Coinucopia’s thriving banking sector

Debunking Economics - the podcast

#Economics #Business #Business Disciplines #Steve Keen & Phil Dobbie #Phil Dobbie #Steve Keen #Keynesian #Monetary #Money #Science #Podcasting Education #Social Sciences #MMT

35:00

The healing power of fitness goes far beyond physical benefits—for today’s guest, it’s a form of self-expression and a celebration of what the body can do. In this episode, host Nora McInerny sits down with fitness personality Ivylis Rivera, who shares her deeply personal journey of navigating life with Chronic Migraine while holding onto her passion for movement. Ivylis opens up about the struggle of staying active while facing the fear of triggering a headache or migraine attack and the resilience it takes to keep pushing forward—a resilience that carried her through the challenging journey of finding a Chronic Migraine treatment plan that worked for her. Join Nora and Ivylis as they explore the concept of “soft living,” a philosophy Ivylis embraces—staying active, listening to your body, and building trust in oneself. Click here for Product Information, including Boxed Warning and Medication Guide, or visit https://abbv.ie/prescribing_info See omnystudio.com/listener for privacy information.…

about a year ago 45:50

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Steve and Phil have described the island of Coinucopia in previous editions of the podcast. It started as a place where only coins were legal tender, and the supply of coins didn’t increase. They explained how that created deflation and inhibited growth, so the government started adding more coins. Then they let banks issue loans. Now, what happens when the island allows banks to issue electronic loans. Actually, life becomes much simpler. Much simpler than most conventional economists would have you believe. Listen in to understand how banking now works, not just in Coinucopia, but in the real world.

Hosted on Acast. See acast.com/privacy for more information.

602 episodes

Coinucopia’s thriving banking sector

Debunking Economics - the podcast

811 subscribers

published about a year ago

MP3•Episode home

Hosted on Acast. See acast.com/privacy for more information.

602 episodes

#Economics #Business #Business Disciplines #Steve Keen & Phil Dobbie #Phil Dobbie #Steve Keen #Keynesian #Monetary #Money #Science #Podcasting Education #Social Sciences #MMT

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Debunking Economics - the podcast

1
Are we ready for the next pandemic? 42:19

3 days ago42:19

42:19

The pandemic killed 200 thousand people in the UK. Are we ready for the next time? Experts reckon will be even less prepared should we see another pandemic in the near future. Prof Tom Koch from the University of British Columbia reckons we don’t have long to wait - the next one could strike in the next five to eight years. If you were a virus with an understanding of how economics is taught, this is exactly how you would have planned it. Yet governments to spend a fortune on the first blow, knowing they would spend the intervening years trying to pay back the debt, rather than spending new money on the preventative measures to dampen the impact of the second blow. If we had a clearer understanding of how fiat currencies function, maybe we would be better prepared. Meanwhile Steve has a mask he can sell you. Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Can governments spend their way out of a slowdown? 42:19

8 days ago42:19

42:19

Economists seem conditioned to think that we need to suffer before an economy can get back on track. They argue an economy can’t grow if there is a large amount of accrued government debt. That the economy needs confidence to grow, and the confidence won’t exist the government owes a lot of money. Phil suggests to Steve that confidence and the private sector’s a willingness to invest are two staple requirements for economic growth. A government deficit will also help, but does it really help in terms of the growth in the money supply as much as private borrowing? And isn’t a growth in the money supply essential to growth? Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Climate Change. The need for a reset. 38:16

