24 Burst results for "Kelton"
"kelton" Discussed on Hanselminutes
"Choices. I see and we we there's concern that we owe our debts in US dollars, but we don't necessarily need to worry about a fiscal crisis because. The people that hold those things are really holding. They're holding bonds in in those debt like China we we're not using China's credit card they're using our money. That's exactly right. China decided and many other countries do as well that part of their growth strategy was to manufacture things to produce things for the rest of the world and in particular for the US. So if you want to put your people into factories, have them work all day producing things that get boxed up loaded onto containers and then shipped to others to enjoy to consume in exchange. For that, you receive a payment, your get US dollars that's our currency. Basically you get a credit to your checking account at the Federal Reserve China has an account at the Fed so we take their stuff I say take we purchase their stuff and then they get a credit to their account at the Fed. China can do what anyone else with US dollars can do. They can put dollars in and get government bonds instead, and so when they do that, they're holding what's effectively an interest bearing form of US currency about the government bond and those bonds have maturity dates right? It's a ten year bonds thirty year bond whatever. When the bond matures, it converts back into its original form converts back into the dollar. So to pay back China, all we're talking about is shifting the dollars that are in China's securities account at the Fed. Basically a savings account back into their checking account. It's no more complicated than that just. Shifting dollars from one form of holding to another folding. So as we get towards the end when I think about the word macro in the context of macroeconomics I used to think about it in terms of you know the big picture worldwide but I wonder how does time fit into that? What does this look like in one hundred years because there's a lot of historical comparisons to am unemployment depressions multiple depressions over the last couple of hundred years but isn't the information economy fundamentally different the unknown of. Twenty one hundred looks like or two hundred years in the future Will we be coming up with words for numbers that are too big. It can quadrille Ian National Debt in two thousand, one, hundred years, and that's OK. Well, it already is in Japan. Oh my yeah. So I in yen because that's their unit of town. So if you said to the Japanese central bank or the finance minister, you know how large is the Japanese. Government debt you would hear the word quarter-million. So Sure I mean if we stretch out into far time horizon and Congress's still committed to coordinating, it's spending its deficit spending by selling bonds than that stockpile of treasuries can grow over time and notice that I said if Congress is still committed to selling bonds because it doesn't have to the US government because it's the issue of the dollar never. Has To, borrow its own currency from anyone in order to spend, we don't have to go to China. The government doesn't have to go to people who have dollars and say, could we take those back from you and replace it with a bond because we really need the dollars that's your the issuer of the dollar. So at any point in time the. US government could decide if it wanted to take away the option to hold your dollars in interest bearing form. SAY WE'RE NOT GONNA sell you treasuries any longer because it makes people too anxious and leads to too much confusion we've decided it's not worth the trouble. It mostly provides a subsidy to wealthy investors who liked to park their dollars in an safe risk free interest bearing security called a US treasury. We're not convinced that serves the public purpose to provide hundreds of billions of dollars of interest income payments every year. So, we're just GONNA. Stop doing it, and then the answer to your question looking forward would be we would have retired the national data it would go away. It's interesting because as you're saying this like going back on the. Forty plus years of what I'm taught. I'm like. Well, that's unthinkable like know how would they do that but then I remember in the book you pointed out that until the early seventies when Nixon changed things you know for every dollar, there was a piece of gold that I could go and pick up and convert and say, here's my dollar I want my gold and that that a chain was broken as well. So these unprecedented things have precedent don't they? Yet. The government can always change. The legal rules, the institutions, the responsibilities that rest with the Fed versus Congress or Treasury. All of that is Those are all decisions taken by a legislative body and we can we write and rewrite laws all the time so Yet, the future could look very different from. From what we were both trained frankly understand about how this all works. Will really appreciate you chatting with me today I've only made it about a quarter of the way through the extensive notes and highlights that I took but I appreciate your bringing this this. hetty theory to the people I my last question I guess would be, what should I as a layperson as a consumer as a user of currency do with information in a book like this? Oh boy I mean I hoped and and hope now that what the book does is kind of level the playing field so that We're empowering readers to participate in in different ways in the public debate so that you know I, I have this image in mind because I've seen it in action where a member of Congress comes back to his or her home district and goes before constituents in a town hall sort of setting to answer questions and be held accountable and you know their constituency hey, it has been ten years or whatever we've. been looking for some infrastructure investment it out what is going on that you guys can't come to come together and pass it infrastructure bill or whatever it is. Right they asked for and there lawmakers listen I completely agree with you I sympathize. I wish we could put more money in education or healthcare infrastructure whatever but it's this deficit. Right? There's no money for this stuff. That's where I hope the book becomes. Important powerful to average people so that they can push back on that and say that excuses gonna fly not any longer we know that Congress can always fund its priorities in the same way that you funded the tax cuts in the same way you do defense in the same way we're doing corona virus right now we've always had the power to do this. You just have to make a commitment and deemed a priority and then funded, and as long as the economy has the capacity to safely absorb that spending you don't even have to go around looking for tax increases and all the rest of it. There's some low hanging fruit there. So go get it done. Fantastic the book is the deficit myth modern monetary theory and the birth the People's economy by Dr Stephanie Kelton thank you so much for chatting with me today. This has been another episode of Hansel minutes and we'll see you again next week..
"kelton" Discussed on Hanselminutes
"Where you simultaneously have a collapse in the supply side of the economy productive. Capacity right and so a guy like Milton Friedman. The Chicago School economists to famously quipped that inflation is always and everywhere a monetary phenomenon. He said the evil tribe to this too much money chasing too few goods. I think a lot of us tend to believe that inflation happens because of the too much money part and most of the time when you get these hyper. episodes like what happened in Zimbabwe, where even Weimar? Germany? What you have is the too few goods thing happening that there is something that happens on the supply side of the economy that mind the productive capacity to produce the goods and services, and that gives rise to accelerating inflation. That I appreciate that you brought that up and I didn't mean to side swipe you with Zimbabwe thing but I was drawing a parallel because you you just answered my next question, which was I thought that inflation happens when you start diluting the value of money and a way to dilute it. is to add more into the system and I was drawing a parallel in my mind of like a company that adds more stock shares. They just pick stock out of thin air, and now there's more shares which dilutes the available stuff. But now I'm realizing from what you said before that will that that stock person can believe that their stock as a currency, but it's not. They just tried to invent something out of thin air print money but they didn't they are in fact, also a consumer of currency. So the parallel to the government versus. Printing stock certificates doesn't work either. Yeah inflation is such a complex phenomenon. It's a dynamic process when economists on inflation, they're talking about a continuous rise in the price level. Well, what does that mean? You can't just look out the window and see the price level so we have to billings indices right and so we put a bunch of goods and services into a thing we call a basket of consumer goods than we wait. Those items then we track the movement of prices of health care and Housing and energy, and all the other things that go into the basket over time, and then we say, well, that basket is becoming more expensive or less expensive over time, and you know obviously you can have headline inflation that is totally uncollated with any increase or movement in the money supply doesn't have anything to do with. Diluting the value of the currency by printing up more you just saying you know people with pricing power like pharmaceutical companies, health insurance companies, raised premiums, and prescription drug prices and healthcare costs accelerate, and that feeds into headline inflation and you say, Oh, whether inflation or the government could decide to pay more for the same things and redefined the currency down and so that would be another way that We could talk about. The impact of government spending on immigration. And your point about the supply side in Zimbabwe. I was there and I lived in. That's exactly what happened there in place it was driven by was no stuff the cupboard, the cupboard was bear. No one wants to manage databases as they can avoid it. That's why Mongo DB made Mongo DB atlas a global cloud database service that runs on AWS GCP and Azure. You can deploy a fully managed Mongo DB database in minutes with just a few clicks or if few API calls Mongo DB atlas automates deployment automates, updates handles scaling and more so that you can focus on your application instead of taking.
