How Do We Fix The Economy? Modern Monetary Theory, Explained | The Problem With Jon Stewart Podcast

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Economists Stephanie Kelton and Rohan Grey take Jon down a Modern Monetary Theory rabbit hole, where they learn that the Fed could actually do a lot more than it is.
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[@Pictoru2]

In case the team behind the podcast sees this, I'd like to extend my gratitude and compliments for the quality and range of topics and the level of discussion lead by Jon. Sincerely hope you will keep producing The Problem podcast for as long as possible. Thank you!

[@theysisossenthime]

I'll second this! This is my favorite podcast. They keep delivering on great engagement and knowledge sharing. Thank you!

[@tonywilson4713]

Yeah this might just be one of the most *IMPORTANT* podcasts *EVER.* I'm Australian and just like in America and Canada and Britain and all across Europe our governments are dominated by these economists. Prof. Mark Blyth (Brown U.) did a recent podcast with Prof. Elizabeth Berman (Michigan) whos just written a book "Think Like an Economist" which is about how the economists slowly took control of public policy across the entire Western World. That was kind of technical. This is like the everyman's version of how ludicrous these people are and how its just this grand game of shuffle board and numbers games where deck is rigged. They write the rules, referee the game and we lose no matter what we do. 🤷‍♂️🤷‍♂️

[@gusdehull]

@@tonywilson4713 Merci Tony for the suggestion of a podcast to help me continue understanding this subject.

[@tonywilson4713]

@@gusdehull Mark just did another one with an Italian scholar named Manuela Moschella whos got some real interesting stuff on how central banks are operating. if you track back through the Watson videos she also did presentation with a Q&A about 3 weeks ago. Also Mark did speak with Stephanie Kelton about her book "The Deficit Myth" just over a year ago.

[@theamericanopry]

@ Pictoru2 23:27 Jon Stewart just skipped over 60% of inflation is corporate greed. WTF, Jon? Wow, then Jon Stewart's "expert" just skipped over our bailout went to the top and everyone else paid the employees to stay home.

[@amygrant9434]

Brilliant! Back in 2008, I was 46, a single parent of 2 teens, and making an awesome middle class wage. I got breast cancer, then laid off in 2009. That was the last time I existed in middle class. I still have medical debt 14 years later. This system sucked the middle class dry.

[@corpsefoot758]

Anything that can be improved once can be improved again. We experienced similar hellscapes in 1920, before the labor movement erupted. Please don’t lose hope

[@KingofCrusher]

But you had that hit song Baby, Baby back in the 90's, where'd all that money go????

[@pktdbgnzwl]

😪😡

[@010aray]

Head on back to 1980 and that's where you'll find the last of the middle class. Reagan ended us all.

[@marting5130]

dont get divorced or marry an idiot. blame yourself for the failure of your family

[@Mallory-Malkovich]

It's like Jon was on the verge of discovering the emperor had no clothes, and the economist was trying to make him think the clothes were just so complicated that he couldn't see them.

[@screenarts]

Yep, well said

[@madprole5361]

Capitalism acts like a religion, they have to use mental gymnastics to keep it alive.

[@alalalala57]

@@madprole5361 Everything human is a religion. We're really just hairless apes underneath.

[@madprole5361]

@@alalalala57 more like everything human is a human construct, of which, religion is one set.

[@dannyarcher6370]

@@madprole5361 It's funny that you think MMT has anything to do with capitalism. You're the one who's duped.

[@kesa7669]

THIS CONVERSATION WAS AMAZING! MORE OF THIS PLEASE!

[@MrButtons252]

My wife graduated from college during recession, best job offer she had was $8.75 an hour. For her to work full time would be a net loss because of child care. 12 years later, we still owe $70,000 in student debt for her (after paying 60k so far on a 60k original balance) -- she finally got an entry level job making less then someone at tacobell. Even if college wasnt free, i think the interest should be set at 0%. The fact that she had some student loans with 13% interest is just predatory.

[@leona2222]

Agree 100 %

[@LouieSmithSenior]

It should be a crime to charge so much for a degree with such small monetary value to society.

[@TeamPill]

what degree?

[@erikwsince1981]

That’s not just predatory, that should be criminal.

[@ActivistMMT]

Education should - must - be free, for all, forever; from Pre-K to post-doc. If it were, then student debt would become an impossibility. To be clear, “free, for all, forever” means free WHETHER OR NOT *YOU* CHOOSE TO GO TO SCHOOL. In other words, the argument that “well *someone’s* gotta pay for it!” is, at best, misguided and wrong. All existing debt should be canceled. There’s nothing to forgive. The loans are predatory and should have never existed in the first place. So when someone says “I paid my loans, it’s not fair to cancel them”, it’s like saying, “stopping the murderer from killing more would be unfair to all those he’s already killed.” Student debt is nothing more than future punishment for daring to aspire above your station. EDIT: Free at point of service.

[@papabilby8855]

The difference is we don’t have billions to “donate” to politicians and lobbyists like corporations do. I was against paying student debt loans til I listened to these economists. We have been bailing out these crooks for decades. It’s our turn.

[@blawthomp]

Why bail out either rather than compounding the error of bailing out the crooks?

[@gaiabreeze]

Why is education so expensive? Should the public university basketball coach be the highest paid employee in the state? Should sports be the main source of income for the school's programs? And why do the athletes and other entertainers command salaries that would fund the budgets for entire towns? And all of this is about the zeros and a zero is nothing...

[@womanofacertainage5892]

@@blawthomp Because working class young people aren't crooks and deserve to start out without being buried in student debt. And the many folks in their 40s 50s and older, whose student debt increases DAILY, deserve to be out from under it after 10-15-20+ years of making income-based payments, only to have their debt increase daily. Also, few people know that when that student debt is forgiven under the existing income-based repayment programs, the borrower gets a tax bill from the IRS because the forgiven debt is considered "income" to the borrower. So then this older borrower, finally thinking they are free from student debt after 25 years of payments (the point at which the remaining debt is "forgiven" is after 25 years of income-based payments) -- owes the IRS perhaps tens of thousands of dollars in "income" tax, so they are again in debt, but to an even scarier creditor, the IRS.

[@hungryzombie6671]

I have a hard time getting on board for this. Why can't I have my mortgage forgiven too?

[@adamnagel7436]

@@womanofacertainage5892 thats really an issue with the education system in general. Colleges have a monopoly on job entry. It shouldn't be that way. That system is broken. Just throwing government money into it is not the solution.

[@brett2themax]

24:12 I think this brings up a great point John made in another episode where he questioned the responsibility of corporations and their record profit margins being partially responsible for inflation. These corporations transcend boarders and therefore touch every country in the world trading economy.

[@mcsmith732]

Partially responsible? Manufacturers just decide to jack up their prices to consumers just for thehellofit. AKA more profit. Remember Mr. Never-To-Be-Sufficiently-Damned-Shkreli, the Pharma Bro? It happens all the time.

[@chadwboyer]

@@mcsmith732 Have you looked at the Wholesalers' inflation numbers? Not one to defend corporations, but Wholesalers' is up about 4x over the the consumer price index. There is profit margin compression going on, there has been for a long while (resulting in things like shrinkflation in packaging size). Finally, under the veil of the supply chain crisis, the corporations are passing on some or all of this increased manufacturing inflation to the consumer. That is NOT to defend corporations, who are certainly, a villainous lot in general, but the bigger villain here, IMO, is the Federal Reserve printing money that is seeking some place to go. Putting their money to work, so to speak. And This is feeding the commodities super cycle, a sector that had been beaten down for a decade. THIS is what is feeding directly into the cost of manufactured goods.

[@nathanlevesque7812]

@@mcsmith732 I mean, there is also regular inflation. It doesn't completely cease to exist if we factor out price gouging.

[@platinus12]

There's also the simple fact that inflation is going to occur if people have and spend more money, but since that also raises GDP and preferably also wages, that isn't necessarily a *bad* thing. The point that was difficult for me to see, but easy to articulate, is that there is a direct connection between funneling money into profits and keeping inflation low. The rich hoard and invest, so if they get the money then the CPI doesn't go up, inflation remains low despite there being effectively way more money. Which leads to this dumb argument that social spending and higher wages is dangerous because it'll increase inflation, when that would have already happened if inequality were lower to begin with, so I guess we're supposed to just live with the inequality!

[@brett2themax]

@@platinus12 the question we need to answer is, at what point does a profit margin become unethical?

[@leadbadger9543]

12:27 This is why I love you Jon, you cover all the angles and look out for the individuals lost in the numbers game. Keep doing what you do!

