How Do We Fix The Economy? Modern Monetary Theory, Explained | The Problem With Jon Stewart Podcast
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- čas přidán 23. 02. 2022
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Economists Stephanie Kelton and Rohan Grey take Jon down a Modern Monetary Theory rabbit hole, where they learn that the Fed could actually do a lot more than it is.
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#TheProblemWithJonStewart #Podcast #AppleTV - Komedie
This was one of the most instructive macroeconomic discussions I've ever heard(heard a few), and my covid foggy brain actually got almost all of it. Thanks to Stephanie Kelton and Rohan Grey for being so insisting and able to COMMUNICATE subjects in uncloaked language. I've always enjoyed JS's comedy, but this earns bedrock respect. Hats off Jon, and please do more.
I agree. This format seems to work very well for Stewart. I love his comedy but this is NECESSARY.
@@tdsims1963 Amen.
Exactly!! This was outstanding!
💯
Stephanie Kelton was Bernie Sanders economic advisor. The president America should have had.
In case the team behind the podcast sees this, I'd like to extend my gratitude and compliments for the quality and range of topics and the level of discussion lead by Jon.
Sincerely hope you will keep producing The Problem podcast for as long as possible. Thank you!
I'll second this! This is my favorite podcast. They keep delivering on great engagement and knowledge sharing. Thank you!
Yeah this might just be one of the most *IMPORTANT* podcasts *EVER.*
I'm Australian and just like in America and Canada and Britain and all across Europe our governments are dominated by these economists. Prof. Mark Blyth (Brown U.) did a recent podcast with Prof. Elizabeth Berman (Michigan) whos just written a book "Think Like an Economist" which is about how the economists slowly took control of public policy across the entire Western World. That was kind of technical. This is like the everyman's version of how ludicrous these people are and how its just this grand game of shuffle board and numbers games where deck is rigged.
They write the rules, referee the game and we lose no matter what we do. 🤷♂️🤷♂️
@@tonywilson4713 Merci Tony for the suggestion of a podcast to help me continue understanding this subject.
@@gusdehull Mark just did another one with an Italian scholar named Manuela Moschella whos got some real interesting stuff on how central banks are operating.
if you track back through the Watson videos she also did presentation with a Q&A about 3 weeks ago.
Also Mark did speak with Stephanie Kelton about her book "The Deficit Myth" just over a year ago.
@ Pictoru2
23:27 Jon Stewart just skipped over 60% of inflation is corporate greed. WTF, Jon?
Wow, then Jon Stewart's "expert" just skipped over our bailout went to the top and everyone else paid the employees to stay home.
THIS CONVERSATION WAS AMAZING! MORE OF THIS PLEASE!
Brilliant episode, Jon Stewart. I do so wish we could make this episode mandatory study in every household in the western world.
This and then Zeitgeist: Addendum and Moving Forward. Ground-breaking, brilliant!
Brilliant how? He has 2 people on that no has ever heard of. For some reason, we are supposed to trust them. This is very silly.
@@peterstafford4426imagine living in this guy's world
@@peterstafford4426no one has ever heard of? 🤣🤣🤣🤣🤣
They are killing the neoclassical economist at every turn kid.
The Western world is already stupid enough... no need for more ignorance
Brilliant! Back in 2008, I was 46, a single parent of 2 teens, and making an awesome middle class wage. I got breast cancer, then laid off in 2009. That was the last time I existed in middle class. I still have medical debt 14 years later. This system sucked the middle class dry.
Anything that can be improved once can be improved again. We experienced similar hellscapes in 1920, before the labor movement erupted.
Please don’t lose hope
But you had that hit song Baby, Baby back in the 90's, where'd all that money go????
😪😡
Head on back to 1980 and that's where you'll find the last of the middle class. Reagan ended us all.
dont get divorced or marry an idiot. blame yourself for the failure of your family
Please make this topic into something like a monthly series. Keeping a spotlight of this feels like the only hope for positive change.
OH, IF THERE WAS ONLY SOLUTIONS TO BIG ISSUES
Like Homeless People and No-Knock-Raids or Drug-Overusage or Such-and-Such.
Oh, if CZcamsr Some More News only had come up with really good Solutions.
YES! Please continue this! And NOT from the point of view of mainstream FED and Treasury, or for that matter, corporate America.
Absolutely
Of course, he'll do that. When he has time, he is such a busy man managing his vast business empire of selling gas to socialists.
Wow! Very informative. American corporations are bastards!
Jon, please don't ever underestimate yourself. You are one of the most curious and engaged persons. Great conversation!
Thank you for having this discussion- that economist interview had me screaming mad. THESE ARE THE CONVERSATIONS WE NEED TO BE HAVING!!!
It's like Jon was on the verge of discovering the emperor had no clothes, and the economist was trying to make him think the clothes were just so complicated that he couldn't see them.
Yep, well said
Capitalism acts like a religion, they have to use mental gymnastics to keep it alive.
@@madprole5361 Everything human is a religion. We're really just hairless apes underneath.
@@alalalala57 more like everything human is a human construct, of which, religion is one set.
@@madprole5361 It's funny that you think MMT has anything to do with capitalism. You're the one who's duped.
My wife graduated from college during recession, best job offer she had was $8.75 an hour. For her to work full time would be a net loss because of child care. 12 years later, we still owe $70,000 in student debt for her (after paying 60k so far on a 60k original balance) -- she finally got an entry level job making less then someone at tacobell. Even if college wasnt free, i think the interest should be set at 0%. The fact that she had some student loans with 13% interest is just predatory.
Agree 100 %
It should be a crime to charge so much for a degree with such small monetary value to society.
what degree?
That’s not just predatory, that should be criminal.
Education should - must - be free, for all, forever; from Pre-K to post-doc. If it were, then student debt would become an impossibility.
To be clear, “free, for all, forever” means free WHETHER OR NOT *YOU* CHOOSE TO GO TO SCHOOL. In other words, the argument that “well *someone’s* gotta pay for it!” is, at best, misguided and wrong.
All existing debt should be canceled. There’s nothing to forgive. The loans are predatory and should have never existed in the first place. So when someone says “I paid my loans, it’s not fair to cancel them”, it’s like saying, “stopping the murderer from killing more would be unfair to all those he’s already killed.”
Student debt is nothing more than future punishment for daring to aspire above your station.
EDIT: Free at point of service.
12:27 This is why I love you Jon, you cover all the angles and look out for the individuals lost in the numbers game. Keep doing what you do!
Holy cow! What an amazing discussion. This video should be played in every finance course across the country and part of getting your finance degree would be to solve the problems brought up in this discussion.
Discount the Debt -- it's not worth the paper it's printed on, either.
"THEY" had a chance in 2008, but "THEY" refused to take the 40% LOSS. Trump offered it to them in 2016 -- but by then, it was a 60% LOSS. "THEY" threatened to 'take care of' Trump. Today, it's 80% -- and "They" still refuse to take the loss.
Great Re-Set on 09/23/26.
Share everywhere!
