Richard Tye's guest appearances

Richard Tye

The MMT Podcast with Patricia Pino & Christian Reilly

Activist #MMT - podcast

Maren Poitras

Steve Keen

Patricia Pino

Sam Levey

Andrés Bernal

Steve Grumbine

Nathan Tankus

Fadhel Kaboub

Pavlina Tcherneva

Steven Hail

Clint Ballinger

Stephanie Kelton

Gabrielle Bond

L. Randall Wray

Christian Reilly

OwlTail

Patricia &amp; Christian talk to Richard Tye, contributor to the recently-published “MMT: Key Insights, Leading thinkers”, about his chapter: “Credit and The Exchequer since the Restoration”. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   Order the Gower Initiative’s “Modern Monetary Theory - Key Insights, Leading Thinkers”:  https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   Free tickets for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on Thursday 20th April: https://gimms.org.uk/event/book-launch/   For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   All our episodes in chronological order: https://www.patreon.com/posts/43111643   Richard Tye on Twitter: https://twitter.com/DEhnts   Relevant to this episode: “A History Lost – The English Tally” by Richard Tye:  https://gimms.org.uk/2019/03/08/history-english-tally/ Episode 84 - Andrew Berkeley, Richard Tye &amp; Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye &amp; Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929  In this episode, Richard advocates for the MMT Job Guarantee - for more on that, see our Job Guarantee episodes listed below. Richard also advocates for the abolition of corporation tax. To find out more about why that isn’t the regressive policy it may sound like, listen to episode 110 - L. Randall Wray: Are We Living In An MMT World?: https://www.patreon.com/posts/54750022   Quick MMT reads: Warren’s Mosler’s MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail’s quick MMT explainer:  https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”:  https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/ For a short, non-technical, free ebook explaining MMT, download Warren Mosler’s “7 Deadly Innocent Frauds Of Economic Policy” here:  http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf   Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683   Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation &amp; Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray &amp; Yeva Nersisyan: What’s Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   More on government bonds (and “vigilantes”): Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?:  https://www.patreon.com/posts/episode-147-dirk-72906421 Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true   More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed’s Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler’s Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System:  https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html   Our Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701 Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory:  https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva’s Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/     MMT Events And Courses In 2023 More information about Professor Bill Mitchell’s MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Apply for Dr Dirk Ehnts’ Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here:  https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics Details of Modern Money Lab’s online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/ Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: https://fundacjalipinskiego.pl/wydarzenia/ Website of the 3rd International European MMT Conference (September 9th-10th: https://www.mmtconference.eu/   MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies:  https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel:  https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Show notes:  https://www.patreon.com/posts/81601103?pr=true

