Economist, Stephanie Kelton, Explains How Spending MORE Is The Solution To Inflation

Stephanie Kelton, professor of economics and public policy at Stony Brook University and author of The Deficit Myth, details the economics behind supply shortages sweeping industries across the nation.
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[@driedbrainfreeze2149]

When a country is reliant on container ships, there is something fundamentally wrong with that country.

[@stephm.3407]

AMEN!!

[@davidr9589]

She's on the payroll. No mention of the problematic situation of not making ANY of your own goods!!! Greed always wins and the workering class always lose.

[@anthonytwohill9726]

@Amercan Made the US trade gap actually widened significantly under Trump and US manufacturing lost production. The numbers don't lie, but you've definitely been lied to.

[@justinmiller1118]

Yup

[@DickInMesaAZ]

@Amercan Made You should face the fact this is the result of unrestrained capitalism, which is the 2nd god of the Republican Party (after Trump).

[@jackjohnson5672]

So maybe moving domestic production plants to international ones aren't actually good for the US economy like monopolized industries.

[@jamessydnor7591]

NAFTA killed this country.... the ones who have benefited will never bring this up

[@havable]

@@jamessydnor7591 NAFTA was horrible. People really should have listened to unions and the far left.

[@jacksparrow3025]

You`re correct. Production needs to be taken back to North America. We have better human rights records and can do the same production with less pollution. Also listening to a partisan hack as an economist you're probably not getting good information on this program as you can see another agenda being pushed into narrative so people start believing in an unlimited spending economy. Unlimited spending = unlimited taxation.

[@jamessydnor7591]

Awesome point....

[@o77eh]

@@havable Not sure what left wing you are talking about... Papa Bush may have written NAFTA but it was his good and dear friend Bill Clinton who got it passed. The unions fully backed Bill Clinton in his election bid. Then Clinton stabbed them all in the back, and laughed about it as he asked and received their support for his 1996 campaign, telling them they "had nowhere else to go." His own words. America does not have any liberal representation in government or the mainstream media. We have two hard right wing parties who would be ran out of any first world country with accusations of being Nazis.

[@douglascaraballo-mahairas591]

Stephanie Kelton, the queen of MMT.

[@nathanielmendy5727]

The greatest protection against inflation, from my point of view, is the acquisition of assets since their value is adjusted to it. Unfortunately our wages do not grow at the same rate as inflation, something to take into account as well.

[@militaryunit4145]

To buy stocks and real estate, cryptocurrencies, precious metals!

[@robinelise2886]

There is a famous character *Jessica Meador Jones* . She has been making a fortune for a select few for years now. Lately, such services have appeared that allow copying the results of experts. This person demonstrates how to copy her automatically using such a service. We gotta try while the mark.

[@michealjoseph3460]

Hard to buy any "high growth" stocks with our current economics (e.g. inflation)..might look at this company if it goes down below 20 (17ish) level??

[@brunohart9744]

That’s good for you. If you don’t mind, how exactly Does this work? And how profitable have you been? I would love more info about her services. I'm not comfortable sharing how much I've made Mate, but you can look up her portfolio online. She is well known for what she does.

[@toddsotelo6016]

Amazing coming across comments about Jessica on here. Just a quick thank you to her. Before I started working with her I was down, down and downer. This year alone with her platform I have doubled my small portfolio.

[@dlg5485]

America's answer to everything: go shopping!

[@rustyshackleford3487]

Government's solution; spend more money.

[@dlg5485]

​@@rustyshackleford3487 The government's job is to collect taxes and use them to provide services. Government spending has never been the problem. Corporate capture of government, the corporate cronyism that government spends money on, and the fact the the rich and corporations don't pay taxes...those are the problems.

[@rustyshackleford3487]

@@dlg5485 I'll agree on cronyism but it simply isn't true that the rich and corporations don't pay taxes by and large. The services the government is obligated to provide are public goods - roads, military defense, justice system, etc. Nowhere in the constitution does it even hint that the government is there to provide food, clothing, shelter, medical care or retirement income.

[@Dinan5iver2]

You understand that we in the US live in an economy in which 70% of GDP is consumption, correct? One party’s spending is another party’s INCOME. That’s not an opinion, it’s an accounting identity. Currently, we live in a nominally Capitalist economy. Capitalism runs on sales. If there’s no spending within a Capitalist economy, then the economy collapses. Full stop.

[@Dinan5iver2]

The government is the issuer of the currency. An economy in which the government doesn’t spend money is an economy that collapses.

[@ChiefOfProtocol_ZW]

Globalization seems not to be working in this season 😞

[@alanbailey5621]

A dollar on main street, works three times harder than a dollar in wall street. Wall street profits at the expense of main street.

[@michaelcre8]

I don't understand the metaphor. A dollar costs more on main street because that's how credit ratings and finance work. That's how capitalism fattens from the top. Low wages don't rise with real inflation. That's how capitalism feeds on the poor.

