{"href":"http://player.captivate.fm/services/oembed?url=http%3A%2F%2Fplayer.captivate.fm%2Fepisode%2Faf8257f1-e18a-4e33-a1da-411e4f68eaed","version":"1.0","provider_name":"Captivate.FM","provider_url":"https://www.captivate.fm","width":600,"height":200,"type":"rich","html":"","title":"Episode 246 \u2013 Dr Steven Hail explains currency and deficits","description":"
\nThe Morrison government has announced a massive spending program and many Australians may be asking if we can afford it.
\nThis podcast will answer that question.
\nWe begin the podcast with an interview with Dr Steven Hail. Steven\u00a0is\u00a0a modern monetary theory (MMT) economist and in the interview we discuss:
\n
\n* Why the budget of our federal government (as an issuer of currency) should not be compared to a household or business budget.
\n* The merits of a Universal Basic Income.
\n* A Wealth Tax.
\n* The US dollar.
\n* The Euro.
\n* Brexit.
\n
\nFollowing are links to a podcast and two articles recommended by Steven.
\nPodcast with Alan Kohler and Professor William Mitchell.
\nTAXES FOR REVENUE ARE OBSOLETE by Beardsley Ruml (Chairman of the Federal Reserve Bank of New York).
\nMaastricht and All\u00a0That by Wynne Godley.
\n
\nAfter the interview with Steven, we then proceeded with the usual discussion.
\nHow many?
\n2 weeks ago there was 500 cases. Last week it quadrupled to 2000. Today it is \u2026 4557.
\nSee Guardian Link
\nScomo put democracy into Hibernation.
\nSuspends parliament for 5 months. Apparently not an essential service. Apparently there is no technological solution. But \u2026 \u00a0the suspension motion passed, albeit followed by another motion that would allow the parliament to meet differently than under the normal standing orders \u2013 for example, online.
\nCreates the new National COVID-19 Coordination Commission (NCCC), chaired by former Fortescue Metals chief Nev Power, will coordinate advice to the government on \u201cactions to anticipate and mitigate the economic and social effects of the global coronavirus pandemic\u201d. What Power would know about managing a pandemic is unclear, but what is obvious is that the handpicked mining executive will be unconstrained by the codes and traditions of the public service, and will owe his loyalty to the PM alone. From The Monthly.
\nMorrison on Sunday Night
\nAsked landlords and banks to help. He requested bespoke arrangements. He will need to legislate.
\nStill waiting for a lock down
\nPros and Cons.
\nMixed Messages
\nTwo schools of thought.
\nExperts disagree about a lockdown.
\nWho knows which is right but … crazy inconsistencies destroy my confidence.
\nScomo installs a Junta
\nOK, no quite a Junta which is defined as a military or political group that rules a country after taking power by force.
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