What We Get Wrong About Money | Steven Hail

Did you know the government doesn’t spend your taxes?

Welcome to the world of Modern Monetary Theory, a revolutionary way of decoding our monetary systems—and making them work better for us. I’m joined by Steven Hail, economist and lecturer, who explains, using MMT, what we get wrong about money, taxes, inflation and even currency. Steven reveals how the notion of states not being able to afford certain necessities—like education, health, the green transition—is nonsense, explaining how the supply of resources impacts our economy, not running a deficit. Alongside debunking a range of money myths, he also reveals the fascinating history of taxation as a means to create a citizenry and their dependence on a centralised state.

This is a technical episode, but Steven’s explanations are clear and concise, and we successfully cover a lot of ground to uncover the real relationships between governments, markets and the monetary system they swear by.

Episodes referenced include my interviews with:
Fadhel Kaboub:    • Decolonise to Decarbonise | Fadhel Ka...  
Jason Hickel:    • Degrowth and Ecosocialism | Jason Hickel  
Kate Raworth:    • The Most Sustainable Economy in the W...  

00:00 Teaser
00:45 Introduction
01:18 Guest Introduction: Stephen Hale and Modern Monetary Theory
03:52 Understanding Monetary Systems and Economic Growth
10:39 The Misconceptions about Money and Finance
19:30 The Importance of Real Resources in Economic Transition
21:14 The Role of Taxation in Monetary Systems
29:41 The Future of Economic Systems: Post-Growth Economy
31:37 Understanding Government Spending and Inflation
37:00 The Birth and Death of Currency
40:36 The Economy and Biophysical Reality
46:18 The Impact of U.S. Dollar Hegemony on Global Monetary Systems
56:20 The Future of Monetary Systems and Global Power Dynamics

🌎 Support Planet: Critical:   / planetcritical  
🌎 Subscribe: https://www.planetcritical.com/
🌎 Twitter:   / crisisreports