Did you know the government doesn’t spend your taxes?
Welcome to the world of Modern Monetary Theory, a revolutionary way of decoding our monetary systems—and making them work better for us. I’m joined by Steven Hail, economist and lecturer, who explains, using MMT, what we get wrong about money, taxes, inflation and even currency. Steven reveals how the notion of states not being able to afford certain necessities—like education, health, the green transition—is nonsense, explaining how the supply of resources impacts our economy, not running a deficit. Alongside debunking a range of money myths, he also reveals the fascinating history of taxation as a means to create a citizenry and their dependence on a centralised state.
This is a technical episode, but Steven’s explanations are clear and concise, and we successfully cover a lot of ground to uncover the real relationships between governments, markets and the monetary system they swear by.
Episodes referenced include my interviews with Fadhel Kaboub, Jason Hickel and Kate Raworth.
What We Get Wrong About Money | Steven Hail