May 27, 2020
Welcome to episode 30 of Activist #MMT. Today is a special three-part episode with Joe Firestone and Graham Elwood. In parts one and two, I talk with PhD political scientist, author, and MMT-er Joe Firestone about the basics of the Federal Reserve (the Fed), and its two major roles in our monetary system. Part three is my latest appearance on progressive video journalist and stand up comedian Graham Elwood's YouTube show, where I apply the lessons that Joe assisted me with.
The catalyst for this episode was two videos recently released by Graham discussing the actions of the Federal Reserve in response to the coronavirus health crisis (links for which can be found in the show notes). The spirit of Graham's overall assessment in these videos is correct: the elite and their banks and corporations steal from us as individuals, then steal from us again as a collective by getting massive bail outs from our government – all so they can steal from us again.
However, the videos incorrectly assume that:
As I now understand, the Federal Reserve has two major roles in our economy:
I introduced MMT to Graham in June of 2018. Since then, he has come a long, long way, now expressing basic macroeconomic concepts with confidence. My latest represents our journey in now going deeper and learning together.
For an overview of Modern Monetary Theory (MMT) with many reliable sources to learn more, here is a good place to start:
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