The difference is we don’t have billions to “donate” to politicians and lobbyists like corporations do. I was against paying student debt loans til I listened to these economists. We have been bailing out these crooks for decades. It’s our turn.
Why bail out either rather than compounding the error of bailing out the crooks?
Why is education so expensive? Should the public university basketball coach be the highest paid employee in the state? Should sports be the main source of income for the school's programs? And why do the athletes and other entertainers command salaries that would fund the budgets for entire towns? And all of this is about the zeros and a zero is nothing...
@@blawthomp Because working class young people aren't crooks and deserve to start out without being buried in student debt. And the many folks in their 40s 50s and older, whose student debt increases DAILY, deserve to be out from under it after 10-15-20+ years of making income-based payments, only to have their debt increase daily.
Also, few people know that when that student debt is forgiven under the existing income-based repayment programs, the borrower gets a tax bill from the IRS because the forgiven debt is considered "income" to the borrower. So then this older borrower, finally thinking they are free from student debt after 25 years of payments (the point at which the remaining debt is "forgiven" is after 25 years of income-based payments) -- owes the IRS perhaps tens of thousands of dollars in "income" tax, so they are again in debt, but to an even scarier creditor, the IRS.
I have a hard time getting on board for this. Why can't I have my mortgage forgiven too?
@@womanofacertainage5892 thats really an issue with the education system in general. Colleges have a monopoly on job entry.
It shouldn't be that way. That system is broken. Just throwing government money into it is not the solution.
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
- Henry Ford
I imagine this was more of a strategic warning to his fellow racist bourgeois friends. Lol
Get a horse henry
@@madprole5361 I've always wondered who made Ford a "deal he couldn't refuse" and caused him publicly to recant his insights about Jewish supremacism.
No risk of that: to understand the system requires both significant intellectual horsepower and a significant commitment of time/effort. Consider the idiotic commentary here by manifest fools who think they've figured it out.
MMT is not the answer. The gold standard is.
Incredible incredible, intelligent, in-depth discussion..so much respect for the honesty and courage of everybody involved
Perhaps one of the most important discussions in the past four decades just happened here. No hyperbole.
24:12 I think this brings up a great point John made in another episode where he questioned the responsibility of corporations and their record profit margins being partially responsible for inflation. These corporations transcend boarders and therefore touch every country in the world trading economy.
Partially responsible?
Manufacturers just decide to jack up their prices to consumers just for thehellofit. AKA more profit.
Remember Mr. Never-To-Be-Sufficiently-Damned-Shkreli, the Pharma Bro?
It happens all the time.
@@mcsmith732 Have you looked at the Wholesalers' inflation numbers? Not one to defend corporations, but Wholesalers' is up about 4x over the the consumer price index. There is profit margin compression going on, there has been for a long while (resulting in things like shrinkflation in packaging size). Finally, under the veil of the supply chain crisis, the corporations are passing on some or all of this increased manufacturing inflation to the consumer. That is NOT to defend corporations, who are certainly, a villainous lot in general, but the bigger villain here, IMO, is the Federal Reserve printing money that is seeking some place to go. Putting their money to work, so to speak. And This is feeding the commodities super cycle, a sector that had been beaten down for a decade. THIS is what is feeding directly into the cost of manufactured goods.
@@mcsmith732 I mean, there is also regular inflation. It doesn't completely cease to exist if we factor out price gouging.
There's also the simple fact that inflation is going to occur if people have and spend more money, but since that also raises GDP and preferably also wages, that isn't necessarily a *bad* thing. The point that was difficult for me to see, but easy to articulate, is that there is a direct connection between funneling money into profits and keeping inflation low. The rich hoard and invest, so if they get the money then the CPI doesn't go up, inflation remains low despite there being effectively way more money. Which leads to this dumb argument that social spending and higher wages is dangerous because it'll increase inflation, when that would have already happened if inequality were lower to begin with, so I guess we're supposed to just live with the inequality!
@@platinus12 the question we need to answer is, at what point does a profit margin become unethical?
I think this is what we need. More conversations like this. Why is it that comedians are the only ones trying to save the world?
MMT is a joke. You should visit Zimbabwe or Venezuela if you’d like to see what it will lead too…people eating out of dumpsters and eating their pets to survive.
Comedians have the ability to see truth. They take real situations that most people ignore and expose them. We laughed at Seinfeld, because they had the knack for pointing out human flaws. Comedians are sharp and not fooled by BS.
Comedians think about things from a different perspective than that of the people who uphold the norms of society, the norms of institutions. That doesn't mean that the thoughts of comedians are always correct or useful, but some of them definitely are. Jon is definitely a more intelligent and insightful comedian on political issues than most.
Have you seen Channel 5's coverage of Ukraine? Another fabulous comedian doing phenomenal, original reporting! It's a wild time we live in.
comedians have always been the ones to speak truth to power. goes all the way back to court jesters.
Don't know the last time this kind of discussion was so good to hear.
I'm no economic strategist but this hour began to answer a boatload of questions. Saving it to watch again. For sure. 👍 Thank you.💫
this was so GOOD! can you keep doing more of these as a series????
It’s sad that 87% of America, will never hear this conversation…smh…This is Life changing information being dispatched right here..
MMT is bullshit. Fiat currency that can be easily manipulated by governments, is the problem.
Inflation and currency collapse is always and everywhere a monetary phenomena. Part of the problem is we don't live in a capitalist system. We live in a fascist system.
I find that most people online have only a vague idea of what the term "fascism" means. They generally associated it with racism, white supremacy, dictatorship, and perhaps with killing a lot of Jews.
Below are the contents of Mussolini's Fascist Manifesto. I'll bet dollars to donuts most of today's "liberals" agree with the overwhelming majority of the fascist agenda.
Individual liberty is the only radical political idea in human history. Bee-hive socialist conformity is as old as China.
The Manifesto (published in Il Popolo d'Italia on June 6, 1919) is divided into four sections, describing the movement's objectives in political, social, military and financial fields.[2]
Politically, the Manifesto calls for:
Universal suffrage with a lowered voting age to 18 years, and voting and electoral office eligibility for all ages 25 and up;
Proportional representation on a regional basis;
Voting for women (which was then opposed by most other European nations);
Representation at government level of newly created national councils by economic sector;
The abolition of the Italian Senate (at the time, the Senate, as the upper house of parliament, was by process elected by the wealthier citizens, but were in reality direct appointments by the king. It has been described as a sort of extended council of the crown);
The formation of a national council of experts for labor, for industry, for transportation, for the public health, for communications, etc. Selections to be made of professionals or of tradesmen with legislative powers, and elected directly to a general commission with ministerial powers.
In labor and social policy, the Manifesto calls for:
The quick enactment of a law of the state that sanctions an eight-hour workday for all workers;
A minimum wage;
The participation of workers' representatives in the functions of industry commissions;
To show the same confidence in the labor unions (that prove to be technically and morally worthy) as is given to industry executives or public servants;
Reorganization of the railways and the transport sector;
Revision of the draft law on invalidity insurance;
Reduction of the retirement age from 65 to 55.
