RadioMMT

It's Radiothon time for 3CR! As a radio station that finds itself on the fringes of mainstream media and the economy, we explain why we need to understand MMT, and with that understanding, why everyone should chip in what they can to keep both this program and the mighty 3CR radio station on the airwaves. Kevin, James and Alastair attempt to explain this while Anne takes a well-earned break. Anne...

Kev ponders a conundrum that takes us back to 2006. If the conservative government was able to bring the government debt down to zero, after multiple budget surpluses, how is it that the economy didn't collapse? What does "paying off the debt" actually mean when you are talking about the federal government? And what does that do to an economy? Anne found an example of someone in Australia who's go...

Anne and Kev discuss Labor's resounding election victory, and the unusual simultaneous unseating of two rival party leaders. Will the ALP's huge majority lead to bold, transformational policy decisions in the next term of government, or will they still be scared of their own shadow and do very little, like they did in their first term? What about the Coalition? How will they rebuild after this cat...

Anne & Kev recap last week's show, explaining in less than five minutes why the current neoclassical economic theory is fundamentally flawed. Kev corrects his somewhat "off" description of banking practices from last week, but still doesn't really care. Attention to detail is not his strong suit. Then we meet the neoliberal family -- Gina Rinehart and Peter Dutton -- as they express mutual admirat...

We live in the Neoliberal era, and are told that the private sector must drive the economy while government gets out of the way. So what happens when we apply the economics of neoliberalism, that is, when we erase government debt, "balance" government spending with taxation, and let the banks take care of business? Anne and Kev apply an MMT analysis of neoclassical economics to find out what the r...

Anne speaks with MMT student Joseph Hateley about how to "DOGE-proof" the United States (hint: it has something to do with the payments system), and whether we need to fear a DOGE-style crusade happening in Australia. Kev gives an impassioned commentary on the state of the Australian budget commentary, and issues a challenge to our national public broadcaster. Theme MusicPleading Ignorance, by Ed...

We return to the MMT basics, because the MMT understanding of money is about the only factual argument that can counter the DOGE mentality. Factual argument alone cannot withstand the powerful drivers of oligarchy, but MMT neutralises one of their main weapons -- the "deficit myth". MMT reveals that the DOGE slashing of government services to "save" our "taxpayer money" is ideological bunkum. Them...

Let's say you are a country with high mass unemployment. And let's say you are a country whose housing stock is badly in need of a thermal upgrade. What would you do? In 2020 Italy introduced a scheme called the Superbonus, to deal with just these issues. Was it a success? And where did they get the 160 billion euros? Show NotesModern Money Lab (courses, events)Superbonus - Strengthening of the Ec...

Anne and Kev apply the MMT lens to the news of the day. Kev reflects on the development of the Labor Party from a workers' party to a populist party. Anne Looks at the billionaires and multi-national corporations that behave like they can tell governments what to do. And Kev goes out on a limb with his MMT-informed predictions for MAGA America. Show NotesElon Musk’s Hostile Takeover | Lever Time (...

You've probably heard the buzz words:- cryptocurrency- central bank digital currencies, CBDCs- stable coins- digital wallets- e-cashWhat's it all about? Is there anything to the hype, or to the alarm? Law professor, Rohan Grey, takes a well-honed MMT machete to some of the confusion that has sprung up around these new money-like technologies, and he clears the way for us to make informed decisions...

Worried about the multiple crises we are living through? Housing, cost of living, inequality, poverty, food waste, species extinction, floods, bushfires... People smarter than us know how we can de-grow towards a sustainable, circular economy. And we will be much happier and healthier as a result! We hear from some of those smart people -- Dr Mark Diesendorf, Dr Marilyn Waring, and Dr Steven Hail...

This week Kevin discusses some of the implications of the return of Trump with fellow MMTers, Jackson and Kent. Could there be some unforeseen advantages having a right wing maniac in the US drivers seat, or is this just an optomistic fantasy? This raises the question: what is the purpose of money? The consensus we come to is that money should be a public utility used for the public good. However...