"kelton" Discussed on Hanselminutes
"Not want your views challenged, you might well look at me or other MT economists and say, you know point your here's a heretic. Or other pejoratives but I I think that I don't try to get too bogged down in the labels and that sort of thing I'm I was just always hoping from the earliest stages of my involvement in this project to get the best understanding possible of the monetary system of the financial system of the way government finance works I just wanted to understand it. I didn't really care what label ended up getting attached to it. I. I just wanted to clear an accurate understanding of the economics and finance. So that's a great a great starter because you say, the clear understanding of the economics. And in I'm an engineer by training and my job is effectively to come up with reasonable analogies for the lay person to understand how computers work and my entire life I was told that a balanced budget is good and we should run the government like a business and I we always drew a direct line between the home economics courses that I was I learned about how to budget my household, and then we do a direct line to save his civics class and we talked about how we should have government managed with the same responsibility and there's something fundamentally wrong with the book theorizes. Right. That's it. That's exactly right. In fact, it's the starting point for the book I chapter of the Book. I don't think of household. So it does exactly what you just laid out. It tells us to to not draw that straight line from the home economics class to the civics class to to break that thinking and to recognize what distinguishes the federal government's spending capacity from the rest of us from that of a household or even a private business or even a state and local government. We try to get people up front to recognize that there is something fundamentally different about the federal government of the United States of America. Let's say and everybody else in that. The federal government is the issuer of our currency, the US dollar. In fact, it has the sole legal authority to. ISSUE, the currency, the rest of us can't do that, and so once you recognize that you recognize the spending capacity must be different for the currency issue were compared to everybody else if I could issue the dollar, I wouldn't worry about ever having bills coming due that I was going have trouble paying I wouldn't worry about you know being forced into bankruptcy medical. Can I afford to see a doctor? None of those would be concerns for me but I'm currency user I don't get tissue currency I face real constraints. I have a real budget constraint that forces me to have to find the money in order to be able to spend dollars. The federal government is different. So, as a household as a currency user, I have finite resources. My resources are my time, my assets, the physical things that I have around me, and then the currency that I that I have does not the government in the country itself have some limitations I mean they have the ability to print money, but the gross domestic product is a finite immeasurable thing and we have only so many rocks and so much silicon that is trapped in mountains where the constraints in a system where you can print money. Right, and and that is the critical question, and unfortunately it's not where we tend to put our focus. We tend to get bogged down into thinking about you know, how is the government going to afford this? Where will it find the money and so once we clear through the fog and we recognize that finding the money is the easy part spending the money in a responsible way that that doesn't push the boundaries that pays attention. To the limits that's the challenge. So you are exactly right. The federal government is the issue of the currency. It is not a financially constrained, but there are constraints. So what are those constraints and you listed a number of things they there are our real resources the government can't hire more people than there are people willing to work for the government. The government can't buy more aircraft carriers they're not making any more land. Yeah, I mean. there. Are Raw materials. There are human resources, Labor and there are goods and services that are being produced by the economy each year, and at any point in time the economy is only capable of satisfying so much demand. So we are putting a strain on our economy when we asked the economy to produce more for us. So when we want to increase spending, we're asking the economy to produce something so that we can have it and the government has to share that space. The space in the economy with all the other spenders. So consumers do most of the spending in our economy do about seventy percent of all of the spending. Normally, businesses also spent the rest of the world also buy some goods and services from us. The government has to share economies spending capacity with all of those other spenders. So it's really total spending that matters is not just government spending, which is a relatively small part of the total amount of spending our economy has to handle but the government could increase its own spending and pushed the total beyond the economy's productive capacity and the punishment for that would be some rising a prices. You would see inflationary pressures. I know that the term I know that the country Zimbabwe appeared once in the book as well as others in similar situations and my wife is Imbaba win and I personally was in Zimbabwe and ended up burying my father-in-law by paying for his funeral and the coffin with a a wheelbarrow full of trillions and trillions of dollars and the dollars were were symbolic million dollars that were actually printed on just one side because it was not worth their time to print on the other side of the paper. They printed their own money. But their situation is different than ours. Why? Well Zimbabwe experienced hyper-inflationary. Episode. They can happen they have happened. You know it's surprising. Maybe in some respects, how a few instances of hyperinflation there have been a history of the world there haven't been all that many about sixty total since the beginning of time But what happened in Zimbabwe I'm not an expert but as as I understand the situation in Zimbabwe, what happened is that Robert Mugabe came to power Lanson agricultural economy land was taken from the whites who had been farming the land and in an in an effort to reward the freedom fighters one could understand He redistributed land to the to the blacks, two blacks who had. Let's say, no experience farming the land and ended up with food shortages. Massive food shortages had to import food from other countries or defeat the population. Yes. The government was printing money, but you have this Confluence of events.
"kelton" Discussed on Hear the Bern
"I've already placed ten dollars. In the economy. My deficit click the dollars in? That can now be tried out for the Treasury's here's the really important part of the story. I don't have to. Why would I need to borrow my own? Currency Selling Bonn is not an imperative. It's Detroit they don't need to borrow order to spend already spent the dollars in so I do they so I think there are a couple of different answers one is we used to be on a gold standard when the US was on a gold standard we had what was known as a convertible currency. This used to be a convertible currency. It was convertible on demand into goal. Law Gold is a finite resource. There's only so much in your gold reserves so if you start making lots of these available and your gold reserves are growing then you potentially have problem. People want to convert bees into something that you can run out of gold so what the government would do was to take some of these out of people's hands and them with treasury bonds which were not convertible I had to wait until the bond matured and get your cash back so one reason is a historical legacy of the gold standard and then the other is that treasuries were really important for carrying out monetary policy until fairly recently the Federal Reserve relied on. Us government bonds to conduct. We call open market operations to set interest rates. So this is a really good story to talk about this in my book or listeners could find out on their own just by using the Google machine and learn a little bit more about this but very briefly when Bill Clinton was president the Federal Government's budget moved into surplus for the first time. I leave in my lifetime. Nine hundred ninety eight ninety nine two thousand two thousand one. The federal government's budget surplus now. Democrats celebrated this as a great achievement. A sign of fiscal responsibility. I this was tremendous. The Congressional Budget Office looked at these federal government surpluses and they projected in their annual budget outlook that the government was on track to run surpluses bars. The I could see and that we were going to retire. The national debt it would all be paid off completely gone eliminated. Cya Okay so the Clinton administration is looking at this. Their Council Economic Advisers publishes a report every year called economic report of the President in. That report was a chapter while they were supposed to be a chapter was drafted and it was called a life without debt and they were writing this chapter and plan to include it as this. Wow look at where we're headed right. We're going to run budget. Surpluses pay off the national debt and we will be as a country debt free magnificent until they started writing the chapter and thinking things through and then they realized. Oh we're can pay off the national debt. So they went into panic mode. And so why would they go into panic mode at the thought of retiring all of the national debt? Wouldn't that be great? Well you and your viewers can check this out of the reason that we know about this chapter is because NPR's planet money did a foia request and they got that chapter four stout into the public domain. So that now we can all have a chance to look at it otherwise they pulled it. They buried it. They were not going to publish it because they were so concerned about what it would mean if we ran out of. Us Treasuries if we basically eliminate them so when people talk about paying down the debt or eliminating the dead. It sounds like a good idea because it means you know if I could off all my debt. I'd be happy right. I want to be debt. Free no mortgage debt no card payment or student line gray but if the federal government pays off its dead it means there are no more. Us Treasuries because that's what the national debt is is just the outstanding outstanding stock of government bonds assets people. Hold them there in pensions right there. In portfolios so the Federal Reserve was using treasuries to set interest rates so they would buy and sell treasuries to change the level of reserves in the banking system and thereby set the key policy interest rate. That's a long way of saying without treasuries. The Fed couldn't set interest rates which is basically carrying out mind policy so they panic and they decided to just you know the. Fed does not rely on treasuries to set interest rates in the modern era. We stopped doing that so now to change key policy rate the Fed just announced a new rate and they pay interest on reserve balances if the Fed wants to pay a higher interest rate at announces higher interest rate and that becomes the new interest rate. They WANNA cut rates zero announce that they will begin paying zero on reserve balances. They don't need treasuries to carry out monetary policy as they once. Did they're doing we and so they're still buying treasuries today but there's no use said. Why are we still issue? Why do we still borrow? We don't have to do it for historic we don't have to to protect gold reserves. We don't have to do it to set the overnight interest rate. I'M NOT SAYING THAT. We should eliminate them. I'm just saying that it's a problem that we call it the national debt because it makes anti panic. So how's everyone getting away with this? How how is it that? Whenever a politician stands up and says austerity we have to cut social security. We have people on both sides of the aisle. My saying things things like this with the national debt is a problem. There's a national debt clock that comes to have taken up on websites all over the place and whatnot. Why is it that nobody at principally? I'm looking at Democrats because I feel like it's our responsibility. Who's standing up and waving the flag and saying this is all specter. We don't have to be doing this. Actually know mega tive implications for US having a significantly high national it's meaningless. Why is it from a political perspective that we're letting everybody continue with this misunderstanding of how things work and that there's not some more effort to political reeducation economic reeducation to focus? Start winning some of these. Some of these battles. You're preaching to the choir. LemMe Tell Ya you know. I've had conversations and continue to have conversations most of them. I can't talk about a very generic terms. I was on the hill not too long ago and the good news from my perspective is that there are Democrats who are undergoing rethink and they have reached out and we are having conversations about how to begin to shift the public narrative and to help with the education process and so I feel in many respects hopeful because they see a willingness on the part of some to recognize that the stories that they've been telling our have problems that they could be helpful in terms of providing a better understanding. Sometimes I'll say to people you know it's not what you say but what you don't say so. Just don't volunteer thing is like Oh. And then they're adding to the deficit and they're increasing the debt by say that because when it's your turn right if you end up in the White House and with the Senate and the House you're going want you're going to end up running deficits to and the debt is going to increase while your in charge so you might as well not vilify these things. Now you might as well begin to talk in terms of how would we redeploy that deficit so that it is being used to help the people who most need the help right? Now we've got billion dollar deficits that are largely engineered to people for tell people who listening how we're GONNA inherit those. We don't want to try to eliminate them and give it to US territory and all that kind of stuff. But we can re-jigger the budget again ways that put the resources where there can do the most good and so we may continue to run trillion and a couple of. I Dunno you know what the economy will call for in the future what it can sustain but we need to be talking in those terms. It's hard for any politician to go first on this. Because who? Who's going to ally with you. If you step out first and start talking in ways that are such as ignificant departure from the way that everybody else in Congress talks the way all pundit class talks and you know it would take a certain Gravitas a lot of courage to go out there and try to reshape public understanding so anyway that I think it's GonNa take you know guy that we both know pretty well says change doesn't come from the top down always comes from the bottom up so I believe that I think that ultimately we're gonNA force that narrative to Chang. Just going to be the people who went at next politician after this pandemic is over and our politicians start talking about the need to go after social security or why we can't have programs we can't afford things. I think we need groundswell people to say no no. Don't do that. We could. We can afford it as I understand enough to know that your budget doesn't work like ours so I'm not going to accept these talking points and I got to be from us. Thank you for that political education to the extent that it's from the bottom up. There are a lot of people. Listening to this podcast. That are going to be much more able to have those arguments because of your willingness to join US go two days. I really do appreciate it. Can You let folks who are listening or watching? No were they can hear more from you where they can read or find your book anything else they should know about your outfit. Yeah yeah sure you can. I mean I'm on twitter at Stephanie. Kelton and if you WANNA see a quick oppy of it is coming out June ninth so you can find it You can pre-order available for preorder the deficit. I'm going to say the name in case people are only listening to the podcast version. Thank you thank you thank you. Yes thank you so much okay. Great Thank You. I appreciate it. I have a lot since she went. I will definitely begin a copy of that. So that the knowledge that you have to some party me stays longer than the duration of a treadmill session. Thanks.
