8 Myths About Federal Debt

16 May 2019 – I promised you that in our next show I would get into the myths about Federal debt. This is that show. In addition, Will talks about why we should be going into space – for real. Some of the ideas sound crazy but I think there is enormous value in doing the work that takes us down those paths, regardless. There is so much possibility, why would we not get serious? At the top of the show we touch on the new agreement, between the UK and the Republic of Ireland, to establish a common travel area. Granted, this is a weak tea solution but it’s not nothing.

In case you want a quick list of the eight myths about Federal debt which I cover, here goes:

Carrying debt is bad for the Federal government
And the corollary, Federal surplus is good (this article provides perspective)
The Federal government uses our taxes to “pay for” government spending
There is a fiscal cliff
Passing Federal debt on to future generations is bad
The Federal government issues Treasury bonds (debt) to fund spending
Federal debt “crowds out” investors (Stephanie Kelton crushes Paul Krugman on this subject here.)
When all else fails, gibberish explains why debt is bad (a special thank-you to JD Alt for this one!)

We have been busy but we will keep trying to fit shows in as often as we can. Like carrots, there are so many topics and so little time! Cheers! – Arliss

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It. Never. Ends…Brexit Update, Debt Politics

2 April 2018 – Since I, admittedly, went on and on about debt politics in this episode, I will keep my description very short. Will updates you on the latest on Brexit crazy. May has completely lost control of Parliament and Macron will not continue to be impatient with British incompetence. I talk little bit about the mechanism of federal debt and a lot about the politics of federal debt. The concept of federal debt has been weaponized for a reason.

I said on the show that next week I would talk about some of the myths that surround federal debt and I will do that but the next show may end-up being an interview with Charles Gaba, @brainwarp, because Trump is seriously planning to destroy healthcare and even the GOP is furious. Cheers! – Arliss

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We Aren’t Dead! Plus Brexit & MMT

12 March 2019 – We are back and we have a lot to say. I begin by explaining why I disappeared into my rabbit hole for so long and I talk a bit about how my process for healing and, hopefully, staying that way. Will then talks about how we have reimagined the show and made it more sustainable. We both summarize a laundry list of the things we will be talking about in upcoming shows.

Then we are off to the races. I talk about the fact that MMT is absolutely storming the field and mainstream economists are seriously annoyed. In my section I mentioned the piece by Stephanie Kelton wherein she responds to (and crushes) Paul Krugman. I also talk about Randall Wray’s response to economists who think MMT is just a recycling of (fill in the blank.) Will tries to explain the unexplainable – the current state of Brexit. This is a rapidly moving target so we will both likely be back to update you again in the very near future. It will be fascinating to see how the May government proceeds domestically after the resounding defeat earlier today and as well as how they deal with “Bwussels” (Brussels).

We had a lot of fun with this show and we hope you do too. Many Carrots! – Arliss

In my section we discuss an accidental Brexit, which combined with some logistical issues getting everything running again and an illness on my part, led to an accidental Extra Mad. Brexit moved so fast that I had to add an update to this episode itself. – Will

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How to Talk About Suicide: Dan Reidenberg

14 May 2018 – This past week, with the suicide of Frightened Rabbit frontman, Scott Hutchison, media and, well, all of us, once again came up against how best to talk about suicide and best practices for media. Dr. Dan Reidenberg, Executive Director of Suicide Awareness Voices of Education (SAVE), joined us for the interview. In particular he spoke about the fact that everybody has a role in suicide prevention and that including stories of hope, of those who have survived, is important. Dan also mentioned a number of websites and I am including links for you: SAVE.org; Live Through This; Blogging on Suicide; and To Prevent the Attempt (for media organizations).

At the top of the show Will lets the Finance Minister, Bruno Le Maire’s, French flag fly with Le Maire’s threat to push the EU to use blocking regulations in response to Trump reinstating US sanctions against Iran in breach of the Iranian nuclear treaty. I’m excited that heterodox economists are finally being accorded a modicum of respect and space in the overall discussion around the “science” of economics.

In his block Will gets into the fracas the International Association of Athletic Federations is in over their new regulations on natural testosterone levels. Their reasoning is based on secret, unethical, and dubious research carried out by the communist German Democratic Republic which suggested that testosterone levels affect the performance of female athletes. This research can’t be repeated because dosing children with testosterone without their knowledge or consent is deeply unethical. Despite broad opposition from scientists of various disciplines, the IAAF is pushing forward with the regulations, mostly because they’re angry that Caster Semenya keeps winning races.

In my block I’m still on framing modern monetary theory (this is part 4) because how we talk about things, how we frame them, makes all the difference and since MMT redefines the art of the possible and we are still at the beginning of surfacing MMT, this is the time to set those frames well. Also, I learned a new word from Will: sado-monetarism!

As we mentioned at the beginning of the show, we will be off next week because my day job is invading my life. Until next time, many carrots to you and yours! – Arliss

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Revised! Nathan Tankus: Defending Job Guarantee

Update: The original episode released this morning did not contain the extended interview. We’ve corrected that this evening.