[@havable]

@@michaelcre8 The point is that a dollar on main street gets exchanged several times by small biz merchants, each of whom pay a bill or whatever, with that same dollar. But a dollar on wall street just goes into some greedy pocket whose idea of "investment" is to squeeze a company dry of all its assets. I only think the metaphor is wrong in that it describes a dollar on Wall Street as working toward any positive purpose at all. It doesn't. Every time a profit is registered, that means a price is higher than it could be or a wage is lower than it could be. The theory of capitalism claims that under it, there shall be no profits b/c any industry seeing a profit would face sudden competition from a bunch of other firms seeking to get some. And yet, we have an entire institution, wall street, whose purpose is to distribute profits among investors. Any dollar taken as profit is a dollar *taken out of* the economy, not one put into it. So a more proper metaphor would have to describe a dollar on main street as working for you where a dollar on wall street is working against. Buy local...!

[@NickMart1985]

@@michaelcre8 Exactly. Capitalism feeds the poor by making goods cheaper, not raising wages.

[@alanbailey5621]

@@havable Capitalism is a force to be HARNESED with oversight and regulations .

[@michaelcre8]

​@@NickMart1985 Capitalism doesn't automatically make goods cheaper. Competition does that. That's why capitalists hate competition and collude with each other or buyout competitors to avoid competition.

[@rosezaz6607]

Thank you for having Stephanie Kelton- avoid for economic sanity.

[@khidr30]

Let's keep pretending this isn't about the policies put in place by the architects of the great reset

[@spongeyfishes2283]

So true

[@preciousjacob6108]

Rhymes with chasing

[@BenReillySpydr1962]

The what?

[@SeanWork]

It's a great time to go through the ol' garage and start hawking stuff on Craigslist :)

[@TrollFalcon]

From a trucker perspective, the vaccine mandate and fact that nobody wants to drive in California is making the largest difference. When you get paid by the mile, why drive in California?

[@gogirlanime6176]

That's BAD NEWS because 50% of the vegetables in the USA comes from California... jesus, we need help, BIDEN! come out of your basement!

[@marcuslawless9672]

No worries, Stay away from California, we will get along fine without you, sir!

[@TrollFalcon]

@@marcuslawless9672 ya... California looks like it's doing just fine

[@stephm.3407]

CA is doing better than most of the country. If you're afraid of a piece of material & a shot, you're too much of a wuss for CA. Stick to the macho states full of snowflakes like yourself.

[@HeyHEY-fg9rp]

@@stephm.3407 As long as the tent shanty towns have become the new normal or cognitively invisible I suppose California is fine.

[@JubilantCherry]

Increase supply and prices will come down - sounds reasonable to me.

[@independentRestorationServices]

That’s MMT for you…

[@ihategoo5776]

@@independentRestorationServices I love MMT!

[@anthonytwohill9726]

Unless Monopoly or oligopoly.

[@JubilantCherry]

@@anthonytwohill9726 Well, that depends on the elasticity of demand for a each good or service. Non-essential goods in monopolized or colluded markets will sell at higher volume when they're more attractively priced. But, I take your point. Prices for all goods will be lower in competitive markets.

[@anthonytwohill9726]

@@JubilantCherry your OP was basic, so my response was basic. Edit: so your response should have been: "unless perfectly elastic." Then I would reply: "giffen goods."

[@DAV3RAG3]

They could spend more domestically on building more here.

[@justinmiller1118]

Yup

[@hidesinlonggrass3229]

There's a CO2 shortage...?

[@maneco64]

In Weimar Germany, they also thought that more spending or money printing by the government would stop inflation! It's amazing that Stephanie Kelton is taken seriously.

[@dustydude8764]

Yes, it's like the crew of the titanic saying all we need is more coal in the boiler as the ship is sinking...

[@armareum]

The inflation in Weimar Germany was intentionally performed by German government policies in order to reduce their war reparations that was forced upon them after losing WW1.

[@coreywiley3981]

Weimar had massive debts owed in foreign currency imposed on them. They had severely reduced production capacity as a result of war.

[@Tarntydon22]

It’s not just “more spending”. it’s if you increase *productive* spending

[@2010COpall]

Couldn't help but notice that Stephanie Kelton, the public face of MMT, never mentioned the surge in the money supply over the past year, which coincided with a big drop off in the production of goods and services due to lockdowns, as contributing to inflation (more dollars chasing fewer goods). Not an expert in monetary policy, but it is hard to imagine no negative consequences when a nation's money supply is decoupled from a nations productive output.

[@dmunjal]

She hinted at it. She said the turnaround was bigger than expected. I wonder why Stephanie? Could it be because you stuffed the economy with trillions of dollars of MMT? Yes, we are already there. $4T of deficit spending financed by the Fed with no intention of paying it back is MMT.

[@affinity1]

Focus on the "fewer goods" part of your sentence. The fed govt isnt the only entity that increases the money supply.

[@affinity1]

@@dmunjal are you complaining that the economy recovered too quickly? Am i understanding you correctly?

[@clarestucki5151]

@@affinity1 It's a myth that private banks create new money. They inject money created by the Fed Res into the economy, but they DO NOT "create new money" on their own by making retail loans.

[@dmunjal]

@@affinity1 No, what I'm saying is that the economy recovered too quickly based on artificial stimulus exasperating already limited supply chains. That's why we have so much inflation right now. There is a direct connection between increased stimulus and inflation. Whether it's stocks, real estate, oil, or other commodities.