[@CptApplestrudl]

This was a great discussion, the likes you will never see on mainstream media. That being said I feel like the final puzzle piece is still missing, while you scratched on it: "why are we allowing this?" And the answer is simple: "unlimited campaign contributions". As long as politicians get millions of dollars for their campaigns from billionaires and corporations, so long will they only do what their donors want. You can call it bribery, but they will tell you it has no effect on their decisionmaking.

[@kreek22]

MMT is just another communist strategy, like "diversity" and open borders and eliminating educational standards and racial discrimination for education/jobs and putting women in the military. Result: China will win the 21st century and will Xinjiang any other place it pleases to ensure Han supremacy.

[@platinus12]

As long as we start by talking about this fundamental economic issue, I could get behind this, but people love to do this the other way around. The link between politicians and the rich actually transcends both campaign contributions and lobbying; politicians are re-elected when the economy is "doing well." This entire podcast really highlights that the core issue that we *must* address is with the language and frameworks that we view and talk about our economy. There's discussions we can have with each other that kind of probe at this really weird way we've come to judge our economy almost solely through profit. It makes no sense, but people won't realize that unless we expose each other to it.

[@435h]

The lack of true understanding of the fundamentals of QE/monetary policy and fiscal policy is even more shocking in this interview than w/ Jon's earlier interview. He and his interviewees confuse and conflate these topics as if they are the same thing.

[@gking407]

@@kreek22 are there communists in the room with you right now?

[@crowdedcrow3098]

@@gking407 Ohhhh... thank you. Reading your comment made me burst out laughing, which washed away all the resentment I was feeling toward 'kreek22'. It's the kind of humor that makes me laugh every time I think of your question. Personally, I hope he's surrounded.

[@GingerPeacenik]

Hey Jon-Get Dr. Michael Hudson on your show to talk about his book “and forgive them their debts” and the history of debt jubilees. His solutions to these issues directly address your questions posed to your previous guest, and make far more sense than those of the Fed and a certain KSchwab.

[@vaughnz.8824]

I second the recommendation for Dr. Hudson. His book Killing the Host served as my introduction to his thoughts on the ‘dismal science’. Unlike most economists, he has experience beyond the study of economics, particularly that of the FIRE sector and the financialization of our economy.

[@tracyleighbasham]

Third!!

[@rickjust]

Yes but more discussion is useless unless they can do something about it , and so far it's been shown that nothing can change. Politicians are politicians because they fit that mould of psychosis, needing to hold power rather than do constructive common sense things.

[@menelikiii5004]

Tell him on twitter, I doubt he reads youtube comments

[@mikeb3947]

For that add Richard Wolff.

[@Yvaelle]

For anyone who enjoyed this and want to know more, I highly recommend Stephanie's book The Deficit Myth. It is extremely easy to follow, engaging, and eye-opening.

[@amandaflemming6205]

== THE MOST IMPORTANT ISSUE ON THE PLANET == Corporations have long become more powerful than nations. The corporate media agenda is to misinform and misdirect the public of what is really going on. For this reason far too many people have no clue what is going on, and they don't even have the ability to recognize that they don't have a clue. -- Let's examine one such example, do YOU know HOW MONEY IS CREATED? -- You should ALL know this. The step by step process of money creation is easy to understand, and should be taught in elementary school. The fact you DON'T understand how money is created should tell you EVERYTHING about how the Corporate and Banking elite, and their pawns, think of YOU and your family's proper place in society. To them YOU are worthless cattle. Money creation IS THE MOST IMPORTANT ISSUE on the planet. It is the key issue behind all wars, all poverty. And yet the public isn't allowed to know about it? You need to seriously reevaluate what you think is reality. And that includes knowing who is lying to you. ==== This is how the money is created (in the vast majority of country's on the planet, including the US, Canada, England, and Australia). The first thing to recognize is that only 3% of the entire money supply is printed or coined. This printed or coined money is backed by treasury bonds. That's a good thing. The treasury bonds are sold at market. This is where an organization like China can "own part the US" or we are "in debt to China." But that's ownership of a puny fraction of the 3%. How many of you were rattled when told that the US owes China so much? Why? ANYONE - even your aunt Millie - can buy T bonds, they are a stable investment. So 3% of the money supply is rather stable and in relatively good shape. But that is ONLY 3% of the money supply. It's the other vast 97% where Fractional Reserve banking techniques come into play, introducing fraud into the system. Here are the details of money creation in a Fractional Reserve system (used by most countries on the planet). 97% of all money is created when a bank provides a "loan"* to a person, business, or government. * As will become obvious, banks don't actually loan money. Instead they facilitate credit. ----------------------------------------------- You might think that banks simply act as intermediaries, taking in the deposits of "savers" and lending them to borrowers. This is a myth. That myth, even though it makes perfect sense, is NOT how it works. Instead, when they make "loans", banks actually create new money, ex nihilo (out of nothing). This money exists solely as blips in a computer. This is how the money supply is expanded. ----------------------------------------------- Whenever anyone gets a "loan" from a bank, the process goes something like this... 1. Before signing the "loan" document, the money in question does not exist. 2. Upon signing, the money is created by keystroke and placed on the bank's books as their asset. 3. The bank then transfers "the funds" to the person's account, as 'credit'. 4. The bank then charges interest for the life of the loan. THIS IS THE SCAM. BANKS HAVE NO JUSTIFICATION FOR CHARGING INTEREST ON MONEY THEY DID NOT PREVIOUSLY OWN. Doing so breaks the legal requirement called CONSIDERATION. Technically, banks do not LEND money, instead they FACILITATE CREDIT. In addition, they charge interest without actually creating the money required to pay the interest. The result is that there is never enough money available to pay off all debts. 5. Eventually, all the money finds its way back to the (owners of the) banks. If there were no debt, there would be no money. That is, the size of a nation's debt is a (imperfect) measure of the size of the economy. =================================== JUST TO CLARIFY, when you get a loan from a source that is not a commercial bank, let's say your grandfather, the money he is lending you ALREADY exists, whether in his account or his pocket. He is therefore JUSTIFIED in seeking an interest payment for use of his money. The money of ALL loans from commercial banks, however, does not EXIST until the loan documents are signed. Only THEN does it pop into existence, as CREDIT. Banks therefore are NOT justified in seeking interest for money for which they have no claim. Technically, banks do not LEND money, instead they FACILITATE CREDIT. Btw, to 'facilitate' is, by definition, to help commit a crime... =================================== Only 3% of the money supply, essentially the currency or cash (money that is printed or coined) is backed by valuables, typically the country's Treasury Bonds. The other 97% of money exists as blips in a computer, is backed by nothing, and gets its value by taking it from the rest of the money supply. . None are more hopelessly enslaved as those who falsely believe they are free. -Johann Wolfgang von Goethe . Although there are more detailed explanations, this concise 15 minute video explains the fraud. kzbin.info/www/bejne/mnO7mpp6bL-rnMU . The source of the above information comes from the publication, MODERN MONEY MECHANICS - A Workbook on Bank Reserves and Deposit Expansion published by the US Federal Reserve Bank of Chicago. You can find a pdf download using the following link... en.wikisource.org/wiki/File:Modern_Money_Mechanics.pdf . Here's an additional reference. Money Creation in the Modern Economy, published by the Bank of England www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf If you wish for more detail, here's a scientific study of the money creation process currently use by all banks under the global BIS cabal. Can banks individually create money out of nothing? - The theories and the empirical evidence www.sciencedirect.com/science/article/pii/S1057521914001070 "credit creation theory of banking"

[@brucehitchcock3869]

@@amandaflemming6205 Thank you for this . Excellent job.

[@yourgameisstupid]

And total BS.

[@-._.-KRiS-._.-]

@@yourgameisstupid Care to give some examples of total bullshitedness?

[@monetbeck7015]

@@amandaflemming6205 A brilliant summation of money creation!!! Too bad not all have the education or even the cognitive ability to comprehend this information.

[@PaulaJoW]

Jon, please don't ever underestimate yourself. You are one of the most curious and engaged persons. Great conversation!

[@cleanitup_pls7893]

Jon you and your guests really pulled back the curtain on US Monetary Policy and the 'system' that makes sure the benefits start and end at the top of the corporate food chain. I feel it is must watch for everyone who wants to be enlightened.

[@bluecrossmovement5324]

If you think that something, you really need to see the video titled resources: the battle for independence, on the channel that I’m commenting from now. It is 30 minutes but it not only pinpoints the predatory nature of capitalism, its also a feasible plan to reverse it, and a campaign for potus 2024

[@charlenef7138]

As soon as "everyone" gets enlightened to how the game is played - the corporates "change the rules" (in the autocracies the intellects and education itself get undermined and are the first to be stopped so a slave way can continue). then the society is fed a false narrative of the "them against you" when truth be told the society has levels of debt slavery that everyone but 1% is trying to get out of as hard as he/she can.