"kelton" Discussed on Hear the Bern
"Which is the kind of thing that happened? In the nineteen seventies and then produced inflationary pressures as everything became more expensive to transport and get to the end consumer and gas prices. Why I am so but it happened. Because the price of a critical input fuel began to increase and then it fed through into other prices in the economy. Another kind of inflation we think about is demand pull inflation when the economy is just really kind of running at full speed. And there are S- Milton. Friedman said too much money chasing too few goods. This idea that everybody's trying to spend spend spend into an economy that has reached its productive capacity. It's like if you try to order one more car. Tesla can't make another car. They're producing all that they can't afford can't make another car. Gm can't you know you book a Hotel Room? You can't get a seat on an airplane. Everything is at capacity and so your economy is at full employment. There's no slack in economy anywhere and if consumers and others try to continue to spend in an economy that has reached its full employment resource capacity. Then presumably you drive prices higher so you think in those two broad costs push ride the cost of important puts her increasing that feeds through or demand pull usually in the US and around the world. We have run our economies with so much slack. You know living below are meets. We run our economies with lots of unemployed resources. Most importantly labor right so there's always that space available. There's room to allow people to spend more whether it's government whether it's private sector. There's room for more spending and the economy can handle it because if you place another order the business will say. Oh could. That's a new order. I can produce more output and I can beat that higher demand but at some point you could push things too far in inflation would be a punishment for that. So what you're saying is that we never really experienced in this country. V was it the demand pull inflation. It has long since we had an economy that was running on the auto mechanic terms all pistons all firing on all Pistons. Or whatever the saying is you can imagine World War Two economy where you had workers working double and triple overtime. Women entered the work. I mean. That's a tight labor market we had some inflationary pressures and we managed the inflationary pressures in a variety of ways during immediately after the war. But yet you have to run your economy. Where your labor market and so tight that it becomes more and more difficult to spend money into the economy without creating bottlenecks in production and bidding up wages and other prices in the economy? Do you think people are confusing? The kind of more recent memory of what happened in the nineteen seventies and that kind of fear of inflation with the kind of inflation. That could happen if there was if there were too much money. Many Konami but something that we haven't seen for over half a century. Yeah I mean even now if this two point two trillion and what the you know the Fed is committing to doing it other with the quantitative easing and as you lending facility leverage to do four trillion and lending and all the people here these numbers and for a lot of people it takes them straight to Weimar Germany Zimbabwe. They go right to hyperinflation because what they hear is. The Fed is printing money or the government is printing money and they've been somewhere along the lines. They've encountered this argument. They've heard this idea that the way that you get inflation especially very high. Inflation is when governments socal print money. Okay and what I'm suggesting is that it's not how the financing happens that gives you the inflation risk. It's the spending itself right. It's if you if your economy can handle more spending and so look where we are. We're sliding we're in a recession now. Where sliding down. We don't know how deep. And how protracted this recession is going to be but what we do know. Is that lots and lots people. Millions already are losing their jobs and more is on the way millions more will lose their jobs. So we're GONNA find ourselves in an environment where there is tremendous slack in terms of the ability to hire labor. We come out on the other end of this. There could be millions and millions of people who lost jobs and could be paid to come back to work given useful things to do whether it's in a green new deal type of program or other kinds of public service employment. It gives you the space to do large scale public investment. Because you're going to have lots of slack factories that have shut down right now. Be Eager for orders will be happy to produce and supply more. So may I ask them out of some personal curiosity what then is going on? And the kind of Venezuela example where people have images of burning barrels of currency because inflation is so insane or carrying around millions of dollars to buy a loaf of bread hyperinflation. Really kind of interesting. There was a study that was done. If people are interested they can use local machine. They can type in an Kato of all places. Okay comes out of the Cato Institute. Which as you knows a libertarian it. This is not a left-wing progressive organization but three researchers produced a study Maybe four five years ago on hyperinflation and they put it out through the Cato Institute and what they did is said we want to understand hyperinflation. So we're going to try to track down. Every single instance. Where hyperinflation has happened on earth in human history right and they found fifty six examples of hybridization. And then they said we want to understand while caused hyperinflation in all fifty six cases. It's really fascinating. And the the thing is I think the most interesting isn't what they found but what they didn't find what they didn't find was a single case of hyperinflation happening anywhere in the history of the world because technocrats governments. Were trying to run a full employment economy and printing. Money never happened so you mentioned Zimbabwe. So what did happen? They study each of these cases in the case of Zimbabwe. What you had was Gaba coming to power it. Taking land away from whites and redistributing it freedom fighters were rewarded for their efforts. The land was redistributed and initially. It went to blacks with little ED regularly. Probably no experience farming the land and they just didn't actually know how to to produce so you had was just a collection agricultural economy no food production and so food prices just went soaring in their brain. Flation what we think about too much money chasing too few goods. It wasn't the too much money piece so much as it was the too few goods piece and so it was effectively. A supply shock. I just collapsed and output that sent prices soaring. So it's not what people think right. People think Zimbabwe happened as the government came in and printed money. That's not the story at all. So that's really. It's actually extremely helpful to me. You have largely covered up the enormous gaps. I have in my very expensive at an adequate education. So how then those of us who have been following the news to understand what this package means for American workers and where it still fails to help folks who are now facing the reality that because of virus. Because they've been told to stay at home at to prevent the continued spread of the disease. There are so many industries that are shutting down as a whole and people who are having to stay home because their kids are home from school. There's a lack of childcare. All of our systems are kind of collapsing on themselves. How is this package meant to stem the negative effects of that? And where are there still gaps? Yeah it is incredible what this is revealing right the shortcomings not just end our existing social safety net by in our trade policies with life chain issues and a lack of redundancies. Where we can't produce our own masks are on ventilators. Are It's laying bare a lot of things and so to the extent that this most recent face three piece of legislation is beginning to address. Some of those things will be on on. I'm frustrated because we're not at least at this stage. We're not taking this opportunity to fortify the holes in the system for good we are patching things we're doing short-term bandaids right and when we turn to things like unemployment insurance we're saying because we don't have a system in place because we haven't build an infrastructure to support an economy a for a resilient economy that is capable of supporting families and workers when the economy goes through these inevitable undulations that we run for these familiar storms programs. We Oh we have to have expanded unemployment insurance and we should have a couple of extra months and we should have this but when that inevitably proves inadequate then we try to come back again and again and so let's frustrating as we've already seen three point. Three million people filed for jobless claims last week. Right this is just beginning. And so instead of thinking more creatively and looking at what? Some of the European countries are doing just backstop payroll key people in their jobs attached to their employers. What we've done basically is we've asked people to step out of the workplace for a period of time to help us save lives so I think about this and I think what we've done is just redefine your job description. Your job is not to go walk into work and serve coffee or make meals or cut hair or you know what I mean. We're changing your job description. And right now your job is to stay home and to help us flatness curve right. And so we don't want you to become unemployed as a consequence of asking you to social distancing and all these other sort of things we need to keep you employed through this through this process you say what is it doing well. It's nibbling around the edges and trying to provide some seventy percent or one hundred percent per period of time and a little bit income means testing and that sort of stuff but it's it's nowhere near risen to the challenge of the moment with kind of confusing to me is that if Republicans kinda cynically understand that the deficit concern. Trolling is cynical. Like they don't actually believe that you'll get the inflation as we discussed. They're very happy to run up deficits for corporate corporate buyouts. Why if not only for political reasons? They wouldn't say all right. Let's just go to town. Get a huge corporate bailout and addition at least give the people more than this twelve hundred dollar check. Let's let's throw him a two thousand dollar check at twenty one hundred dollar checks to drop in the bucket of all what they really care about is giving these big giveaways to big corporations. And then you know you can make arguments about how people are going to spend it in the economy and the money's GonNa flow upper it anyway and doesn't it benefit everyone and then for political reasons. At least they would have more of a leg to stand on. What is this? What feels a compulsion against doing the bare minimum to help working people out? You know such a good question and I don't know that there's an answer that fits.