[@malcolmlklein]

Glad to see MMT and the myth of govt debt going more mainstream! Govt debt is not really debt anymore than a dollar bill is a debt. It is a note that is accepted as payment of federal taxes. The only thing the govt promises is to accept these as payment for taxes and can only be exchanged for another dollar note. Similarly, treasury bonds are simply like keeping dollars in a fed savings account. It pays some interest like a savings account, and can be exchanged for non-interest bearing notes- ie dollars! Govt doesn't NEED to Borrow that which it can print/create in unlimited quantities. We will never have a booming full employment economy until the politicians learn there is no reason to fear fiscal deficits.

[@anirudhdharmarajan2871]

The reason you ‘should’ worry about government debt is because if you have high government debt, that means there’s more money in the economy. And more money in the economy results inflation that we are experiencing right now. Record high CPI inflation, and record high house (asset) prices. MMT does not work

[@nealehardt7957]

​@@anirudhdharmarajan2871 the job guarantee with living wage is a fundamental part of MMT that hasn't been tested. We won't know if MMT works until we try it. Other explanations for our current bout of inflation may include: decades of tax cuts for the rich, high military spending, and abandonment of passenger rail.

[@anirudhdharmarajan2871]

​@@nealehardt7957 Taxing the rich to cover government expenses is one solution. But this is different from MMT. Taxing the rich, but then still printing trillions still adds to inflation. Inflation is due to high spending in general. Whether it is spending in military or spending elsewhere (stimulus spending, etc.). Spending without control has to stop to bring inflation down. The MMT experiment has failed. Printing trillions has caused house prices, food prices, rent prices, etc. to go up. Stop printing money if you want to solve the inflation issue.

[@streetscienceofficial8675]

Malcolm is that you? Oh my Gosh.. What's up Buddy

[@cattaraugustonawanda4426]

I've never seen prices go down with the exception of investments and interest rates. The price of goods and services seldom go down.

[@havable]

Acc'd to the theory of capitalism prices are supposed to go down because of competition. Supposedly we have capitalism; and therefore competition (capitalists claim a monopoly on competition tho it existed long prior to capitalism). Regardless of the proper label of our system, we either do not have competition or the competition mechanism is a charade.

[@erikkovacs3097]

@@havable Prices do go down, which was the norm before central banks printed money. In the US between 1800 and 1900 we had over 33% cumulative deflation which the central planners assured us would be disastrous. Our system is not a free market capitalist system. The private industry is heavily regulated by the government. They have no interest of going full socialist and taking over the means of production, they just want to have enough control so they can claim all the benefits for good decisions and blame the free market for anything that goes wrong.

[@chenyitube]

Cell phone prices...

[@anthonytwohill9726]

@@chenyitube I wouldn't bother. These people don't live in the real world. Maybe the last time they bought a computer or television was 1987? Idk.

[@antonyjones2773]

Price does go down when you invest in bitcoin

[@bobwinters5572]

Soave seems to be saying that the problems with the ports is that the longshoremen aren't working enough. Really? Is he a longshoreman? What is his gauge for determining what is too little or too much longshoreman work?

[@creightongerard3895]

Lol chill dude, I think he meant there aren't enough. Like they could stand to hire more Longshoreman and work 3 shifts. I also believe that Longshoreman love OT.

[@nucks2233]

it's always the workers' fault in their minds, never the capitalists

[@independentRestorationServices]

@@creightongerard3895 you’re right, Robbie’s issues are related to government restrictions and union corruption. MMT advocates for even more government and isn’t the answer

[@havable]

@@independentRestorationServices "MMT advocates for even more government" We've tried the Reagan model of "less govt" for four decades and all we have to show for it is crumbling infrastructure and a bunch of arrogant billionaires who now have all our money.

[@stephm.3407]

I don't claim to know much about longshore men, other than they make an TON of $$, it's very hard to get in the union - lots of nepotism, and they are very powerful. However, if all these greedy companies weren't off-shoring everything, our ports, and the longshoremem would be a much smaller part of the equation.

[@chasecentario5308]

I have become a Minimalist and Happy !

[@anthonytwohill9726]

Good work. Any thoughts on van life?

[@chasecentario5308]

@@anthonytwohill9726 I live in Mexico

[@mayalibre]

Govt spending on roads & bridges is a good investment. Govt spending on researching whether salamanders can ride a bicycle is not. One investment creates returns in the economy, the other doesn't.

[@erikkovacs3097]

Never underestimate government's ability spend money poorly. Even money on roads and bridges can be squandered like Alaska's bridge to nowhere or California's high speed rail between two farm towns.

[@jpierre329]

...and gov't spending on wars is absolutely moronic.

[@erikkovacs3097]

@@jpierre329 Actually government spending on wars is s way to enrich defense contractors and the politicians who sit on their boards (after they leave office of course).

[@thomasmurphy5371]

Thanks for having Stephanie Kelton on! She in fact, knows how the real macro economy works!

[@anirudhdharmarajan2871]

8.5% inflation after printing trillions. You still think she knows how the real macro economy works?

[@jcmboyle]

Wouldn't that be great if every household could just spend their way out of debt? Couple of money trees in the backyard!