[@PropheticShadeZ]

its good to keep in mind these policies arent new, the evidence and the fiscal policy being used like this has been proposed for decades, this has been blocked politically

[@TheVoice010]

It’s sad that 87% of America, will never hear this conversation…smh…This is Life changing information being dispatched right here..

[@icouce]

MMT is bullshit. Fiat currency that can be easily manipulated by governments, is the problem. Inflation and currency collapse is always and everywhere a monetary phenomena. Part of the problem is we don't live in a capitalist system. We live in a fascist system. I find that most people online have only a vague idea of what the term "fascism" means. They generally associated it with racism, white supremacy, dictatorship, and perhaps with killing a lot of Jews. Below are the contents of Mussolini's Fascist Manifesto. I'll bet dollars to donuts most of today's "liberals" agree with the overwhelming majority of the fascist agenda. Individual liberty is the only radical political idea in human history. Bee-hive socialist conformity is as old as China. The Manifesto (published in Il Popolo d'Italia on June 6, 1919) is divided into four sections, describing the movement's objectives in political, social, military and financial fields.[2] Politically, the Manifesto calls for: Universal suffrage with a lowered voting age to 18 years, and voting and electoral office eligibility for all ages 25 and up; Proportional representation on a regional basis; Voting for women (which was then opposed by most other European nations); Representation at government level of newly created national councils by economic sector; The abolition of the Italian Senate (at the time, the Senate, as the upper house of parliament, was by process elected by the wealthier citizens, but were in reality direct appointments by the king. It has been described as a sort of extended council of the crown); The formation of a national council of experts for labor, for industry, for transportation, for the public health, for communications, etc. Selections to be made of professionals or of tradesmen with legislative powers, and elected directly to a general commission with ministerial powers. In labor and social policy, the Manifesto calls for: The quick enactment of a law of the state that sanctions an eight-hour workday for all workers; A minimum wage; The participation of workers' representatives in the functions of industry commissions; To show the same confidence in the labor unions (that prove to be technically and morally worthy) as is given to industry executives or public servants; Reorganization of the railways and the transport sector; Revision of the draft law on invalidity insurance; Reduction of the retirement age from 65 to 55. In military affairs, the Manifesto advocates: Creation of a short-service national militia with specifically defensive responsibilities; Armaments factories are to be nationalized; A peaceful but competitive foreign policy. In finance, the Manifesto advocates: A strong progressive tax on capital (envisaging a “partial expropriation” of concentrated wealth); The seizure of all the possessions of the religious congregations and the abolition of all the bishoprics, which constitute an enormous liability on the Nation and on the privileges of the poor; Revision of all contracts for military provisions; The revision of all military contracts and the seizure of 85 percent of the profits therein.

[@brianhill3837]

@@icouce finally someone said it. We have to fix the system that inflats its currency bye printing money, that only has value because we are THE global power. If or when we lose that and CB around the world dumps us dollars, it's over

[@Eternalspring22]

That just means we who have this gospel need to spread the word and fight for all of us.

[@Hodenkat]

This discussion nearly brought me to tears imagining how much good COULD be don't, almost overnight, but for the will of government. And by "will of government" I'm talking about the ownership of our government by capitalist interests who refuse to give up their money train so the average, struggling worker can have a decent life, healthcare, retirement, and protections against the ravages of old age.

[@Stefanitza27]

That’s how I’ve felt the last 15 years since I stumbled across Warren Mosler one of the originators of MMT. In that time I’ve pondered how to come up with a way to interest more people into learning about this concept that as a society we can ‘afford’ ANYTHING that there are actual resources for. What I came up with was the seeds of a concept for the following co-op: Lift all boats Co-op: I’m looking for help in refining and coming up with a good sales pitch for this concept. I truly believe it could be a monumental game changer and has incredible potential!!! I’ve been shocked that nobody else apparently understands the ramifications of this idea!!! I know it needs work but I thought for sure there would be a few people out there that would be up to the challenge of really helping with this! I get a few thumbs up but nothing concrete, so very disappointing! 😟 I have gotten encouragement (and a sanity check) for this concept from two prominent MMT economists: en.m.wikipedia.org/wiki/John_T._Harvey and denison.edu/people/fadhel-kaboub My idea is to do an end run around the powers that be by using strategy and the advantages of modern technology. I propose creating a co-op of successful capitalist entrepreneurs that makes capitalism work for the 99%. WE would MAKE them successful using a team of salesmen, investment managers, credit repair services, accountants, etc. Instead of trying to wrest the wealth and power from the 1% why not create ripples of ever increasing wealth within a co-op that works by helping all others in the co-op continue the growth of wealth for themselves and each other. This depends on postponing the costs of profits and externalities (much like the wealthy do) to the point where the CURRENCY CREATOR is manipulated into covering those costs! With just a few people investing very little to start I would like to start with green MLMs (Multi Level Marketing) using a computer program to identify which members buy and sell to whom, sales would be done FOR the members by a team of professional salesmen. (I’m not wedded to MLMs, we could use other means of circulating money amongst the members) Once the initial group proved it can be successful we could actually crowd fund others to join, making it very advantageous to become a member. This is a concept for a wealth building co-op that is meant as a tool to strategically shift small amounts of money between members at as high a velocity as possible and pooling the money in the hands of a segment of the group until that segment increases their income/creditworthiness (using their available credit for investments to eventually attain a livable passive income). Repeating this through all segments of the group ever increasing the overall ‘creditworthiness’ of everyone, which manipulates the CURRENCY CREATOR (the government - through the banking system) into providing the profits for all and covering the externalities, by kicking the can down the road enough that the growth in GDP from our co-op manipulates the federal government into covering those costs, and as the creator of the currency they are the only segment of the economy that can always afford it! As more and more members achieved more and more financial clout just imagine what they could accomplish socially and politically!

[@tracyleighbasham]

💯

[@madprole5361]

"The rich will never let you vote their wealth away."

[@medleyshift1325]

@@madprole5361 No one even wants the rich to stop being rich, we just want the workers to get some of the money they literally can't spend fast enough, and the ultra mega wealthy people have the audacity to tell us that we need them to be rich or everything falls apart. I'm skeptical that we won't be able to find a way.

[@madprole5361]

@@medleyshift1325 no, you capitalists don't want that, us socialists do. Stop reinventing the wheel just to continue to mindlessly justify the existence of capitalist exploitation.

[@sway2382]

Thank you for having this discussion- that economist interview had me screaming mad. THESE ARE THE CONVERSATIONS WE NEED TO BE HAVING!!!

[@sean_alexander]

Keep it up Jon. This could be your legacy. You will start to feel pressure from all corners. The best way to fight that pressure is to get other social media influencers to follow this path. At some point when everyone is talking about this injustice, the pressures won't work.

[@deadwingdomain]

His daily show was better. But whatever gets you here...

[@JasonWho]

I can’t put to words how important I think THIS follow up video is for this issue. Enormous thanks, and gleefully unsurprised that it was Jon who would do this.

[@loturzelrestaurant]

OH, IF THERE WAS ONLY SOLUTIONS TO BIG ISSUES Like Homeless People and No-Knock-Raids or Drug-Overusage or Such-and-Such. Oh, if KZbinr Some More News only had come up with really good Solutions.

[@JasonWho]

@@loturzelrestaurant you’re embarrassing yourself by turning my comment into what it isn’t. Jon has a massive reach on the left and “center”, getting this discussion on his platform is one more big step towards these solutions

[@slevinchannel7589]

@@JasonWho Seeing how no one did what youre accusation says, it’s kinda you who embarasses himself by trying to accuse and trying to shut-down the talk and whatnotelse. Stop being such a child. Talk or dont talk but dont say someone embarassed himself when he clearly did not

[@randallgregerson4761]

I am immediately sceptical when a subject is referred to as "complicated." If economic policy is not utilitarian enough to benefit society as a whole, it is a failure.

[@squishmastah4682]

You should also be skeptical of those presenting idealistic "solutions" to complicated problems. The happy medium where the truth lies will both make perfect sense and avoid manipulating emotions.

[@TheSandipDev]

Differential calculus is complicated too. Does that make it a failure?

[@ericarmstrong264]

@@TheSandipDev Thanks for that. I was searching for a counter-example!

[@digitalperson108]

It is only complicated because those manipulating the monetary system have made it so. It has fully been constructed to serve the biggest and the wealthiest, both industries and individuals.

[@TheSandipDev]

@@digitalperson108 no its not. Just because you don’t understand something doesn’t make it a conspiracy.

[@carlospadilla1642]

Holy cow! What an amazing discussion. This video should be played in every finance course across the country and part of getting your finance degree would be to solve the problems brought up in this discussion.

