31 October 2016 – Modern Monetary Theory innovator and torchbearer, Dr. L. Randall Wray is with us for most of the show in a deep dive interview on his book,Why Minsky Matters: An Introduction to the Work of a Maverick Economist (here from Princeton University Press or here from Amazon). If you have been a listener for more than a couple of weeks you have undoubtedly heard me speak of Dr. Wray. I may have discovered MMT through Dr. Stephanie Kelton but it was Dr. Wray’s book, Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, which entirely captured my imagination, gave me hope as to how we get to where we need to go and (finally) made economics make real sense to my very pragmatic mind. Still, even though this was one of our longest interviews to date I could have easily asked another hundred questions–Wray is that interesting. I think you will be fascinated.
At the top of the show Will takes just a few minutes to knock down the persistent Clinton bashing related to Honduras. People, facts matter. Really. Twitter is just loaded-up with Bros who are convinced that Hillary backed a war in Honduras facts not withstanding. …very frustrating. I take a similar ride only related to the most recent e-mails FBI Director James Comey detonated into the election, likely breaking the Hatch Act while he was at it. According to Kurt Eichenwald, of Newsweek, who seems to have an inside source, none of the e-mails involved appear to be either to or from Hillary. None of the e-mails appear to have been withheld by Hillary from the investigation. The FBI has had the laptop with the e-mails for weeks and they were told about the e-mail accounts involved in April! Director Comey said, in the bomb he sent to Congress, that he has no idea what is in the e-mails. He just thought he would blow-up the election for the hell of it!
Sadly, Will and I will be off next week. Will has an election-related job and I am, of course, busy making sure the Rabbit American vote turns out. We will be back on the 14th. Carrots! – Arliss
24 October 2016 – We don’t have and interview today due to a last minute cancellation but Will and I had a LOT to say so everything worked out as it was meant to be. At the top of the show Will uses the example of the Vauxhall automotive plant, in Liverpool, to illustrate why Brexit is creating such a tenuous employment environment all across the UK. It is incredible that people thought they could place a protest vote for something every expert was telling them would damage their economy and yet they are still stunned that companies are talking about moving their operations out of the UK.
My first topic today is bees. The decline of pollinators is continuing and the first bees have recently been added to the Threatened and Endangered Species list . They will soon to be joined there by more of their sister species. Still, through on-going research we are steadily learning how, precisely, it is that we are killing the bees and finding that many of those factors are reversible if we start now…. Two good places to begin are the Xerces Society and the Great Sunflower Project. Every little flower helps. As promised, I have included a photo of the newly threatened buff-tailed bumble bee above for your enjoyment.
Will then comes back to talk about Donald Trump’s ongoing praise of dictators. From Vladimir Putin to Saddam Hussein to Mummer Gaddafi to Bashar al-Assad to Kim Jong-un to Rodrigo Duterte – Trump respects and admires each and every one. In fact, Trump wants to BE them. Fortunately, unless he plays that sort of character on Trump TV, we aren’t actually going to give him the chance.
My big block of the day, on Audit the Fed, begins on the broadcast version of the show but is only available in full on the podcast version. If you thought Audit the Fed was about auditing the Federal Reserve then you probably got suckered in by Right to Life and Right to Work too. Audit the Fed is about Congress taking control of monetary policy…because they handled Zika so well.
Will then closes out Extra Mad talking about why Mars is where all the science is. How we move our species forward, how we survive, will in no small part be determined by how serious we get about space.
And in closing, the loss of pollinators is already having a negative effect of carrot crops. CARROTS, people! This is serious. Carrots! – Arliss
17 October 2016 – I have been talking on the show about JD Alt’s book, The Millennials’ Money, since it was still a series of posts on the modern monetary theory (MMT) blog, New Economic Perspectives. This book is that good and it’s that important. JD not only covers the basics of MMT effectively and in an especially accessible manner, he goes much further and explains why it has particular applicability to millennials and how it can be the tool they need to make the changes in the world they have been calling for so articulately. JD’s ideas for using MMT to solve some of the biggest challenges facing society genuinely made me think deeply. And guess what, there’s an app for that (or there could be.) JD is an architect by trade so his drawings, showing how MMT works, are unmatched and are core to the success of his first MMT book, the best-seller, Diagrams & Dollars. The inclusion of his diagrams in The Millennials’ Money makes the book even more useful. Perhaps the most important thing JD brings to the MMT discussion is some truly original and interesting thinking on how we re-frame the debate to make the obvious nature of MMT as apparent to everyone else as it is to us right now. The Millennial’s Money is available from Dog Ear Publishing and on Amazon.