[@Dinan5iver2]

If only people had the same ability to levy and enforce a tax obligation as the federal government can. Since we don’t, we cannot issue our own currency at will. It really is that simple.

[@anthonytwohill9726]

@@Dinan5iver2 I've noticed the comment sections getting stupider and more ignorant in the past year or so. How about you?

[@katiecannon8186]

Or, you know, just vote to have our government fund broad public purpose when it issues our currency, thus reducing household reliance on bank loans

[@streetcar6080]

The US government is not a typical household. It does not need to go to bank. It is the bank.

[@katiecannon8186]

@@streetcar6080 It’s the dollar printing machine 😉

[@guillermorivas7819]

One has to spend money to keep the economy going, strategically. Maybe changing what this country invests in bring about needed changes.

[@TheShawny122]

@@sirfranklloyd The treasury doesn’t work like personal finances

[@dmunjal]

@@TheShawny122 That's a simplistic and wrong answer. The only difference is is plebs have to work to create money while the Fed and government can create it with just a few clicks on the computer. One thing in common though is it has to be paid back at some point. Right now, we're paying through inflation which disproportionately affects the poor and middle class while making the rich richer. Nice progressive policy!

[@independentRestorationServices]

@@dmunjal the feds aren’t creating money out of thin air; they’re stealing it from future generations.

[@havable]

@@dmunjal "That's a simplistic and wrong answer. " The answer was short but it was absolutely right. Govt finance is not the same as personal finance. When *you* go into debt, you have to borrow from a bank. Govt has a lot more options than that. And not all of those options send profits to banksters like personal debt does. Some do, some don't. Tax cuts, the least stimulative of all stimulus types in existence, are favored generally by those who receive them or who think they will. Usually most of tax cuts go to the top 1%. Reagan's did. Dubya's did. Trump's did. Perhaps that is why they have such a lousy record as far as economic stimulus goes. Rich people can only buy so many yachts. They only have so much time to focus on productive investments, so even those who are well-meaning wind up essentially hoarding billions under their mattress. Infrastructure investment is almost always a positive. If it wasn't, no firm would ever do it. And they all do; with the exception of the vulture-capitalist hedge-fund industry who profits by hollowing out firms, raiding their pension funds, selling off their capital, transferring the profits to some subsidiary, and then, with straight faces, declaring bankruptcy and having all of their debts discharged by a corrupt judge using a corrupt law.

[@dmunjal]

@@havable I'm not against infrastructure spending but the fact you think the rich hoard money means you don't understand investing. Government can tax, borrow, or print to pay for spending. Government collects record taxes today. They borrowed $30T and all that's left is printing which creates inflation. All bad choices right now. Unfortunately, it's time to pay the the piper for decades of malfeasance.

[@jamess6656]

Money Printer Go Brrrrr, right into Big Bank profits.

[@havable]

MMT doesn't bankroll banks. You're thinking of economic crashes (banksters need buy low opportunities every so often, so they can have another round of massive profit as workers rebuild the economy the banksters crashed).

[@jamess6656]

@@havable Go on believing The Cantillion Effect doesn’t exist and Jamie D and his buddies will be laughing all the way to the bank while the working people get ripped off yet again.

[@havable]

@@jamess6656 If you think Jamie D wants MMT you're nuts. Jamie D wants the present corruption-based system to continue. Jamie D wants workers to be so poor they could *never* stage a national strike which is what his going on right now.

[@bropitt]

I've been listening to these "spend money to make money" folks all my life and nothing is ever their fault when it doesn't work

[@Xaycold]

Um it always works when spent in the right place.. why do you think we keep raising the military budget..

[@nycboogie]

Princes of the Yen

[@paulweeldreyer7457]

Yup. "We just need to spend even more...just more strategically." Sure, our massive bureaucracy is great at spending wisely.

[@user-jt7bx3ek8w]

okay boomer

[@stephm.3407]

Riigght, because trickle down has been the reigning strategy since the 80's, what are you talking about?

[@agoogleuser704]

Look at all the gold bugs in the comments 😂

[@spacemanspiffy6596]

A page from Cubas economy recovery book is what we need. Grow gardens everywhere!

[@havable]

Also, make medical school free so you can export doctors so that other countries won't believe the lies told about you by the iron fist up north who preferred you as a mobster's paradise.

[@richardj779]

Why not deal with unloading the ports. ASAP. Instead of saving it for later. Just an idea

[@anthonytwohill9726]

And who do you want unloading the ports? Do you suppose that nobody is currently doing that?

[@Howard2006]

If you understand MMT, the present increase in inflation is a test. MMT suggests that interest rates have to go up against higher inflation. If inflation continues at high rates then the bond market on the long end might be expected to address this by increasing rates and decreasing bond prices. The Fed Res will also need to react on the short duration end. MMT was fine when inflation was low but now is the test.

[@patrickbateman783]

MONEY PRINTER GO BRRRRR 💵💵💵

[@incidentalfinding2254]

How will spending more money fix inflation, when spending more money increases the velocity of money, which directly contributes to the severity of inflation? The faster all this newly-printed money circulates throughout the economy, the worse inflation will get.

