Macro N Cheese

“When you are a dominant empire like the US, economically, militarily, geopolitically, and you make bets that are exclusively based on power rather than technology, innovation, research and development, education, a growing prosperous middle class, history tells us that you will eventually fail. And that's the ugly reality.” Like most media nowadays, we seek to make sense of the confusing, contradictory, and often absurd Trump policies. So of course we turn to our best friend and most frequent guest, economist Fadhel Kaboub.Fadhel suggests that Trump has two missions: reinforcing the US imperialist-dominant position that is currently under threat, and reinforcing his legacy, the MAGA movement, and the supremacy of the Republican Party for years to come. Ironically there are even two Elon Musks in the White House: “There's Elon Musk, Twitter, and there's Elon Musk, Tesla, and the other tech stuff. The interest that the Trump administration is going to serve is not Tesla. It's going to be the Fac

This week’s episode comes from Steve’s recent appearance on The Tracy Show, where he was invited to talk about MMT with host Tracy Carson, who had some questions. Tracy: Okay, I'm going to tell you what I think I understand about Modern Monetary Theory or MMT. I'm just going to go with MMT. The federal government can pretty much generate money out of thin air.  Steve: It does. It's the only way it works. Yes.  Tracy: Okay. Okay, so I got that part right. [pause] Basically, that's pretty much where I'm at in terms of my understanding. Actually, it wasn’t the only thing Tracy understood. She knew that states rely on taxes, unlike the federal government. She knew that federal budget deficits are not a crisis. And she knew that those simple facts have huge implications for the government’s ability to provide national health care, for example, while state-based health care is virtually impossible and propels a race to the bottom. In a nation that has spent $8 trillion on war, pos

“Humanity... is at a critical moment in history where the decisions that we make could have massive, massive implications, for our future trajectory, for the future trajectory of human civilization over the next two centuries. Those decisions can either ensure that we have a prosperous millennium or that we have a disastrous one.” Erald Kolasi joins Steve to talk about his book, The Physics of Capitalism. Erald’s interdisciplinary approach merges economics, technology, energy, and ecological dynamics. He explains that science can provide facts and data about the world, but to address the challenges we need to go beyond physics. Solutions will depend on the political, economic, and social spheres. The discussion includes the flaws of neoclassical economic models, the limitations of technological innovation in solving ecological crises, and the necessity of systemic changes for a sustainable future. Erald describes a vision for a new political and economic order that emphasizes ecological stability, socializati

Crazy things have been going on with the price of eggs, especially in the US. If you think this is happening because of the avian flu, you’ve been hoodwinked. Again. Basel Musharbash, an antitrust and trade regulation attorney, joins Steve to pull back the curtain on the monopoly forces within the egg supply chain. The discussion reveals crucial and surprising information about this, um, bread and butter issue.  The episode explores the role of avian flu and how it has been weaponized by a few corporations to tighten their stranglehold on the market. With just three companies controlling crucial choke points in the egg supply chain, Basel explains how these oligopolies are not merely reacting to external pressures but are actively manipulating supply.   Steve and Basel also look at the historical context of antitrust laws and how their erosion has led to the current monopolist landscape. Once again, consumers are getting screwed by an industry whose structure is designed to

Steve’s guest is noted economist L. Randall Wray, one of the early developers of modern money theory. As many times as this podcast has talked about MMT, it’s always topical. In fact, just last week, Elon Musk discovered 14 magic money computers in government agencies! So, Trump had to hire the richest man in the world who hired who knows how many hundreds of young tech kids to discover what we've been saying for 30 years, which is that Congress appropriates money, and then the computers keystroke it into people's accounts. There's no mystery about this at all, but they think they've discovered not only something that people didn't know, but something that's, oh, it's so scary. It's nefarious that the government uses computers to increase the size of people's accounts. Well, that's spending. That's the way it's done. Clearly, this is a good time to revisit the valuable insights of MMT and look at the implications for building a society that serves its people. This episode dives deep into t