7 May 2018 – Job Guarantee remains the talk of the Twitter town (nest?) as well as some mainstream media. Critics have been vocal and a core of MMT thought leaders have been guiding the response to the push-back. Nathan Tankus (@nathantankus), who is a research scholar at the Modern Money Network and a terrific follow on Twitter, is among those leaders and joins us for the interview.

Will focuses in on the court case between the British and Scottish Parliaments and why that is another example of the losses incurred by the structures of norms which underlie both the US and UK systems of governments. I am on to the third part in my series on framing MMT. In this show I cover better and more accurate framing for neoliberal deficit, surplus and balanced budget memes. I think I have just one more week on framing before I hop onto another topic. Many Carrots to All – Arliss

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Inherent Contempt: Not Just Another Pretty Statute

23 April 2018 – Everyone is talking about the Comey memos and I think I’m about over it BUT I have been curious about how Congress and the Justice Department both run investigations in parallel without pulling a Nunes or embarrassingly dropping a Gowdy on the floor. David Waldman (@KagroX), who is a lawyer, Congressional procedure expert and the master of all that is Kagro in the Morning, is on the show to walk us through why it is such a mess right now, how it is supposed to be done and, in Extra Mad, he gets into something I had never heard of, inherent contempt. Between March of 2007 and April of 2008 David wrote a number of explainer diaries at Daily Kos so I have included the links here:

At the top of the show, Hopping Mad #99, we take a quick look back at how we got started and then Will continues his Big Ideas of Democracy series talking about just war theory. In my block I begin my own multi-show series, this one focusing on framing MMT.

Many, many carrots! – Arliss

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Dems Dangerous Debt Dance with Bluegal

16 April 2018 – There comes a time in every federal budget cycle when I have to find a way to talk about debt and, specifically, the Dems dangerous debt dance. This time I decided to switch things up and invited Frances Langum (Bluegal), from my favorite podcast, The Professional Left, to interview me and to provide push-back. Fran is someone for whom I have enormous respect but, like 99% of the Dems out there, she comes at economics from a purely Keynesian perspective…and that’s what I wanted. You are going to love the conversation and, I hope you find it an interesting way to get the MMT message out.

At the top of the show I refresh the information about the Rapid Response events taking place when (if) Trump does any of the following: fires Robert Mueller, fires Rob Rosenstein, pardons any key witnesses. Please go to Nobody Is Above the Law to register for the event closest to you. Our democracy cannot be allowed to go down without a fight. Also, on the day you can tune in to Netroots Radio for a live stream as events unfold.

During the rest of the show Will covers an item you may have missed on your news feed, the angry Scottish badger, as well as some of the larger issues surrounding the US/UK/French strike on Syria. I get into Mick Mulvaney’s appearance on Capitol Hill to give his bi-annual report from the CFPB. Both Joan McCarter, of Daily Kos, and David Dayen, for The Nation, covered this particularly well.

Be vigilant folks, things are getting real. – Arliss

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Trade & Tariffs (Rebroadcast)

4 April 2018 – Due to the holiday weekend we do not have a new show this week. This is a rebroadcast of a special mid-week combined Hopping Mad and Irreverent Testimony entirely focused on trade. Travis Rosen and Rachel Hutcheson of Irreverent Testimony joined Will and I to talk about the domestic and international implications of the Trump Trade Tariffs and the basics of what international trade really means. This is a deep dive into what we should all really be messaging about trade and “why trade deficit” matters not at all.

Will and I have already recorded the interview for next week, with an election law expert, and we have a lot stored-up to add to the fire. Carrots! – Arliss

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Special! Mad Testimony on Trade

8 March 2018 – This is a special combined Hopping Mad and Irreverent Testimony entirely focused on trade. Travis Rosen and Rachel Hutcheson of Irreverent Testimony joined Will and I to talk about the domestic and international implications of the Trump Trade Tariffs and the basics of what international trade really means. This is a dive into what we should all really be messaging about trade and why “trade deficit” matters not at all.

Will and I will be back on Monday for our regular show. Carrots! – Arliss

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Real Progressives’ Steve Grumbine

5 March 2018 – WOW! We had an exhilarating, affirming, healing conversation with Real Progressives founder, Steve Grumbine (@sdgrumbine) who was on with us for the whole show. Steve is a long-time MMT evangelist and activist. He also has been active and is well known in Bernie & Green Party circles. I knew, from having heard his panel at the MMT conference in Kansas City last summer, that we shared many values and virtually all objectives and that was why I was determined to have him on as a guest. Still, I worried a little bit because the Hillary/Bernie divide runs so deep among so many. What I think we all learned as we spoke, and what I hope we were able to convey, is that there is little which divides us and much which unites us. This was a genuinely remarkable show. I learned a great deal and I think you will as well.

Next week I’ll get back to talking about inflation and unemployment but this break was well worth it. Many Carrots! – Arliss

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