In military affairs, the Manifesto advocates:
Creation of a short-service national militia with specifically defensive responsibilities;
Armaments factories are to be nationalized;
A peaceful but competitive foreign policy.
In finance, the Manifesto advocates:
A strong progressive tax on capital (envisaging a “partial expropriation” of concentrated wealth);
The seizure of all the possessions of the religious congregations and the abolition of all the bishoprics, which constitute an enormous liability on the Nation and on the privileges of the poor;
Revision of all contracts for military provisions;
The revision of all military contracts and the seizure of 85 percent of the profits therein.
@@icouce finally someone said it. We have to fix the system that inflats its currency bye printing money, that only has value because we are THE global power. If or when we lose that and CB around the world dumps us dollars, it's over
That just means we who have this gospel need to spread the word and fight for all of us.
"The collateral damage of Capitalism" Well said.
That's still some grade A Pollyanna bullshit. Brutality is a necessity if one seeks to subjugate.
The unintended consequences of business as usual.
We no longer have free market capitalism in the US, we have a form of fascism where the Federal government attempts to centrally plan the economy in conjunction with a cabal of banksters, mega corporations and oligarchs.
So much more clear. You ask good questions and how we can do our own research !
This was a great discussion, the likes you will never see on mainstream media. That being said I feel like the final puzzle piece is still missing, while you scratched on it:
"why are we allowing this?"
And the answer is simple: "unlimited campaign contributions". As long as politicians get millions of dollars for their campaigns from billionaires and corporations, so long will they only do what their donors want. You can call it bribery, but they will tell you it has no effect on their decisionmaking.
MMT is just another communist strategy, like "diversity" and open borders and eliminating educational standards and racial discrimination for education/jobs and putting women in the military.
Result: China will win the 21st century and will Xinjiang any other place it pleases to ensure Han supremacy.
As long as we start by talking about this fundamental economic issue, I could get behind this, but people love to do this the other way around. The link between politicians and the rich actually transcends both campaign contributions and lobbying; politicians are re-elected when the economy is "doing well." This entire podcast really highlights that the core issue that we *must* address is with the language and frameworks that we view and talk about our economy. There's discussions we can have with each other that kind of probe at this really weird way we've come to judge our economy almost solely through profit. It makes no sense, but people won't realize that unless we expose each other to it.
The lack of true understanding of the fundamentals of QE/monetary policy and fiscal policy is even more shocking in this interview than w/ Jon's earlier interview. He and his interviewees confuse and conflate these topics as if they are the same thing.
@@kreek22 are there communists in the room with you right now?
@@gking407 Ohhhh... thank you. Reading your comment made me burst out laughing, which washed away all the resentment I was feeling toward 'kreek22'. It's the kind of humor that makes me laugh every time I think of your question. Personally, I hope he's surrounded.
Hey Jon-Get Dr. Michael Hudson on your show to talk about his book “and forgive them their debts” and the history of debt jubilees. His solutions to these issues directly address your questions posed to your previous guest, and make far more sense than those of the Fed and a certain KSchwab.
I second the recommendation for Dr. Hudson. His book Killing the Host served as my introduction to his thoughts on the ‘dismal science’. Unlike most economists, he has experience beyond the study of economics, particularly that of the FIRE sector and the financialization of our economy.
Third!!
Yes but more discussion is useless unless they can do something about it , and so far it's been shown that nothing can change. Politicians are politicians because they fit that mould of psychosis, needing to hold power rather than do constructive common sense things.
Tell him on twitter, I doubt he reads youtube comments
For that add Richard Wolff.
Incredible work by a great team, thank you Jon!
Fantastic convo - Thank you Jon & Team for this excellent and insightful economic discussion!! YOU ROCK!!
Jon you and your guests really pulled back the curtain on US Monetary Policy and the 'system' that makes sure the benefits start and end at the top of the corporate food chain. I feel it is must watch for everyone who wants to be enlightened.
If you think that something, you really need to see the video titled resources: the battle for independence, on the channel that I’m commenting from now. It is 30 minutes but it not only pinpoints the predatory nature of capitalism, its also a feasible plan to reverse it, and a campaign for potus 2024
As soon as "everyone" gets enlightened to how the game is played - the corporates "change the rules" (in the autocracies the intellects and education itself get undermined and are the first to be stopped so a slave way can continue). then the society is fed a false narrative of the "them against you" when truth be told the society has levels of debt slavery that everyone but 1% is trying to get out of as hard as he/she can.
its good to keep in mind these policies arent new, the evidence and the fiscal policy being used like this has been proposed for decades, this has been blocked politically
I can’t put to words how important I think THIS follow up video is for this issue. Enormous thanks, and gleefully unsurprised that it was Jon who would do this.
OH, IF THERE WAS ONLY SOLUTIONS TO BIG ISSUES
Like Homeless People and No-Knock-Raids or Drug-Overusage or Such-and-Such.
Oh, if CZcamsr Some More News only had come up with really good Solutions.
@@loturzelrestaurant you’re embarrassing yourself by turning my comment into what it isn’t. Jon has a massive reach on the left and “center”, getting this discussion on his platform is one more big step towards these solutions
@@JasonWho Seeing how no one did what youre accusation says, it’s kinda you who embarasses himself by trying to accuse and trying to shut-down the talk and whatnotelse. Stop being such a child. Talk or dont talk but dont say someone embarassed himself when he clearly did not
So good, so good
I'm going to have to watch this a few times. Economics, new interest.
We need more discussions like this one. Thank you.
I've said (since the 70's) that they always blamed our wages for rising inflation as a way to suppress wages.
Wage price spiral inflation should be avoided at all costs but yes
I believe the Dept of Labor's only job is to help keep wages down in order to better the profits of US companies.
wages should meet inflation enough that a person can support themselves and their families, flat wages make it impossible to get by with only 1 minimum wage job
The way I see things, the dollar isn't a commodity, it's a unit of measurement. Giving someone on Social Security a monthy check for X dollars of money is like giving them a bag with Y _pounds_ of rice. The government is just cutting out the step where people have to sell some of that ration of rice in order to buy clothes.
Except wages have not even come close to keeping up with neither price nor monetary inflation since 70s. 😒
For anyone who enjoyed this and want to know more, I highly recommend Stephanie's book The Deficit Myth. It is extremely easy to follow, engaging, and eye-opening.
== THE MOST IMPORTANT ISSUE ON THE PLANET ==
Corporations have long become more powerful than nations.
The corporate media agenda is to misinform and misdirect the public of what is really going on.
For this reason far too many people have no clue what is going on, and they don't even have the ability to recognize that they don't have a clue.
--
Let's examine one such example,
do YOU know HOW MONEY IS CREATED?
--
You should ALL know this. The step by step process of money creation is easy to understand, and should be taught in elementary school.
The fact you DON'T understand how money is created should tell you EVERYTHING about how the Corporate and Banking elite, and their pawns, think of YOU and your family's proper place in society.