**Every Tuesday night, we gather online to listen to the episode and discuss it among friends. Everyone is invited to this community building event. Bring your insights and questions. REGISTER HERE for Tuesday, March 25th, 8 pm ET/5 pm PTSteve’s guest is Michael McCarthy, author of 'The Master's Tools: How Finance Wrecked Democracy and a Radical Plan to Rebuild It.' They explore McCarthy's analysis of financialization as a deliberate class project to dismantle working-class power and exacerbate inequality.They look at the historical shift from a robust Social Security system to a privatized, financialized pension system as well as the rise of neoliberal policies post-1970s, facilitated by monetary policy changes (anybody remember the gold standard?)  The conversation goes into the failure of both traditional and direct democracies to serve the working class.The episode also weaves through MMT perspectives and the impact of government policies. They touch on the potential of public banking and democratiz

Near the start of this episode, Yeva Nersisyan talks with Steve about leftist economists who are still wedded to the belief that government spending relies on taxpayer money. She says if an academic on the left uses the ‘taxpayer dollar’ framing, then you cannot be surprised when the right uses it too – to say they’re saving taxpayer money, cutting wastefulness, cutting inefficiency. It’s why being consistent is so important. If one side can use it, the other side can too.“It leads to the Elon Musks of the world using this taxpayer money trope to basically take a sledgehammer or a chainsaw to the public sector.” Yeva and Steve revisit some basics of MMT, including the understanding that a government is not like a household.  Our own spending doesn't really affect our own income. We'll still get our wages, we will still have that, and then we will continue consuming, but consuming less and therefore end up with more savings. But it doesn't work for the economy as a whole. Because for the ec

If you ever find yourself asking “What’s left?” you’re in good company. Today’s left is often indistinguishable from neoliberal centrism. Steve’s guests are Simon Winlow and Steve Hall, authors of the book, The Death of the Left: Why We Must Begin from the Beginning Again. They talk about the historical shifts that have led to ideological collapse, disconnection from the working class and the embrace of individualism over collective action.The conversation emphasizes the urgent need for a revival of working-class politics that transcend identity divisions and focus on collective struggles against economic neoliberalism and austerity.Simon Winlow is Professor of Social Sciences at Northumbria University, UK. A fellow of the Academy of Social Sciences, his work is particularly well known in the fields of criminology, sociology and contemporary political analysis. He is the author or co-author of the following books: Badfellas (Berg, 2001); Bouncers (Oxford University Press, 2

Control of information is a vital weapon of the ruling class in its war on the people. Critical media literacy is more important now than it has ever been. For the past year we’ve been drowning in imbalanced coverage of the war on Gaza. (How many times did mainstream news outlets use the word ‘genocide’?) It’s just one example – and it’s an outrage.   Steve’s guest is Shealeigh Voitl, Project Censored’s digital and print editor. They discuss the media’s role in shaping public perception and delve into the systemic disinformation propagated by corporate and academic institutions. While sensational inconsequential stories dominate the headlines, the voices and experiences of the working class and the marginalized are silenced. Steve and Shealeigh look at the power dynamics inherent in media ownership, reinforcing inequality and promoting working class subjugation. Passive news consumption is the equivalent of unilateral disarmament.  Shealeigh Voitl is the digital and print editor

Thomas Fazi joins Steve once again, this time to explore the current geopolitical landscape under Trump 2.0 and the absurdity of an American empire that creates enemies out of thin air to justify its ongoing military and economic interventions. The conversation touches on the implications of austerity measures on the working class and the irony of billionaires like Elon Musk advocating for cuts to government spending while enjoying the benefits of public funding via massive subsidies.With a touch of sarcasm, Thomas & Steve critique how the political elite manipulate narratives to maintain control and distract from the real issues facing ordinary citizens. They remind us of the need to critically examine the intricate relationship between power, propaganda, and the everyday lives of people.Thomas Fazi is a “journalist/writer/translator/socialist.” who lives in Italy. He is the co-director of Standing Army (2010), an award-winning feature-length documentary on US military bases featuring Gore Vida