Patricia &amp; Christian talk to Richard Tye, contributor to the recently-published “MMT: Key Insights, Leading thinkers”, about his chapter: “Credit and The Exchequer since the Restoration”. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: <a href="https://www.patreon.com/MMTpodcast" rel="nofollow" target="_blank">https://www.patreon.com/MMTpodcast</a> Order the Gower Initiative’s “Modern Monetary Theory - Key Insights, Leading Thinkers”: <a href="https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html" rel="nofollow" target="_blank"> https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html</a> Free tickets for the launch of “Modern Monetary Theory - Key Insights, Leading Thinkers”, in London on Thursday 20th April: <a href="https://gimms.org.uk/event/book-launch/" rel="nofollow" target="_blank">https://gimms.org.uk/event/book-launch/</a> For an intro to MMT: Our first three episodes: <a href="https://www.patreon.com/posts/41742417" rel="nofollow" target="_blank">https://www.patreon.com/posts/41742417</a> Episode 126 - Dirk Ehnts: How Banks Create Money: <a href="https://www.patreon.com/posts/62603318" rel="nofollow" target="_blank">https://www.patreon.com/posts/62603318</a> All our episodes in chronological order: <a href="https://www.patreon.com/posts/43111643" rel="nofollow" target="_blank">https://www.patreon.com/posts/43111643</a> Richard Tye on Twitter: <a href="https://twitter.com/DEhnts" rel="nofollow" target="_blank">https://twitter.com/DEhnts</a> Relevant to this episode: “A History Lost – The English Tally” by Richard Tye: <a href="https://gimms.org.uk/2019/03/08/history-english-tally/" rel="nofollow" target="_blank"> https://gimms.org.uk/2019/03/08/history-english-tally/</a> Episode 84 - Andrew Berkeley, Richard Tye &amp; Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): <a href="https://www.patreon.com/posts/46352183" rel="nofollow" target="_blank">https://www.patreon.com/posts/46352183</a> Episode 86 - Andrew Berkeley, Richard Tye &amp; Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): <a href="https://www.patreon.com/posts/46865929" rel="nofollow" target="_blank">https://www.patreon.com/posts/46865929</a> In this episode, Richard advocates for the MMT Job Guarantee - for more on that, see our Job Guarantee episodes listed below. Richard also advocates for the abolition of corporation tax. To find out more about why that isn’t the regressive policy it may sound like, listen to episode 110 - L. Randall Wray: Are We Living In An MMT World?: <a href="https://www.patreon.com/posts/54750022" rel="nofollow" target="_blank">https://www.patreon.com/posts/54750022</a> Quick MMT reads: Warren’s Mosler’s MMT white paper: <a href="http://moslereconomics.com/mmt-white-paper/" rel="nofollow" target="_blank">http://moslereconomics.com/mmt-white-paper/</a> Steven Hail’s quick MMT explainer: <a href="https://theconversation.com/explainer-what-is-modern-monetary-theory-72095" rel="nofollow" target="_blank"> https://theconversation.com/explainer-what-is-modern-monetary-theory-72095</a> Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”: <a href="https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/" rel="nofollow" target="_blank"> https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/</a> For a short, non-technical, free ebook explaining MMT, download Warren Mosler’s “7 Deadly Innocent Frauds Of Economic Policy” here: <a href="http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf" rel="nofollow" target="_blank"> http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf</a> Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): <a href="https://www.patreon.com/posts/28004824" rel="nofollow" target="_blank">https://www.patreon.com/posts/28004824</a> Episode 126 - Dirk Ehnts: How Banks Create Money: <a href="https://www.patreon.com/posts/62603318" rel="nofollow" target="_blank">https://www.patreon.com/posts/62603318</a> Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: <a href="https://www.patreon.com/posts/41790887" rel="nofollow" target="_blank">https://www.patreon.com/posts/41790887</a> Episode 43 - Sam Levey: Understanding Endogenous Money: <a href="https://www.patreon.com/posts/35073683" rel="nofollow" target="_blank">https://www.patreon.com/posts/35073683</a> Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: <a href="https://www.patreon.com/posts/41780508" rel="nofollow" target="_blank">https://www.patreon.com/posts/41780508</a> Episode 65 - Phil Armstrong: Understanding Inflation: <a href="https://www.patreon.com/posts/40672678" rel="nofollow" target="_blank">https://www.patreon.com/posts/40672678</a> Episode 104 - John T Harvey: Inflation, Stagflation &amp; Healing The Nation: <a href="https://www.patreon.com/posts/52207835" rel="nofollow" target="_blank">https://www.patreon.com/posts/52207835</a> Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: <a href="https://www.patreon.com/posts/59856379" rel="nofollow" target="_blank">https://www.patreon.com/posts/59856379</a> Episode 128 - L. Randall Wray &amp; Yeva Nersisyan: What’s Causing Accelerating Inflation? Pandemic Or Policy Response?: <a href="https://www.patreon.com/posts/63776558" rel="nofollow" target="_blank">https://www.patreon.com/posts/63776558</a> More on government bonds (and “vigilantes”): Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):<a href="https://www.patreon.com/posts/29621245" rel="nofollow" target="_blank">https://www.patreon.com/posts/29621245</a> Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): <a href="https://www.patreon.com/posts/29829500" rel="nofollow" target="_blank">https://www.patreon.com/posts/29829500</a> Episode 143 - Paul Sheard: What Is Quantitative Easing?: <a href="https://www.patreon.com/posts/71589989?