To them YOU are worthless cattle.
Money creation IS THE MOST IMPORTANT ISSUE on the planet.
It is the key issue behind all wars, all poverty.
And yet the public isn't allowed to know about it?
You need to seriously reevaluate what you think is reality.
And that includes knowing who is lying to you.
====
This is how the money is created (in the vast majority of country's on the planet, including the US, Canada, England, and Australia).
The first thing to recognize is that only 3% of the entire money supply is printed or coined. This printed or coined money is backed by treasury bonds. That's a good thing.
The treasury bonds are sold at market. This is where an organization like China can "own part the US" or we are "in debt to China." But that's ownership of a puny fraction of the 3%.
How many of you were rattled when told that the US owes China so much?
Why?
ANYONE - even your aunt Millie - can buy T bonds, they are a stable investment.
So 3% of the money supply is rather stable and in relatively good shape.
But that is ONLY 3% of the money supply.
It's the other vast 97% where Fractional Reserve banking techniques come into play, introducing fraud into the system.
Here are the details of money creation in a Fractional Reserve system (used by most countries on the planet).
97% of all money is created when a bank provides a "loan"* to a person, business, or government.
* As will become obvious, banks don't actually loan money. Instead they facilitate credit.
-----------------------------------------------
You might think that banks simply act as intermediaries, taking in the deposits of "savers" and lending them to borrowers.
This is a myth.
That myth, even though it makes perfect sense, is NOT how it works.
Instead, when they make "loans", banks actually create new money, ex nihilo (out of nothing). This money exists solely as blips in a computer.
This is how the money supply is expanded.
-----------------------------------------------
Whenever anyone gets a "loan" from a bank, the process goes something like this...
1. Before signing the "loan" document, the money in question does not exist.
2. Upon signing, the money is created by keystroke and placed on the bank's books as their asset.
3. The bank then transfers "the funds" to the person's account, as 'credit'.
4. The bank then charges interest for the life of the loan.
THIS IS THE SCAM. BANKS HAVE NO JUSTIFICATION FOR CHARGING INTEREST ON MONEY THEY DID NOT PREVIOUSLY OWN.
Doing so breaks the legal requirement called CONSIDERATION.
Technically, banks do not LEND money, instead they FACILITATE CREDIT.
In addition, they charge interest without actually creating the money required to pay the interest. The result is that there is never enough money available to pay off all debts.
5. Eventually, all the money finds its way back to the (owners of the) banks.
If there were no debt, there would be no money.
That is, the size of a nation's debt is a (imperfect) measure of the size of the economy.
===================================
JUST TO CLARIFY, when you get a loan from a source that is not a commercial bank, let's say your grandfather, the money he is lending you ALREADY exists, whether in his account or his pocket.
He is therefore JUSTIFIED in seeking an interest payment for use of his money.
The money of ALL loans from commercial banks, however, does not EXIST until the loan documents are signed. Only THEN does it pop into existence, as CREDIT.
Banks therefore are NOT justified in seeking interest for money for which they have no claim.
Technically, banks do not LEND money, instead they FACILITATE CREDIT.
Btw, to 'facilitate' is, by definition, to help commit a crime...
===================================
Only 3% of the money supply, essentially the currency or cash (money that is printed or coined) is backed by valuables, typically the country's Treasury Bonds.
The other 97% of money exists as blips in a computer, is backed by nothing, and gets its value by taking it from the rest of the money supply.
.
None are more hopelessly enslaved as those who falsely believe they are free.
-Johann Wolfgang von Goethe
.
Although there are more detailed explanations, this concise 15 minute video explains the fraud.
czcams.com/video/dBXigD7Zxfc/video.html
.
The source of the above information comes from the publication,
MODERN MONEY MECHANICS
- A Workbook on Bank Reserves and Deposit Expansion
published by the US Federal Reserve Bank of Chicago.
You can find a pdf download using the following link...
en.wikisource.org/wiki/File:Modern_Money_Mechanics.pdf
.
Here's an additional reference.
Money Creation in the Modern Economy, published by the Bank of England
www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf
If you wish for more detail, here's a scientific study of the money creation process currently use by all banks under the global BIS cabal.
Can banks individually create money out of nothing? - The theories and the empirical evidence
www.sciencedirect.com/science/article/pii/S1057521914001070
"credit creation theory of banking"
@@amandaflemming6205 Thank you for this . Excellent job.
And total BS.
@@yourgameisstupid Care to give some examples of total bullshitedness?
@@amandaflemming6205 A brilliant summation of money creation!!!
Too bad not all have the education or even the cognitive ability to comprehend this information.
This was such an interesting conversation -- thank you!
This podcast episode is PURE GOLD. Thank you so much to all of you involved, for the service you are providing.
Keep it up Jon. This could be your legacy. You will start to feel pressure from all corners. The best way to fight that pressure is to get other social media influencers to follow this path. At some point when everyone is talking about this injustice, the pressures won't work.
His daily show was better. But whatever gets you here...
This channel upload full podcast! Jon Stewart still has it. It's not a comedy podcast obv but goddamn we learning important stuff here.
Excellent show! Thanks for putting it here on CZcams!
Amazing conversation. Very eye opening for me the way you explained this economic policy. It made so much sense.
This discussion nearly brought me to tears imagining how much good COULD be don't, almost overnight, but for the will of government. And by "will of government" I'm talking about the ownership of our government by capitalist interests who refuse to give up their money train so the average, struggling worker can have a decent life, healthcare, retirement, and protections against the ravages of old age.
That’s how I’ve felt the last 15 years since I stumbled across Warren Mosler one of the originators of MMT. In that time I’ve pondered how to come up with a way to interest more people into learning about this concept that as a society we can ‘afford’ ANYTHING that there are actual resources for. What I came up with was the seeds of a concept for the following co-op: Lift all boats Co-op:
I’m looking for help in refining and coming up with a good sales pitch for this concept. I truly believe it could be a monumental game changer and has incredible potential!!! I’ve been shocked that nobody else apparently understands the ramifications of this idea!!! I know it needs work but I thought for sure there would be a few people out there that would be up to the challenge of really helping with this! I get a few thumbs up but nothing concrete, so very disappointing! 😟
I have gotten encouragement (and a sanity check) for this concept from two prominent MMT economists: en.m.wikipedia.org/wiki/John_T._Harvey
and
denison.edu/people/fadhel-kaboub
My idea is to do an end run around the powers that be by using strategy and the advantages of modern technology.
I propose creating a co-op of successful capitalist entrepreneurs that makes capitalism work for the 99%.
WE would MAKE them successful using a team of salesmen, investment managers, credit repair services, accountants, etc.
Instead of trying to wrest the wealth and power from the 1% why not create ripples of ever increasing wealth within a co-op that works by helping all others in the co-op continue the growth of wealth for themselves and each other. This depends on postponing the costs of profits and externalities (much like the wealthy do) to the point where the CURRENCY CREATOR is manipulated into covering those costs!
