Modern Monetary Theory with Stephanie Kelton - WBD246
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 31 July 2020
⏱️ 88 minutes
🧾️ Download transcript
Summary
Location: Zoom Date: Wednesday 29th July Company: Stony Brook University Role: Professor of Economics and Public Policy
With the abandonment of the gold standard in the early 20th century, there has been nothing to limit the amount of money a central bank can print, leading to a rapid rise in national debts. In the US debt alone, the national debt stands at $26.5 trillion, and the growth is accelerating.
While conventional economic theory would suggest this ever-growing debt is dangerous as it can lead to uncontrollable rises in inflation and a devaluing of the dollar, there is a newer school of thought; Modern Monetary Theory which makes a different argument. MMT suggests that governments should not be concerned with increasing debt, arguing the only risk is inflation, which is controllable.
MMT is the antithesis to the Austrian school of thought that aligns with Bitcoin's monetary policy of fixed supply and deflationary issuance.
In this interview, I talk to Stephanie Kelton, professor of economics and public policy at Stony Brook University. We discuss the benefits of modern monetary theory, why increased spending may not lead to inflation, national debt and money printing.
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Transcript
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| 0:00.0 | The people who were so sure that deficits drive interest rates up or that QE is inflationary. |
| 0:07.0 | I mean, those people that asserted those things with real fervor, I think are demonstrably wrong. |
| 0:14.0 | Hello there from the UK. |
| 0:17.0 | How are you all? |
| 0:18.0 | Welcome to the What Bitcoin did podcast, |
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| 0:23.0 | Bitcoin. I'm your host Peter McCormack and today I've got an |
| 0:25.9 | interview with economist Stephanie Keltern to discuss modern monetary |
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