[@humboldthammer]

Discount the Debt -- it's not worth the paper it's printed on, either. "THEY" had a chance in 2008, but "THEY" refused to take the 40% LOSS. Trump offered it to them in 2016 -- but by then, it was a 60% LOSS. "THEY" threatened to 'take care of' Trump. Today, it's 80% -- and "They" still refuse to take the loss. Great Re-Set on 09/23/26.

[@philipStClair-mm4jq]

Share everywhere!

[@JStack]

As someone who’s spent way too much time since the 7 trillion QE backstop during covid researching MMT, it was so nice to see you have these two on and explain clearly that it’s not impossible to just redirect our 1.5 trillion in QE a year to infrastructure and investing in our people, rather than investing in the international stock market for the wealthy

[@mutton_man]

That's for the treasury to do not the fed. It's the treasury that decides where to spend the money. When the fed does QE all they are doing is swapping your treasury bond for money. So if you have $1000 in bonds and you exchange it for $1000 in dollars your net wealth has stayed the same. Only difference is the $1000 financial asset that you own no longer pays a coupon anymore because nothing is paid out on dollars.

[@arthurmontana8791]

Jon's such an incredible genius. Watching him do his polymath-thing is a precious phenomenon. It's like watching an historic figure, like Mark Twain, in the flesh! Jon has 472K Subscribers for The Problem With Jon Stewart. In a year, he'll have 4 million, and the world will be better for his success. Jon's a man who uses his brilliance to help us all understand TRUTH like few others; making even the hardest truths evident in an amazingly amusing way. Jon has earned a very well-deserved fortune; the reward for his decades of educative entertainment. He could be hanging out, relaxing, traveling the world by private yacht. Instead, he's back in the trenches for the benefit of the public. Thank You Jon Stewart!

[@humboldthammer]

In 1604, after the sign of the supernova, the Navigator plotted the woman's escape to the wilderness -- the Virgin went to Virginia. The dragon followed, and by our Civil War, was entrenched in both Church and State. Final judgment for the devil and dragon is 10/12/26. They fully expect to absolve themselves of blame. by proving Mankind Unfit for God's Kingdom with WAR. "After all," the devil argues, "Jesus, Himself, tried to teach these beasts to love one another 1,992 years ago -- almost two full days in Heaven. Surely, the Ancient of Days will judge Man at fault. Or Jesus. Not Me." The devil is delusional -- Daniel 7: 9-14 -- but over 93% of men and women are nearly deaf and blind spiritually. That's NORMAL. It has always been this way. Epochal Eclipse April 8th 2024. Don't stare at the sun. Matthew 16: 4 Jonah 3: 4-5, 8 Jonah 4: 11

[@crghyz]

You make an interesting point. It comes to mind when I ask my Obama cult friends where's Obama in terms of helping us address climate, inequality, world peace? Oh, I'm told, you're asking too much! He gave us eight years as our president. He deserves his leisure, his Hamptons estate, Wall Street honorariums and podcast royalties. Am I expecting too much?

[@humboldthammer]

@@crghyz Obama -- "One of these days, we will have that conversation about marijuana. In the meantime, which Biblical Principles are you Republicans talking about? -- The Sermon of the Mount? 'But I say unto you Love your enemies. . . " hint: ewes borrowed ALL those trillions for war, and ewes are STILL borrowing trillions for war.

[@arthurmontana8791]

@@crghyz Barrack gave a great deal to the nation at a time when his children were quite young. I get the sense that Michelle is wearing the pants now. I'm not sure, but I don't think Jon is married. It can make a big difference.

[@crghyz]

@@arthurmontana8791 John is married. Think about Jimmy and Rosalynn Carter's post presidential activities compared to the Obama's. One term versus two doesn't excuse the difference.

[@sherazade82]

Exactly. Spot on. Thank you for bringing this up, Jon. Regarding how they regulate wages and not profits, one possibility is make higher profits face higher taxes and also another option is putting a cap on the gap between the CEO total income vs the lowest wage earner.

[@madprole5361]

The capitalist class wouldn't allow that to happen.

[@marcoanello891]

Yours are excellent ideas, but who will enact them? Republicans certainly won't. Moderate Democrats won't either. Only Progressives would attempt to do so, but they need our united support in order to hold the rich accountable.

[@madprole5361]

@@marcoanello891 and the "progressive" (social) fascists always defer to the "moderate" fascists who defer to the individualist fascists. Aka the ratchet effect.

[@UlaanBaatuur]

Don't know the last time this kind of discussion was so good to hear.

[@thebeardedlady76]

Thanks so much for following up on this! I heard the original conversation and thought I’d stepped into the twilight zone. I’m not an economist, but I can usually follow macroeconomic conversations. But I couldn’t make heads or tails of the economic double-speak. Today’s guests were refreshing- and refreshingly honest. Jon has articulated so many of the questions I’ve had for years now- and able to bring them to actual economists who then are willing to be honest about public concerns and needs. Thank you again, guys!

[@sandram.5666]

Same!! I have a baseline understanding of finance so I fell for his double speak and obfuscation and assumed I just needed more knowledge on what he was saying. I’m glad people called out the bullshit.

[@435h]

The lack of true understanding of the fundamentals of QE/monetary policy and fiscal policy is even more shocking in this interview than w/ Jon's earlier interview. He and his interviewees confuse and conflate these topics as if they are the same thing.

[@thebeardedlady76]

@@435h So what is it that they need to understand that they don’t?

[@435h]

@@thebeardedlady76 For one, what the actual difference is between monetary policy and fiscal policy…

[@aef]

@@435h The fact that people think that actual macro economics were being discussed is amazing to me. They focused only on social issues.

[@Epok17]

Every working class American despite their political affiliation should watch this. The government is afraid for us to know how this works.

[@tracyleighbasham]

BINGO

[@madprole5361]

If we know how capitalism works, we might become socialists and they can't have their power threatened. Lol

[@Epok17]

@@madprole5361 maybe the rich should stop looking like a 3 course meal lol.

[@madprole5361]

@@Epok17 I hear capitalist thighs go good with bourgeois sauce.

[@peterwhitehead1173]

So incredibly happy you had these two on! I’ve been following MMT and Stefanie Kelton for a couple of years and can’t figure out why more people and platforms aren’t supporting and promoting these conversations. Highly recommend “The Deficit Myth” to all my fellow laypeople out there. We are living in an Emperors Clothes mirage universe and need a paradigm shift!

[@kreek22]

You only understand a subject if you can argue both sides. What's your anti-MMT argument? Or has it no downsides, no risks?

[@henrygustav7948]

@@kreek22 How is there a downside to understanding how Federal finances and the economy really work? How can education have a downside? What is the risk in learning how Banking, money, federal finances and macroeconomics work?

[@kreek22]

@@henrygustav7948 Who are you responding to?

[@henrygustav7948]

@@kreek22 to you. I don’t understand the downside to learning how govt finances work.

[@kreek22]

@@henrygustav7948 MMT is *one* theory of how economics works. There are other theories.

[@christopherquattromusic]

"The collateral damage of Capitalism" Well said.

[@420JackG]

That's still some grade A Pollyanna bullshit. Brutality is a necessity if one seeks to subjugate.

[@mtn1793]

The unintended consequences of business as usual.

[@ocox8659]

We no longer have free market capitalism in the US, we have a form of fascism where the Federal government attempts to centrally plan the economy in conjunction with a cabal of banksters, mega corporations and oligarchs.

[@gingerhitzke9185]

I am so happy that Jon is back!!! He is a National Treasure and I have been missing his voice since he left the daily show.

[@Eternalspring22]

You’re like good wine, getting better with age. Brilliant series of discussions on the markets. Preach more please! We need this. Thank you!!

[@jakejake7289]

100%

[@archone3301]

It's so obvious what Stewart did here. He had an economist on who couldn't explain things well and kinda sounded like a nutty professor. Then Stewart brought in 2 economist who basically agreed with everything he said. Dude, it was so transparent.

[@TM-yn4iu]

@@archone3301 Not a challenge to your comment, but rather a request for specifics. What specifically do you have information or data that presents a true or substantial difference of what was represented here - rather than jibberish or common "this is stupid" rhetoric. Wish you the best, not a challenge.

[@deadwingdomain]

I didnt need Jon. But welcome to the debate, finally...

[@rasaecnai]

This channel upload full podcast! Jon Stewart still has it. It's not a comedy podcast obv but goddamn we learning important stuff here.

[@shermane8840]

So much more clear. You ask good questions and how we can do our own research !

[@philipvipond2669]

I love how incredulous he is. He's basically saying, "The interest of capitalism is capital?? WHAT?!" But he always does it with a straight face. I think it really speaks to the people who have just never questioned why this system is the way it is.

