AppliedMMT Podcast

AppliedMMT Podcast

Discussing the economy, public policy, and current events through an MMT (Modern Monetary Theory) lens.

Episodes

April 16, 2024 89 mins

David Andolfatto (@dandolfa) Professor & Economics Department Chair at the University of Miami, joins Adam, Douglas, and Ryan to discuss:

  • David's journey from construction to academia and the Federal Reserve.
  • His focus on monetary theory and views on the essence of money.
  • How MMT compares and contrasts with traditional economic theories.
  • David's take on money's role in resource allocation and price setting.
  • Histor...
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In this episode, Brett Scott joins Adam, Doug, and Ryan to discuss: 

  • Vertical and horizontal dimensions of money  
  • Crypto capturing attention through an asset-only view of money that people commonly hold
  • Crypto ignoring double-entry accounting and liability side of money by treating units as assets alone
  • Bitcoin's reliance on energy-intensive mining and whether it can truly function as a reliable inflation hedge
  • Bitcoin promote...
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In this episode, Brett Scott joins Adam, Doug, and Ryan to discuss: 

  • Brett's intellectual journey with MMT and how he was exposed to the ideas through different communities and events
  • Challenges of separating fact from conspiracy theories 
  • Brett's perspective on tensions between using existing monetary systems and building alternative currencies
  • Discussion of libertarian and anarcho-capitalist views in early crypto and th...
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In this episode, Derek McDaniel (@ratedisparity) joins Adam, Derek, and Ryan to discuss: 

  • Derek's Background: Transition from academics in mathematics and computer science to exploring economics and MMT.
  • Journey into MMT: Early exposure to Austrian economics, online debates, and realization about the national debt.
  • Current Stance on MMT: Emphasis on separating MMT into independent propositions like endogenous money, governmen...
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In this episode, Adam, Ryan, and Doug interview Maren Poitras, creator of "Finding the Money", the documentary film about MMT. 

They discuss:

  • Maren's background
  • Maren's inspiration for creating the film
  • The film's development process
  • Reception to early screenings
  • Maren's observations regarding mainstream economics vs. heterodox economics
  • Challenges in explaining MMT via film
  • Future plans for the ...
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December 28, 2023 48 mins

Adam, Doug, and Ryan wrap up 2023, discussing their learnings, surprises, and expectations for 2024:

  • The strong GDP growth and low unemployment in 2023, noting how rate hikes seemed to stimulate the economy, contrary to popular belief.
  • Higher government spending and lower inflation in 2023 
  • The importance of understanding fiscal policy's impact on the macroeconomy while other factors like bank credit and money supply are seco...
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December 19, 2023 66 mins

In this episode, Ritik Goyal joins Adam, Ryan, and Douglas to discuss:

  • Ritik's journey from working at Bridgewater to co-founding "The Monetary Frontier" on Substack
  • How Ritik was drawn to MMT as a framework that accurately describes economic flows and policy impacts, especially in the context of austerity politics.
  • Ritik's nuanced view on MMT, particularly questioning the idea of a zero neutral interest rate a...
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November 13, 2023 58 mins

In this episode, Douglas of MMT Macro Trader joins Adam and Ryan discuss:

  • Big announcement - the future of AppliedMMT & MMT Macro Trader!
  • 4.9% Q3 GDP print
  • Is Fintwit connecting the dots on the interest income channel?
  • What drove GDP growth in 2023?
  • The relationship between interest rates and the economy
  • Potential systemic risks in the economy today
  • The “failed treasury auction” on November 9
  • Powell’s recent comments – has the Fed ...
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September 12, 2023 70 mins

In this episode, Charles Hayden joins Ryan to discuss:

  • Warren Mosler’s thesis that the Fed has interest rate policy backwards
  • MMT academics countering mainstream economists
  • Mainstream economists thinking unemployment is necessary to reduce inflation
  • Saudi oil prices & their impact on inflation
  • Negative GDP prints in 2022 & recession fears
  • Bank credit increasing despite rate hikes
  • Fed collateral rules rather than rate hikes cau...
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In this episode, Adam and Ryan discuss:

  • Shout out to Nick Gomez of ANG Traders (@ANGTraders)
  • Fears of market liquidity drain during TGA refill in late May/early June
  • The mechanics of the TGA refill
  • The Fed's reverse repo facility
  • MMT being blamed for inflation
  • Randy Wray and Yeva Nersisyan's policy recommendations at the beginning of the pandemic
  • MMT's opposition to UBI
  • Are rate hikes keeping companies alive?
  • Addressing t...
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In the second part of our two-part conversation, Nick Gomez of ANG Traders joins Adam and Ryan to discuss:

  • The causes of post-COVID inflation
  • Unemployment benefits & "no one wants to work anymore"
  • The US fiscal situation in 2023 vs. 2022
  • Shortages in the housing market
  • How Nick analyzes the stock market
  • The effects of treasury issuance
  • Accounting between the Fed & Treasury
  • The relationship between treasuries and the s...
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In this episode, Nick Gomez of ANG Traders joins Adam and Ryan to discuss:

  • Nick's background in physics/math and how he became interested in MMT
  • Reactions to Nick's work on Seeking Alpha
  • Understanding the US dollar, national debt, and debt ceiling
  • Treasuries as UBI for people who already have money
  • The relationship between stocks & interest rates
  • Nick's bullish outlook on the US economy
  • Challenges in explaining MMT
  • H...
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May 23, 2023 41 mins

In this episode, Adam and Ryan discuss:

  • The state of the economy & stock market
  • Additional rate hikes in Argentina
  • Ryan's attendance at the Warren Buffet/Berkshire Hathaway shareholder meeting
  • Profit margins, inflation, and bank lending
  • Michael Green (@profplum99) vs. Warren Mosler's economic outlooks
  • "Money" by James Madison

AppliedMMT.com
AppliedMMT on Twitter
Douglas (@MMTmacrotrader) ...

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In the second episode of this two-part interview, Warren Mosler, one of the "founders" of MMT,  joins Adam and Ryan to discuss:

  • Warren’s take on the inverted yield curve
  • Cost of capital & entrepreneurship
  • Effects of low interest rates
  • Where does additional interest income go? Is it driving growth?
  • Interest rates and equity valuations
  • Fiscal contraction in early 2022
  • Lack of conversation around fiscal policy as opposed to...
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In the first episode of this two-part interview, Warren Mosler, one of the "founders" of MMT, joins Adam and Ryan to discuss:

  • Warren's perspective on rate hikes vs. other MMTers
  • Warren's meeting with George W. Bush's Chief of Staff, Andrew Card
  • Warren's conversations with Paul Krugman on deficits/inflation
  • Warren's conversations with Argentina's central bank on interest rates/inflation
  • Forward...
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April 24, 2023 54 mins

In this episode,  Adam and Ryan to discuss:

  • Recent Richard Murphy/MMT Twitter controversy
  • The Republican proposal to put the US back on a gold standard
  • Public vs. private solutions to real estate issues
  • Ryan’s concept of the “real resource dividend”
  • Thoughts on the Job Guarantee


AppliedMMT.com
AppliedMMT on Twitter
Douglas (@MMTmacrotrader) on Twitter

Disclaimer: The content of this podcast is for informati...

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March 30, 2023 47 mins

In this episode,  Adam and Ryan to discuss:

  • Big banks moving deposits to FirstRepublic
  • Hold-to-maturity securities
  • Misunderstandings around banking
  • Solvency issues vs. liquidity issues
  • Bitcoin and banking


Links




 

AppliedMMT.com
AppliedMMT on Twitter
Douglas (@MMTmacrotrader) on Twitter

Disclaimer: The content of this...

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March 17, 2023 30 mins

In this episode,  Adam and Ryan to discuss:

  • The failure of Silicon Valley Bank
  • Morgan Ricks' commentary on bank runs and game theory 

Links:

AppliedMMT.com
AppliedMMT on Twitter
Douglas (@MMTmacrotrader) on Twitter

Disclaimer: The content of this podcast is for informational purposes only and should not b...

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In this episode, Bijou Smith of MMT Macro Trader joins Adam and Ryan to discuss:

  • Bijou's background in physics and how he became interested in MMT
  • Why MMT is important
  • The relationship between economics & physics
  • How Bijou and Douglas started collaborating on MMT Macro Trader
  • Using machine learning & neural networks to model the macroeconomy and stock market indices
  • How the job guarantee fits into capitalism
  • Adam Smith, e...
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In this episode,  Adam and Ryan discuss:

  • Whether or not all MMTers believe interest rate hikes are expansionary
  • The newest PCE inflation data
  • Retail inflows to the stock market
  • Interest rates and asset bubbles
  • The post-2008 venture capital boom
  • Gambling apps & cryptocurrency


Links:

AppliedMMT.com
AppliedMMT on Twitter
Douglas (@MMTmacro...

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