023. MMT Ideas from Finding the Money

alAndar w/ Marcos & Jim

Jim and Marcos talk through five Modern Money Theory (MMT) points from the film Finding the Money.

Jim’s says watching the film brought him from being an “MMT skeptic” to being “open to these ideas” as a “helpful framework”.

Marcos feels excited by the potential that democratic deployment of public money creates for public policy, but frightened by power it may give to authoritarian governments who understand it, especially if “We, the People” continue to believe that currency-issuers are the same as currency-users.

Jim wonders if MMT can be combined with conventional econ when we talk about public spending. Jim observes that the revolutionary aspirations from some MMTers mirrors that from some advocates of cryptocurrency.

Marcos has spent countless hours trying to comprehend MMT in the last few years. Filmmaker Maren Poitras’ achievement in Finding the Money offers a chance to grasp the basics within 95 minutes. But that’s just the start of a new conversation. Lo resto al andar.

“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.”

― Joan Robinson

“What comes first is law.”

— Prof. Lua Yuille

TIMESTAMPS

(00:00) Preview- Jim asks: Is MMT fundamentally different? Marcos asks: How much of capitalism is essentially a set of government programs?

(00:53 ) alAndar opening theme

( 01:14 ) Marcos: Concerned with the need for good counsel in political-economy

( 05:30 ) Jim: Bringing an open mind, finding insights, asking questions

(08:50 ) Marcos & Jim reflect on takeaways from the film

( 15:55) Jim- Is MMT fundamentally different? (in context)

Marcos MMT as theory with predictive power vs. MMT as objective observation

( 23:26) MMT Pt I- The Federal Government is the issuer of the currency

( 30:50) MMT pt II- For a currency issuer, finding the money is never the problem; finding the resources and managing inflation is.

( 47:50) MMT pt III- Currency issuers don’t tax first; they spend first.

( 54:21) MMT pt IV- Taxes drive demand for a currency.

(1:11:15) Pt 5- Money is an IOU

(1:14:32) Marcos: “There’s so much to unpack!...” implications of money as an IOU for spending, inflation and the government’s promises to pay.

(1:21:41) Jim: avoiding reckless spending, “federal debt” and interest due: Are there risks? Is “traditional” econ helpful?

(1:32:12) Marcos to audience: What can you see in a new way through the “MMT Lens”?

(1:33:02) Debating cryptocurrency, Jim sees parallels, contrasts and dangers: “It’s very revolutionary minded.”

(1:37:45) Marcos: The implications! The applications! Being “taxed”, spending energy, debt/credit in humans and nature.

(1:41:11) Jim’s alternate universerse observations

(1:43:15) Thank yous, despididas, closing theme

(1:45:00) kicker call back

Marcos and Jim, as independent artists, need and greatly appreciate your support. Consider adding the podcast to your favorite podcatcher, leaving a comment, and/or sharing it with people you think would like it! We thank you, the Andarians! ¡Gracias andarianes! ¡Andamos!

#alAndar #MarcosdelaGuagua #JimNog #MMT #FindingtheMoney #StephanieKelton #hope #change #economy

MARCOS' LINKS

- Bandcamp: https://marcosdelaguagua.bandcamp.com/

- Instagram: @marcos_de_la_guagua

- TikTok: https://www.tiktok.com/@marcosdelaguagua

- Website: www.MarcosdelaGuagua.com

-FB: facebook.com/guaguaelectrica

JIM'S LINKS

- Instagram: @jimnog

- Patreon: https://www.patreon.com/jimnog

- TikTok: https://www.tiktok.com/@jimnog27

- Website: www.JamesNoguera.com

- X: @jimnog

While Marcos and Jim may discuss political or religious topics, Marcos and Jim are creative artists sharing their points of view. Silence or absence of opinion from one doesn't imply agreement or endorsement of the other's stance.