With just a few people investing very little to start I would like to start with green MLMs (Multi Level Marketing) using a computer program to identify which members buy and sell to whom, sales would be done FOR the members by a team of professional salesmen. (I’m not wedded to MLMs, we could use other means of circulating money amongst the members) Once the initial group proved it can be successful we could actually crowd fund others to join, making it very advantageous to become a member. This is a concept for a wealth building co-op that is meant as a tool to strategically shift small amounts of money between members at as high a velocity as possible and pooling the money in the hands of a segment of the group until that segment increases their income/creditworthiness (using their available credit for investments to eventually attain a livable passive income). Repeating this through all segments of the group ever increasing the overall ‘creditworthiness’ of everyone, which manipulates the CURRENCY CREATOR (the government - through the banking system) into providing the profits for all and covering the externalities, by kicking the can down the road enough that the growth in GDP from our co-op manipulates the federal government into covering those costs, and as the creator of the currency they are the only segment of the economy that can always afford it!
As more and more members achieved more and more financial clout just imagine what they could accomplish socially and politically!
💯
"The rich will never let you vote their wealth away."
@@madprole5361 No one even wants the rich to stop being rich, we just want the workers to get some of the money they literally can't spend fast enough, and the ultra mega wealthy people have the audacity to tell us that we need them to be rich or everything falls apart. I'm skeptical that we won't be able to find a way.
@@medleyshift1325 no, you capitalists don't want that, us socialists do. Stop reinventing the wheel just to continue to mindlessly justify the existence of capitalist exploitation.
i cant believe it. during the thomas hoenig episode i was writing the letter in my head to ask you guys to take a look at the mmt perspective. didnt think it was possible that this macro debate would make it on the program. thank you for taking it closer to the mainstream
A very candid and layman's discussion on our monetary system. I was all ears! Can you bring them back to discuss how monetary policy and fiscal policy can clash... and are the conditions ripe for that possibly happening? Thanks
Best discussion of economic topics, and solutions! More, please.
Exactly. Spot on. Thank you for bringing this up, Jon.
Regarding how they regulate wages and not profits, one possibility is make higher profits face higher taxes and also another option is putting a cap on the gap between the CEO total income vs the lowest wage earner.
The capitalist class wouldn't allow that to happen.
Yours are excellent ideas, but who will enact them? Republicans certainly won't. Moderate Democrats won't either. Only Progressives would attempt to do so, but they need our united support in order to hold the rich accountable.
@@marcoanello891 and the "progressive" (social) fascists always defer to the "moderate" fascists who defer to the individualist fascists. Aka the ratchet effect.
I am immediately sceptical when a subject is referred to as "complicated." If economic policy is not utilitarian enough to benefit society as a whole, it is a failure.
You should also be skeptical of those presenting idealistic "solutions" to complicated problems. The happy medium where the truth lies will both make perfect sense and avoid manipulating emotions.
Differential calculus is complicated too. Does that make it a failure?
@@TheSandipDev Thanks for that. I was searching for a counter-example!
It is only complicated because those manipulating the monetary system have made it so.
It has fully been constructed to serve the biggest and the wealthiest, both industries and individuals.
@@digitalperson108 no its not. Just because you don’t understand something doesn’t make it a conspiracy.
Great one Jon. Glad you're back doing what you do best.
Excellent! We need more of this!👏🏼👏🏼❤️
My favorite part of this "podcast"/"stream"? is that academics (regardless of their positions on a given issue) seem to just line up to be part of the discussion.
There is no cynicism in my tone. I wish that it didn't take a celebrity to bring them all out into the fray - but Rav Jon Stewart has definitely earned the right to be the focal point of these arguments. Twenty years ago, I might have naively hoped for a "more balanced voice" to take this role - but the "conservatives" in the U.S. (and elsewhere) have concerted to render moot the idea of a balance between social progress and conservation of historic social ideals... With the balance shifted, what ideas that were once called "balanced" have been forcibly placed into the "change" camp, even when that conflicts with the ideas of long-standing political parties. "Who is ultimately shifting these perspectives?", I wonder... Is it truly a crowd-sourced movement; or are there "other" powers at work, that I dare not speak aloud?...
THIS SHOW was the closest I’ve ever come to understanding economics. Still confused for the most part… will listen to each day until I get it.
If you want to interesting take watch Houston:we have a problem on CZcams. He has a fresh take on complicated topics.
You'll be better off listening to Thomas Sowell's Basic Economics. The 2 talking to Jon here believe money is separable from time/labor without consequence, even in the face of record high inflation.
@@KyleDunnIt Money is separable from time/labor in many contexts. In other it is not. But what they're discussing in this video is mostly money separated from time/labor. Especially in the context of high inflation. Corporations use time/labor as an excuse for inflating costs (as in workers demanding more money for their time/labor), but as Jon correctly pointed out, and the other two agreed with, it really boils down to the corporate greed using that as an excuse to drive prices up. It literally boils down to time/labor having no real consequence on money and everything to do with ultra rich greed that drives money issues.
@@adidas2684 the "corporations are greedy" explanation is an odd one in my opinion. Why are they more greedy this year than last year, or the year before? Why risk being undercut by competitors? History has a very simple explanation for rises in prices: money printing in excess of goods production. Looking for a corporate scapegoat rather than poor fiscal/monetary policies reeks of politics rather than logic.
@@KyleDunnIt A) Corporations have always been greedy. But year after year, they buy more political power that helps solidify their positions. They get greedier because they're getting away with more and more every year. They have helped create a system so complex that almost no one can decipher it and inside it is where they continue to make money hand over fist. Money that would otherwise go to the people instead ends up in the pockets of the shareholders.
B) Yes, printing money adds to inflation, too, but as they discussed in the podcast, it would be less hurtful to the economy if the Fed invested that printed money into infrastructure rather than buying up "assets." It is important to realize the assets the Fed buys aren't tangible assets. There is no physical value to it. It is essentially just air, as Jon pointed out. It is a manufactured way of injecting money into the economy without handing it to the people. It goes to the banks which then loans that money out to people. Or it goes straight to big businesses in the form of bailouts or PPP loans that get waived. It's money that rarely reaches the working class people and when it does, it always comes with strings.
For what might be the first time in history, the US government printed money and gave it to people in the form of $600 checks. People paid their bills, groceries, child care, etc.. and it spurred the economy in ways never, or rarely, seen before. Now, that's not to say that the government should just hand out money to people like that all the time, but it is a great case study on how investing in people can do more for a country's GDP than bailing out big businesses, that frankly, don't even need the help.
C) And to bring it back to your original statement in the previous comment, ALL of this is free from the tie between money and time/labor. The whole conversation hinges on what money does to an economy when it's handled without being earned through time/labor.
Keep up the thread John. One of the most important. Thank you.
What a wonderful conversation that EVERY country can learn from...
You’re like good wine, getting better with age. Brilliant series of discussions on the markets. Preach more please! We need this. Thank you!!