16 days ago38:16

38:16

It’s clear to just about everyone that we won’t reach the climate targets set out in the Paris agreement. It was a pipe dream even before President Trump v2.0 came along. The various COP summits, which rely on agreement from everyone, are nothing more than gabfests. They are a COP-out. This was recognised in a paper this month from the Tony Blair Institute for Global Change, entitled ‘The Climate Paradox: Why We Need to Reset Action on Climate Change’. There are some sound observations, says Steve, but it doesn’t go far enough. It doesn’t recognise is the mismatch between climate scientists and economists. Climate scientists believe global warming could ultimately be an extinction level event, he says, whereas economics see it having a relatively minor impact on GDP. The more we listen to the economists the more likely the climate scientists will be right. There’s one positive takeout from the paper though. It recognises that we need breakthrough solutions. But that’s likely to come from high cost, high risk investment. Who is going to pay for that? Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Jobs for all. Is it a false utopia? 42:38

24 days ago42:38

42:38

A key policy area of Modern Monetary Theory is the idea of a job guarantee. There might be a limit to available resources, but the labour force should always be employed. It helps the economy and it’s good for the individuals and for society. But Phil wonders how practical it is. If there’s an economic downturn can the government miraculously conjure up worthwhile jobs? Steve says it was less of an issue in the 50s and 60s when a higher proportion of the population worked for the government. Perhaps a return to those days would mean less extremes in the ups and downs of the economy and less need for a job guarantee. Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Why we are getting poorer (with Cahal Moran) 47:30

4 weeks ago47:30

47:30

Why is it, that whilst there are an increasing number of billionaires on the planet, the rest of us are no better than we were decades ago? Young people can’t get on the housing ladder, there’s an increasing waiting list for health services, schools are short of money and tertiary education, once free, leaves students with a lifetime of debt. Except for the very rich, of course. Cahal Moran says more economics students are questioning what they are being taught in lectures and examines what’s really happening in his Unlearning Economics You Tube channel. He joins Steve and Phil to talk about his new book ‘Why We’re Getting Poorer’. Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Why nation states fail? 39:07

5 weeks ago39:07

39:07

The standard excuse for why states fail is the rampant printing of money. That certainly doesn’t help, but it’s often the symptom not the cause. In most cases states fail simply because the government isn’t in control. Take, for example, Syria, Yemen, Afghanistan, Somalia, South Sudan. Burt Phil asks Steve whether recent warnings on bond markets show that government debt can place the economy in a precarious position. Take the Liz Truss disaster budget. Or Trump’s swift reversal on tariffs in response to a rising cost of government debt driven by fears of a severe economic slowdown. Are there warning signs of states that are close to economic collapse? And is Trump creating many more of them in small dollar-dependent nations who relied on a trade surplus they can no longer achieve without starving the population? Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Trump is half way to Keynes’s answer to deficits 42:34

6 weeks ago42:34

42:34

In 1944, at Bretton Woods, 44 countries agreed to make the US dollar the world's reserve currency. This decision inflated the dollar's value, making American exports expensive and imports cheaper. Donald Trump is now addressing this imbalance with tariffs on countries with high trade surpluses. Steve suggests that adopting Keynes's proposal for a neutral Bancor currency might have been better, while Phil wonders if it's time to reintroduce it, perhaps calling it “Trump” to appeal to the President’s ego. Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Trump. Has he lost his mind? 37:48

7 weeks ago37:48

37:48

It’s clear that President Trump lied to the American people about his reciprocal tariffs. Many of the countries he is imposing tariffs do not impose anywhere near those numbers on imports from America. As Phil points out, some countries, like Cambodia, that sell cheap goods to the US don’t buy from the US because they can’t afford to on their low wages. You can only have trade equalisation if you have similar income levels. Steve takes us through the formula that was sued to calculate these ‘reciprocal’ tariffs. The only resolution to the issue, says Steve, is a new currency for international trade. An idea the Americans knocked back at Bretton Woods. Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Should we tax the rich? 44:05

