Stephanie Kelton On MMT and the Inflation We're Seeing Today
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 19 May 2022
⏱️ 53 minutes
🧾️ Download transcript
Summary
For years, economists of the MMT school have been arguing that the way we think about deficits and government spending is all wrong. Whereas many people warn about the unsustainability of the national debt -- likening it to a household credit card bill -- the MMT view is that real resources are the constraint on government spending, and that inflation is the sign that real resources are being stretched. So what about now? We had substantial fiscal support during the pandemic, and now we have the highest inflation in over four decades. On this episode we speak with Stephanie Kelton, a leading proponent of MMT, a professor at Stony Brook, and the cohost of the Best New Ideas In Money podcast. We discuss the causes of the current inflation, and how to think about it through the MMT lens. This episode was recorded in Beverly Hills at the Milken Institute Global Conference.
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Transcript
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| 0:00.0 | Do you know what your interest rate is on your savings account? |
| 0:02.7 | I bet it's lower than you think. |
| 0:04.3 | Go ahead and look. |
| 0:05.2 | And in the meantime, I'll tell you about U.S. Treasury bills on public. |
| 0:09.3 | As of 9-1-2023, you could earn an annualized 5.5% yield with T-bills when held to maturity. |
| 0:16.2 | That's the highest rate on 6-month Treasury bills since the year 2000. |
| 0:20.0 | Go to public.com-slash-t-bill-podcast to get started. |
| 0:23.8 | This is a paid endorsement by public.com, |
| 0:26.0 | fees and conditions apply. |
| 0:27.3 | Treasury accounts at public.com or through Gico Securities Inc. |
| 0:30.4 | Member Finra and SIPC. |
| 0:31.8 | Not FDIC-insured? |
| 0:33.1 | No bank guarantee. |
| 0:34.0 | May lose value. |
| 0:34.8 | Full disclosures can be found at www.public.com-slash-t-bill-podcast. |
| 0:56.0 | Hello and welcome to another episode of the Odd Lodz podcast. |
| 1:09.4 | I'm Joe Weissenthal. |
| 1:10.7 | And I'm Tracy Alloway. |
| 1:11.9 | Tracy, what are the big topics for you at Worth the Milk and Conference |
| 1:16.1 | out in Beverly Hills? |
| 1:17.5 | What would you say of like some of the big topics you've heard? |
| 1:20.2 | I think it's inflation. |
... |
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