John Perkins is a storyteller. His stories tell of his work as an economic hit man, creator of a death economy that is polluting and consuming itself into extinction. He has served as advisor to the World Bank, UN, IMF, Fortune 500 corporations, and government and business leaders across the globe. “You know, my job was pretty easy, generally speaking, because I was offering the president of a country or his finance minister, whoever, a big loan. And the fact that this loan would help him and his family, his friends – they owned the businesses in most cases – they were the ones who benefited from big infrastructure”  “They knew that if they didn't accept this deal, the people we call the jackals would come in and they would either overthrow or assassinate the President, whoever was responsible. And, you know, the United States has admitted to this over and over. Allende in Chile, Mossadegh in Iran, Lumumba in the Congo. My two clients. We haven't admitted to that o

Depressed about the state of the world? Meet podcast hosts, Dai Poole and David Kugler, who are able to talk about the depressing stuff, yet manage to have a little fun along the way. In November, they brought Steve onto Call Me Limbo because they’re interested in Modern Monetary Theory (smart guys). A few months have passed since then, and things have changed in the US.   The episode dives right into the thorny questions of divisiveness and weaponized identity politics. Anything that further divides us is dangerous, but anti-wokeness threatens the very people who are most vulnerable. The opposite of woke is sleep. Dai suggests “we've become so hyper focused on individuality that our individuality – our ‘rugged individualism’ – has just become rugged narcissism. We've gotten to the point (where) patriotism just means loving the idea of America more than loving the people that make up America.” Throughout the episode the three talk about working class solidarity and the

“We need to understand the limits of capitalism. Capitalism has serious limits in the sense that it puts exchange value over use value. And this is by definition irrational according to logic of need, but very rational according to logic of profit...  But we also need to understand that we are the ones who have produced the system. That's where the empowering voice comes out, because it says, okay, if we have created it, we can also change it.  And guess what? The system is really fragile. That's why we need austerity constantly to protect it.” Economist Clara Mattei talks to Steve about the launch of the Center for Heterodox Economics (CHE) on the eve of its inaugural conference, February 6th through 8th, in Tulsa, OK. In the episode, Clara expresses her frustration with the inadequacies of mainstream economic education that neglects the real-life challenges faced by students and communities and explains that the CHE is being designed to break down traditional academic barr

“It's a wound. Palestine is a wound that doesn't go away because it's ignored.” Where there is oppression, there is resistance. Even when it seems invisible to outsiders, it can always be found in the art and culture of the oppressed. Malu Halasa and Jordan Elgrably, of the Markaz Review, talk to Steve about Sumud: A New Palestinian Reader, an anthology of essays, poetry, fiction, memoirs, and art. Sumud is translated to mean ‘steadfastness’ or ‘standing fast.’ Recounting the work of author and human rights lawyer Raja Sheheda, Malu adds: “Sumud is practiced by every man, woman and child in Palestine, struggling on his or her own to learn to cope with and resist the pressures of living as a member of a conquered people. Sumud is watching your home turned into a prison ... It is developing from an all-encompassing form of life into a form of resistance that unites the Palestinians living under Israeli occupation.” Malu and Jordan highlight the ongoing violence

Running for office is a fool’s errand if you think you can win and radically change the system from within. But an election campaign can serve other purposes for political organizers. A campaign provides a platform, a megaphone... media attention. The process of campaigning puts you in touch with people in the community. As Steve puts it, an election allows you to “build coalitions and radicalize people.”  Jen Perelman’s need to run against Debbie Wasserman Schultz was clear:  “I knew that we weren't going to win, but we made significant strides in what my bigger mission is. At the end of the day, I just was not going to sit there and let her represent Jewish people and not stand up for Palestine.” Steve has been on Jen’s show, JENerational Change, a number of times, where he has successfully convinced her of the validity and value of MMT. In this interview we get her take-aways from her most recent campaign. She and Steve talk about the popularity of programs