This week Will starts our talking about the cluster bombing of Syrian civilians by the Russians. Cluster bombs are fragmentation weapons which deploy many smaller bombs and are anti-personnel ordinance on a major scale. Will then goes on to talk about so-called “New Mysogyny” and the Altright. Apparently, there are various pods of men who are so under-developed emotionally that they think women rule the world and are running a massive conspiracy to keep men down all the while being considerably less intelligent than are men. (Because that makes sense. LOL!) But these guys in the Manosphere are so far gone that they are working to repeal the 19th Amendment, which gave women the right to vote, and are blaming their involuntary celibacy (which they refer to as “incel”) on everything except their own repulsiveness. Will recommends David Futrelle’s website We Hunted the Mammoth for insight and appropriate mocking of these tiny, tiny “men.”
I start out with something you knew had to be coming, a run-down of the “achievements” of Indiana Governor and GOP Vice Presidential Candidate, Mike Pence. Suffice to say here that Pence is dangerous but unlikely to be a threat to anyone in the future as he rides off into the sunset of what will be his non-starter of a 2020 Presidential campaign. I then finish-up detailing the lies Trump told about the economy during the first debate. This does not really matter since the Trump campaign is toast but these old tropes are regularly trotted out by the GOP so it is worth putting a stake through their heart.
Remember that voting is open in many states. Be sure to vote and to get all your (sane) friends and family to the polls to do the same. A big win for Democrats will help us crush the “the vote is rigged” meme beneath our foot, grind it under our heel and then scrape it off on the nearest patch of grass. This election is the most important in decades. Never doubt it. Carrots! – Arliss
26 September 2016 – We are finally back up to full power this week and have a truly terrific interview with Alex Lawson of Social Security Works! Because our listeners already have heard me talk about the mechanics of how Social Security works, Alex was free to wade out into the weeds where the world gets really interesting. He went into a great deal of detail about the dirty underbelly that the lying liars are trying so hard to keep us from seeing when they promote the privatization of Social Security. He also recommended that we take a side trip to the link for Social Security Spotlight where the (excellent) website lays out the economic impact of Social Security state by state.
At the top of the show Will talked about the importance and joy of celebrating Bi Visibility Day. I was especially caught by his pointing out why it is that the largest group within the LGBTQ community is also the most ignored. For my opening section I was less cheerful in giving an update on the latest news from the protectors gathered on the Standing Rock Sioux reservation along the Cannonball River. Like Keystone XL before it, the Dakota Access Pipeline is an enormous environmental threat and its construction has already caused the bulldozing of burial grounds, sacred sites and the locations of historic villages. Pressure from around the world has caused the Obama administration to reconsider but the project is by no means stopped. We must join in demanding an end to this and all similar pipeline projects.
Will then really spent time time getting into the role that journalism is playing in the protests in Charlotte. That journalists have stopped operating as journalists and now are only feeding the clicks necessary to support advertising has destroyed one of the cornerstones of our democracy. When the people lose their voice, they lose hope and then where do they turn?
I spend just a few minutes talking about how banks create money and why new money is pulled out of central banks by private sector banks instead of being pushed out as is the common view.
One last note, if you haven’t checked us, ImHoppingMad, out on Instagram yet, the six Team Arliss bunnies are now there providing their own brief comments on politics, economics and, of course, carrots. Carrots! – Arliss
29 August 2016 – Will is out of town on business this week and I have finally managed to struggle back up onto my paws after six days in the hospital and way too many more in recovery at home. Under normal conditions Will and I would have tried to prepare a show in advance but it was impossible to predict that I would be hospitalized and he would have a concussion at the same time almost immediately followed by an emergency business trip. Obviously, fate is snickering at us.
