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.Historical inflation trends and major economic shifts, like the 1970s oil...

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 holdCrypto ignoring double-entry accounting and liability side of money by treating units as assets aloneBitcoin's reliance on energy-intensive mining and whether it can truly function as a reliable inflation hedgeBitcoin promoters shifting narratives between Bitcoin being an asset, a monetary...

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 eventsChallenges of separating fact from conspiracy theories Brett's perspective on tensions between using existing monetary systems and building alternative currenciesDiscussion of libertarian and anarcho-capitalist views in early crypto and the concept of "vulgar libertarianism"Evolution of understanding of...

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, government finance, and price anchoring.Discussion on Endogenous Money:...

In this episode, Adam, Ryan, and Doug interview Maren Poitras, creator of "Finding the Money", the documentary film about MMT.  They discuss: Maren's backgroundMaren's inspiration for creating the filmThe film's development processReception to early screeningsMaren's observations regarding mainstream economics vs. heterodox economicsChallenges in explaining MMT via filmFuture plans for the filmFor more information and updates on the film, visit findingmoneyfilm.com. Buy tickets to the...

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 secondary.The relationship between fiscal spending, bank credit, and...

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 SubstackHow 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 and its effect on the availability of safe assets like treasuries.The historical...

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 printIs Fintwit connecting the dots on the interest income channel?What drove GDP growth in 2023?The relationship between interest rates and the economyPotential systemic risks in the economy todayThe “failed treasury auction” on November 9Powell’s recent comments – has the Fed changed its thinking?AppliedMMT.com AppliedMMT on Twitter MMT...

In this episode, Charles Hayden joins Ryan to discuss: Warren Mosler’s thesis that the Fed has interest rate policy backwardsMMT academics countering mainstream economistsMainstream economists thinking unemployment is necessary to reduce inflationSaudi oil prices & their impact on inflationNegative GDP prints in 2022 & recession fearsBank credit increasing despite rate hikesFed collateral rules rather than rate hikes causing regional bank failuresMarc Goldwein’s hypocrisy on deficits...

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 JuneThe mechanics of the TGA refillThe Fed's reverse repo facilityMMT being blamed for inflationRandy Wray and Yeva Nersisyan's policy recommendations at the beginning of the pandemicMMT's opposition to UBIAre rate hikes keeping companies alive?Addressing the notion that MMT doesn't make predictionsOngoing effects of rate hikes on the...

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 inflationUnemployment benefits & "no one wants to work anymore"The US fiscal situation in 2023 vs. 2022Shortages in the housing marketHow Nick analyzes the stock marketThe effects of treasury issuanceAccounting between the Fed & TreasuryThe relationship between treasuries and the stock marketWarren Mosler being denied a meeting with the FedLinks: ANG...

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 MMTReactions to Nick's work on Seeking AlphaUnderstanding the US dollar, national debt, and debt ceilingTreasuries as UBI for people who already have moneyThe relationship between stocks & interest ratesNick's bullish outlook on the US economyChallenges in explaining MMTHow rate hikes are impacting inflationLack of discussion regarding fiscal flows...

In this episode, Adam and Ryan discuss: The state of the economy & stock marketAdditional rate hikes in ArgentinaRyan's attendance at the Warren Buffet/Berkshire Hathaway shareholder meetingProfit margins, inflation, and bank lendingMichael Green (@profplum99) vs. Warren Mosler's economic outlooks"Money" by James Madison

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 monetary policy - How oil prices are determined -...

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 outlook for rate hikes in the US - Recent banking crises in the US - Whether or not...

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

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 - Introductory MMT resources - Pocket Change podcast - NYC Deficit Owls Meetup  

In this episode,  Adam and Ryan to discuss: - The failure of Silicon Valley Bank - Morgan Ricks' commentary on bank runs and game theory   Links: - Morgan Ricks on Twitter - Introductory MMT resources - Pocket Change podcast - NYC Deficit Owls Meetup

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, economics, and moral philosophy Links: - MMT...

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: - Introductory MMT resources - Pocket Change podcast - NYC Deficit Owls Meetup

NOTE: The original audio file for this episode had syncing issues. The corrected audio is available as of 2/22/23 at 9:35 AM ET. In this episode,  Adam and Ryan discuss: - The disaster in East Palestine, OH - The UFO/UAP incidents - The January retail sales boom - Energy prices and their inflationary effects - The costs & benefits of trade deficits Links: - Introductory MMT resources - Pocket Change podcast - NYC Deficit Owls Meetup

In this episode of Applied MMT, Adam and Ryan discuss: - Edward Harrison's recent tweet on the expansionary effects of interest income - The differences & similarities between today's rate hikes and the Volcker-era - Credit growth despite rate hikes - Joey Politano's recent thread on rate hikes - Bank lending post-2008 vs. today - In celebration of Superbowl Sunday, the institutional structure of the NFL and how it contributes to the league's success

In this episode, Douglas of MMT Macro Trader joins Adam and Ryan to discuss: - The January jobs explosion - The debt ceiling - Endogenous vs. exogenous money - Banks as finance "franchises" - The Eurodollar & shadow banking - Appreciating vs. depreciating currencies - The effects of rate hikes and what to expect in the next few months - Whether or not the Fed will pivot on rate hikes Links: - Introductory MMT resources - Pocket Change podcast - NYC Deficit Owls Meetup - MMT Macro...

In this episode, Adam and Ryan discuss: - Recession fears - The "white collar recession" - The US debt ceiling - The trillion dollar platinum coin proposal Links: - Introductory MMT resources - Pocket Change podcast - NYC Deficit Owls Meetup