"kelton" Discussed on Hear the Bern
"Thank you so much professor. Kelton for joining us here today. I think that in the midst of every go with krona virus with the multi trillion dollar released bill. That's been passed at this point. People are opening their eyes to the possibility of what the government can spend what it wants to spend it and more and more folks who weren't already kind of on the Bernie train as it were are open to the that. How can you pay for? It is kind of a fiction. Matt we on the left have always understood it to be in so many ways you are the the queen the expert of all experts on that question of. How do you pay for and why? It's the wrong question to be asking so I want to ask you first and foremost. How have we managed to pay for what we've now's that we'd pay for well? Thanks for having me on first. And I know we're GONNA get into this and peel back the layers because it's a lot to wrap person's head around. We have just been very badly educated. Everything we've been taught to believe about the way. The government spends money about way. The federal government's budget works. We've been taught or ever to think of the federal government's budget the way we think of our own personal household budgets. And so when we hear people talk about things like you know the federal government wants to do student debt cancellation or Medicare for all. And we got this inevitable. How are you going to pay for that? We think that the federal government has to come up with money that it needs to find the money. Where are you gonNA find the money for that and that it has to go out and collect up money in order to have money so that it can then spend money? We do that because first of all people tell us to think like that. We've been trained to think like that. And we understand that in our capacity as individuals. We gotta find money. If we want to spend money nobody ever bothered to stop and walk through. The federal government is different. So when you ask. How is the government spending now two point two trillion dollars that they've just committed in this latest? The answer is that they're going to do it the same way that they've always done it. They're not doing magic or or some new Jiu Jitsu sort of thing. It's Congress writes a bill right and this particular. Bill is large spending bill whenever Congress wants to spend money basically approach things in one of two ways it can say we have written a bill and we would like to spend two point two trillion dollars into the economy and here is how we're going to quote unquote pay for it so in that. Same Bill that they right. They could write another piece right another set of texts. That says we're going to come up with the money in other words we're GONNA increase taxes and we're going to say that that's where we're going to get the money to spend this two point two trillion. That's one way ago and in Washington that would be seen what people refer to as pay. Go right that you don't add to the deficit that every dollar that you're going to spend into the economy is going to be fully offset so you're gonNA raise a dollar of new tax revenue. The other way is the way they're doing it now which is to write a bill which just one set of instructions with just one plant right. We are going to spend two point two trillion and that's the end of it so it's not quote unquote paid for in Washington. Speak meaning that. This spending will add to the deficit. The we've been led to believe that by by the right for decades that adding to the deficit is the worst possible thing that could happen that it has all of these awful effects that it destroys the economy that raises inflation. Are these things not true? Well they're not true just by definition it is true that deficits can get too big. That's true because a deficit spending is just one form of spending in the whole economy. If the government engaged in deficit spending and it just kept deficit spending in the deficits kept getting bigger and bigger and bigger. There is always the risk that at some point the deficits grow large enough to produce inflation. Which you mentioned and so that's always a risk as the economy. I would say you know as an economist. We use language like as the economy approaches. Its full employment resource constraints as you get to employment and the economy is using up. All the workers that are available. Factories are running axiom capacity machines of all been hired and put to work. There's nothing left available sitting idle unemployed economy. Then if you try to continue spending all you're going to do is compete for resources and drive. Their PRICES SUE. GonNa get an inflation problem but is deficit spending as dangerous as we've been taught to believe the answer's clearly absolutely no. It is not as I like to say. Every deficit is good for someone okay. So when the Republicans in December of two thousand seventeen past their big tax cuts they did so understanding that this was going to massively increase deficits. Now they did so understanding also. I think that increasing deficits was going to be really good for certain folks the way that they cut taxes delivered huge financial windfalls. Nuno this right. Eighty three percent of the benefits go to people and top one percent of the income distribution of corporate tax cuts. You combine all that and now we know that the true cost is more like two trillion in terms of how much it will end up adding to deficits over ten years time. The Republicans were more than happy to increase the government's deficit. Because I think they really do understand that. The government's deficits show up as surpluses in some other part of the economy in other words. They're reading become someone else's lacking their deficits are surpluses financial surpluses in some other part of the economy what they WANNA do is direct financial surpluses into the pockets of people who need help so I think that wet hold that most people is this idea of an inflationary effect older folks in particular remember various points in American history where they've out with what it feels like to live and inflation long gas lines and all of these kinds of things and so I wanted to help people understand better myself understand better. Since I've managed to get through all of college taking a moment scores. What Actually Causes Inflation Win Win? It is at the deficit would get so large that it would cause inflation and when it doesn't because I've heard you I've been aiming to understand this for awhile and I've heard you explain it really well and some other context where I've wrapped my brain around it for five minutes. And then by the time I finish the PODCAST. I was back in a no man's land of confusion so I I want to understand this idea of inflation happening as you touched upon just there when there is no more place for them in A. There's somehow no more useful activity or our purchasing power or something for the for the money to be used in. Can you help me? I understand that part of it. Better all right first. Let me go on. Record as saying inflation is very complicated phenomenon. Economists do not understand and they will admit it people like this guy. Daniel Derulo used to be on the Federal Reserve Board of Governors K. The fat is supposed to be the agency that's responsible for maintaining inflation keeping a lid on inflation and aimed to produce no more than two percent inflation target and when Daniel to rouleau his term on the Fed board expired. He went out and he gave a speech that made a lot of headlines because he said the Fed the Federal Reserve has no reliable model of inflation. Saw You gotTa Start? At least with understanding that at the highest levels of their institution we put in charge of controlling inflation admittedly does not have a good model of inflation right. It's not something they understand. Well so okay. So let's have. That had. That said second economists kind of thinking in terms of two broad baskets. When we think of inflation there's inflationary pressures that can come from the supply side of the economy. We tend to refer to that as cost push inflation so at oil price shock..
"kelton" Discussed on Hear the Bern
"That is until the corona virus the sheer magnitude of the crisis before is has thrown the stakes into stark relief. In folks across the political divide are now four watered down version of the policies Bernie has long advocated for. I'm glad genuinely but folks across the political spectrum Comma Harris to Donald trump are in favor of free testing and or treatment for Groenemeyer is but take my position. Begs the question. How could would admit it's wrong to die of Virus because you can't afford testing and treatment but not cancer diabetes or any number of other diseases which drive half a million Americans into bankruptcy each year and result in sixty eight thousand deaths annually. Neither possible explanation lands well on me ethical ear. One argument is that people who are sick from corona virus can spread it as a symptomatic carriers for weeks so it's beneficial to those of us with insurance for everyone to be insured but do we want to be a country that's invested in the well being of lower income folks only insofar as interested in our own well-being and even if we were to admit that's the case the cost of emergency room visit is paid for by all of us. Meaning THAT POOR PEOPLE. Getting sick old has a cost booth ethical and financial the other tacit answer to. Why can't have nice things outside? The context of a pandemic seems to be. We can't afford it but corona has shown that how can we pay for it is as it has always been a canard last week? Congress passed a two trillion dollar released. Bill this after spending one point five trillion dollars on a loan injection to banks and mid March five hundred billion dollars of the relief. Bill is going to large corporations with no strings attached in. Guess what I haven't heard a single congressperson ask. How do we pay for it? That's because politicians and financial experts have always known that the so called national budget does not work the same way as yours in my personal household budget and where there's political will there's very little risk to simply funding the policies we need to ensure basic rights for everyone living in this country now understanding the economics of this can be difficult. That's part of how politicians have been successful in misdirecting the public about these issues for years so this week. I called on Stephanie. Kelton formerly an economic advisor to Senator Sanders professor of Economics and public policy at Stony Brook University. And perhaps the country's most prominent expert on how to pay for it to help us understand why a better world is in fact possible..