100%
It's so obvious what Stewart did here. He had an economist on who couldn't explain things well and kinda sounded like a nutty professor. Then Stewart brought in 2 economist who basically agreed with everything he said. Dude, it was so transparent.
@@archone3301 Not a challenge to your comment, but rather a request for specifics. What specifically do you have information or data that presents a true or substantial difference of what was represented here - rather than jibberish or common "this is stupid" rhetoric. Wish you the best, not a challenge.
I didnt need Jon. But welcome to the debate, finally...
Jon actually understands more than he gives himself credit for. He's right that our national debt is a currency that holds value like any other currency or commodity. The only thing propping up it's value is the world's believe in the US monetary system. Not the economy, the imaginary monetary system.
and to think a large proportion of Americans as so poorly served by Carlson, Hannity, Ingraham et al. Mind you, this discussion is twenty thousand metres above the heads of the average Fox viewer.
That’s almost like confusing out economy with the Stock Market.
Sorry. The "imaginary monetary system" is connected to taxes, and, from there, to the state's monopoly on violence. The puzzle has at least that extra piece.
The more you stimulate the bottom the top loses value… and they don’t want that
@@cs21uncc actually the more you stimulate the bottom the more prosperous everything becomes. The problem, I feel, is those at the top get fixated upon maintaining an imaginary differential that makes no sense. The man at the top gets an additional billion on top of their already 10 billion but will begrudge the poor sap at the bottom of the food chain increasing their lot from $30,000 to $40,000 because that is a 33% increase. Give the guy at the bottom that extra $10,000 and productivity will be such that the man at the top can get an additional two billion but they will never see that as making business or economic sense.
This topic is the link for bringing the country together. Educating people about the way our economy works (or doesn’t work) is really the key for unifying the vote.
Thank you for sharing this information. Addresses many of my questions. You all are an asset to us.
Every working class American despite their political affiliation should watch this. The government is afraid for us to know how this works.
BINGO
If we know how capitalism works, we might become socialists and they can't have their power threatened. Lol
@@madprole5361 maybe the rich should stop looking like a 3 course meal lol.
@@russellwilliams5065 I hear capitalist thighs go good with bourgeois sauce.
jon - The answer to the question you keep asking is… Business interests don’t want individuals and people thriving, when we are faced with a certain level of poverty, that gives those business interests maximum control. 👍
I would love to see an episode like this around why it seems so hard to tax multinational companies that hide their money offshore.
Answer is easy. There will always be a country that will take less corporate tax. Ireland ring a bell also the fear of loosing corporate headquarters.
You're sooooooo ON POINT Big Jon... love your efforts Sir!!!!
I love how incredulous he is.
He's basically saying, "The interest of capitalism is capital?? WHAT?!" But he always does it with a straight face. I think it really speaks to the people who have just never questioned why this system is the way it is.
You live in a fascist system, but a capitalist system.
I find that most people online have only a vague idea of what the term "fascism" means. They generally associated it with racism, white supremacy, dictatorship, and perhaps with killing a lot of Jews.
Below are the contents of Mussolini's Fascist Manifesto. I'll bet dollars to donuts most of today's "liberals" agree with the overwhelming majority of the fascist agenda.
Individual liberty is the only radical political idea in human history. Bee-hive socialist conformity is as old as China.
The Manifesto (published in Il Popolo d'Italia on June 6, 1919) is divided into four sections, describing the movement's objectives in political, social, military and financial fields.[2]
Politically, the Manifesto calls for:
Universal suffrage with a lowered voting age to 18 years, and voting and electoral office eligibility for all ages 25 and up;
Proportional representation on a regional basis;
Voting for women (which was then opposed by most other European nations);
Representation at government level of newly created national councils by economic sector;
The abolition of the Italian Senate (at the time, the Senate, as the upper house of parliament, was by process elected by the wealthier citizens, but were in reality direct appointments by the king. It has been described as a sort of extended council of the crown);
The formation of a national council of experts for labor, for industry, for transportation, for the public health, for communications, etc. Selections to be made of professionals or of tradesmen with legislative powers, and elected directly to a general commission with ministerial powers.
In labor and social policy, the Manifesto calls for:
The quick enactment of a law of the state that sanctions an eight-hour workday for all workers;
A minimum wage;
The participation of workers' representatives in the functions of industry commissions;
To show the same confidence in the labor unions (that prove to be technically and morally worthy) as is given to industry executives or public servants;
Reorganization of the railways and the transport sector;
Revision of the draft law on invalidity insurance;
Reduction of the retirement age from 65 to 55.
In military affairs, the Manifesto advocates:
Creation of a short-service national militia with specifically defensive responsibilities;
Armaments factories are to be nationalized;
A peaceful but competitive foreign policy.
In finance, the Manifesto advocates:
A strong progressive tax on capital (envisaging a “partial expropriation” of concentrated wealth);
The seizure of all the possessions of the religious congregations and the abolition of all the bishoprics, which constitute an enormous liability on the Nation and on the privileges of the poor;
Revision of all contracts for military provisions;
The revision of all military contracts and the seizure of 85 percent of the profits therein.
@@icouce
I’m a MMTist
There is no capital as there is no private ownership.
This is a function of currency issuance
Have a good day
Many people never question why it is the way it is because it's all we are ever taught in school. Especially in the US. The whole system is taught in a very vague, yet positive, light. It's basically drilled into kids heads that "the US is the best in the world" in regards to everything. Economy. Military. Education. Scientific and technological innovation. Everything. So only a relative few people think to question whether or not there could be something better. After all, what could possibly be better than "the best in the world."
I really praise the evolution of the internet in its ability to bring people together and expose truths such as the US isn't the best in the world. I think maybe the millennial generation may have been the last to really unquestioningly gobble up everything taught to us in school because we didn't have access to instant globalized information. Now days, kids can research these topics with ease and learn that there are better options. Maybe nothing perfect that solves every issue, but options that could bring our society to a better place as a whole.
I am hopeful that future generations will continue to question why things are the way they are and can they be better. I am hopeful that they will see the change that we want now, but may not be able to achieve.
@@adidas2684 schools dont teach you how to think but what to think. The system was designed in such way for the majority to be enslaved by debt while the "masters of the system" and elite reap the benefits off the toil and labor of the everyday man. How they did this is by controlling every sector/facet of society and manipulating those beneath w/ monetary gain and deception. Their network is vast and they operate in secrecy. Jfk alluded to this. Tge fact msm never dares to cover this should tell you who controls the msm outlets. The beauty of internet it allows for the quick dissemination of wide ranging information for ppl outside of the sphere of institutions to research themselves and find a community of likeminded ppl and interests/hobbies. The age of grace aka church age is soon coming to an end. World govts are colluding together at the expense of their own citizens to usher in new world order. New world order led by obama and pope francis is coming. America is the last major bastion of freedom standing in their way to fulfill their one world govt agenda aka antichrist beast system. America will be under martial law from this covid agenda and will be invaded by russia and china in near future thanks to treasonous us govt. Repent and seek jesus christ for salvation.