[@corbinchristensen1555]

This is an interesting take that I hadn't thought a lot about, but I can actually see how some strategic spending could reinvigorate the work force and get things moving properly again. However, we're dealing with the least competent and least organized presidential regime in the history of the United States and strategic is completely out of their grasp as far as spending is concerned. I think that after hearing this, there are spending programs I would be more likely to support, but I think there are a lot of bottomless pits we're sending an unfathomable amount of money into that is doing nothing for our national or the global economies. I think we absolutely need to audit and reform our spending, but I now have a more nuanced opinion on the subject. Good video.

[@havable]

Stephanie Kelton is a great communicator. Her econ is sound as well, tho often controversial. But that is true of lots of economists. One of her great assets is her ability to communicate. I'm glad you like her too.

[@katiecannon8186]

Basic questions are: What should our government pay for when it issues our currency? Whatever it pays for is free from bank issued loans. What should banks fund when they issue loans (private debt)? What/who should we tax to help regulate inflation and inequality by removing excess government spending from the private sector? And, of course, bank issued credit money can also cause inflation. So back to asking: What should banks fund when they issue loans? Federally funded public goods reduce household reliance on bank loans.

[@justinmiller1118]

Yup, agreed 😃

[@robbyjones9813]

I fully agree that strategic spending would help and really that is part of the problem and in a way is creating the deficit problem people complain about. Unfortunately that is not likely to change as long as incentives of corperate power and wealth are driving decesions.

[@stevepest4143]

A problem I see is that the work shortage is not due to child care.

[@101pirate2]

if Ryan is not happy to be back then shoud've stayed where he was

[@janetkeen8280]

I didn't miss him :)

[@justinmiller1118]

Yeah, but we need him

[@101pirate2]

@@justinmiller1118 no we dont

[@darwishmajdi]

Please have Stephanie on more often, most reasoned economist in the world.

[@streetcar6080]

Yep

[@havable]

Robbie blames port problem on union workers when its the companies, not the unions, who dictate the hours of workers. If the companies *wanted* more workers, say to work more shifts, they would *hire* more workers. They're using this bottleneck that *they* created as an excuse to build ports where unions aren't allowed. That's what this is. Quit blaming the unions and tell the ports to hire more longshoremen so they can keep the ports open 24/7.

[@douglascaraballo-mahairas591]

"There is no financial constraint."

[@oswarz]

The conservative tried mightily to put blame on workers. Didn’t go unnoticed.

[@paulweeldreyer7457]

How so? Inflation isn't about workers; it's largely about massive spending and little output.

[@gondalfthewizard]

Robby isn't conservative

[@alexeiffel3242]

Like I said: MSM = elevator music. You guys : the Beatles.

[@creightongerard3895]

I mean I don't have a fancy economic degree like this lady, but I don't know how you get around having a fiat currency, creating $130 billion a month, telling people they can't work and then potentially introducing legislation of that will include trillions in government spending, is a good thing. Like I'm not saying I am correct, I just need some explanation as to how more government spending is not going to lead to an economic crash, but rather is going to be a good thing?

[@havable]

Here's MMT in a nutshell: if you want something to grow, you invest in it. That's pretty much it. If we want our economy to grow, we have to invest in it. The right way to determine whether an investment is worth it is to do the math: when will this investment pay for itself and how much will it cost in the meantime to borrow the money? Usually, its a good deal to invest because today's dollars are cheaper than tomorrow's dollars and that too is worked into the math. But since nobody knows what tomorrow's interest rates will be, or the exact value of a 2021 dollar in 2031, you generally have to do a bunch of equations using different interest rates and then make a decision based on what you think is most likely to happen. This is how firms decide whether and when to expand. Our infrastructure is coming apart and needs invested in. Our people are restless and need invested in.

[@creightongerard3895]

@@havable thank you for the explanation. I feel like MMT would only work if we had a finite currency though. Tomorrow's dollar is always going to be cheaper than today's regardless of interest rates with a fiat currency that is being over produced. Or am I missing something?

[@curtbalch2321]

@@creightongerard3895 you caught on instinctively to the part that made even Paul "Keynesian of Keynesians" Krugman reject MMT. As much as Krugman loves expansionist spending he correctly pointed out that MMT will collapse when investors reject the bonds needed to cover its massive programs. With interest rates approaching zero the Fed can't issue a bond with a coupon rate high enough to attract investors capable of recognizing that it's below the expected inflation rate.

[@henrygustav7948]

@@creightongerard3895 MMT already works, has been working for 5-6000 years. MMT is a description of how money has worked for 5000 years, how money works today so it makes no sense to say "I feel MMT would only work if". There is no if, that is like saying I feel like gravity would only work if... Gravity just works, its there whether we have the words to describe it or not. Also how is the Fiat currency being overproduced? Whats the evidence?

[@henrygustav7948]

@@curtbalch2321 Silly, the Federal govt does not rely on investors to buy its Treasuries in order to fund the Federal govt. Bonds are bought using previously issued US dollars created by Federal govt spending in the first place. US is not subject to the whims of investors and Krugman is as bad as Art laffer and Larry Summers and all those other fools.

[@havable]

This is great for suppliers. They get to charge twice as much without production costs going up much at all.