"kelton" Discussed on Deconstructed with Mehdi Hasan
"Thank you so much. Have a good one and Stephanie. Kelton is still here with US Stephanie. I've got to ask you the question that every lazy journalist die-hard Conservative puts forward. How do you pay for it? How do we pay all this stuff? What you say to that question. Well I say that we're we're getting a beautiful example of exactly how it works right now in the last in the span of the last week. Medi Congress has moved. I and eight point three billion dollar piece of legislation the House Senate put it through. President signed it. Those are the instructions that are being sent to the Federal Reserve by Congress to say we are ordering up eight point three billion dollars. Go make the payments a few days later the House passed the bill that we were just talking about one hundred and four billion dollars. Congress passed it a sorry. The House passed it. The Senate passed off it when another set of instructions went to the Federal Reserve. We are ordering up one hundred. Four billion go carry out the payments now. The White House is negotiating. It looks like we're GonNa see third piece of legislation this one probably for a trillion dollars again. Congress's ordering a trillion dollars. The Fed will carry out all of those payments. What people mean when they say you know? Oh Senator Sanders you want Medicare for all or you want to make public colleges and universities tuition-free you want to cancel. How are you going to pay for it? Where'S THE MONEY? GonNa come from what that means in. Beltway speak is how are you going to offset all of that spending with new revenue from somewhere else or by spending less in defense or some other category the budget in other words a lot of the time? What happens is that Congress writes a piece of legislation ordering up. Let's say fifty billion dollars but then they pair that legislation with another set of instructions that says to the Fed while you spoil you clear. These payments for fifty billion. We also want you to take fifty billion away from people in in the form of higher taxes. So you can give two sets of instructions. And that's what Congress you usually means when they say. How are you going to pay for it? It means how are you going to offset every dollar of new spending with? Let's say dollar of New Revenue. But what we've seen in. The last week is that you can send just one set of instructions. You can just tell the Fed. You're ordering up dollars but you're not subtracting any away and so. I know that it is lose people's minds. They win a minute. What about deficits? What about debt on we GONNA BE BE? You'RE GONNA HAVE TO PAY BACK. So so here's the thing when you do a piece of legislation that's quote unquote paid for. It means you're putting the fifty billion and it goes to some parts of the economy and you're taking fifty billion out of some other parts of the economy so that you're not deficit. Spending what Congress has done in the span of the last week. Let's say is commit to spending dollars into the economy without taking any backout so it's doing deficit spending and we've been so badly educated to respond to that sort of financing S. Something that's fiscally irresponsible reckless dangerous. Whatever the case may be it isn't the the government is committing to dropping dollars into the economy without ripping them right back out again. It's exactly what we want them to learn. Now so a lot of people listening to this show who might know about deficit? Spending my understand the position especially in the last financial crash where this was a big debate They will also hear the phrase Mt Modern Monetary. Theory which your associated with you have a new book coming out in June. The deficit myth which is all about this and people associate that would printing money. They took about Zimbabwe when things are out of control the Central Bank just prince money and it leads to hyperinflation explained to our listeners. Very brief especially in time of crisis like this. What is empty? And what role could it play? Well in fact. Mt is almost entirely a descriptive project. There is a prescriptive policy piece as well but MTA is mostly about helping people get a better understanding of the nature of the monetary system. We have today that is. We're not on a gold standard. We have something called a Fiat currency flexible floating exchange rates. So MT says. Let's talk about the monetary system that we have today. Let's try to understand it. Let's understand what what that affords a government that issues its own. Let's say sovereign currency. How much policy space is opened up around us because we're no longer on a gold standard. We don't have fixed exchange rates. And how can we best take advantage of the monetary system of the policy space to build a better economy? That's essentially what MTA is about. And I've got a question when we talk about kind of the left and economic solutions and Bernie Sanders you have advised you've advised Bernie Sanders back when he was running in two thousand sixteen back when he was a senior Democrat on the Senate Banking Committee. Is it fair to say that Bernie may not be on course to win the presidential nomination but his ideas seemed to one the day ironically? Paradoxically at a time when he's deemed too extreme to be the presidential candidate. Everyone's dipping into the soundness slash socialist playbook right. Well Yeah and not just right now. It started a little bit. The dipping in started a little bit in the in the two thousand sixteen election right because we manage to to a point where the ultimate nominee did. Embrace things like making public colleges and universities tuition-free. There was some means testing but it came closer. Now you have. You know a Medicare for all student debt cancellation. I mean. These are the things we're talking about in this crisis moment because as we've been saying this crisis exposes widespread weaknesses and vulnerabilities in our social safety net in our healthcare system in our trade policies. So as we look for solutions to help us through this moment it turns out. We're reaching right into that. Grab bag where so. Many of the things that he's been fighting for happened to reside lost questions. Stephanie I'll let you go. The president's approval ratings or fifty five percent a majority American thing. They approve of his handling of the crisis. According to a poll out astonishing on Friday morning. Do you think that's because Democrats haven't been loud or forceful enough in pointing out both his manifest failures so far and providing alternative leadership especially in the economy? Yeah I mean I think that definitely part of it. I think that to the extent that people are tuning in and hearing you know that there is a response of some kind. It's reassuring to know that you know he's on TV. He's communicating with the public. We see some people that are more credible than others Dr Fosse and people like that. So yeah I don't think the media and I don't think Democrats have really been hammering at the inadequate to say the leaves response in the early months. Where so much more could have been done to position us to avoid. What appears to be where we're headed in the next week or so with this huge strain being placed on healthcare system and probably many honestly some of it is probably almost like a patriotic F. Post nine eleven coming around the flag in the house. Yeah do about things changing in the coming days in the way they haven't in the last few weeks we've got this bill next week. The debates not going away Stephanie. Thanks so much for joining me on deconstructed do stay safe thank.
"kelton" Discussed on The Nicole Sandler Show
"About modern monetary theory I don't WanNa wait for the book to come out June ninth You can go to Nicole. Sandler DOT COM. There's a search box on the upper right hand corner put in her name. You can find past interviews. I've done with her. There are couple that she's gone into pretty good detail explaining to me about Mt. What the theory behind it. How it works and again you could tell I'm not a brain surgeon when it comes to And and money again except for how to use the credit card and all that and she explains it in terms that I can understand. So she's a professor and she's she's a great teacher. She Stephanie. Kelton remember her name. Plus Bernie brings her on as an advisor. So you know. She's she knows what she's talking about and you'll read her column in the in The New York Times this Saturday which is about the very same question that I asked about that. One and a half trillion dollars that the Fed injected into the banking system And so you know it's always encouraging me when I learned my questions aren't so off-base because sometimes I don't even know if the questions make any sense and this time I was glad to hear that indeed my questions did make sense and my jubilee question was not so far off base so there we go all right Well it is Thursday and you know what we do on Thursdays. Don't you and especially now? While we're social distancing it's time for an extra big pitcher of dirty. Debbie's are multi-national corporation. Hungry for a treat will come on down the Schmucky chucky cheese real personally. Be Seated by Church Uber himself so.
"kelton" Discussed on Unstructured Interviews
"I don't know whether that's true or not. Those are just rumors have been told. Obviously other people like Richard Pryor caught up with him Freddie Prinz caught up with him in a big way So you know as a father. Now I'm not a proponent of drugs like it it did help some people. Yeah well I I think that kind of affected later choices and I know I'm bouncing around here but from what I understand from another interview you kind of didn't want to be. The adult in the room is that correct of well. You know I was always considered straight laced even before I got added to writing in fact when I first moved out to. La was a bank teller for six months. That was my day job and you know whenever there was a shortage on one of the tills Dell's it was like the head. Tell us that will not Kevin Kevin would up and taking money and I never understood why they thought this way about me but I just happened to be straight narrow guy does shame mm-hmm of being honest. What a stigma but from what I understand to Jay Leno was also very straight laced? Oh yes jason terrific perfect guy. And by the way I don't have any insight into what went down between him and Letterman. I've read the same stuff that you did. It's probably not as serious. CBS They don't they don't socialize. They probably don't talk to each other but I don't think it's this giant feud that maybe the media has made it out to be. It might have been at some some brief point with Jay. Got The tonight show But no jay was eight terrific guy. He is a terrific. I When I worked with him he was a great great person to work for and Yeah you know. He deserved all the success. He got now I was more of a Letterman fan of the two shows. I would watch dave show Over Jay show because I thought it was a little edgier but that's you know to each their own. Yeah and that's kind of why brought Jay up as well because his hand up was as much edgier. Yes and I I think edgier than Letterman's and this is almost a night and day comparison to persona on the tonight show. Well that's they. Were both edgy. STANDUPS in the clubs. They were both considered daring but j just had volumes of material and just knew how to how to work in audience and there was just an an energy and watching him on stage We all learned a lot from Jay Leno And when I say we I'm talking about even Jerry Seinfeld and Bill Maher. I mean you could go down the line. They all worship at the feet of Jay Leno who are some lesser known comedians. That you you think should really be brought out front that you have watched and seen over the years. Well I'll that's a great question in and there are people like that at every generation of comic. But I'm GonNa talk about the generation that I came up in these names won't mean anything to you. Maybe a few people who are comedy gigs. Mike recognize some of them. George Miller was very funny no he passed away at a relatively young age. Sixty thirty two or sixty four decade to back. But he was very funny. Ed Bluestone was a stand up comedian. Who was famous famous for? Having worked at National Lampoon and coming up with the famous national lampoon cover of the dog the dog with a gun to his head all the died. Said if you know Oh by this magazine or we'll shoot this dog. That was at Bluestone idea. He had great material and everybody would watch this guy. He's going to be a star Star. There was another guy in the clubs back. Then Bob Shaw. He was sort of like Latter Day George Carlin and everybody what he thought this guy was going to be a mega star and they went on TV. They did a shot or two on Carson. Just never