@@daebak7370 But then why are you telling people what to think, instead of how? And if everyone is enslaved by debt, how can America be a bastion of freedom when it has the most debt? And if you support freedom, then why attack the people who succeed at getting to the top? And is the sphere of institutions manipulate people, why do you trust the institution of the church? And how can America be invaded with the guarantee of using nuclear weapons to defend the homeland? And if the network of “them” is so secret, why is it discussed so widely by you and your friends? And if governments are colluding against their citizens why do you support republican governments? What’s so bad about the world govt being run by obama and the pope? That sounds kind of charming - they have such similar agendas.
As someone who’s spent way too much time since the 7 trillion QE backstop during covid researching MMT, it was so nice to see you have these two on and explain clearly that it’s not impossible to just redirect our 1.5 trillion in QE a year to infrastructure and investing in our people, rather than investing in the international stock market for the wealthy
That's for the treasury to do not the fed. It's the treasury that decides where to spend the money. When the fed does QE all they are doing is swapping your treasury bond for money. So if you have $1000 in bonds and you exchange it for $1000 in dollars your net wealth has stayed the same. Only difference is the $1000 financial asset that you own no longer pays a coupon anymore because nothing is paid out on dollars.
This is an incredible conversation. Such a great series. Thank you Jon Stewart
this is the single most cogent video I have seen with my eyeballs in 61 years. This should be required watching in high school.
Thanks so much for following up on this! I heard the original conversation and thought I’d stepped into the twilight zone. I’m not an economist, but I can usually follow macroeconomic conversations. But I couldn’t make heads or tails of the economic double-speak. Today’s guests were refreshing- and refreshingly honest. Jon has articulated so many of the questions I’ve had for years now- and able to bring them to actual economists who then are willing to be honest about public concerns and needs. Thank you again, guys!
Same!! I have a baseline understanding of finance so I fell for his double speak and obfuscation and assumed I just needed more knowledge on what he was saying. I’m glad people called out the bullshit.
The lack of true understanding of the fundamentals of QE/monetary policy and fiscal policy is even more shocking in this interview than w/ Jon's earlier interview. He and his interviewees confuse and conflate these topics as if they are the same thing.
@@435h So what is it that they need to understand that they don’t?
@@thebeardedlady76 For one, what the actual difference is between monetary policy and fiscal policy…
@@435h The fact that people think that actual macro economics were being discussed is amazing to me. They focused only on social issues.
I am so happy that Jon is back!!! He is a National Treasure and I have been missing his voice since he left the daily show.
Oh my god!!! I love this kind of discussion. I hope to watch more of this.
Nice work digging into this issue. Thank you!!
Thank god Jon is back.
Great work you are doing Jon!
The highest roll of humor is to make the darkness seem less scary. Thank you for being a light in the darkness John.
Even those of us that aren't all that knowledgeable about all this economics talk, we somehow knew or could just feel it intuitively that the Steve Hanke guy was full of it. So listening to this was a breath of fresh air.
This was much needed brain candy. I knew parts of this (unlimited printing of money) but had difficulty understanding debt/currency vs. treasuries. Thank you for explaining all this in layman terms. I'd love to hear this type of discussion (economics) interwoven with psychology and the background of poverty and crime. All of these topics, all of these problems are part of one big spiderweb that intersects in middle. There are such simple solutions out there but it feels like laws and policies are made to specifically to keep the inequality gap. Our governments (laws, policies, and regulations) make it so confusing that the average person has a difficult time understanding it. In a lot of areas of government, you essentially have to have a background in law to make any sense of it. When most people don't understand something, they often shrug their shoulders and walk away. This is why activism comes and goes in waves. People just give up and go grab a coffee instead.
Thank you so much for having Stephanie Kelton on your show! It was great! That's all. Just thank you! Bonus that you got Rohan Grey too! Both are power houses in the world of MMT.
fantastic conversation. Loved it.
Thank you. Thank you, Jon and especially your guests, for connecting these dots. The most important economic video I have watched this year (and I watch many!). Modern economic theory needs better PR management. It’s being suffocated by the old tropes from Austria and Keynes.
We also need carbon coin.
Took me almost a week to understand and finish this podcast but I'm so glad I did. It's crazy how much power the government has but pretends it doesn't just to keep money at the top.
The way these guys described money allocation too was super easy to understand, please have them on again someday!
Perhaps now you understand that THE GOVT IS THE OLIGARCHY. The Stewart/the guests won’t say it, instead they pretend and advance we live in a democracy. USA has never been a democracy. Certainly Not in the way ppl who use that word Believe it to be.
The central bank system is corrupt but at the same time these MMTs are laughed at by actual economists. The 2021 experiment and resulting crazy inflation put the nail in that coffin.
Oh you should see how deep under the sheets they are with the stock market. Profiting from war by buying Raytheon and Lockheed or Boeing stocks, then administer a war on an unsuspecting country. Ka- chiiing. Congress people know how to make $.
@@IT_Farhan MMT only exists to serve the banking cartel and the oligarchical system. Does NOT help the plebs. Wait until the petrodollar is no more in 2-6yrs.
Such an important conversation that's so much easier to understand thanks to all of you explaining it clearly - why aren't we taught this way in economics at school?
They touched on it in the conversation. It’s purposely obtuse and difficult to grasp the concepts and theories that are created to explain economics. As someone who studied Finance I quickly figured out that the terminologies implemented to economics could easily be broken down into layman’s terms. It’s not done so because those in power want the average citizen reliant upon the decisions of someone else. All the while, many of those same economists are dragging bags of our cash out the back door.
@@Khaab00 we need more transparency in all things that effect the balance between people-planet-profits (sustainability) absolutely! thanks so much for replying
Well strictly speaking a free market does not need third party or government interference. Practical politics necessitates this involvement however. After all bureaucracies are not interested in a thriving economy. They are like living organisms that just want to perpetuate their existence.
The State takes advantage of its control of education with regards to economics by indoctrinating as many young citizens as possible, into the belief that government needs to control the economy, which of course it doesn’t.
@@roughhabit9085
A “free market” is logically impossible, because as soon as people negotiate what the value of any currency is, they have created a governing body to oversee its value’s protection
Finally hit on it near the end. You cannot increase the money to people without the "Sellers" seeing potential for more immediate profits. You can't give student loans without the mouth watering on the side of Education pricing. The only way to control both inflation and increase the standard of living for everyone else is to control the profit margins. And that is across the board. Including Health Care, fuel, food, education, everything.
Now, how do you polish that economic policy goal into digestible legislation and tax laws? Please continue.
This was a great conversation!
Jon's such an incredible genius. Watching him do his polymath-thing is a precious phenomenon. It's like watching an historic figure, like Mark Twain, in the flesh! Jon has 472K Subscribers for The Problem With Jon Stewart. In a year, he'll have 4 million, and the world will be better for his success. Jon's a man who uses his brilliance to help us all understand TRUTH like few others; making even the hardest truths evident in an amazingly amusing way. Jon has earned a very well-deserved fortune; the reward for his decades of educative entertainment. He could be hanging out, relaxing, traveling the world by private yacht. Instead, he's back in the trenches for the benefit of the public. Thank You Jon Stewart!