[@MrOppes-tl4pn]

Competence is a major factor to consider when discussing for profit businesses. Leaders within these businesses might be experts at what the business does but are just as likely to be expert at building interpersonal relationships that led to the leadership role. My point is that competence is frequently absent and so processes like JIT (where logistics and math are paramount) will have little or no solid underpinning.

[@frepi]

Shortage of Halloween decorations is a problem? Really?

[@anthonytwohill9726]

Did you trick or treat when you were a kid? Kids will miss out. This is a good opportunity to change our culture.

[@anthonytwohill9726]

When cVid hit, and the price of fossil fuels plummeted because of a lack of demand, it sent a lot of fossil fuel companies into bankruptcy. The price per unit of product was too low for many companies to stay afloat. Many oil and natural gas companies just died out. It's that simple.

[@havable]

Weird how the ticket price of oil didn't go down despite all that supposed "supply and demand" horseshit.

[@anthonytwohill9726]

@@havable yeah, very little, if any price drop at the pump during the early days of the pandemic. Just keep in mind, a gas station has to maintain a certain price because they do have fixed operating costs. Plus, gasoline suppliers to gas stations aren't exactly operating in perfect competitive. It's basically an oligopoly and often a regional monopoly. Many stations are contracted in to buying only from a specific company, like BPs and Shell stations. Kind of like new car dealerships. Basically, the whole system is garbage.

[@pattirockgarden4423]

Love Stephanie Kelton! Wish she were in the WH!

[@havable]

If we want a treasury sec who isn't Wall St we have to elect Bernard Sanders. Nobody else would do that.

[@jasseyjefferr7787]

Spend MOAR!

[@dharmadefender3932]

I usually agree with Dr. Kelton, but I disagree entirely here. Supply shocks are causing inflation to spiral. We cannot afford to spend more money. Not until the supply returns.

[@jasonmandela8028]

My store ran out of toilet paper yesterday, people are starting to buy in bulk again for the next wave of the gamma variant.

[@jasonmandela8028]

@Amercan Made Yes and this next wave will turn people into lizard people so make sure you get your supplies and hide in your bunker.

[@jasonmandela8028]

@Amercan Made AOC is lucifer on the flesh and Bernie is the antichrist

[@snowissj]

Perhaps invest in Central American for cheap manufacturing, help immigration, spread out manufacturing,….? Just a thought I had.

[@snowissj]

@Amercan Made I agree, but cheap CEOs want cheap labor to exploit, conservatives want to keep Central Americans out of America… win win in a f ed up way.

[@lukamatic8230]

my brain cells are gone

[@sguardian870]

Welcome back Ryan, great to have you back

[@nursejulie3636]

Great Depression here we come. Doesn’t matter how much spinning you do.

[@angieslovelounge6600]

Cantors !? How dare the slaves hold up and out for more money for their labor ?!!

[@stevepest4143]

Lol going to starve themselves into poverty

[@Xaycold]

People…. Governmental spending doesn’t follow classical accounting rules… we are the worlds currency we can do what ever we want!

[@AQuietNight]

As long as the world see's the dollar as valuable.

[@Xaycold]

@@AQuietNight that’s why we spend billions on our military , to make sure of that.

[@Xaycold]

@@sirfranklloyd why? How would investing in in-country production cause more debt on other countries? We would have to sell bonds that would be bought by other countries.. and also I think that by investing here for production and human capital will pay itself off in the long run.

[@MaJieMao]

@@sirfranklloyd You think American's care about other countries?

[@dmunjal]

@@Xaycold It's rather simple. We print dollars and force other countries to use the dollar system (by force when necessary) and that makes them print more of their own currency to keep currency valuations the same. That creates local inflation in their economy. That's how we export our inflation. Not possible unless you're the reserve currency of the world.

[@madbusker____9802]

Cool ryan we feel the same way 🙄🤮

[@laserbeam-fx9qv]

The great reset is panning out perfectly... You will own nothing and you will be happy! 😀

[@havable]

I'm pretty sure that is due to Reagnomics, not some 'reset'. If people wanted to have a functioning economy, they never would have voted for Voodoo Economics.

[@estebanlara3702]

I am still waiting to own nothing.

[@carmenlajoie2719]

Recouple wages to productivity, & Universal healthcare + federal job work program. ...

[@craigburghardt8604]

Walmart and Amazon's downward pressures on prices and consumer support for that have tricked through the supply chains. Downward pressures on wages they caused have made working in those supply chains unappealing.

[@estebanlara3702]

Too much of the economy in too few big companies is not good for the consumers and workers.

[@kingpest13]

F Christmas. I love my kids but they get a new bike when they need one not when the consumerism clown comes to town.

[@kantakeit2127]

The answer to obesity is to eat more fatty products. If it only jiggles a little, then it don’t jiggle enough. Makes sense. 😂

[@josephchaneyiii]

How is there a shortage of co2? Aren't excess co2 levels in the atmosphere the driving force behind global warming?

[@JamesThomas-pj2lx]

...how bout remove regulations....? Dim solutions at best.

[@atomic66]

Thrift stores are full of great stuff!