happened and several others like that speaking. There's a really awesome book about the comedy store. I read not that long ago. I can't remember than I'm dying up here. That's it thank. Yeah were you there. During some at that time I was there during pretty much all of that time. Well I mean I got there. I myself started working there. In seventy eight or seventy seventy-nine. So I missed the mid Seventies. Although I saw like I said a lot of it through my brothers is but I was there for the comedy strike the stand up comedian strike and I saw you know Sam Kennison's first time on a comedy store stage. I saw a andrew. Dice Clay's additions. At the comedy. Store I soar or Roseanne. Barr's first few sets Garry. Shandling was a friend of mine when he was just ham. And egger. Bob Bob Sagging. I used to hang out with when he was trying to break rake in so yeah I saw a lot of these people come in through the doors and go out the other side the good side since you were there for the strike. I'm guessing you were. Were there for the unfortunate tragedy again. Yeah I I wasn't technically stand up then although I dabbled in stand up so I was working working at the comedy store answering phones and I wasn't considered by my peers to be a stand up yet. I was still doing audition nights but but I was sympathetic to the strikers so I would actually walk the picket lines. Even though I wasn't technically a comic in there is and I was at the comedy store. The day that Steve La Beckon threw himself off the Hyatt House in and died Yeah now I don't remember. Remember having seen Steve Beck in the clubs although I probably did because he was there all the time and I wish there all the time. I just don't remember him. I know my brother knew him fairly. Well I know some stories about him He was EH. You know a troubled young man WHO had a lot of bad breaks? you just. His story would make an interesting movie because so much bad. Luck befell him But yeah that is a tragedy and and there were a lot of things that went down that led to that. Some people blamed Mitzi for him. Well I tell the stories since probably your listeners. Don't know what I'm talking about absolutely because I don't know how accurate the book is all the material so so I actually researched this because I wrote an article will that I tried to get published. I was never able to publish but I wanted to get it published in one of the big magazines about the strike because I thought it was a fascinating dramatic story so basically what happened was in one thousand nine hundred. Seventy one. Seventy two comedy clubs started to emerge the first one that was really well known in the sixties was the improvisation cafe in New York City. And then in the seventies another club called catcher rights star opened up in New York and a few years later a third heard when called the comic strip out. Well in the meantime on the West Coast the comedy store which had been owned by a stand up comedian named Sammy. Me Shaw sure He got divorced from Mitzi instead of paying her alimony. He gave her the club and she grew into this huge business. Now that was because because Carson moved out there correct heart part of it was yes that that when the when the the tonight show is in New York they would go to catch a rising star or the Improv to watch comics and to scout comics when the show moved to the West Coast. The comedy store became the place to be seen to to get on the tonight. Show so the comedy club business. I was just reading about this. A few days ago was built on the business model of not paying the performers which is insane now but back then it made sense because the owners wrote the rules and at one point in nineteen. Seventy eight. Seventy nine comics like Tom. driessen and Jay Leno and Letterman Gallagher. Who of course you've heard of a few others They were sitting around cantors. Which is a Deli in Los Angeles one night after show and they they had just filled the main room which was a four hundred plus seat room in the comedy store? Mitzi charged back then six or eight dollars cover plus a two drink minimum so she was making twenty dollars more per person and they got nothing and every now and then she would book doc which he called a headliner like Rodney Dangerfield or Jackie Mason. And she would pay them. She would split the door with that so these young comics was thinking. Well why does she split the door with those guys. We filled the same amount of seats. She charges the same amount of money. Why did they get paid? And we don't so tom on Driessen and a few others went to Mitzi office and they basically laid out this logic for her and she said guys none. Oh no no no. You don't understand. This isn't a nightclub it's a comedy college and my stages your education. I am allowing you to learn your craft by working here. You don't have to work here but you those people. Yeah but those people that work here are the ones that tend to get on the tonight show at have careers. This is a comedy college. You are liberal. Students and Tom said we'll Mitzi that's all well and good but you know you're making millions of dollars a year we know what what you make. It's not hard to do the math. Look the waitresses. All get paid. The bartenders will get paid the people that sell the tickets get paid How even the people that clean the toilets get paid the only people that don't get paid or the people on stage and they're the ones everyone's coming to see not paying money to see and she just said now that's not the way it works? I hate to interrupt but there is kind of a precursor to what she was saying. The NC Z. Aa makes quite a bit of money. Off of the athletes backs going to universities. Okay Fair yes a good analogy. Yes and but but you know what that's someday GonNa Change to less hope. Yeah but but they actually are getting education. That's a difference. They're getting scholarships ships to colleges. These people were getting nothing for it So anyways the the comedians former union they went on strike it lasted about six weeks and it became very acrimonious because about eighteen or twenty comics became for lack of a better word scabs. And they they will say hey. I would not have had a career without Mitzi. Mitzi was like a parent to me I love this woman. She took a chance on me. When I you know nobody else would? And they really felt felt a kinship to her and they bought into the comedy college mentality. Now if I remember correctly both Leno and Letterman letterman. Were not scabs correct. They were both they both Held out What's the word I'm looking for? Honored the strike now J. was active of he was on the lines picketing. And what have you dave. At that point we had already had a million dollar network deal with NBC. I don't remember him show he might have showed up at a meeting or two. I don't remember him picketing but actually I. I have to revise that because there's a story that I heard I didn't see this but I heard the story afterwards. One Night Dave had hosted the tonight show now. This was the biggest thing that can happen to a young standup comic in that a time to guest host for Johnny Carson Aid Mitzi. Everybody watched it. It felt like you know one of your own. What are your fraternity friends and had? Just you know one heisman trophy. Mitzi watched it she was thrilled about an hour later. 'cause you know they take the tonight. Show early the day about an hour later. Mitzi is looking out her window and she sees a black limousine pull up in front of the comedy store now the comics are out there. They're picketing and out of this. Black limousine comes Dave Letterman and he picks up a sign and he joins the picketers and and people have told me who were in the room with Mitzi that her heart was broken it was like her son had done this to her. So that was the kind of emotion that was involved in the strike. Now I'M GONNA to go to the story of the person that you mentioned. Steve La Beckon Stephen Beckett wisdom. A working comic regular at the comedy store tried tried to get a break in the business. He had several misfortunes where he had a TV show. Appearance canceled at the last minute for whatever reason He couldn't wouldn't. He had financial difficulties aid but he was a very passionate about the strike aid. One night he was supposed to be working. King the Comedy Club in San Diego in La Hoya which was a paid GIG and driving down there? His car broke down he was going to be a late. It's called the club to say. Hey I'm going to be a few minutes late and they told him on the pay phone. your your bookings been canceled. Not Working here anymore. And he assumed that was because he was one of the strikers.
This Economic Theory Could Be Used To Pay For The Green New Deal
"This message comes from N._P._R.. Sponsor get around with get around your idol car can actually earn you money. Just share it on the APP and Rinse it out when you're not using it visit get around dot com slash share now to start sharing get around. It's go time New York. Congresswoman Alexandria Ocasio Cortez wants a green new deal clean energy guaranteed jobs when she announced this everyone asked how are you gonNa pay for it. Here's what she told morning edition earlier this year I the first thing that we need to do is kind of break. The mistaken idea that taxes pay for one hundred percent of government expenditure. She says ambitious government programs can be financed through deficit spending and in saying that she has spotlighted in an obscure brand of economics known as Modern Monetary Theory N._p._R.'s Scott horsely has a beginner's guide modern monetary theory's been around for years but it's only recently stepped out of the shadows economist Stephanie Kelsen Stony Brook. Doc University says that's partly thanks to Cossio Cortes. The Social Media Darling embraced the theory while making an unapologetic case for costly new government programs there was something of an oprah effect wrench she did that. People immediately probably started readied googling modern monetary theory to find out what she was referring to run that Google search and you'll quickly find Kelton herself. The Economist who advised Bernie Sanders Twenty sixteen campaign is one of the best known evangelist for 'EM MT Kelton says paying for big government programs is the easy part. If Congress has the will she argues the Federal Reserve can effectively print the money if Congress authorizes a few billion dollars of additional spending or a few hundred billion dollars then the feds job is to make sure that those checks don't bounce a central element of empty is that governments that control their own currency like the United States don't have to worry about spending more than they collect in taxes. This they can always create more money but Kelton says that's not a blank check for unlimited government spending too often people get a whiff of mt they don't read the literature and they somehow arrive at the takeaway that M._t._a.. is about printing prosperity and of course when people hear printing money they go straight to Zimbabwe Weimar Germany those are notorious cases of runaway price hikes but Kelton says inflation is only Nia danger when demand outstripped the real capacity of the economy the people machines and raw materials last week under questioning from Cossio Cortez Federal Reserve Chairman Jerome Powell acknowledged the U._S.. Job Market has shown more capacity. Did you grow without triggering inflation. He and his colleagues had expected still vows no fan of MT as he told the Senate hearing back in February the idea that deficits don't matter for countries that can borrow in their own currency. I think is just wrong. We're. We're going to have to either spend less or raise more revenue taxes story and Bruce Bartlett also blast. 'EM MT as little more than a fig leaf giving license for big spending in the same way art laugher gave Republicans covered a cut taxes with the dubious claim. They'd pay for themselves. M. T. is sort of laugh recur for the Left. Some of them tease biggest supporters however are not liberal politicians but bond traders but firms like Pimco and Goldman Sachs James Montier. WHO's with the investment firm G._M._O.? Says he turned him Mt. After more conventional economics. Let him astray in the nineteen nineties. Monty and many others were convinced. Japan's rising government debt would drive up borrowing costs. It didn't across both Mike Lines or anyone who stupid enough to follow me money. It was one of the worst trait positions I've ever suggested in my entire life. Monte says M. T. offers better financial forecast and helped him understand why interest rates in the U._S. asks have stayed low. Despite growing government deficits persistently low interest rates have also prompted some mainstream economists like Larry Summers and Jason Ferment to rethink their attitudes and be less concerned about federal deficits but they haven't.
