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In this episode of 1Dime Radio, I am joined by Professor L. Randal Wray, a heterodox economist and a Pioneer of Modern Monetary Theory. In this episode, we demystify the history of money, what money is, and how modern money works in the economy today (how it is created and how the mechanics of government spending work, and the REAL function of Taxes. Most importantly, we discuss why MMT economists tend to prefer the "L. Randall Wray" over a Universal Basic Income (UBI).
In The Backroom, Randy and I discuss tariffs, degrowth, reindustrialization, and get into the "tough questions" when it comes to the transition to a socialist society. Become a Patron at Patreon.com/OneDime if you haven’t already!
Timestamps:
00:00 Trump Tariffs (The Backroom Preview)
02:47 Discovering Modern Monetary Theory (MMT)
07:14 The Basics of MMT Explained
14:26 Central vs Private Banks
17:44 Historical Context of Money and Banking
30:03 The Evolution of Money and Markets
44:49 Gold, Cryptocurrency vs Fiat Money
01:01:17 The History of Central Banking
01:14:22 Inflation, the 1970s Stagflation, and the rise of Neoliberalism
01:39:33 The Job Guarantee vs. Universal Basic Income
02:01:55 Transition to The Backroom segment
Check out L.Randal Wray's "MMT for beginners" book: https://www.amazon.ca/Money-Beginners-Illustrated-Randall-Wray-ebook/dp/B0BXQS7SS6?ref_=ast_author_mpb
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Outro Music by Karl Casey
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