[@josephchaneyiii]

2nd point is either the guest is delusional or she is trying to pacify people's actual concerns. Maybe it's possible that she has no knowledge of China shutting vast sectors on its power grids starting with manufacturing facilities and then progressing into residential sectors. This was not done as she eludes to because of a natural gas shortage, but instead was done deliberately for being over their budgeted power consumption

[@jvhee]

Buttigieg is not an expert, he's just a failed small town mayor.

[@ptahpwi1865]

Hear Hear 100%

[@justinahole336]

Am I the only one that finds a "CO2 shortage" ironic?

[@anthonytwohill9726]

Maybe. It's CO2 in liquid form is the problem, I believe. It takes quite a bit of processing to make CO2 useable for what they're talking about.

[@steviejunior9692]

The supply chain exists for one reason: telling people to buy so that Democrats can claim their policies have improved a suffering economy. Seriously, the conversation has been centered around telling people to spend, spend, spend. It’s manipulation and nothing else.

[@estebanlara3702]

Republicans also tell you to spend to stimulate the economy.

[@clarestucki5151]

Kelton, as most contemporary economists, fail to understand that what she calls "inflation" (by which she means only price inflation), can be the result of EITHER monetary inflation OR the normal working of the law of supply and demand (reduced supply or increased demand).

[@jaredlewis8689]

Finally a show brings on an actual economist to discuss the economy

[@dmunjal]

She's an economist like an astrologist is an astronomer.

[@jaredlewis8689]

@@dmunjal That's all economists, and I'm an economics major...

[@dmunjal]

@@jaredlewis8689 There are other disciplines that make more sense and follow human action like the Austrian School. MMT works against that and is only possible because the US is the reserve currency of the world. Otherwise, every country would do it as a way to increase wealth.

[@BashiyrDouglas]

We are Global African Indigenous people!! Love and Unity is the best key for us all together!!💯 Also Giving thanks to the Great Mother's/Goddesses and Great Father's/Gods and the Ancestors and Guardians!! Saying from Snefer aka Bashiyr!!👸🏿🤴🏿

[@bropitt]

spending strategically is not the focus of the 3.5 T Bill

[@sawrasam]

outstanding and with serious interviewers

[@johndavies6152]

Economic advisor to Bernie Sanders and affiliated to the Democratic Minority - hence the soft approach to the current administration ?

[@anthonytwohill9726]

Robby, the ports are running on the weekends. Talk to a dock worker.

[@tonyc3716]

He doesn’t care, the right wing will always blame labor. They would never dare criticize the corporations who setup our current supply chains. They don’t even mention the consolidation of shipping into fewer companies and the drive to build larger container ships which can only be unloaded at LA & Long Beach.

[@anthonytwohill9726]

@@tonyc3716 Stevedore?

[@MG-yg9sp]

Oh so spend MORE $ we dont have?? SMAHT!!

[@lastfirst8437]

bahahaha 9 k views..... get rid of the corporate shill grim and maybe people will come back.

[@jsnmeadows]

I hope she's right but I don't feel like she actually answered the question. How does government spending keep inflation down?

[@curtbalch2321]

With wishful thinking and pixie dust

[@anthonytwohill9726]

Investment. Technology is especial deflationary.

[@gondalfthewizard]

She's an actual modern monetary theorist. That is disqualifying when talking about govt policy

[@Xaycold]

Why, monetary theory and government policy are synonymous.. who do you think makes money worth anything.

[@amberleegriego6051]

Why would a knowledge of MMT disqualify ANYONE from speaking on Govt Policy, that makes no sense.

[@gondalfthewizard]

@@Xaycold "money" which is basically a trading token recognized by at least two entities preceedes organized govt and has been even introduced in primate societies (they used bananas). Im not the best at explaining this stuff, but Ron Paul, or Peter Schiff, or anyone else who is a fan of austrian economics explains these concepts quite well and I suggest you check them out

[@gondalfthewizard]

@@amberleegriego6051 knowledge ≠beleiving in it It would disqualify them just like being a flat-earther would disqualify you from being a good astrophysicist

[@toddodell70]

funny, I'd say the same thing about Economist running our political polices in general. However you see the way things have been for decades in our Government. Greenspan saying we need to keep workers unease to keep prices down yet he was a 'genuis'. At least she's not yet another one giving Politicians and business to excuses to waste money and fire workers to make up the difference.

[@unwantedend4294]

I wonder who paid her to ask us to spend -_-

[@toddodell70]

Do you read? She was saying the same things years ago.

[@amberleegriego6051]

No one, she's been an academic saying the same things for decades, glad you could catch up.

[@drewskij2175]

@@amberleegriego6051 that still doesn't answer Nick's question

[@unwantedend4294]

You don't fix inflation by buying into it that just drives up demand. You Need supply to neutralize demand. Stop being blinded by tittles and think for yourself.

[@toddodell70]

@@unwantedend4294 What titles are you talking about? I think you're confusion is that the $3.5 trillion is NOT going to be spend buying houses, lumber, and other consumer goods that would directly impact the pricing. Instead it's on making changes either to the infrastructure, medicare, etc. Plus why when the Federal government gives trillions to the credit market and to banks, and buy junk bonds/bad debt of companies no one seems to upset at how that skews the markets.