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/71589989?pr=true</a> Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: <a href="https://www.patreon.com/posts/episode-147-dirk-72906421" rel="nofollow" target="_blank"> https://www.patreon.com/posts/episode-147-dirk-72906421</a> Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: <a href="https://www.patreon.com/posts/71966513" rel="nofollow" target="_blank">https://www.patreon.com/posts/71966513</a> Episode 145 - John T Harvey: What Determines Currency Prices?: <a href="https://www.patreon.com/posts/72283811?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/72283811?pr=true</a> More on Silicon Valley Bank and bank runs: Episode 162 - Warren Mosler: Anatomy Of A Bank Run: <a href="https://www.patreon.com/posts/80157783?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/80157783?pr=true</a> Episode 163 - L. Randall Wray: Breaking Banks - The Fed’s Magical Monetarist Thinking Strikes Again: <a href="https://www.patreon.com/posts/80479169?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/80479169?pr=true</a> Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: <a href="https://www.patreon.com/posts/81084983?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/81084983?pr=true</a> MMT founder Warren Mosler’s Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: <a href="https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html" rel="nofollow" target="_blank"> https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html</a> Our Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: <a href="https://www.patreon.com/posts/41742701" rel="nofollow" target="_blank">https://www.patreon.com/posts/41742701</a> Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: <a href="https://www.patreon.com/posts/36034543" rel="nofollow" target="_blank">https://www.patreon.com/posts/36034543</a> Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: <a href="https://www.patreon.com/posts/episode-148-why-73211346" rel="nofollow" target="_blank"> https://www.patreon.com/posts/episode-148-why-73211346</a> Quick read: Pavlina Tcherneva’s Job Guarantee FAQ page: <a href="https://pavlina-tcherneva.net/job-guarantee-faq/" rel="nofollow" target="_blank">https://pavlina-tcherneva.net/job-guarantee-faq/</a> MMT Events And Courses In 2023 More information about Professor Bill Mitchell’s MMTed project (free public online courses in MMT) here: <a href="http://www.mmted.org/" rel="nofollow" target="_blank">http://www.mmted.org/</a> Apply for Dr Dirk Ehnts’ Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: <a href="https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics" rel="nofollow" target="_blank"> https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics</a> Details of Modern Money Lab’s online graduate and postgraduate courses in MMT are here: <a href="https://modernmoneylab.org.au/" rel="nofollow" target="_blank">https://modernmoneylab.org.au/</a> Details of the next MMT Summer school in Poznań, Poland (September 5th-7th) will be available on this page when confirmed: <a href="https://fundacjalipinskiego.pl/wydarzenia/" rel="nofollow" target="_blank">https://fundacjalipinskiego.pl/wydarzenia/</a> Website of the 3rd International European MMT Conference (September 9th-10th: <a href="https://www.mmtconference.eu/" rel="nofollow" target="_blank">https://www.mmtconference.eu/</a> MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: <a href="https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies" rel="nofollow" target="_blank"> https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies</a> MMT scholarship compiled by New Economic Perspectives: <a href="http://neweconomicperspectives.org/mmt-scholarship" rel="nofollow" target="_blank">http://neweconomicperspectives.org/mmt-scholarship</a> A list of MMT-informed campaigns and organisations worldwide: <a href="https://www.patreon.com/posts/47900757" rel="nofollow" target="_blank">https://www.patreon.com/posts/47900757</a> We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: <a href="https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos" rel="nofollow" target="_blank"> https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos</a> Show notes: <a href="https://www.patreon.com/posts/81601103?pr=true" rel="nofollow" target="_blank"> https://www.patreon.com/posts/81601103?pr=true</a>