[@icouce]

You live in a fascist system, but a capitalist system. I find that most people online have only a vague idea of what the term "fascism" means. They generally associated it with racism, white supremacy, dictatorship, and perhaps with killing a lot of Jews. Below are the contents of Mussolini's Fascist Manifesto. I'll bet dollars to donuts most of today's "liberals" agree with the overwhelming majority of the fascist agenda. Individual liberty is the only radical political idea in human history. Bee-hive socialist conformity is as old as China. The Manifesto (published in Il Popolo d'Italia on June 6, 1919) is divided into four sections, describing the movement's objectives in political, social, military and financial fields.[2] Politically, the Manifesto calls for: Universal suffrage with a lowered voting age to 18 years, and voting and electoral office eligibility for all ages 25 and up; Proportional representation on a regional basis; Voting for women (which was then opposed by most other European nations); Representation at government level of newly created national councils by economic sector; The abolition of the Italian Senate (at the time, the Senate, as the upper house of parliament, was by process elected by the wealthier citizens, but were in reality direct appointments by the king. It has been described as a sort of extended council of the crown); The formation of a national council of experts for labor, for industry, for transportation, for the public health, for communications, etc. Selections to be made of professionals or of tradesmen with legislative powers, and elected directly to a general commission with ministerial powers. In labor and social policy, the Manifesto calls for: The quick enactment of a law of the state that sanctions an eight-hour workday for all workers; A minimum wage; The participation of workers' representatives in the functions of industry commissions; To show the same confidence in the labor unions (that prove to be technically and morally worthy) as is given to industry executives or public servants; Reorganization of the railways and the transport sector; Revision of the draft law on invalidity insurance; Reduction of the retirement age from 65 to 55. In military affairs, the Manifesto advocates: Creation of a short-service national militia with specifically defensive responsibilities; Armaments factories are to be nationalized; A peaceful but competitive foreign policy. In finance, the Manifesto advocates: A strong progressive tax on capital (envisaging a “partial expropriation” of concentrated wealth); The seizure of all the possessions of the religious congregations and the abolition of all the bishoprics, which constitute an enormous liability on the Nation and on the privileges of the poor; Revision of all contracts for military provisions; The revision of all military contracts and the seizure of 85 percent of the profits therein.

[@thst_bot5368]

@@icouce I’m a MMTist There is no capital as there is no private ownership. This is a function of currency issuance Have a good day

[@adidas2684]

Many people never question why it is the way it is because it's all we are ever taught in school. Especially in the US. The whole system is taught in a very vague, yet positive, light. It's basically drilled into kids heads that "the US is the best in the world" in regards to everything. Economy. Military. Education. Scientific and technological innovation. Everything. So only a relative few people think to question whether or not there could be something better. After all, what could possibly be better than "the best in the world." I really praise the evolution of the internet in its ability to bring people together and expose truths such as the US isn't the best in the world. I think maybe the millennial generation may have been the last to really unquestioningly gobble up everything taught to us in school because we didn't have access to instant globalized information. Now days, kids can research these topics with ease and learn that there are better options. Maybe nothing perfect that solves every issue, but options that could bring our society to a better place as a whole. I am hopeful that future generations will continue to question why things are the way they are and can they be better. I am hopeful that they will see the change that we want now, but may not be able to achieve.

[@daebak7370]

@@adidas2684 schools dont teach you how to think but what to think. The system was designed in such way for the majority to be enslaved by debt while the "masters of the system" and elite reap the benefits off the toil and labor of the everyday man. How they did this is by controlling every sector/facet of society and manipulating those beneath w/ monetary gain and deception. Their network is vast and they operate in secrecy. Jfk alluded to this. Tge fact msm never dares to cover this should tell you who controls the msm outlets. The beauty of internet it allows for the quick dissemination of wide ranging information for ppl outside of the sphere of institutions to research themselves and find a community of likeminded ppl and interests/hobbies. The age of grace aka church age is soon coming to an end. World govts are colluding together at the expense of their own citizens to usher in new world order. New world order led by obama and pope francis is coming. America is the last major bastion of freedom standing in their way to fulfill their one world govt agenda aka antichrist beast system. America will be under martial law from this covid agenda and will be invaded by russia and china in near future thanks to treasonous us govt. Repent and seek jesus christ for salvation.

[@Rnankn]

@@daebak7370 But then why are you telling people what to think, instead of how? And if everyone is enslaved by debt, how can America be a bastion of freedom when it has the most debt? And if you support freedom, then why attack the people who succeed at getting to the top? And is the sphere of institutions manipulate people, why do you trust the institution of the church? And how can America be invaded with the guarantee of using nuclear weapons to defend the homeland? And if the network of “them” is so secret, why is it discussed so widely by you and your friends? And if governments are colluding against their citizens why do you support republican governments? What’s so bad about the world govt being run by obama and the pope? That sounds kind of charming - they have such similar agendas.

[@chytstorm]

Jon actually understands more than he gives himself credit for. He's right that our national debt is a currency that holds value like any other currency or commodity. The only thing propping up it's value is the world's believe in the US monetary system. Not the economy, the imaginary monetary system.

[@konradyearwood5845]

and to think a large proportion of Americans as so poorly served by Carlson, Hannity, Ingraham et al. Mind you, this discussion is twenty thousand metres above the heads of the average Fox viewer.

[@peggysmiley1053]

That’s almost like confusing out economy with the Stock Market.

[@carjaune6793]

Sorry. The "imaginary monetary system" is connected to taxes, and, from there, to the state's monopoly on violence. The puzzle has at least that extra piece.

[@cs21uncc]

The more you stimulate the bottom the top loses value… and they don’t want that

[@konradyearwood5845]

@@cs21uncc actually the more you stimulate the bottom the more prosperous everything becomes. The problem, I feel, is those at the top get fixated upon maintaining an imaginary differential that makes no sense. The man at the top gets an additional billion on top of their already 10 billion but will begrudge the poor sap at the bottom of the food chain increasing their lot from $30,000 to $40,000 because that is a 33% increase. Give the guy at the bottom that extra $10,000 and productivity will be such that the man at the top can get an additional two billion but they will never see that as making business or economic sense.

[@jones1351]

It's a plus to see the lights come on for someone like Stewart. He still has a large audience. Mainstream media pretty much dumps on this, every chance they get.

[@davidmacdonald7791]

They'd sooner give airtime to a fascist than a lefty economist.

[@havable]

@@davidmacdonald7791 Remember when they said that Bernie winning NV was like the Nazis invading France?

[@StratusBlue]

Do not pretend. Obama used the platinum coin line too. Every politician understands the theft or is too stupid to even look at it. The theft of 100 times the value of the planet should, OF COURSE, not be paid off. It should be prosecuted as theft which resulted in mass murder. To counterfeit is death. In the USA it is Congress which must prosecute counterfeiting. ONLY Congress MUST originate money.

[@aquietwhyme]

@@davidmacdonald7791 They (the major news networks) DO give more airtime to fascists than lefty economists.

[@CC-fn4ch]

This topic is the link for bringing the country together. Educating people about the way our economy works (or doesn’t work) is really the key for unifying the vote.

[@torval10]

Please make this topic into something like a monthly series. Keeping a spotlight of this feels like the only hope for positive change.

[@loturzelrestaurant]

OH, IF THERE WAS ONLY SOLUTIONS TO BIG ISSUES Like Homeless People and No-Knock-Raids or Drug-Overusage or Such-and-Such. Oh, if KZbinr Some More News only had come up with really good Solutions.

[@peterhooper3391]

YES! Please continue this! And NOT from the point of view of mainstream FED and Treasury, or for that matter, corporate America.

[@terrycurtisd4111]

Absolutely

[@ndrklerz2178]

Of course, he'll do that. When he has time, he is such a busy man managing his vast business empire of selling gas to socialists.

[@lizlandweher4939]

Wow! Very informative. American corporations are bastards!

[@josearaujo8616]

Jon, you are the best. Keep on the good work Stephanie

[@bobf5360]

yeah, it would be nice if Jon would actually let her talk and finish any goddammed statement. Its great he has brought these two on, but how about actually LET THEM TALK...especially the woman, who Jon interrupts constantly. Good work recruiting guests Jon- now just STFU for like 60 seconds.

[@3MonkeysGarage]

Finally hit on it near the end. You cannot increase the money to people without the "Sellers" seeing potential for more immediate profits. You can't give student loans without the mouth watering on the side of Education pricing. The only way to control both inflation and increase the standard of living for everyone else is to control the profit margins. And that is across the board. Including Health Care, fuel, food, education, everything. Now, how do you polish that economic policy goal into digestible legislation and tax laws? Please continue.

