{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"#163 L. Randall Wray: Breaking Banks - The Fed\u2019s Magical Monetarist Thinking Strikes Again","description":"Patricia and Christian talk to award-winning economist and author of \u201cMaking Money Work For Us\u201d Professor L. Randall Wray about how central banks use [checks notes] *vibes* to \u201canchor inflation expectations\u201d, why it keeps failing, and what might work instead.    Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https:\/\/www.patreon.com\/MMTpodcast     Order \u201cMaking Money Work for Us\u201d by L. Randall Wray: https:\/\/www.amazon.co.uk\/gp\/product\/B0BDCS46BG\/   Order \u201cMoney for Beginners: An Illustrated Guide\u201d by L. Randall Wray: https:\/\/www.amazon.co.uk\/Money-Beginners-Illustrated-Randall-Wray\/dp\/1509554610\/   Order the Gower Initiative\u2019s \u201cModern Monetary Theory - Key Insights, Leading Thinkers\u201d: https:\/\/www.e-elgar.com\/shop\/gbp\/modern-monetary-theory-9781802208085.html   Free tickets for the launch of \u201cModern Monetary Theory - Key Insights, Leading Thinkers\u201d, in London on 20th April: https:\/\/gimms.org.uk\/event\/book-launch\/     For an intro to MMT: Our first three episodes: https:\/\/www.patreon.com\/posts\/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https:\/\/www.patreon.com\/posts\/62603318     All our episodes in chronological order: https:\/\/www.patreon.com\/posts\/43111643   All our episodes with L. Randall Wray: https:\/\/www.patreon.com\/posts\/44467066   Relevant to this episode: \u201cMagical Monetary Thinking at the Fed Killed SVB\u201d by L. Randall Wray & Stephanie Kelton: https:\/\/stephaniekelton.substack.com\/p\/magical-thinking-monetary-thinking \u201cThe collapse of SVB shows why monetary policy is the wrong tool to fight inflation\u201d by Yeva Nersisyan & L. Randall Wray: https:\/\/thehill.com\/opinion\/congress-blog\/3905479-the-collapse-of-svb-shows-why-monetary-policy-is-the-wrong-tool-to-fight-inflation\/ Randy talks about how central banks had to give up on targeting money supply - and that\u2019s because the money supply is determined endogenously. For more on the endogenous money view (the non-fringe, very mainstream view that bank loans create deposits, not the other way around), listen to: Episode 43 - Sam Levey: Understanding Endogenous Money: https:\/\/www.patreon.com\/posts\/35073683 Episode 126 - Dirk Ehnts: How Banks Create Money: https:\/\/www.patreon.com\/posts\/62603318 Randy talks about US government bond issuance during World War II being a whole other story - for more on that, listen to these two episodes: Episode 32 - Sam Levey: How Uncle Sam Paid For World War II (part 1): https:\/\/www.patreon.com\/posts\/30005574 Episode 33 - Sam Levey: How Uncle Sam Paid For World War II (part 2): https:\/\/www.patreon.com\/posts\/30112818     Our Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https:\/\/www.patreon.com\/posts\/41742701 Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https:\/\/www.patreon.com\/posts\/36034543 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https:\/\/www.patreon.com\/posts\/episode-148-why-73211346 Quick read: Pavlina Tcherneva\u2019s Job Guarantee FAQ page: https:\/\/pavlina-tcherneva.net\/job-guarantee-faq\/     Quick MMT reads: Warren\u2019s Mosler\u2019s MMT white paper: http:\/\/moslereconomics.com\/mmt-white-paper\/ Steven Hail\u2019s quick MMT explainer: https:\/\/theconversation.com\/explainer-what-is-modern-monetary-theory-72095 Quick explanation of government debt and deficit: \u201cSome Numbers Are Big. Let Me Help You Get Over It\u201d: https:\/\/christreilly.com\/2020\/02\/17\/some-numbers-are-big-let-me-help-you-get-over-it\/ For a short, non-technical, free ebook explaining MMT, download Warren Mosler\u2019s \u201c7 Deadly Innocent Frauds Of Economic Policy\u201d here: http:\/\/moslereconomics.com\/wp-content\/powerpoints\/7DIF.pdf   Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https:\/\/www.patreon.com\/posts\/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https:\/\/www.patreon.com\/posts\/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https:\/\/www.patreon.com\/posts\/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https:\/\/www.patreon.com\/posts\/35073683 Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https:\/\/www.patreon.com\/posts\/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https:\/\/www.patreon.com\/posts\/46865929    Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https:\/\/www.patreon.com\/posts\/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https:\/\/www.patreon.com\/posts\/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https:\/\/www.patreon.com\/posts\/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https:\/\/www.patreon.com\/posts\/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What\u2019s Causing Accelerating Inflation? Pandemic Or Policy Response?: https:\/\/www.patreon.com\/posts\/63776558   More on government bonds (and \u201cvigilantes\u201d): Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https:\/\/www.patreon.com\/posts\/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https:\/\/www.patreon.com\/posts\/29829500 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https:\/\/www.patreon.com\/posts\/71589989?pr=true Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https:\/\/www.patreon.com\/posts\/episode-147-dirk-72906421 Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https:\/\/www.patreon.com\/posts\/71966513 Episode 145 - John T Harvey: What Determines Currency Prices?: https:\/\/www.patreon.com\/posts\/72283811?pr=true     MMT Events And Courses In 2023 More information about Professor Bill Mitchell\u2019s MMTed project (free public online courses in MMT) here: http:\/\/www.mmted.org\/ Apply for Dr Dirk Ehnts\u2019 Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: https:\/\/maastricht.dreamapply.com\/courses\/course\/183-modern-monetary-theory-and-european-macroeconomics Details of Modern Money Lab\u2019s online graduate and postgraduate courses in MMT are here: https:\/\/modernmoneylab.org.au\/       MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https:\/\/www.zotero.org\/groups\/2251544\/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies   MMT scholarship compiled by New Economic Perspectives: http:\/\/neweconomicperspectives.org\/mmt-scholarship     A list of MMT-informed campaigns and organisations worldwide: https:\/\/www.patreon.com\/posts\/47900757   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https:\/\/www.youtube.com\/channel\/UCEp_nGVTuMfBun2wiG-c0Ew\/videos   Show notes: https:\/\/www.patreon.com\/posts\/80479169?pr=true ","author_name":"The MMT Podcast with Patricia Pino & Christian Reilly","author_url":"https:\/\/www.patreon.com\/MMTpodcast","html":"