#167 Richard Tye: The Bank of England - The Prequel

Welcome to episode 82 of Activist #MMT. Today I talk with 10th-year MMT activist, Richard Tye (Twitter/@widespreadhaze). Richard is the co-author of – and historian for – the 2020 paper called  An Accounting Model of the U.K. Exchequer, which is published by The Gower Initiative for Modern Money Studies (or GIMMS). This is the first of a seven-part series on the paper and its three authors. It starts with an individual and personal interview with each of the authors and ends with a two-part episode with all three jointly, where we discuss the paper in depth. Here are links to all other episodes in this larger series, in order:   Part 2: Andy Berkeley, part one: Palestine and piano [NOT MMT]  Part 3: Andy Berkeley, part two: Confirming the theory applies to the real world.  Part 4: How Neil Wilson discovered MMT (and Reddit) Part  five: Neil Wilson: Real-world economics requires understanding dynamics. Parts  six and  seven: An Accounting Model of the U.K. Exchequer  For the past 20 years, Richard has flown a helicopter for Search and Rescue, under perilous conditions on both land and sea, serving millions of U.K. citizens. For the U.K. Exchequer paper, he became a historian, placing today's economic and political systems into proper historical context. Using only the internet, he and his co-authors discovered original government documents from all the way back to the 11th century. Because of the COVID health crisis, writing the paper would have been an impossible task without the internet. Richard describes several historical concepts and events related to the U.K. economy, including the use of wood tally sticks as a primitive form of money, and the so-called "stop of the exchequer". We also discuss how history moves at a pace that's impossible to directly observe in a human lifetime. We consider this final concept especially in the context of the MMT project. (Before attempting to read the paper, I strongly recommend first listening to their @MMTpodcast interview, and watching co-author Andy Berkeley's forty-minute presentation [as organized by my previous guest, Asker Voldsgaard].) Before we begin, I have several observations to make about history. First, in part one of my previous episode with  Andrew Chirgwin, and as inspired by Steven Hail, we discussed how neoclassical economists don't "stay in their lane". Those in power and the economists who advise them, have declared that "finding the money" (and preventing the boogeyman of inflation) is the primary prerequisite for doing anything and everything. If one can't find the money in a way that satisfies these economists, then they get to veto the entire project – sight unseen, and very likely, without understanding its intricacies or consequences at even a basic level. In other words, those in power and their economists have made themselves gatekeepers over every aspect of our lives, pretending that without money – their money – it's impossible to accomplish anything. (Note that this also implies that everything in life must have a precise financial cost applied to it.) In reality, the only reason it's impossible to accomplish anything without money is because we choose for it to be impossible. Knowing this, the resistance to the idea of making education and healthcare free at point-of-service (and therefore free of debt!), now becomes clear: without a price tag, it takes away the ability of those in power to gate-keep and veto. (Not to mention the cherry on top, of profit baby!) Providing education and healthcare for all is not just about making people smarter and healthier, it's about power. (Another related example is the reserve currency or "petrodollar". Nations must transact for oil in the US dollar, simply because the US has muscled its way into the OPEC cartel in order to make that the case. Without the reserve currency, the United States would lose a valuable barometer with which to monitor the behavior of most other nations. It would not change all that much in a financial sense.) Along with many other fields, such as science, sociology, and politics, history also illuminates connections that would otherwise remain hidden. As Richard says in today's episode, knowing something new and unknown happened to occur at around the era of another important event, provides valuable context and reveals a new avenue to pursue. History also provides a convenient method of organization, allowing one to confidently place a puzzle piece down in the correct spot and orientation, despite not yet knowing the location of any surrounding piece. In other words, it provides an anchor of sorts, making it clear in some contexts if we are being led astray. The fact that Modern Money Theory or MMT, and Post Keynesianism in general, are explicitly interdisciplinary, is a reflection of their attempts to ensure their theories apply to the real world. By imposing its money onto all other disciplines, neoclassical economics resists the idea of interdisciplinarity, which is yet a reflection of their decision to grasp onto assumptions that benefit an ideology, at the expense of empirical truth and caring for others. It is little more than further entrenching their power at all costs. Finally, being interdisciplinary is essentially a decision to have balance and to be aware of the world around you. It's not possible to care about the world if you refuse to recognize its existence. What this means to me personally, as out there as it may seem, is how our emotions and thoughts are considered separate from our physical existence. It's not unlike how "the economy" is considered separate from people. We're essentially told we can't help people if the economy is unstable. The news tells us that because the stock market is at an all-time high, "the economy is doing great!" And yet at the same time, millions of actual human beings are suffering in the real world, homeless and hungry, not to mention we're on the brink of global societal collapse. The truth is that the economy is us. It's all of us. We are the economy. So if the economy’s doing well while millions are suffering, it can only be true by taking those who suffer, and defining them out of the economy. It's just as true that our mental and emotional existence cannot be separated from our physical existence. Our emotions and thoughts are greatly influenced by our physical condition and vice versa. If we are in physical pain, it can be minimized as much as is possible by managing our emotions. If we are an anguish, it can be minimized by taking care of our body, such as through nutrition, activity, and exercise (and by being lucky enough to have a home whose water supply isn't poisoned!). We're also not alone. We can't separate ourselves from our family, community, and society. By caring for ourselves, we help others. By caring for others, we help ourselves. It's up to us to find the proper balance between all these things, and to resist those who try and stop us. And yet, we as MMTers know more than most, that we exist in a world in which many believe wholeheartedly in these false dichotomies and ideas. We must rage against the system and be kind to individuals. My next interview is with co-author Andrew Berkeley and then after that, Neil Wilson, and then the joint interview. Now, onto my conversation with Richard Tye. Resources  Naked Capitalism financial blog. General news through an MMT lens. Twice daily list of links. 