[@billybigwig1154]

Great work you are doing Jon!

[@jaybev1619]

Hear me out on this: John Stewart needs to run for President. He is incredibly well researched, intelligent, holds counter-argument well and can keep larger swaths of people engaged. He certainly is better read on our Constitution than the previous reality show star

[@alexlollar3293]

You s.o.b, I'm in! Jon Stewart 2024!

[@jaybev1619]

@@alexlollar3293 if he could do for some constituents like he has done for 9/11 survivors of the 343...its a win for 'murica

[@tarajoyce3598]

So good, so good I'm going to have to watch this a few times. Economics, new interest.

[@computertooter]

Thank you so much for having Stephanie Kelton on your show! It was great! That's all. Just thank you! Bonus that you got Rohan Grey too! Both are power houses in the world of MMT.

[@aimeecleverly9722]

This was much needed brain candy. I knew parts of this (unlimited printing of money) but had difficulty understanding debt/currency vs. treasuries. Thank you for explaining all this in layman terms. I'd love to hear this type of discussion (economics) interwoven with psychology and the background of poverty and crime. All of these topics, all of these problems are part of one big spiderweb that intersects in middle. There are such simple solutions out there but it feels like laws and policies are made to specifically to keep the inequality gap. Our governments (laws, policies, and regulations) make it so confusing that the average person has a difficult time understanding it. In a lot of areas of government, you essentially have to have a background in law to make any sense of it. When most people don't understand something, they often shrug their shoulders and walk away. This is why activism comes and goes in waves. People just give up and go grab a coffee instead.

[@tewodroshagos5477]

Thank god Jon is back.

[@jv373]

I would love to see an episode like this around why it seems so hard to tax multinational companies that hide their money offshore.

[@carlosoruna7174]

Answer is easy. There will always be a country that will take less corporate tax. Ireland ring a bell also the fear of loosing corporate headquarters.

[@fpuig1]

Brilliant!!! I wish there was an ask, a request, that viewers share this episode with friends, family, and neighbors. It is that important and not to much to ask. When something this vital airs there should be goals established and techniques for measurably increasing the number of views. Great job, Jon!

[@saberur66]

This is an amazing convo especially with the flashbacks to the previous podcast. I would say that what was overlooked in this discussion is when Stephanie said that if we had the votes for higher fiscal spending on social issues we would have the money. It sucks it’s that simple but that the reality

[@thomasalexander8907]

We don’t have true inflation we have price gouging. Inflation is a specific economic phenomenon caused by particular circumstances which do not currently exist. These companies are not passing on cost to the consumer they are jacking up prices because they can and that’s it. They are making astronomical profits which is not what happens with inflation

[@GlassThirdEye]

Most of the people that got the stimulus didn't run out and buy a new TV. They paid their rent and bills. The idea that the stimulus caused the inflation is ludicrous.

[@1MarkKeller]

Facts!

[@nivvy19]

the excessive money printing causes asset price inflation. look at the housing market.

[@GlassThirdEye]

@@nivvy19 only when money is printed for average people though right? It's fine if we print money for corporate bailouts. Give me a break. That's just an excuse.

[@1MarkKeller]

@@GlassThirdEye Exactly, greed from the top is fueling this inflation. Squeezing blood from a turnip at every turn.

[@beckythronson2391]

I was on the verge on losing my home during pandemic. Im on disability and the stimulus check helped me pay the back taxes on my home. The money just went back to the city.

[@ninja1antelope]

One of the greatest videos on the current economic disaster in America. Thank you so much for including us in this great discussion.

[@random-ms2vu]

Thank you for all your efforts here! I share in the frustrations and glad to see you helping us tackle this.

[@tyglam]

The highest roll of humor is to make the darkness seem less scary. Thank you for being a light in the darkness John.

[@rini6]

I love Jon’s perspective. He thinks like an outsider and about what people actually need.

[@alexlollar3293]

Jon Stewart for president 2024

[@deadwingdomain]

@@alexlollar3293 hard pass.

[@deadwingdomain]

Steve Grumbines discussions are better...

[@alexderbez]

I read “Lords of Easy Finance” and really opened my eyes to how the history of American policy really set us up for difficult and unmanageable choices

[@jrvhomeinspections]

I recently heard of MMT and Kelton on the podcast UNFTR, which I highly, highly recommend. I bought her book and it reads just like this episode. It uses plain language that an economic chimp like myself can understand. Much respect to JS for having this conversation.

[@erikkovacs3097]

I recently read Thomas Sowell's Basic Economics.

[@rossrainwater5619]

Many Thanks to Stephanie Kelton and Rohan Grey , These are the Honorable People we want in our in our Schools and Universities. : Articulate And Thorough. Always Liked your Comedy and sense of Irony, Intelligent and Nuanced... Jon Stewart, Thankyou for educating our People.

[@dannywindham3295]

I agree with you 1000%

[@TheConsoleHacker]

This is indeed one the better videos covering some of the problems in economy that I've seen recently. I've come away a more enlightened person on some aspects I feel like I've always known about, but could never quite explain.

[@henryclinton9317]

There might be an economical turmoil but there is no doubt that this is still the best time to invest.

[@wilsonjudson1650]

Best time to invest? thats funny though because in the last four months I have lost more than $47,900 in stock market which is the biggest I have loss since I ventured into stock investment.

[@henryclinton9317]

you could be right or wrong depends on your expertise, I once made such loss when i invested thinking i have gathered enough trading skills from youtube videos

[@henryclinton9317]

now its a different ball game for me because I was lucky to have met "TERESA JENSEN WHITE", a financial manager and stock expert, I have made more than $165,000 in 6 weeks under her supervisions.

[@dorissteve912]

Really? people are cashing in from the stock market and frankly speaking its comforting seeing someone admit to the fact that they actually seek help from professionals. please how can i reach TERESA ?

[@henryclinton9317]

search her name on the internet to reach her

[@TheJoannalicious]

Excellent discussion. This is the kind of talk shows that should be on main stream media. It feels so infuriating that CEOs only care about their stock price.

[@naveennandigum8630]

I dont know that we should expect anything else from ceo's. To me, the problem lies in what we allow them to do based on our government and laws/regulations. Just one viewpoint, surely there are others. I read Professor Stephanie Kelton's book The Deficit Myth, I recommend everyone do so, she also has a newsletter. She has been invited a small handful of times onto some msm channels recently, surprisingly.

[@harrymortellaro8074]

Loved the video. Great to see people talking about this as I have since the seventies. After all my research I came up with the four games that describe all human activities and here they are. 1. Pyramid scheme. 2. Shell game. 3. Hot potato. 4. Musical chairs. See if you can make the connections and add more games if you think of them.

[@rileyhoffman6629]

Monopoly.

[@robertunderwood6788]

Risk

[@machopicchu]

We need more people like you John Stewart. Good job; keep up the good work. ¡Muchas gracias!

[@sandollor]

Jon Stewart is our generation's Johnny Carson. Thank you, Jon, looking forward to more of your show and for voting for you in the future.

[@paulstuart132]

Johnny was great, but Jon goes way past what he did.

[@Esuper1]

We need more of this. A part of my mind just woke up and is mad as hell.

[@dannywindham3295]

You should be mad we have been lied to for the past 45 years about how our economy actually works. Lied two by mainstream media politicians and lying economist

[@kimbercole2438]

Me too!

[@dannywindham3295]

@@kimbercole2438 please tell other people if enough of us get mad as hell maybe we can change things.

[@dannywindham3295]

@@kimbercole2438 oh and by the way you might want to read Professor kelton's book. The deficit myth

[@kimbercole2438]

@Danny Windham I will thanks. A great time to band together and refuse to pay high gas prices would be now. There's no reason for prices to go up - jittery old white men drive up the prices - and we fools pay it! We should demand that rising prices on shear speculation and pearl-clutching should be treated as price gouging. I'm pretty sure the oil/gas guys can handle keeping pricesY at the pump steady and normal. So they won't make a billion dollars off us -- maybe only 800 million. I think they'll survive it. Seriously- I'm tired of picking up the tab1 for billionaires and then paying double when they get nervous!! If Ukraine can do what its doing right now then we should be able to stand together in support of them. Just make big oil eat the cost... not us. Slava Ukraine! 🇺🇦

[@zachjohnson5818]

Fantastic convo - Thank you Jon & Team for this excellent and insightful economic discussion!! YOU ROCK!!

[@JohnTLyon]

The series of John's podcasts on the stock market, the Fed, and MMT left me gobsmacked. What I came away with is that corporate greed is fueling inflation. All debt and loss is passed on to the consumer.. i.e., me.

[@MWorsa]

Corporate greed/loss is always subsidized by the consumer/tax payer.

