Modern Monetary Theory: What It Is and Why It Matters #HeliumRadio
What’s up to my fly hip humanists and rugged renegade reformers!
Welcome back to the BNP y’all, and thank you as always for listening and supporting the pod.
“How you gonna pay for that? And how you gonna pay for that?” It’s a mantra you hear repeated over and over again by pundits, politicians and debate moderators, every time government spending for basic social programs such as Medicare for All gets brought up in conversation, especially around election season. “It would be nice to have free college, sure,” the self-professed policy wonks say, but: “How you gonna pay for that?“
This episode is an answer to that question, and the answer is Modern Monetary Theory, or MMT.
Nation states like the U.S. that have their own sovereign currency are able to “print” (see: move some decimals around on a computer) money on demand. And what’s crazy is that it doesn’t actually cause runaway inflation. That’s a myth used to get you to believe that nothing can ever be better for you.
In fact, we have evidence of how this magical money creation thing works just in the recent CARES Act, when the Government used the cover of a biological crisis to hand the Federal Reserve 6 to 10 Trillion dollars that were created out of thin air. There was no inflation.
However, rather than that totally insane quantity of money being put towards social welfare and employment programs such as a Green New Deal, or improving our crumbling infrastructure, it was instead handed out to exclusively to privileged moneyed interests within the U.S. ruling class. The reason for this is that you and I don’t donate obscene amounts of money to politicians of both parties to ensure their re-election. So we don’t reap any benefits from the magical money machine going Brrrrr.
Only the 0.001% get access to that money, so they can stash it in off-shore tax havens and buy more luxury condoplexes to drive up rent in your city.
So, the next time a mealy mouthed politician on a shiny stage flippantly informs you that there’s no way the government can “afford” to provide nice things for you, such as “healthcare,” you can call Bullshit. Also, did you know the Socialist Sandinista government in Nicaragua provides universal health care to its people? Just sayin…
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Until next time,
TRACK LIST FOR THIS EPISODE
Dykotomi – Corvid Crunk
Mindful Vibes Episode 07
Notorious BIG – Mo Money Mo Problems
The O Jay’s – For the Love of Money
Sashamarie Radio #14 (Kendrick Lamar – DNA)
Jhene Aiko – Bed Peace (feat. Childish Gambino)
Jidenna – Classic Man
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“The good things of prosperity are to be wished; but the good things that belong to adversity are to be admired.”
– Lucius Annaeus Seneca