Money doesn't move in that sense of motion. The Fed credits an account and the Fed

debuts an account. One number goes up because they enter the higher number and

the other number goes down because they enter the lower number. There's no

actual connection. It's not water. And it's like watching your TV screen. There's

nothing moving on your TV screen. If you get up close all you have is dots going

on them off. So that becomes hard to reconcile with what you already know. Once you

hear that you can't disagree with it. Hi everyone and welcome to the next big

trade. I'm your host Harry Malandry from MI2 Partners. Enjoy the show. This

week I'm very excited to be speaking to Warren Mosler. I think the best way to

describe Mr Mosler's bio is extensive and varied. Wikipedia describes him as

an American hedge fund manager and entrepreneur. He's a co-founder of the

Centre for full employment and price stability at the University of Missouri

Kansas City and a founder of Mosler Automotive. But I think Mr Mosler is

well known, is most well known for his writings on modern monetary theory. It's

worth noting that we're not going to discuss a specific trade this week. Instead

I'm hoping that we can discuss current macro events through an MMT frame because

it seems to me that you come up with radically different economic prognoses.

Hi Warren, how's it going? Hello, very good. Thank you. Good to be here. Excellent.

So I got a stupid story to tell you. Although my wife will tell you that most of my

stories are stupid stories. So it's kind of redundant. But back in 2003, I think it

was 2003, I was working for medley advises. I don't know how to describe

medley other than we used to speak to central bankers or treasury officials and

...