Macro N Cheese

Are you listening to Macro N Cheese on our website? If not, you’re missing the transcript and extra content that accompany each episode.    This week we welcome Professor Steve Keen for his third visit to the podcast. He talks to us about the need for a debt jubilee, rising from the insanity of orthodox economics and the very real consequences attached to that paradigm.   There's this belief which is promulgated by mainstream economics. If you read a text like Mankiw, for example, you'll find a statement saying that when the government runs a deficit, it has to borrow money from the private sector. And when it borrows that money, it puts an unreasonable burden on future generations. And that belief, I think, is the core of why we don't use the power the government has to create the money when it's necessary, as it is right now. And that belief is fallacious. The government creates money by running a deficit, it doesn't need to borrow in the first place to raise the money. It creates it by