Welcome to episode 82 of Activist #MMT. Today I talk with 10th-year MMT activist, Richard Tye (Twitter/@<a href="http://twitter.com/widespreadhaze" rel="nofollow" target="_blank">widespreadhaze</a>). Richard is the co-author of – and historian for – the 2020 paper called <a href="https://gimms.org.uk/2021/02/21/an-accounting-model-of-the-uk-exchequer/" rel="nofollow" target="_blank"> An Accounting Model of the U.K. Exchequer</a>, which is published by <a href="https://gimms.org.uk/" rel="nofollow" target="_blank">The Gower Initiative for Modern Money Studies</a> (or GIMMS). This is the first of a seven-part series on the paper and its three authors. It starts with an individual and personal interview with each of the authors and ends with a two-part episode with all three jointly, where we discuss the paper in depth. Here are links to all other episodes in this larger series, in order: <ul> <li><a href="https://activistmmt.libsyn.com/ep83-12-27-andy-berkeley-palestine-and-piano-not-mmt" rel="nofollow" target="_blank"> Part 2</a>: Andy Berkeley, part one: Palestine and piano [NOT MMT]</li> <li><a href="https://activistmmt.libsyn.com/ep84-22-37-andy-berkeley-confirming-the-theory-applies-to-the-real-world" rel="nofollow" target="_blank"> Part 3</a>: Andy Berkeley, part two: Confirming the theory applies to the real world.</li> <li><a href="https://activistmmt.libsyn.com/12-47-how-neil-wilson-came-to-mmt-and-reddit" rel="nofollow" target="_blank"> Part 4</a>: How Neil Wilson discovered MMT (and Reddit)</li> <li>Part <a href="https://activistmmt.libsyn.com/22-57-neil-wilson-real-world-economics-requires-understanding-dynamics" rel="nofollow" target="_blank"> five</a>: Neil Wilson: Real-world economics requires understanding dynamics.</li> <li>Parts <a href="https://activistmmt.libsyn.com/ep87-12-67-an-accounting-model-of-the-uk-exchequer" rel="nofollow" target="_blank"> six</a> and <a href="https://activistmmt.libsyn.com/ep88-22-77-an-accounting-model-of-the-uk-exchequer" rel="nofollow" target="_blank"> seven</a>: An Accounting Model of the U.K. Exchequer</li> </ul> For the past 20 years, Richard has flown a helicopter for Search and Rescue, under perilous conditions on both land and sea, serving millions of U.K. citizens. For the U.K. Exchequer paper, he became a historian, placing today's economic and political systems into proper historical context. Using only the internet, he and his co-authors discovered original government documents from all the way back to the 11th century. Because of the COVID health crisis, writing the paper would have been an impossible task without the internet. Richard describes several historical concepts and events related to the U.K. economy, including the use of wood tally sticks as a primitive form of money, and the so-called "stop of the exchequer". We also discuss how history moves at a pace that's impossible to directly observe in a human lifetime. We consider this final concept especially in the context of the MMT project. (Before attempting to read the paper, I strongly recommend first listening to their @MMTpodcast interview, and watching co-author Andy Berkeley's <a href="https://www.youtube.com/watch?v=7JJJcB3X3ag" rel="nofollow" target="_blank">forty-minute presentation</a> [as organized by my previous guest, Asker Voldsgaard].) Before we begin, I have several observations to make about history. First, in part one of my previous episode with <a href="https://activistmmt.libsyn.com/ep80-12-andrew-chirgwin-economics-that-stays-in-its-lane-and-the-end-of-the-world" rel="nofollow" target="_blank"> Andrew Chirgwin</a>, and as inspired by Steven Hail, we discussed how neoclassical economists don't "stay in their lane". Those in power and the economists who advise them, have declared that "finding the money" (and preventing the boogeyman of inflation) is the primary prerequisite for doing anything and everything. If one can't find the money in a way that satisfies these economists, then they get to veto the entire project – sight unseen, and very likely, without understanding its intricacies or consequences at even a basic level. In other words, those in power and their economists have made themselves gatekeepers over every aspect of our lives, pretending that without money – their money – it's impossible to accomplish anything. (Note that this also implies that everything in life must have a precise financial cost applied to it.) In