[@skysharksingh]

You don’t “just fall behind” when you supply energy.

[@sawjack8961]

not one perfson mentioned the govt printing 3 trillion new dollers ... yah that had notin to do with it...

[@whitneytrigwell959]

MORE Stephanie Kelton on The Hill / Rising PLEASE!! A regular gig PLEASE!!!

[@jamesj3352]

Try talking about the ships sitting off of the coast of California and that is because of the laws California passed that was supposed to help Uber and Lyft drivers but it affected truck drivers and the union that are the other reason

[@justinmiller1118]

Why did I not see this earlier?

[@christopherhorn1161]

This woman always gets ratio'd...

[@jwholmes2]

They money they want you to use isn’t good any more. That’s the real problem.

[@lukeblanch3672]

Where’s your bike Pete?? This chick is crazy to think printing money will help.

[@amberleegriego6051]

Would you suggest less money to help the situation?

[@gondalfthewizard]

@@amberleegriego6051 yes.slash the budget. All of it. Smaller military, leave wellfare to the states. If Cali wants M4A and childcare and everything let them do it and let Texas do Texas. If Cali is better off after a while, other states would adopt those policies. Have a federal govt for courts, smaller FBI and small military

[@TheShawny122]

@@gondalfthewizard You’re under the assumption that other states would adopt those policies if they work. They won’t. We don’t do things in America based on results or evidence.

[@dmunjal]

@@TheShawny122 Your answer ignores decades of history. This country has seen dozens of recessions and economic catastrophes but in no case did we spend such a large amount of money as a percentage of GDP except for WW2. Back then, we knew the war would eventually end and spending would be reduced. There is no plan for that this time. In fact, the Fed is still printing $1.4T a year with unemployment at 4.8% and inflation at 5%. Something is very wrong.

[@bobwinters5572]

That's not what she is saying. She is saying that money should be spent on increasing production. Not an unreasonable thing to say. She said nothing about, and nothing was asked about, where that money will end up if it isn't taxed back. And the place it will end up is bidding up the prices of those things rich people call assets, like real estate and financial products, because that's where the tax code makes it end up.

[@clownsleftjokersright7027]

The addiction of consumerism?

[@justinalvarado7351]

Disaster recovery is a booming business

[@mikebigbeard3156]

Supposedly

[@havable]

"Supposedly

[@havable]

"Break it up into separate bills so we better know what you're doing" Not going to do that b/c the neoliberals would vote for the physical but not for the investment in *Americans.* They only care about 1% of Americans and that is why they don't want us spending money on them. Neoliberals & conservatives figure that *all of our money* belongs to Wall Street. Wall St is who ended the era of good jobs. Family values are completely useless. You can't eat them. And mostly all they're good for is feeding you hatred of anyone who isn't middle-class and white, and causing you to blame those same people for your problems instead of the uber-rich who have stolen all of your wealth. You're talking to a guy who threw his TV out the window two decades ago and has not looked back since, and who has never owned a cell phone and does not want to. So I fit some of your values. But you can take your churchy stuff and shove it. When something is too good to be true, nobody will believe it. *Unless* of course, the 'too good to be true part' is that you'll get to live forever. Eternal life satisfies a greed that people can't resist. But its a great big lie. The point is to get you to hand over your money and your brain to wealthy elites.

[@bellgrand]

There is no such thing as Modern Monetary Theory. They call some ambiguous collection of ideas that, but there is no distinct model or theory that truly differentiates it.

[@henrygustav7948]

There is 25 years worth of research, papers, articles, macroeconomics textbooks and other publications related to MMT. What is ambiguous?

[@toddodell70]

Great to have Ryan back though it was make little sense to have Stephanie Kelton on without him. It's fascinating how many people are shocked at supply chain issues. There's no profit in building slack into the system. Especially when the system can always blame something else for their lack of diversifying the system.

[@blakelewison9872]

The tragedy of have having to cut back a little bit on Holliday spending. Talk about first world problems. Americans are so spoiled and out of touch.

[@Q-154]

You can’t even suggest we’re (Americans, myself included) spoiled and out of touch without being crucified.

[@raymundogonzalez6450]

whay a caos here in USA> Because the ruling elite decide not to have more inventory , just buy when need it to cut costs. ( they know we gomma be poor and not need inventory to remplace merchandise ) because less demand of poor American

[@Onemore59]

13 minutes and 57 seconds of identifying and acknowledging a problem. There are Tens of thousands of minutes everyday identifying and acknowledging a problem. Then what? More of the same tomorrow and no solution and we will repeat tomorrow and the next day and the next day...

[@454slowride]

print me some of that money

[@affinity1]

Thanks for having Stephanie Kelton on! Very informative!

[@JFlower7]

This is so bizarre. I live in the Northwest and all our stores are fully stocked. Who cares about Halloween costumes.

[@jpierre329]

DEFUND THE EFFN MILITARY,,, AND THERE YOU GO, THE FIRST STEP TOWARDS A MORE SECURE ECONOMY!

[@anthonytwohill9726]

Guns and butter.

[@deraculandrac917]

Yes we need to spend where's the people's bailout???

[@russellgallman7566]

Thanks for bringing Dr. Kelton on.