[@peggysmiley1053]

And every time someone blames any problem on “supply chain”, if it were truly investigated, the real cause would be greed (or incompetence)!

[@JohnTLyon]

@@MWorsa Just once , I'd like to see them accept their own losses.

[@treesap2]

Remember that everyone is telling the story with their own bias. Don't just take whatever they are saying. That being said no doubt there is a problem with short-term thinking which may have a circular effect with interest rates and central banking policies.

[@bernpri7580]

I got those points too but what I came away with was that there's other people like us who find hope that we can actually change this system for the better and we just learned how we can make it work in this Podcast

[@kimbercole2438]

I was licensed by the SEC/NY &NJ to sell insurance and mutual funds and this was the most informative thing I've ever heard. Thank you!

[@evolusd]

Great convo! Jon is like a fine wine that gets better with age.

[@peterwest323]

Not sure how this video dropped into my recommendations but it provided some interesting listening as I worked on my porch rail today. It looks to me that most of John's confusion about some fairly basic economic truths is he totally lacks any understanding of capital theory. Not sure the economists did a very good job of stressing it either, which led to John not understanding why the same stimulus applied at different points along the production process will have very different outcomes. I'd recommend he read and understand three books: A Market Theory of Money (by Sir John Hicks), The Economics of Control (by Abba Lerner), and Pure Theory of Capital (by Fredrich Von Hayek). Understanding those texts would surely eliminate John's confusion and allow him to refine and strengthen his arguments.

[@fleebertreatise1063]

Great comment, thank you. I want to check those out. Never heard of capital theory (at least not that terminology) and I've been perusing the internet on economic topics for a while.

[@stevekristoff7901]

Thank you, Jon. Great discussion.

[@katherinerabenau7240]

Thank you for a wonderful, brilliant conversation. I would really love to have more people talk about the deep and depressing reality that poverty is expensive. It is so expensive that it becomes impossible to escape and it is not accidentally expensive. Those who profit by extorting the poor are intentional profiting on the pain of those who are less fortunate. Those with wealth can purchase - and pay for with no interest - quality products that have a longer life span, while those scraping buy on fumes can afford junk which is not that much less expensive, but has a short life span that means the poor will often still be paying off a piece of junk long after it has outlived it's intentionally short life span. I'm so grateful that you are back, Mr. Stewart. You are brilliant, and can point out and discuss ugly realities without ever being unkind.

[@paulcernava7091]

It starts at the education level companies like Goldman Sachs send top executive's to MIT to becomes professors and teach a system that will benefit only the top and at the same time lobby DC to allow the changes. Gambling house's and banking that can't lose and make it so complicated to understand that even for our best regulators get lost in 2008 AIG kept the top accounts and paid them millions in bonuses to try and fix what they created .

[@randalldean4133]

this is the single most cogent video I have seen with my eyeballs in 61 years. This should be required watching in high school.

[@---Tre---]

It's real funny how the media doesn't talk about global inflation. But freaks out about our minor price increases that can be mostly attributable to corporate price gouging.

[@-._.-KRiS-._.-]

I've noticed certain types of media keep talking about gas prices as if that is the most important thing a consumer can buy. It's much easier to figure out an alternate way to work than it is to figure out an alternate way to have a roof over your head.

[@Jesus-kt5dc]

@@-._.-KRiS-._.- *The reason they speak about gas prices is because people feel it and see as they fill up to go to work. Also we need fuel in order to move goods that includes food.*

[@zeke2408]

Nice Interview! Thank you for covering the MMT.

[@SwestPhotos]

Thank you for talking to Stephanie Kelton, she should be in charge of US government spending.

[@jillionairess]

I was a college financial aid counselor for years. Anybody who applied was approved for a GSL and got one (or four!) and never ever did we show them a schedule of payments. And I approved a lot of loans for noncitizens who took the money and ran. The entire system is flawed.

[@rcreative1]

In 1982, I took econ in high school and the textbook said that supply side economics had been proven not to work, so we could ignore it. And yet, we're still talking about it 40 years later.

[@ricardoterrazas]

This podcast should be called “the solutions”

[@gregorylay3333]

This only reinforces my opinion that Jon Stewart should run for president.

[@0o0ification]

I really like that this original conversation got a revisit. I mean, Jon is correct that a nation-state could just print money to buy debt and help solve that debt-risk problem; but, the consequences of those actions needed more perspective to allow people to form the best, informed decisions on such a fiscal spending plan. The Fed has a duty by law to create money in the USA, but the Fed is not authorized to appropriate spending (e.g. infrastructure), which is a power reserved to Congress. Printed money, spent on debt, is not out with citizens for spending, but it still invites inflationary loss of currency value, which does impact everybody's savings and purchasing power. ("Printed" used in an allegorical way, in our modern, technological world, for alliterative purposes.) However, keeping the same funds locked up in huge private savings accounts creates a contrary problem, and that's the lost purchasing power of inactivity, once considered at the same time of all the people using that same currency. A Keynesian cornerstone is the circulation of economic spending for prosperity, and savings gluts are circulation poor. Of course, a savings issue is often framed as a monetary problem of small accounts growing larger, capitulating to the previously wealthy. As for responsibility, corporations are held accountable to fiscal policy benefits just as citizens are: taxation. The point made about monetary policy oversight is also insightful, in that the Government gets publicly checked twice for fiscal and monetary policies, whereas the money being loaned by banks is not in the public consciousness regarding inflation when people go to vote.

[@ryanowen1118]

I love this! I got in an argument and was called a socialist. I asked if they thought our military should be a private for profit corporation.... No. I asked if they thought our roads and bridges should all be owned by private for profit corps... maybe with a subscription payment to use the roads... No.... They still didn't get it.

[@havable]

Under pure capitalism, everything is for sale. Even people.

[@420JackG]

@@havable it's almost as if a liberal democratic society is just a transitional phase that leads directly towards fascism, or something.

[@HarryPainter]

Yes, roads and bridges and even the military should be private and for profit. Very few capitalists will admit this because even they are inundated with socialist assumptions from the cradle.

[@ccornell7337]

@@HarryPainter They already are, the companies who build the equipment/infrastructure and provide some of the services are making a profit. I'm sure no greater profits are possible, other than by just not giving two shits about the satisfaction/safety of the people who use them is possible otherwise I'm sure some finance assholes would already own all the roads and be bilking us there too.

[@myturn1274]

Thank you to everyone who made this conversation available to me.

[@spanosspanos]

JS is staring MMT right in the face, and hasn’t realized how much he already gets it. So glad this interview was done, the KC Fed interview was MADDENINGLY frustrating.

[@RickyLopez123]

I’m so glad MMT is starting to make the rounds again. Hopefully it can keep going and we can start to make some changes in this country.

[@jasonnug]

I really appreciate this conversion. It's important. BUT I really wish they would discuss the ACTUAL meaning of Modern Monetary Theory and how it explains this situation and WHY there is such a disconnect between them and the established thinking... Not only is government money printing/spending OKAY (specifically at the consumer level) but it's NECESSARY for the economy to function with ANY government backed currency. There is no money to spend unless the government prints it. The "deficit" is THE money supply. I would highly recommend the show get Warren Mosler on who is kind of the godfather of MMT and excellent at explaining the core concepts and I feel like it's really needed to understand that concept before we can even START talking about what we want to do with monetary policy and fiscal spending.

[@andrewhopkins3397]

Are you saying consistent printing/spending is necessary or just initially? My take is that it's just necessary initially - that you could have a fixed money supply. The actual money supply only impacts prices and relative distribution. I'm personally a proponent of moving to a wealth/property tax with a balanced budget. Effectively have a fixed money supply. Any innovation would be deflationary (as it's supposed to be) and this approach could (though not necessarily) lead to more even wealth distribution.

[@mutton_man]

@@andrewhopkins3397 the money supply should increase over time, or I should say net financial assets should increase over time. To be in inflation rather than deflation. If you keep your money supply fixed and the population continues to grow, it be deflationary. A deflationary environment will also cause people to hoard money because it's means that your money will buy more in the future. You can get into a very nasty spiral. To the government money is just a tool to move and acquire resources, not to be hoarded. Why would they hoard something that they creat. It's all about the real resources. It no good trying to pay off the national debt because you will taking that money out of the hands of the private sector. What have you gained? Nothing. Instead should be spending the money of to acquire real resource. Do we need more doctor, can subsidies their tuition fee to drive more students into medicine that will ultimately bring the cost of healthcare. Do we need more cheap energy? Then build those nuclear power stations and renewable energy sources which will ultimately bring down the cost of energy. These are real resources. Paying off the national debt or keeping a balance budget will only hold back the acquirement of real resources.