Anne asks economist Dr. Steven Hail, what do we have to fear from Project 2025? The answer might surprise you. What's more, we answer the implied question. If most of our political leaders, economists, bureaucrats etc do not understand how the monetary system works, then how is it the system works as well as it does? (Of course we could be managing our monetary system, and our economy, so they ser...

For a short time, for a mere three decades, Australia came close to securing the foundations for a truly egalitarian society. Economic historians look back upon this era as "The Golden Age". Full employment was the key to this shared prosperityYet in a shocking betrayal of workers, labour activists abandoned the struggle to eliminate involuntary unemployment. Why? And can we return to a full emplo...

Human and planetary flourishing is possible despite the multiple crises we face. One solution at our fingertips is a "full employment economy". What stands in the way of implementing this solution? Not money. We can financially afford an economy where everyone has the amount of paid work they want. Political will is the obstacle. In fact Labor are heading in the opposite direction in their efforts...

Can anyone explain why we have a "per capita recession"? Anne & Kev can't help noticing the government is in surplus and not spending enough of our public money, and the Reserve Bank of Australia (RBA) is putting a high price on money. Could it be the Labor government is more interested in the optics than the actuality of being good economic managers? Could it be that interest rate decision-making...

If the Labor party opens the neoliberal door a crack, and the Liberal party kicks that door off its hinges, how do we fix that gaping hole through which the destructive winds of inequality and climate destablisation continue to blow? Neither of our major parties in Australia seems willing to do so. The answers are pretty straightforward. Any handyman could tell you, "it's a no-brainer". Although,...

With the help of Martha Knox-Haly, and John Haly, we examine the worst ever neoliberal policy that continues to inflict suffering on hundreds of thousands of Australians. Just how airy-fairy are the economics behind this policy, and how could unions and Labor governments have fallen for all this? Show Notes Fiat Socialism by Carlos García Hernández (book review) How Labour Built Neoliberalism by E...

Mainstream economists continue to scare "monetarily sovereign" governments away from spending enough of their own currency to meet the needs of their citizens, by invoking the debt and default bogeyman. They use these bogeyman stories to keep us hobbled by unnecessary austerity policies. One such story is what happened under the Khmer Rouge regime in Cambodia. Even mainstream economists usually do...

[This episode contains content which some people might find distressing. This includes discussion of strip searches and incarceration. Please take care and use discretion.] How brave do you need to be, to be a climate activist? You don't have to be a "disrupter" like Rosie, but her story of a day in the life of a "non-violent, direct, disruptive" climate activist with Blockade Australia is grippin...

One of the greatest dangers that monetary systems present to a democratic society is the phenomenon of "economic rents". Economist Phil Lawn reminds us this battle over economic rents is a century-old debate. This battle plays out in newspaper headlines about the housing crisis to this very day. And we oldies slow down to delve into Phil's unique take on the "cost to live". Show Notes Gold as a Pe...

With great power comes great responsibility, and according to heterodox economist Phil Lawn, modern money comes with the greatest power of all -- the ability to time travel. It is this ability to bring the future into the present, that has been harnessed by a few lucky individuals, such that Australia’s 47 billionaires now have more wealth than the bottom 7.7 million Australians. Billionaires in s...

The best way to support RadioMMT is to make a donation during the 3CR Radiothon this June. To talk all things solidarity, Kev is joined in the studio by Kent Getsinger, union organiser with Victorian Allied Health Professionals Association (VAHPA). Kent is a regular at the SPAG-Naarm pub nights and student of MMT-style economics. Anne phones in from where she has been self-isolating with a cold, t...

Anne is away and leaves Kevin to run the show alone. Risky, however Kevin enlists past 3CR presenter and progressive economist, Karl Fitzgerald from Grounded, to speak about Community Land Trusts. This is a community scheme to reclaim housing for public use for those who need it, a return to the concept of The Commons. After that Kevin explains his affection for the Polish economist, Michal Kaleck...

Anne sets Kev a challenge based on how MMT is presented in the mainstream media. And we dissect some typical discussions about money, as heard on social media. Theme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.  Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. ABC_Q+A11th of March, 2024Tech Giants, Generational Divides & Gaza Aidwith appearance by e...