Stephanie Kelton and Yanis Varoufakis: Another Now #3 | DiEM25 TV

Stephanie Kelton and Yanis Varoufakis: Another Now #3 | DiEM25 TV

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Welcome to DiEM25 TV’s ANOTHER NOW. The program that owes its existence to a mindless virus that placed capitalism in suspended animation, something not even WW2 managed to do. The one-hour discussion every Monday where, together with a weird and wonderful guest, we rant and rave with one ambition in our souls: To prevent a return to normality once the pandemic passes.

This week I have the honour and the privilege to be joined by Stephanie Kelton – an academic economist who felt the need to throw her lot in with Bernie Sanders, become his chief economic adviser and use her economic knowledge to fight the good fight not just in academia but wherever economic mystification is utilised against the many.

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54 thoughts on “Stephanie Kelton and Yanis Varoufakis: Another Now #3 | DiEM25 TV

  1. Stephanie Kelton’s Angry Birds video brought me to MMT, which brought me to Real Progressives & Real Progress in Action.

    1. Don’t forget ‘The MMT Podcast’ which is also excellent (as well as Real Progressives’ ‘Macro n Cheese’ podcast). Shout out also to other MMT developers Bill Mitchell, Warren Mosler, Pavlina Tcherneva, L. Randall Wray.

  2. That was a really good segment. Stephanie Kelton shined again. Her arguments are really clear, short, well trimmed, or air tight. Yanis should acquire as much as he can from her, and from MMT. MMT in her presentation really is the only game in town. It was a real pleasure to see these two smart persons..

    1. You can’t have MMT without military empire to back up your money as the international reserve currency. Cycle of currency devaluations to inflate debt away ain’t fun either, especially for the poorest.

    2. @Santeri Satama Yes, and that is just an excellent opportunity to remember all the military empires, and all the historical military and financial empires applying MMT.

    1. Christos Papaspyrou : i am going to start my day with music 🎶 then this show, and then ease into democracy now, putting mine own foot down on my own Twitter time thieving hands. ❤️✊🏾🌍✌🏾plus, there is no normalcy on a mad mad mad mad mad mad world overrun with: humans.

    2. @Turtle P. I might disagree Turtle P. Part of the problem with so much content is people are so focused on the superficiality of all the new content, people become numbed to new scandals and the like. If there were no new content, people would be hyperfocused on the issue, or so bored they would demand change.

    3. @Mr. Spock Aren’t you a little off topic here: “art of the problem with so much content is people are so focused on the superficiality of all the new content, people become numbed to new scandals and the like. “?

      I don’t think the content we are talking about here is either superficial or about any “scandals and the like”

  3. Good diacussion. If anyone wants to learn more about MMT look up videos from Stephanie Kelton, or Warren Mosler, Bill Mitchell, L. Randall Wray, Pavlina Tcherneva, and also Steve Keen who talks more about endogenous money which is nicely complementary.

  4. Yanis bring on Richard Wolff pls. would be great to watch your discussion and analysis of modern political economy. And, almost forgot, huge thanks from a very poor country for the hope you provide.

    1. Richard is another excellent one but might be difficult to invite because I have not seen him in the public lately only some in German language interviews. Maybe he is very busy advising governments.

  5. Yanis asks: Where can we go from here, politically? I believe there’s only one choice, at least in the U.S. The only real power “we the people” have left is the power of numbers, together in the streets, demanding the overthrow of the existing corporate oligarchy. Why the only choice? Because the ruling elites have captured and now control all of the traditional levers of democratic change. We find ourselves in the era of manipulated elections, a paid-off congress, politically appointed judiciary, corporate-controlled mass media, and so on. We must organize now for sustained mass demonstrations of non-violent civil disobedience, to begin as soon as the need for social distancing is lifted. A million or more in the streets of N.Y and D.C., demanding change. Again, it’s the only logical choice that remains.

    1. @Vince Siciliano This 74-year-old totally agrees. Let’s also elect 3rd party candidates locally and work our way up. I’m thinking this is the way meaningful social change has always been accomplished: from the bottom up.

    2. @RussCR5187 Funny thing by the time I saw this the ‘people in the streets’ weather pattern as certain as the coming crash was a couple of months ago has already started.

    3. I agree that we need more parties, and especially a People’s party that could attract average conservative voters as well as liberal voters. But another problem, since this comment is coming after the election, is that too many people voted for Trump and the Republicans. This is probably because so many have been manipulated by “alternative facts” and propaganda from right-wing radio and TV that dominates. It would help if that changed. Although we tried with Air America and that is no more. Money and corporate-controlled mass media is powerful and difficult to overcome.

  6. 45:20 months after. Raising the question of whether Sanders was threatened with a coup before super Tuesday. Did he know he was going to be couped? If he continued to campaign until mid April with this knowledge, why drop out when he did?

    1. We now see how incompetent his 2nd in command, Jeff Weaver, is against the status quo. He now promotes it by forming a superpac. He told Bernie to not go for the jugular against Biden, keep it “civil”

  7. @10:50 “…the beauty of it…” well, that goes a lot towards explaining why neoclassicals are useless idiots.They borrow their conception of “beauty” off pure mathematicians, instead of seeing the true beauty of real world economics as a study of achieving the abstract ideal of justice in real material forms. I nf act neoliberlas deny this beauty and think of economics as “the dismal science” (a double oxymoron). They did not ever appreciate the true beauty of economics. The beauty is in the possibility of justice, not in the elegance of matheamtically closed analytical models.