When there’s an attack on a high profile (read: white) target in the US, media attention is aimed at the perpetrators. If the act was politically motivated, that fact is either used to explain their psychopathy or dismissed altogether. The December shooting death of a UnitedHealthcare CEO has had a different reaction. As soon as the news broke, public sympathy was drawn to the shooter. The American people have too many horror stories about being denied medical coverage. Jordan Chariton, of Status Coup News, joins Steve to look at the significance of this story as representation of people’s outrage against a system designed to ignore people’s needs and reward the economic elite. As Jordan suggests, Luigi Mangione, the alleged perpetrator, wasn’t just attacking the health insurance industry, he was attacking predatory capitalism. Steve and Jordan discuss events of the past few decades, the futility of traditional political avenues, and the inevitability of a public breaking point a

History doesn’t stand still, and every time we talk about BRICS on this podcast, there’s more to unpack. To understand the significance of BRICS, we must begin with (wait for it) monetary sovereignty.   Economist Yan Liang is an expert on China’s economy and MMT. She joins Steve to discuss the evolving role of the BRICS nations (Brazil, Russia, India, China, South Africa) and the increasing number of countries becoming involved in challenging US dollar hegemony and the current global financial system. Weaponizing of the US dollar has reached an all-time high. Yan explains the specific ways in which US-dominated international institutions and dollar dependency impede development in the Global South.   The episode looks at the significance of de-dollarization and its possible longterm effects. Yan also touches on the importance of technology transfer and intellectual property rights in building sustainable economies. Yan Liang is Peter C and Bonnie S K

What’s the point of understanding money if we don’t look at the power relations controlling its distribution? Bill Mitchell, a key figure in the development of modern monetary theory, is back for his twelfth appearance on the podcast, beginning with Episode One, Putting the T in MMT.  As a key figure in the development of MMT, Bill articulates how this theory fundamentally challenges conventional economic wisdom by asserting that governments, as currency issuers, are not financially constrained in the same manner as households or businesses.  This critical insight dispels the prevailing narrative that insists the government cannot afford to invest in social programs. This forces us to look not only at political choices, but the class power behind those choices. The conversation delves into the dynamics of class conflict, inflation, and the role of private banks in shaping the financial landscape. Economic austerity, rising costs, and stagnant wages force the working cla

Can you imagine granting personhood to AI entities? Well, some of us couldn’t imagine granting personhood to corporations. And yet... look how that panned out.In this episode, Steve talks with Duke law professor James Boyle about his new book, The Line: AI and the Future of Personhood. James explains the development of his interest in the topic; it began with the idea of empathy. (Then) moved to the idea of AI as the analogy to corporate personhood.  And then the final thing – and maybe the most interesting one to me – is how encounters with AI would change our conceptions of ourselves. Human beings have always tried to set ourselves as different from non-human animals, different from the natural universe.     Sentences no longer imply sentience. And since language is one of the reasons we set human beings up as bigger and better and superior to other things, what will that do to our sense of ourselves? And what would happen if instead of being a chatbot, it was actually an entit

Paul Gambles is back to help us unpack China's recent issuance of US dollar-denominated sovereign bonds in Saudi Arabia. Paul begins by setting up the historical context. He takes us back to the end of the second World War and the Bretton Woods agreement, designed to bring a new world order, putting the US dollar as the global funding currency. China’s move signals a challenge to the petrodollar system – providing nations with new avenues for financing as an alternative to dollar dependency. Paul looks at the Global South in light of China’s behavior, including the Belt and Road initiative. Its infrastructure projects in Asia or in Africa enable local countries to reduce their potential dollar exposure and instead have either equity or other exposures to China. According to Paul, this is already having effects in terms of U.S. policy and the U.S. economy. Putting the bond issuance in perspective, Paul says: I think China has indicated that it plans to issue about $