the development of an alternative approach.
	...

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