reality, the only reason it's impossible to accomplish anything without money is because we choose for it to be impossible. Knowing this, the resistance to the idea of making education and healthcare free at point-of-service (and therefore free of debt!), now becomes clear: without a price tag, it takes away the ability of those in power to gate-keep and veto. (Not to mention the cherry on top, of profit baby!) Providing education and healthcare for all is not just about making people smarter and healthier, it's about power. (Another related example is the reserve currency or "petrodollar". Nations must transact for oil in the US dollar, simply because the US has muscled its way into the OPEC cartel in order to make that the case. Without the reserve currency, the United States would lose a valuable barometer with which to monitor the behavior of most other nations. It would not change all that much in a financial sense.) Along with many other fields, such as science, sociology, and politics, history also illuminates connections that would otherwise remain hidden. As Richard says in today's episode, knowing something new and unknown happened to occur at around the era of another important event, provides valuable context and reveals a new avenue to pursue. History also provides a convenient method of organization, allowing one to confidently place a puzzle piece down in the correct spot and orientation, despite not yet knowing the location of any surrounding piece. In other words, it provides an anchor of sorts, making it clear in some contexts if we are being led astray. The fact that Modern Money Theory or MMT, and Post Keynesianism in general, are explicitly interdisciplinary, is a reflection of their attempts to ensure their theories apply to the real world. By imposing its money onto all other disciplines, neoclassical economics resists the idea of interdisciplinarity, which is yet a reflection of their decision to grasp onto assumptions that benefit an ideology, at the expense of empirical truth and caring for others. It is little more than further entrenching their power at all costs. Finally, being interdisciplinary is essentially a decision to have balance and to be aware of the world around you. It's not possible to care about the world if you refuse to recognize its existence. What this means to me personally, as out there as it may seem, is how our emotions and thoughts are considered separate from our physical existence. It's not unlike how "the economy" is considered separate from people. We're essentially told we can't help people if the economy is unstable. The news tells us that because the stock market is at an all-time high, "the economy is doing great!" And yet at the same time, millions of actual human beings are suffering in the real world, homeless and hungry, not to mention we're on the brink of global societal collapse. The truth is that the economy is us. It's all of us. We are the economy. So if the economy’s doing well while millions are suffering, it can only be true by taking those who suffer, and defining them out of the economy. It's just as true that our mental and emotional existence cannot be separated from our physical existence. Our emotions and thoughts are greatly influenced by our physical condition and vice versa. If we are in physical pain, it can be minimized as much as is possible by managing our emotions. If we are an anguish, it can be minimized by taking care of our body, such as through nutrition, activity, and exercise (and by being lucky enough to have a home whose water supply isn't poisoned!). We're also not alone. We can't separate ourselves from our family, community, and society. By caring for ourselves, we help others. By caring for others, we help ourselves. It's up to us to find the proper balance between all these things, and to resist those who try and stop us. And yet, we as MMTers know more than most, that we exist in a world in which many believe wholeheartedly in these false dichotomies and ideas. We must rage against the system and be kind to individuals. My next interview is with co-author Andrew Berkeley and then after that, Neil Wilson, and then the joint interview. Now, onto my conversation with Richard Tye. Resources <ul> <li><a href="http://nakedcapitalism.com" rel="nofollow" target="_blank">Naked Capitalism</a> financial blog. General news through an MMT lens. Twice daily list of links.</li> </ul>