"kelton" Discussed on KNX 1070 NEWSRADIO
"Kelton kenniston seventy NewsRadio weighing on the intensity of the trade war with China. More on that coming up top of the hour. KNX ten seventy seven fifty five traffic and weather together every ten minutes on five's here is Lauren taking a look in pheno on the one northbound at haven her. There's a big rig blew out a tire on the right shoulder. But it's very narrow. So there's somebody standing in the lanes. They put their own Collins out there to try to people get. Away from it. But people have now started hitting the cones accidentally. So just drive very very carefully issue approach that they're still waiting for HP to come and help him out in west LA on the four or five northbound before Santa Monica. There's a crash there in the carpool lane. The already took the injured parties way. Now totara are almost there should be there any minute to clear that crash out of the roadway. But right now, you're still sitting in traffic from the ten supposed to pass in the four or five southbound before Mulholland, here's a car that conked out there in the middle lane that's causing pretty heavy backup. As you come southbound from the one on one and in van Nuys on the four or five southbound before saticoy a car blew out a tire in the carpool lane has causing very serious lowing from Roscoe keeping an eye on the Sigler. This isn't a gory hills. Heading over the hill to Malibu Malibu canyon road before Mesa peak. There's a three-car crash there. They've shut down that road completely. They had to airlift out an injured party. They have told trucks now on the way. But it's taken them quite some time to get there. They should be there very soon. But Phil it's gonna be a while before that one clears next. Traffic reported eight oh five I'm Laurie Nickerson with more traffic reports. More often KNX ten seventy NewsRadio glove that I've got some slight chance of showers. We're calling it about twenty percent. That'll last through the early part of the morning, but then morning when the sun comes out.
"kelton" Discussed on Why Is This Happening? with Chris Hayes
"You. Once again, my thanks Stephanie Kelton who you can follow on Twitter. She's on Twitter. There's also a lot of stuff she's published and others. If you if you Google modern monetary theory, and will put some links up on the website. You can read a lot more on you could read some of the debates you can read Larry Summers column, attacking modern monetary theory. You can read some of the responses to very fertile area of back and forth. A really fascinating one in my humble opinion. And something I've been sort of spending a lot of time thinking about you can always give us your feedback by tweeting hashtag with pod with anything. You thought about today's episode or any episode the counter one of the things I really love about this enterprise is the fact that unlike the daily cable news show, which tends to have a kind of federal nature built in people. Discover this podcast different times. And they find old podcasts, and we get emails and tweets about things that people are discovering three months, six months. Eight months. Henry put it up, but is still relevant. So we love to hear from you. Whenever you're coming to the pot. Whatever you're encountering. We love to hear feedback. You can also Email with pot at gmaiLcom. Why is this happening is presented by MSNBC and NBC news produced by the all in team and featured music by Eddie Cooper, you can see more of our work, including links to things we mentioned here by going NBC, news dot com slash wise. This happening. I'm Chuck Rosenberg. My new podcast, the oath Trump, Rosenberg is based on a simple premise thoughtful conversations with interesting people like Jim combing, Lisa, Monaco, and pre Perot are each of them took an oath as I did to support and defend the constitution of the United States. The oath with Chuck Rosenberg. Listen for free wherever you get your podcasts.
"kelton" Discussed on Software Engineering Daily
"Satellite. Images contain vast quantities of data by analyzing the contents of satellite images over time. We can identify trends in weather soil, and agriculture if we combine that data with ground level sensors, we can gather a clearer understanding of how chemicals in the air or in the dirt map to how things look from above via satellite. Descartes labs is a company that gathers high dimensional data about our planet and turns it into machine learning models to be used by customers in order to do this. The company has built out a data pipeline involving queuing systems machine learning frameworks and internal tools that are used to aggregate clean model and measure data. Tim Kelton is a co founder of Descartes labs, and he joins the show to discuss the high volume of data and the distributed systems that make up the cart labs infrastructure. For almost twenty years tech, Memed dot com has been a common site that people in Silicon Valley go-to for news. You might have heard of tech meme you might go there multiple times a day to catch up on. What you missed. Mark Zuckerberg has reportedly been somebody who reads tech me me on a regular basis. But did you know that tech m- has a podcast? It's called the tech me my ride home, and it's similar to tech meme as a written content source. Technumn catches you up on the latest news.
"kelton" Discussed on 860AM The Answer
"A family. You're willing to as Jake did die for somebody. Every day. They go out. They never know if they're coming back or night their family. Every day when cops put on a uniform. She said they don't know if they're coming back to their family. Mckenry county sheriff deputy Jacob Kelton. Her thirty five years old is not coming back to his family. He was laid to rest today. Here's another colleague former colleague, Dan, I'll word gimme Kelton. And number two by pray from I'm so sorry. Sure. Some I could do. Unfortunately, there isn't. Kelton again was mckenry county deputy sheriff he was part of this US marshals tax task force last week that was trying to serve an arrest warrant on a fugitive when that fugitive jumped out of a hotel room window in the parking lot turned and shot deputy her in the head that fugitive faces murder charges and a possible death penalty. Here's the mother of one of the other men on Kelton nurse task force. Give me Josh Kelton or number three. Takes precedence.
Deputy fatally shot while serving warrant; suspect in custody
"Lebron suspected of fatally shooting in Illinois sheriff's deputy yesterday is being charged with first degree murder winnebago county. Prosecutors at issued a warrant against Floyd Brown for attempted murder. Wanna Bego county state's attorney Marilyn Ross says the charge against the thirty nine year old Brown of Springfield was upgraded. After McHenry county sheriff's deputy Jacob Kellner died of his injuries. Brown was taken into custody hours after his car crashed yesterday afternoon along I fifty five downstate they say Brown fled Rockford. Hotel were a fugitive task force tried to serve a warrant for his arrest. Thursday morning. Mckenry county sheriff Bill prim talked about Kelton comes from a long line of service. He's dedicated guy dedicated family man, and he's just really going to be authorities say Brown also wounded a woman described as an acquaintance of his she was treated at a local hospital and
Deputy shot while serving warrant at hotel in Illinois
"And a dangerous and now deadly situation unfolding in the state of Illinois, a member of a US marshals task force shot serving a warrant at a hotel is dead. And we've just gotten unnamed the sheriff's deputy killed at this hotel has been identified as thirty-five year old Jacob Kelton or a twelve and a half year veteran of that department. Also, the suspect who is accused of shooting this marshal deputy fled the scene is now in a barricade situation with authorities along interstate ninety five the suspected gunman crashing his vehicle before this happened. He's identified as Floyd Brown. Thorny say they're in contact with Brown. Trying to bring about a peaceful ending to this
U.S. online gaming community stunned by Jacksonville shooting
"Police in Florida say the lone suspect in that deadly mass shooting this. Afternoon at a riverfront mall Jacksonville is dead WJ x.. T. v. investigative reporter page Kelton has more on what sources. Are saying about the gunman we have spoken to with knowledge of what happened when, the gunman opened fire all say that this was a player that he was upset and that he'd been acting strangely in the. Few hours before the shooting the possible shooter well known in the gaming community untold told many of these players changed their handles, and even use different names which may make it difficult for investigators to ultimately. Identify the shooter possible victims several people were killed and nearly a dozen more. Are being treated at area hospitals after that gunman opened fire during eight. Madden online video
U.S. judge skeptical of bid for gag order on Stormy Daniels' lawyer
"Deep one at KNX a federal judge has leaning against granting a gag order in. The stormy Daniels lawsuit against the president and his former. Attorney the president's former attorney says Daniels his attorney is. Talking too much and, too often smearing his client and made the request for the. Gag order during a hearing, today Daniels is attorney Michael fired back with this request and Michael Cohen and. His attorney why don't they release all these recordings today why don't they release the information why don't they go on national television. In disclose to the American people really what happened here he also came for Cohen, again has no business having a law. License and alternately I predict he will, be this disbarred the former porn actresses suing to have a nondisclosure agreement. Tossed out so she can talk, about her, alleged affair, with, President Trump Karen Adams connects ten. Seventy NewsRadio the government's latest figures, show the US economy growing at a rapid pace President Trump celebrated that news today in the white House Rose. Garden once again we, are the economic envy of the entire world fresh from this week's trade victory with. The European Union President Trump is touting newly? Released government data that shows the? US economy grew four point one percent from April to June that's up? From two point two. Percent during the first quarter and the fastest pace in four years we've. Accomplished an, economic turnaround of historic proportions Angelica Alvarez CBS news the White House analysts now looking into the economic numbers to see exactly what they reflect real growth or political tweaking Here we have these. Strong growth rates as long as our government, can continue to borrow money and sort of massive quantity Chris Thornberg economics making the case that the money the Trump administration has been borrowing might. Make these, numbers appear stronger than might. Actually be the case Republicans were dead? Set against this back during the Obama administration what Obama was doing this in the context of course. Occurred recession Thornburgh adding what's amazing is how comfortable everybody seems be. Doing this, in the context of and otherwise healthy economy was the president is taking credit for the numbers and until. Proven otherwise it's a strong political position moving into the midterm election to Kelton kenniston seventy, NewsRadio coming up we'll survey the, many wildfires burning Ron California's, some impacting some recreation others prompting evacuations all of them costing a lot, of money to fight plus a look at, that, crash, on the, south five in Valencia..