[@JasonGolden79]

I founded my first company because of the issues raised in this video. For the last 3 years we've been working quietly to develop a path that enables more people to find success using corporate intelligence on the local level. Business Intelligence for everyone.

[@AR-sn2rg]

This is fascinating! It reminds me of an episode of the Freakonimics podcast where they go over “the power of the keyboard” that we have to simply create more money at the stroke of a keyboard. It all just goes to show that money is real, but also imaginary.

[@mtn1793]

The stroke of a keyboard is worthless if the writers don’t honestly read the results of their work.

[@bashful228]

money is a promise or promissory note or an IOU. there's always an entry on both sides of any given balance sheet when it's created, be it by the federal government or a private bank.

[@UserName_no1]

Granted, this is just an overview of how the Fed works but I think that this ought to be a required curriculum for anybody who wants to participate in voting. After all, we require anyone who wants to exercise the privilege to operate a motor vehicle to take a test that they know what the rules of the road are. We can call it the Jon Stewart School of Driving the Economy.

[@nates9105]

Yeah we... dont want to require something like that. Something similar was done for Blacks in the south during the Jim Crow Era and we dont want to enable this. The only way is to enable understanding by installing this in k-12 or even expanding the time one requires time in schooling before voting. Or even enabling everyone to go to post k-12 cheaper or for free.

[@hollywoodclark9578]

Free educaion. New skills! New ideas. DIY. Lift me up!

[@DumasMoran]

There's so much more to MMT and the solutions that stem from it. This podcast could have been a full Rogan 3hr discussion, and I'm sure Kelton and Grey could have "tagged in" others, like Pavlina Tcherneva to talk about the Job Guarantee, and Warren Mosler to break things down to atomic levels for understanding. As it was, though, I really enjoyed Jon's grin at Rohan's comment at 45:43. 🤣

[@taddytass4318]

Randall Wray! I also like John T. Harvey the "cowboy economist"🙂

[@corpsefoot758]

Hear, hear!

[@andrewtorrens7790]

What didn't seem to be mentioned when talking about inflation is that a lot of it is corporate greed, and corporations unnecessarily raising prices to drive inflation because they want to perpetuate this myth that we can't help the general public without disastrous fiscal consequence. How many corporations have inflated prices while also reporting record profit margins? They often brag that when costs went up by 1 cent they raised prices by 50 cents and blamed it on workers and supply chain. I remember researching the Kellogg's strike, and meeting all the worker's demands would increase their costs by 1-2%. Meanwhile they took in a 10% increase in profits. How did they do this? By significantly raising their prices and blaming it on supply chain issues and the strike.

[@madprole5361]

That's just the logic of capitalism. Smaller capitalist businesses aren't better, and often worse.

[@nowba33]

Jon Stewart is a genius, he asks great questions.

[@suchetabijoypuri4279]

Only Jon Stewart can make me study. I can now write an essay on MMT. Thanks Jon!

[@MrOliverwoods]

The re-set to inequity happens one way. Taxing wealth and lowering the 1%’s share of the loot. It goes back to Marriner Eccles in the 30’s and the ills of concentrated wealth.

[@-._.-KRiS-._.-]

Are we basically repeating what happened 100 years ago in the 1920's and 30's? We truly have a short attention span, don't we?

[@corpsefoot758]

@@-._.-KRiS-._.- Greed is a powerful motivator

[@nicholasmaione5694]

Jon, loved this video. More of this please. Suggestion if you may allow me to give is splice the interview together. It was clear at a certain point that everyone was getting mentality tired. Take extended breaks. Sometimes you need to give the interviewee a moment to digest what was said and come back with “I rolled that idea around and you know this is how it could work”. I think we would have gotten SOLUTIONS if you just gave everyone a couple break sessions to have a cup of coffee, brainstorm and come back to the table with a proposal design of what needs to happen. It started off great but then went in a few directions and I think it was hard to sum up the solution to the problem…..which is why you did this video to begin with was to try to simply what the feds try to make complicated. But you ended making it a bit foggy in the end because everyone looked exhausted and they lost their spark.

[@rosezaz6607]

Keep up the thread John. One of the most important. Thank you.

[@exquisitane233]

These are great conversations. But honestly, they just make me feel hopeless. It comes down to "just doing better." People in the positions to enact positive financial change just need to adopt better priorities. However, this ignores the fact that these positions are unamenable to the change we want. Of course we could do better. Its not impossible to provide people the means to live a just life. But they, the legislators or whatever financial people with some authority, don't want the change. They prosper from the status quo. Those that don't are in such a minority that they cannot do anything meaningful or lasting. Hell, we can barely talk about these issues. In reality, we need to foster a critical mass of citizenry that demands the necessary financial changes. Yet we are so divided and self-interested (I would argue by hegemonic intent) that we're unable to exert the necessary social pressure for change. This isn't a matter of thinking about the right solution but mobilizing and enacting those reforms. Unfortunately, from the present state of our country, I don't see that happening anytime soon.

[@roshaneaso7681]

There is nothing wrong with the desire to better ourselves, but when it comes to our sanctification, it's a done deal. We are saved, by grace, sanctified by grace, and kept by grace. The good news is better than they think.

[@kreek22]

In a fair world, the average American would be much, much poorer. Average wage in the world: $4/hour. Average in America: $30/hour.

[@exquisitane233]

@@kreek22 average wage is irrelevant especially compared to the difference in cost of living and what we are capable of providing if we actually prioritized decency over bs excuses

[@kreek22]

@@exquisitane233 Well, just as Americans have a higher cost of living than Indonesians, so do the wealthy have a higher cost of living than the poor in America. Virtually all Americans are spoiled, overpaid, over-welfared--rich and poor alike.

[@marciamakesmusic]

We came up with capitalism because it was better than feudalism. Capitalism won't last forever.

[@story3877]

Masters IS the new bachelor's degree. I have a master's. In 2004 when i graduated with it, i was considered for adjuncting at a community college and was even eligible for full-time positions that opened. By the time one opened (2013) masters degrees were worthless. During 2007 a ton of people went back to school and everyone got a MA. Suddenly you needed a PhD to teach freshman writing. I left teaching shortly after because I was downsized. They went on and on about how i was a great teacher and worker and they hated to lose me, but they had to take my 28k a year to help balance their 3m of debt from building a dorm we didn't have the population for, or need. 5 years later my husband and his best friend (had a PhD, my husband has only a master's) were downsized as the college culled 20 full-time professors and gutted their entire humanities program. You can no longer learn a language at that school. Many of those let go were tenured professors with PhDs. Of the 3 i knew well, they all left the field because there were no jobs out there for them, even with 20 years experience, publications and a freaking PhD. There are too many applicants for just one job It's wild how much we over saturated the market and how all the colleges cared about was getting that money from the students. Getting them a job afterwards, unimportant. To wrap up this rant, it reminds me of my father back when I was in undergrad in 1999. Neither of my parents went to college. They graduated school, and got well paying jobs back in 63. They sent me to college because I wanted to go, they weren't entirely sold in it but mom was really hopeful for me. My senior year my father constantly gruffed about how it was unbelievable that the college wouldn't help me find a job. They would help you build a resume but that was it. No assistance with placement, or references (other than few professors who loved and pittied me). I just remember his exact words, "she owes them 30k and they can be bothered to help line her up some interviews? What exactly did we pay for." What indeed.

[@RadChild13]

According to David Graeber's debt the first 5000 years, the reason there is a resistance to just doing a Biblical Jubilee to forgive our debt, is because the idea that we must pay our debts is religious in origin.

[@madprole5361]

Yep, though Jon is a liberal so he'll never give a socialist anarchist professor the time of day, unfortunately.

[@RadChild13]

@@madprole5361 I'm a liberal and I gave him the time of day. I think its more likely that john just doesn't know who david graeber was. John probably also doesn't know that you need to ask an anthropologist about debt to fully understand it, because economists don't actually understand Why they treat debt the way they do.

[@madprole5361]

@@RadChild13 after reading him, what keeps you to continue to identify with capitalist, liberal, oppression?

[@RadChild13]

@@madprole5361 liberal is a nuanced term. What your referring to is classical liberal or neoliberal. i'm a progressive liberal. I don't like capitalism, I just accept its the economic system we have and its basically impossible to replace from the top down. I believe that we have to reform the government to create the conditions where workplaces can become democratized, without being crushed by private capitalist's business's.

[@madprole5361]

@@RadChild13 "progressive liberal" is an arbitrary buzzword for a US liberal stuck between regular neoliberalism and neoliberalism with a smile, aka social democracy. Not much need for nuance here. All forms of capitalism are inherently oppressive. Capitalist reformist concepts have 1-200 year failure rate and are literally the top down approach. All its done is give the capitalist class and state more.