In 1604, after the sign of the supernova, the Navigator plotted the woman's escape to the wilderness -- the Virgin went to Virginia. The dragon followed, and by our Civil War, was entrenched in both Church and State.
Final judgment for the devil and dragon is 10/12/26. They fully expect to absolve themselves of blame. by proving Mankind Unfit for God's Kingdom with WAR.
"After all," the devil argues, "Jesus, Himself, tried to teach these beasts to love one another 1,992 years ago -- almost two full days in Heaven. Surely, the Ancient of Days will judge Man at fault. Or Jesus. Not Me."
The devil is delusional -- Daniel 7: 9-14 -- but over 93% of men and women are nearly deaf and blind spiritually. That's NORMAL. It has always been this way.
Epochal Eclipse April 8th 2024. Don't stare at the sun.
Matthew 16: 4 Jonah 3: 4-5, 8 Jonah 4: 11
You make an interesting point. It comes to mind when I ask my Obama cult friends where's Obama in terms of helping us address climate, inequality, world peace? Oh, I'm told, you're asking too much! He gave us eight years as our president. He deserves his leisure, his Hamptons estate, Wall Street honorariums and podcast royalties. Am I expecting too much?
@@crghyz Obama -- "One of these days, we will have that conversation about marijuana. In the meantime, which Biblical Principles are you Republicans talking about? -- The Sermon of the Mount? 'But I say unto you Love your enemies. . . "
hint: ewes borrowed ALL those trillions for war, and ewes are STILL borrowing trillions for war.
@@crghyz Barrack gave a great deal to the nation at a time when his children were quite young. I get the sense that Michelle is wearing the pants now. I'm not sure, but I don't think Jon is married. It can make a big difference.
@@arthurmontana8791 John is married. Think about Jimmy and Rosalynn Carter's post presidential activities compared to the Obama's. One term versus two doesn't excuse the difference.
It's a plus to see the lights come on for someone like Stewart. He still has a large audience. Mainstream media pretty much dumps on this, every chance they get.
They'd sooner give airtime to a fascist than a lefty economist.
@@davidmacdonald7791 Remember when they said that Bernie winning NV was like the Nazis invading France?
Do not pretend. Obama used the platinum coin line too. Every politician understands the theft or is too stupid to even look at it. The theft of 100 times the value of the planet should, OF COURSE, not be paid off. It should be prosecuted as theft which resulted in mass murder. To counterfeit is death. In the USA it is Congress which must prosecute counterfeiting. ONLY Congress MUST originate money.
@@davidmacdonald7791 They (the major news networks) DO give more airtime to fascists than lefty economists.
Wonderful dialog and powerful mix of guests!
Absolutely love this conversation
This discussion needs to be sent to everyone in congress and the senate. This is the most important podcast I've listened to in the past year easily.
I love when Stephanie refers to "the p-word", planning. That I the major drawback of our current system of government. There is a total lack of planning. Government is always reacting to situations mostly because capitalists want a hands-off government and are fearful of any status quo changes.And remember that thanks to Citizen's United, our politicians are the best that money can buy. I commend Stephanie and Rohan and, especially, John for bringing this discussion to light.
You’re just not getting it
Granting the fed powers in the economy they have no business having is the problem.
@@CH-wm6wo You are the mistaken one. The change needed is the change in planning by the executive and legislative branches. The Fed just executes what the Congress tells it. Congress conferred the power of interest rates on the Fed. Regulating interest rates is a futile exercise. Congress needs to look at the long-term and not just accept the $$upport of the short term thinking capitalists. Nothing good will result from that. It never has.
@@desert.mantis Possibly,but before you chisel that pronouncement in stone read THE FORGOTTEN DEPRESSION by James Grant and compare that study to the handling of The Great Depression by first,Hoover and then Roosevelt. If for no other reason then to challenge the notion that government needs to “do something”anytime there is a hiccup in the market. Seemingly, this idea has prevailed since the New Deal without any serious challenge to it,while there is plenty of empirical data to the contrary left unexplored in an almost cult like fashion. What is not in doubt is that the Great Depression was the longest lasting economic downturn in US history and the one that featured the most Federal government intervention. Perhaps those two things are not coincidental?
Best conversation ever.
So interesting,
Thank you Jon
I got so frustrated with the original economist interview. This interview was the medicine I needed. Thank you Jon.
Hear me out on this: John Stewart needs to run for President. He is incredibly well researched, intelligent, holds counter-argument well and can keep larger swaths of people engaged. He certainly is better read on our Constitution than the previous reality show star
You s.o.b, I'm in! Jon Stewart 2024!
@@alexlollar3293 if he could do for some constituents like he has done for 9/11 survivors of the 343...its a win for 'murica
This is an amazing convo especially with the flashbacks to the previous podcast. I would say that what was overlooked in this discussion is when Stephanie said that if we had the votes for higher fiscal spending on social issues we would have the money. It sucks it’s that simple but that the reality
Enjoyed it immensely and I’m not a economist, thank you .
Excellent episode
So incredibly happy you had these two on! I’ve been following MMT and Stefanie Kelton for a couple of years and can’t figure out why more people and platforms aren’t supporting and promoting these conversations. Highly recommend “The Deficit Myth” to all my fellow laypeople out there. We are living in an Emperors Clothes mirage universe and need a paradigm shift!
You only understand a subject if you can argue both sides. What's your anti-MMT argument? Or has it no downsides, no risks?
@@kreek22 How is there a downside to understanding how Federal finances and the economy really work? How can education have a downside? What is the risk in learning how Banking, money, federal finances and macroeconomics work?
@@henrygustav7948 Who are you responding to?
@@kreek22 to you. I don’t understand the downside to learning how govt finances work.
@@henrygustav7948 MMT is *one* theory of how economics works. There are other theories.
Brilliant!!! I wish there was an ask, a request, that viewers share this episode with friends, family, and neighbors. It is that important and not to much to ask. When something this vital airs there should be goals established and techniques for measurably increasing the number of views. Great job, Jon!
Thank you for putting this complicated topic in "simple" terms. Not really, its still complecated, but important
Jon, greetings from a long time fan from Belgium. Glad to see you on a subject I engage with often. After this interview you should dig deeper into the consequences of monetary policy and have a look at “The Price of Tomorrow” by Jeff Booth. He would be a great candidate to interview on this matter. Greetz, Dennis.
Thank Goddd for Jon Stewart in our World again!! ✨
You continue to educate the public John, thanks so much!
Thank you for this incredible conversation
Loved the video. Great to see people talking about this as I have since the seventies. After all my research I came up with the four games that describe all human activities and here they are. 1. Pyramid scheme. 2. Shell game. 3. Hot potato. 4. Musical chairs.
See if you can make the connections and add more games if you think of them.
Monopoly.
Risk