Ep82 [1/1, 1/7]: Richard Tye: The history of the U.K. Exchequer (and interdisciplinarity)

Neil Wilson

Part 2: Patricia and Christian talk to the authors of a groundbreaking new study that details the internal accounting operations of the UK exchequer and the ultimate impact of government spending and taxing on the private sector.   Part 1 of this conversation: https://www.patreon.com/posts/46352183   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Neil Wilson: https://www.patreon.com/posts/46352519   Our episode 13 - Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887   Our episode 16, with Andrew Berkeley chatting with Warren Mosler and Tim Rideout in a noisy (sorry!) Glasgow pub: https://www.patreon.com/posts/41806207   Our episode 45 with Steve Keen, which touches on the history of tally sticks: https://www.patreon.com/posts/35701076   Our episode 53 with L. Randall Wray, which also touches on the history of tally sticks: https://www.patreon.com/posts/37728507   Some of the papers from the Bank of England referred to by Andrew are on this thread:  https://twitter.com/spatchcockable/status/1353022727993626624   For other material referred to in the conversation, check out the footnotes and references in the paper - An Accounting Model of the UK Exchequer:  https://gimms.org.uk/wp-content/uploads/2020/12/An-Accounting-Model-of-the-UK-Exchequer-Google-Docs.pdf   To give constructive feedback on the paper directly, the authors have requested that a group email is best: modernmoneymatters@protonmail.com richardntye@gmail.com andrew.berkeley.is@googlemail.com   Neil Wilson’s blog: https://new-wayland.com/blog/#   Sign up for Professor Bill Mitchell’s online course - Modern Monetary Theory: Economics for the 21st Century:  https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century   Transcript for opening monologue: https://www.patreon.com/posts/46866433    Show notes: https://www.patreon.com/posts/46865929

Part 2: Patricia and Christian talk to the authors of a groundbreaking new study that details the internal accounting operations of the UK exchequer and the ultimate impact of government spending and taxing on the private sector. Part 1 of this conversation: <a href="https://www.patreon.com/posts/46352183" rel="nofollow" target="_blank">https://www.patreon.com/posts/46352183</a> Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: <a href="https://www.patreon.com/MMTpodcast" rel="nofollow" target="_blank">https://www.patreon.com/MMTpodcast</a> For an intro to MMT: Listen to our first three episodes: <a href="https://www.patreon.com/posts/41742417" rel="nofollow" target="_blank">https://www.patreon.com/posts/41742417</a> All our episodes in chronological order: <a href="https://www.patreon.com/posts/43111643" rel="nofollow" target="_blank">https://www.patreon.com/posts/43111643</a> All our episodes with Neil Wilson: <a href="https://www.patreon.com/posts/46352519" rel="nofollow" target="_blank">https://www.patreon.com/posts/46352519</a> Our episode 13 - Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: <a href="https://www.patreon.com/posts/41790887" rel="nofollow" target="_blank">https://www.patreon.com/posts/41790887</a> Our episode 16, with Andrew Berkeley chatting with Warren Mosler and Tim Rideout in a noisy (sorry!) Glasgow pub: <a href="https://www.patreon.com/posts/41806207" rel="nofollow" target="_blank">https://www.patreon.com/posts/41806207</a> Our episode 45 with Steve Keen, which touches on the history of tally sticks: <a href="https://www.patreon.com/posts/35701076" rel="nofollow" target="_blank">https://www.patreon.com/posts/35701076</a> Our episode 53 with L. Randall Wray, which also touches on the history of tally sticks: <a href="https://www.patreon.com/posts/37728507" rel="nofollow" target="_blank">https://www.patreon.com/posts/37728507</a> Some of the papers from the Bank of England referred to by Andrew are on this thread: <a href="https://twitter.com/spatchcockable/status/1353022727993626624" rel="nofollow" target="_blank"> https://twitter.com/spatchcockable/status/1353022727993626624</a> For other material referred to in the conversation, check out the footnotes and references in the paper - An Accounting Model of the UK Exchequer: <a href="https://gimms.org.uk/wp-content/uploads/2020/12/An-Accounting-Model-of-the-UK-Exchequer-Google-Docs.pdf" rel="nofollow" target="_blank"> https://gimms.org.uk/wp-content/uploads/2020/12/An-Accounting-Model-of-the-UK-Exchequer-Google-Docs.pdf</a> To give constructive feedback on the paper directly, the authors have requested that a group email is best: <a href="mailto:modernmoneymatters@protonmail.com">modernmoneymatters@protonmail.com</a> <a href="mailto:richardntye@gmail.com">richardntye@gmail.com</a> <a href="mailto:andrew.berkeley.is@googlemail.com">andrew.berkeley.is@googlemail.com</a> Neil Wilson’s blog: <a href="https://new-wayland.com/blog/" rel="nofollow" target="_blank">https://new-wayland.com/blog/#</a> Sign up for Professor Bill Mitchell’s online course - Modern Monetary Theory: Economics for the 21st Century: <a href="https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century" rel="nofollow" target="_blank"> https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century</a> Transcript for opening monologue: <a href="https://www.patreon.com/posts/46866433" rel="nofollow" target="_blank">https://www.patreon.com/posts/46866433</a> Show notes: <a href="https://www.patreon.com/posts/46865929" rel="nofollow" target="_blank">https://www.patreon.com/posts/46865929</a>