Hopping Mad is a show which requires considerable preparation and, because Will and I both have “day” jobs, we fit all that in around already full days. His travel this week and my short days (work, nap, work, nap, work, nap….) made thorough preparation impossible. I have to say that when I am too exhausted to read about financial news or economics, I am one seriously pissed off rabbit. After all, who doesn’t love reading about economics at 3AM!
Will and I solemnly promise a terrific new show next week. So much has happened and we have a LOT to say about it. Seriously, last week Donald Trump had former UKIP leader Nigel Farage at one of his rally extravaganzas!!! There was Farage, “Hello Mississippi….” I think we can all safely anticipate a rant from Will on that subject.
This week we are going back to our 7th show, from last November, when Will first started talking to us about South Sudan and the Spratly Islands and I was on the so-called “budget deal” and the difference between fiscal and monetary spending. The interview was with a California educator who was intimately involved in developing Common Core standards and she is absolutely fascinating on the subject. We hope you enjoy this and we will be back with you next week. Carrots to you and yours! – Arliss
8 August 2016 – This week we had a lot of territory to cover and very little time due to scheduling issues. We have no interview or Extra Mad today but do start with breaking news on a new and unexpected humanitarian crisis. From there I plunge into Trump’s views on and utter lack of knowledge about nuclear weapons. (Be afraid. Be VERY afraid.) Will then moves on to the newest nation in the world, South Sudan, which represents an incredible opportunity missed and a sad story we will be hearing for a very long time.
Will wanted to spend some time this week really talking about several of the conspiracy theories surrounding Hillary and some of the misunderstandings/conspiracy theories which are frustrating regarding the Democratic National Convention and Committee. Will talks about the truly hideous conspiracy theory about Hillary having Vince Foster Seth Rich murdered recently. Will also, apparently for my entertainment, brings up an old theory where President Obama has ordered a nuclear attack against Charleston…South Carolina. He then chats about the false claims that the DNC rigged the primary election and I end up ranting while reminding everyone that the DNC is not a public organization and not part of the government. It’s a private organization, a club…a treehouse, and because this is the case the DNC gets to write its own rules. I also mention why I feel like Bernie delegates, to the national convention, had expectations which could not be met because they were not fully briefed by the Sanders campaign. I do feel bad that it happened this way.
I close out the show with a review on the recent report from the Independent Evaluation Office (IEO) of the International Monetary Fund, “The IMF and the Crises in Greece, Ireland and Portugal.” This is a WOW report. The IEO has provided a very constructive but extremely brutal review of the many, many failures of the IMF in dealing with the European banking crisis. The thing I am most pleased by is that so many of the things the MMT community has been shouting for years now are bourn out in this report but this is small comfort beside the gravity of the impact of the errors made by the IMF and the troika.
Will is traveling this next week but we will be back on 22 August with an all new show. – Carrots! Arliss
1 August 2016 – It is always glorious when we can have the well-known banking expert, economics wonk and blogger, Frances Coppola on the show. We were thrilled to welcome her back this week to talk about threats to the independence of central banks. We also discussed her recent panel at the Financial Times Festival of Finance where she consistently pointed out that the rise in populism expressed both through the Brexit vote and in the Trump candidacy, is all about the local.
Will and I had a lot of fun at the top of the show where he reveled in the number of GOP pundits who had to admit they loved the Democratic National Convention and I revealed what is, perhaps, the single most important polling result of this election cycle.
Will then goes on to tear into what we know (and what we don’t) about the relationships between Donald Trump, members of his campaign staff, Julian Assange, Vladimir Putin and various Russian surrogates and agencies. The word “traitor” does indeed come to mind. Seriously.
I spend my time on an overview of the economy of India, the modernization efforts and challenges and a bit about the Reserve Bank of India (RBI) including its recent upheaval. Since the soon-to-be former Governor of the RBI may very well be the incoming head of the IMF, after Lagarde steps down later this year, it’s worth getting to know a bit more about him. Rughuram Rajan is a neoliberal economist but he is also extremely accomplished, qualified and would be a much stronger voice for developing nations.
In spite of Trump, this has been a great week to be a Democrat and Will and I are still in the post-convention glow. In the next 100 days this country may well rise or fall. Let’s get to work. Carrots! – Arliss