EPA will enforce 'glider truck' limits after states sue
"Forty at KNX ten seventy a federal judge is leaning against granting a gag order in the stormy gandules lawsuit against the president and his. Former attorney the president's, former attorney says Daniels is is talking too much and too often smearing his client and. Made the request for the gag order during? A hearing today Daniels is attorney? Michael avenue fired back with this? Request, and. Michael Cohen and his. Attorney why don't they release all these recordings today why don't. They release the information why don't they go on national Television disclose. To the American people really, what happened here he also. Came for Cohen again, no, business, having a, law license and ultimately I predict he. Will be disbarred the former porn, actress is, suing, to have a nondisclosure agreement, tossed out. So she can, talk about her. Alleged affair, with President Trump, Karen Adams can x. Ten seventy NewsRadio the government's latest figures show the us economy growing at a rapid pace, President Trump celebrated that news today. In, the white House Rose Garden once again we are the, economic envy of the entire world fresh from this week's trade victory with the European Union President Trump is touting newly released government data. That shows the US economy grew four point one percent from April to June that's up from two point two percent during the first quarter. And the fastest pace, in four years we've accomplished an economic turnaround of historic proportions Angelica Alvarez CBS news the. White House analysts are now looking into the? Economic numbers to see exactly what? They reflect real growth or political Tweaking continue. To have these strong growth rates as long as our government can continue to borrow money and sort, of massive quantity Chris Thornberg beacon economics making, the, case, that the, amount of money the Trump administration has been borrowing might make these numbers appear stronger than might actually be the case Republicans were dead set against this back during the Obama administration what Obama was doing this in the context of course the great recession Thornburgh adding How comfortable everybody doing this in the context of an otherwise healthy economy the president is taking credit for the numbers and until proven otherwise. It's a strong political position moving into the midterm election to Kelton. Kenniston seventy, NewsRadio on, Scott Pruitt's final, days as the head of the EPA the agency is taking away a break for makers of high pollution diesel trucks acting administrator Andrew Wheeler says Pruitt appeared to, have overstepped, his thirty in the. July sixth order which bar the agency from enforcing an Obama era cap on the annual production of higher polluting tractor. Trailers known as glider trucks the earlier had estimated that unchecked production of those, quater trucks, could cause, sixteen, hundred premature deaths annually, from air. Pollution the reversal was one of Wheeler's first, breaks with the policies of his predecessor Bill Rakoff CBS news Washington coming up on KNX ten seventy there are a. Number fires burning in, California including the San Bernardino national forest and near the northern. California city of reading will update you on. Some scary, situations in a few cases Also some information, on the southbound four zero five that crash in Carson will update that at seven forty five with Chuck seven forty. Three now KNX ten.
San Diego Federal Judge Says “Great Progress” Made In Reuniting Families Separated At Border
"Our community and to bring it to like People's Front doorsteps, planned events included. Protests today outside the office of Republican congressman Dana Rohrabacher a community, forum at a church, in Irvine and a candlelight vigil and bonfire in Huntington beach and as for Republican Dana Rohrabacher he has never had any trouble winning election to the congress in Orange County but his longtime support of, Russia appears to be hurting him this time around, Rohrabacher. Says he met a few years ago Russia with Maria patina now accused by the Justice. Department of being a Russian spy Rohrabacher calls the charges against her bogus and stupid but in his reelection bid Republican voters told us that they wish that somebody Else was the Republican nominee in. This race that's Monmouth university pollster Patrick Murray pretty bad news for thirty year incumbent the poll, shows Rohrabacher and democrat Harley Rueda internet, heat, to Kelton KNX ten seventy NewsRadio a federal judge in San Diego is. Praising the Trump administration's efforts to meet his deadline to reunify reunite illegal immigrant children and parents who were separated at the border that deadlines next Thursday that's the deadline to return, all separated children over the age of five to their parents at a hearing, yesterday government lawyers said four. Hundred fifty of those, children have, already been reunited that left about two thousand more to go but the judge, said he was impressed with the progress so far the government. Was ordered earlier to return all separated children under the age, of five the ACLU. Is trying to win American citizenship for a Korean-born woman who'd been living in Gardena and has served four years. In the u. s. army, g. c. had thought her military service would qualify Her for citizenship but instead she's being honorably. Discharged by the army because the, government claims she illegally obtained the student visas she needed to enlist her lawyers say she believed the visa was valid and only found out. Later that one of the documents she. Used to get it was a fake so the ACLU is asking an l. a. federal judge to force the government to process a new application for citizenship, state, investigators find, California prison guards often fail to follow the rules when using force. California Department of corrections and rehabilitations own review of the more than thirty seven hundred use. Of force incidents reported, during the second, half of last year finds policy violations in nearly half of them a new report from the state. Office of the inspector general says investigators agreed with the vast majority. Of the departments determinations but identified even more instances of non-compliance investigators find officer sometimes. Failed to adequately explain their need to use force and some cases their own accents may have contributed to the need to use force a CDC our spokesperson says in a statement they do not take The use of force slightly they are reviewing the reports recommendations. And vows they will continue to improve training and procedures Claudia fescue KNX ten seventy NewsRadio investigators of jailed the grandfather of. A two year old girl who was accidentally shot by. Her four, year old cousin in San Bernardino county sheriff's officials say, the man has been arrested on suspicion..
"kelton" Discussed on FT Alphachat
"Hey ron welcome to alpha chat the business and economics podcasts from the financial times i mean he keen today on the show matt kline calls up economists stephanie kelton now stephanie is a professor of public policy and economics at stony brook university in new york and she recently served as economic adviser to senator bernie sanders during his two thousand sixteen campaign for president and in this week's episode she explains how government budgets work and what large scale student debt forgiveness might do to the us ronnie here it is stephanie kelton thank you for joining us thank you for having me met so i've been reading reports recently that say that the federal budget deficit in the united states could end up being over two trillion dollars by twenty twenty seven how should we think about this well i'll tell you how i think about it i know there are a lot of people who are worried that this is you know fiscal stimulus where the economy lease needs it in fact some people arguing that what we really should be doing is exactly the opposite that is not running deficits but in fact trying to achieve a balanced budget or even a surplus i know paul krugman in collins recently said something like this is the time we should be paying down debt not adding to deficits over time so the concern i think from most of the people who are looking at us projected deficits is that the economy's already too close to employment perhaps we're already there the output gap is closed the economy can't hang.
"kelton" Discussed on The Majority Report with Sam Seder
"Why in two thousand fourteen i don't remember that well because it was still fresh from like the quantitative easing and i think by that point it was a cue to or q three i'm not sure qe two i think it was quantitative easing number two now look there were problems with quantitative easing insofar as they gave the money to the wrong people they gave it to the banks instead of giving it directly to the homeowners or just frankly drop in and out of a helicopter but the problem was not oh we're going to have weimar republic inflation it's gonna cost me a thousand dollars to get a hot dog and this is relevant because what stephanie kelton is going to tell you which is a theory that has gained a lot more traction frankly since even since 2014 um is that deficits in and of themselves do not matter that national debt for a country such as ours which has control over its currency which is wolves currency is so widely accepted around the world and whose economy is fundamentally sound if not just and it's a militates it's not just i mean it goes but the amount of resources that is generating you know makes us a fairly stable economy and she's going to explain to you if you do not understand this concept of why there is in force proportion between the government's debt and private debt and if you want the private sector to have more money.
"kelton" Discussed on Las Culturistas
"Calton founding at a starbucks in a really and a really i'm not gonna say low play but in a really specific place you're a guardian angel now a note and she did i don't know if he saved me because what he did was what i did what i did was when on craigslist bought a gaming laptop for six hundred dollars an hour and to die shook kits to a starbucks to start downloading game should walk in but warm me but tower ring physicality of mike and warm bearing barrow what's and then he was just like what's that like basically was just like asking what i was doing and i had i was very honest i just bought this computer with six hundred dollars in um and i need to short downloading the scheme so that i can it can download while i'm it and he round shane and i don't know i have recovered from omega three she immunity didn't jp you took up you took your took a picture of me on your instagram story and people people tested meteorologist i just saw you on mike helms instagram schori are you okay and um i dunno i i think i think i mowed an apology so he own well i'm gonna i will for sure apologized left no but the thing is i wan na well do that but i allow wrath ended rich how they argued i am i gonna back i'd stare that's fair i thought that was going to have a positive twists no i'd has a story about running into kelton in of all i have to a million of those stories the count but you feel like you disappear sometimes because like when my golly i don't see a lot but i see a went accounts ludzmierz right after i literally left the audition for the cbs diversity show uh and it has a like a i i really didn't wanna go do that yeah but i had a film i got booked and lo and behold we did bugayev and then it's an end up happening for like crazy wild reasons but i remember i said ceos like i don't wanna do this and you were like you have to do what you wanna do great work and not be.