Many people are worried that America is going broke, its government spending too much money. But Modern Monetary Theory (MMT) suggests that this is the wrong way to think about how fiat currencies, like the US dollar, actually work. This video is a book review and summary of The Deficit Myth by Stephanie Kelton in which she explains why the ideas of Modern Monetary Theory suggest that actually countries that issue their own currency, like the USA issuing the dollar, can afford to consistently spend a little more than they tax back, to always be in deficit, without it necessarily leading on to high levels of inflation.
And, given the pressures on our economies from the metacrisis we are facing, I think this is a useful book to help better understand what are the real constraints on government spending.
▬▬ Chapters ▬▬
00:00 - Is USA going broke?
00:54 - Household budgeting myth
04:27 - Paying back the debt
07:50 - "Green" dollars and "yellow" dollars
12:06 - Inflation and resources
14:54 - What do others think of MMT?
▬▬ Data sources ▬▬
Debt to GDP ratio ratio for USA up till 2022:
From 'FRED' Federal Reserve Economic Data online data series maintained by Federal Reserve Bank of St. Louis
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Source for latest US federal debt levels ($34 Trillion as of Feb 2024)
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US Federal deficits by year up until 2023:
From 'FRED' Federal Reserve Economic Data online data series maintained by Federal Reserve Bank of St. Louis
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US Inflation data up until 2023
From US Bureau of Labor Statistics: [ Ссылка ]
Data obtained by picking data series: "CPI for All Urban Consumers (CPI-U) 1982-84=100 (Unadjusted) - CUUR0000SA0"
And the selecting to download an annual series via the form here:
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▬▬ Audio visual sources ▬▬
Clip of David Sacks:
All-In podcast episode E131:
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Clip of Margaret Thatcher:
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Clip of Ben Bernanke:
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Clip of Paul Krugman:
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Clip of Stephanie Kelton:
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Clip of Dan Mitchell:
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Song: Ship Wrek & Zookeepers - Ark [NCS Release]
Music provided by NoCopyrightSounds
Free Download/Stream: [ Ссылка ]
Watch: [ Ссылка ]
Additional music from Storyblocks:
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Background image for title screens was created with various AI tools and GIMP.