#86 Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2)

Patricia and Christian talk to the authors of a groundbreaking new study that details the internal accounting operations of the UK exchequer and the ultimate impact of government spending and taxing on the private sector.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Neil Wilson: https://www.patreon.com/posts/46352519   Our episode 13 - Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887   Our episode 16, with Andrew Berkeley chatting with Warren Mosler and Tim Rideout in a noisy (sorry!) Glasgow pub: https://www.patreon.com/posts/41806207   Our episodes with Sam Levey on the economics of wartime mobilisation: https://www.patreon.com/posts/30005574 https://www.patreon.com/posts/30112818 https://www.patreon.com/posts/43886189   An Accounting Model of the UK Exchequer:  https://gimms.org.uk/wp-content/uploads/2020/12/An-Accounting-Model-of-the-UK-Exchequer-Google-Docs.pdf   Neil Wilson’s blog: https://new-wayland.com/blog/#   Tickets for Pavlina Tcherneva and Phil Armstrong in conversation event on 24th January 2021: https://gimms.org.uk/events/   Sign up for Professor Bill Mitchell’s online course - Modern Monetary Theory: Economics for the 21st Century:  https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century   Transcript for opening monologue: https://www.patreon.com/posts/46352937   Show notes: https://www.patreon.com/posts/46352183

Patricia and Christian talk to the authors of a groundbreaking new study that details the internal accounting operations of the UK exchequer and the ultimate impact of government spending and taxing on the private sector. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: <a href="https://www.patreon.com/MMTpodcast" rel="nofollow" target="_blank">https://www.patreon.com/MMTpodcast</a> For an intro to MMT: Listen to our first three episodes: <a href="https://www.patreon.com/posts/41742417" rel="nofollow" target="_blank">https://www.patreon.com/posts/41742417</a> All our episodes in chronological order: <a href="https://www.patreon.com/posts/43111643" rel="nofollow" target="_blank">https://www.patreon.com/posts/43111643</a> All our episodes with Neil Wilson: <a href="https://www.patreon.com/posts/46352519" rel="nofollow" target="_blank">https://www.patreon.com/posts/46352519</a> Our episode 13 - Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: <a href="https://www.patreon.com/posts/41790887" rel="nofollow" target="_blank">https://www.patreon.com/posts/41790887</a> Our episode 16, with Andrew Berkeley chatting with Warren Mosler and Tim Rideout in a noisy (sorry!) Glasgow pub: <a href="https://www.patreon.com/posts/41806207" rel="nofollow" target="_blank">https://www.patreon.com/posts/41806207</a> Our episodes with Sam Levey on the economics of wartime mobilisation: <a href="https://www.patreon.com/posts/30005574" rel="nofollow" target="_blank">https://www.patreon.com/posts/30005574</a> <a href="https://www.patreon.com/posts/30112818" rel="nofollow" target="_blank">https://www.patreon.com/posts/30112818</a> <a href="https://www.patreon.com/posts/43886189" rel="nofollow" target="_blank">https://www.patreon.com/posts/43886189</a> An Accounting Model of the UK Exchequer: <a href="https://gimms.org.uk/wp-content/uploads/2020/12/An-Accounting-Model-of-the-UK-Exchequer-Google-Docs.pdf" rel="nofollow" target="_blank"> https://gimms.org.uk/wp-content/uploads/2020/12/An-Accounting-Model-of-the-UK-Exchequer-Google-Docs.pdf</a> Neil Wilson’s blog: <a href="https://new-wayland.com/blog/" rel="nofollow" target="_blank">https://new-wayland.com/blog/#</a> Tickets for Pavlina Tcherneva and Phil Armstrong in conversation event on 24th January 2021: <a href="https://gimms.org.uk/events/" rel="nofollow" target="_blank">https://gimms.org.uk/events/</a> Sign up for Professor Bill Mitchell’s online course - Modern Monetary Theory: Economics for the 21st Century: <a href="https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century" rel="nofollow" target="_blank"> https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century</a> Transcript for opening monologue: <a href="https://www.patreon.com/posts/46352937" rel="nofollow" target="_blank">https://www.patreon.com/posts/46352937</a> Show notes: <a href="https://www.patreon.com/posts/46352183" rel="nofollow" target="_blank">https://www.patreon.com/posts/46352183</a>