8 weeks ago44:05

44:05

It’s often the easy excuse on how to fix the problems of wealth inequality - just tax the rich more. Former trader turned YouTuber economist Gary Stevenson argues regularly that it’ll fix a lot of the problem. He’s right that the wealthy own assets and the richer they become the more the price of those assets increases. Take land as an example. The government is on a push to build more houses to benefit lower income earners. But who owns the land those houses will be built on? The rich? So, who wins from the demand for more land? Gary’s argument is if you tax hard enough the rich will be forced to sell assets which will bring the price down. Steve’s less convinced, simply because the uber-wealthy have always found a way to avoid taxation. But he thinks the argument also ignores (or isn’t aware of) the fact that government deficits create money. Perhaps the focus should be ore on where that deficit spending ends up. Maybe we should get Gary on the podcast. Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Will Trump drive us to a better tax system? 39:11

9 weeks ago39:11

39:11

It’s likely that many countries around the world will face import tariffs in retaliation for imposing a value-added-tax on American goods sold in their own country - alongside other goods, taxed equally, that are not from America. As Steve outs it this week, “What tortured brain cells have communicated to other tortured brain cells to make a proposition that VAT on imports from America is discriminatory”. Still, it looks like it might happen. And how do you resolve that situation. Do you get rid of a value added tax? Phil asks whether that could be a good thing. It’s unfair, complicated, bureaucratic and easily avoided. Would we all be better off with a transaction tax? Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
There is no energy transition happening 35:08

10 weeks ago35:08

35:08

Are we kidding ourselves when we talk about an energy transition? Sure, we are using more renewables than ever before, but the planet is also using more fossil fuels than ever before. Phil asks Steve whether part of the problem is that we pout faith in incumbent energy companies managing that transition. The way BP and others have switched focus back on fossil fuel exploration shows how ill-conceived that expectation was. But, irrespective of who drives the transition, is it too much to expect that we will leave energy untapped. If renewables provide a new source of energy, won’t we just use up more energy, because the more there is the greater the productivity, the better off we are. Watch the video of the podcast here: https://www.youtube.com/watch?v=ArfsehlKMo8&t=2s Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Is there a ceiling to economic supremacy? 36:01

11 weeks ago36:01

36:01

Donald Trump is doing everything he can think off to improve the US economy. Tariffs, cutting government spending, bringing manufacturing back home, accessing more resources and lowering the cost of energy. Will it work? And, if it does, Phil wonders whether there’s a ceiling to how far the US economy can grow. Or does it grow at the expense of other countries/ In other words, Phil wants Steve Keen to explain what happens as the US, the world’s leading economy, tries to heighten its supremacy. Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Bringing manufacturing home, the Japanese Way 41:45

12 weeks ago41:45

41:45

In a recent podcast Phil suggested that bringing manufacturing home to America won’t necessarily create jobs, because most factories will be automated. They just need one man and a dog, he said. The man to turn the machine on, and the dog to make sure he doesn’t touch anything else. That touched a nerve with Brian Hanley has spent his life refining manufacturing processes. The key ingredient suggests, is people. Elon Musk was the latest to try the lights out approach and realised it didn’t work. Instead, if the US wants to succeed with a competitive manufacturing sector, it needs to look to post-war Japan. Workers were an integral part of the refinement and adaptive nature of manufacturing processes, in part because of the company-based (rather than industry-speciifc) union structure. Listen in to find out how Japan’s adaptive approach is what’s needed if the US is to develop a successful manufacturing sector. Two books related to this, that Brian says should be required reading or every economist: - Kanban Just-in Time at Toyota by Japan Management Association - The Sayings of Shigeo Shingo by Shigeo Shingo Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
Are we giving up on climate change? 40:17

13 weeks ago40:17

40:17

Donald Trump, as the world’s highest profile climate change denier, has famously said, repeatedly, that he wants to drill baby drill, to make US energy even cheaper. It’s already half the price of Europe, and all the productivity benefits that provides. Phil and Steve talk about whether this the final nail in the coffin in a world which is paying lip service to the changes required. Is nuclear our only way to fast track a workable solution? Hosted on Acast. See acast.com/privacy for more information.…

Debunking Economics - the podcast

1
The trade war has begun 41:06

14 weeks ago41:06