  8. @30:30 hell, even Yanis doesn’t understand. There is no need to “balance” public (gov) and private (non-gov) debt. The government deficit is an accounting residual, nothing more, it’s the total dollars spent into the economy less the amount taxed (or fined) back. So the government debt (accumulated deficit) is private savings, to the dollar. So it’s already sectorally balanced, logically, it cannot be any other way. The proper economic balance is how real resources (energy, food, water, housing) and net wealth are distributed, it is these *distributions* which need to be better balanced. Point is, neoliberal monetarism simply cannot do the job, only government fiscal policy (informed by MMT) working for the poorest (informed by Marx/Keynes) can do it. State currency really makes poverty a choice of government, not a necessity of free markets.

    1. @crosstraffic US trade imbalance is funded by money printing, because of global demand for petrodollars.
      If there is no artificial global demand for your local currency, you can’t paper away trade imbalance and keep on importing more than you export. Trade imbalance normally (with floating currencies) balances by inflation of monetary supply eating away the purchasing power of the currency. Ie. cutting down the domestic demand for imported goods.
      Devaluation of your domestic currency can also help to make the goods of your export sector more competitive in the global market. This inflationary multiplayer logic is often referred to as the “race to the bottom”, as all players keep trying to devaluate the purchasing power of their labor force to stay competitive in the global market, and leads to collapse and depression, as aggregate global demand for goods collapses.
      101 level stuff from the old days when real economy and main street still played a role in the minds of financial wizards.

    2. @Santeri Satama US trade imbalance is funded by consumer spending, not money printing. And trade is more than exports. It’s also investment. The fact that the US is mostly a service economy, like all western economies also plays a role. Global demand for petrodollars, I’ll agree creats a strong $ and does not help. In other words, MMT or money printing is not for buying foreign imports but for infrastructure spending. Govt’s do infrastructure spending all the time. I still fail to see how trade imbalances are really relevant to MMT. I think you’re right about the old days and the real economy tho, seemed to make more sense now that there is depression level unemployment and record stockmarket gains.

    3. @crosstraffic If you listened carefully to the discussion, she admits Varoufakis (extremely mild and polite) criticism that MMT does not apply to smaller national economies with negative trade imbalance.
      The other leg of MMT, full employment, is authoritarian wet dream. Full employment to do what? Central bureaucracy prints money to force wage slaves to mindlessly dig and fill holes, as they do in prisons? Is it really up to central bureaucracy to decide what needs doing, and force people to do that through same old wage slavery and same old failed central planning? Especially as Graeber’s study on BS jobs found out that more than third of current jobs are BS jobs that people in those jobs consider unnecessary, and wage slavery in BS jobs is not making people happy, it makes them miserable.
      Centralized printing of negative money also does not solve the first come – first served relative differences of interest rates. Banksters get the cheapest money, main stream bottom gets the most expensive money, and the bankster middlemen keep the cut. You can’t do sane public spending with Fed dollars.
      There is a connection with positive money movement here. Instead of negative Fed dollars, think Treasury dollars created as positive money, ie. coins. Printing digital fiat coins would be unconstitutional as hell, but so are Fed dollars, so no big difference there.
      There are couple main challenges with printing of digital (and/or paper) positive money. 1) In the eyes of the public it makes way too obvious the fact that taxation is not necessary, and that’s not what ruling class wants to hear. If the issue of taxation is solved by getting rid of it, 2) initial distribution of coins and sustainable algorithms that prevent cumulation of most coins in very few hands AND Weimar style hyperinflation.
      Obvious solution to the second issue is creation of positive money directly as UBI, attaching negative interest aka demourage to UBI accounts, and using the yield of negative interest for common good capital.

    4. @Santeri Satama Smaller economies with negative trade imbalances usually peg their currencies to stronger currencies, so you could be right on that. I couldn’t agree more with your assessment on the jobs guarentee program. I think it’s a bad idea. But as Varoufakis suggests, to finance the Green New Deal this way would make a lot of sense. That the ruling class does not like MMT theory is pretty obvious. A top ranking politician in my country only a few weeks ago said on public TV that this was dangerous even though before the € the gov’t printed money all the time. The Weimar hyperinflation scenario came about because Germany’s productive capacity was mostly destroyed and hampered by WW1. Not by spending more money into the economy.

    5. @crosstraffic Ruling class is not single entity, but a mess of conflicting interests. Debtees are part of the ruling class that want the debts owned to them paid in hard money, debtors the part that want to pay their debts with soft money.
      US Constitution and the monetary policies engraved in it were written as immediate consequence of of Shay’s Rebellion, which MMT debtors lost and Hard Money debtees won:
      https://www.youtube.com/watch?v=r5xUro2z2tI
      The main internal conflict in monetary theories is between medium of exchange vs. storage of value. MMT is in principle on the side of medium of exchange, but not consistently all way through and makes a mess of it.

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