Stuart Medina Miltimore's guest appearances

Stuart Medina Miltimore

The MMT Podcast with Patricia Pino & Christian Reilly

Macro N Cheese

Pavlina Tcherneva

Scott Ferguson

Dirk Ehnts

Rohan Grey

Kairin Van Sweeden

Stephen Williams

Ellis Winningham

Steve Keen

Brian Romanchuk

L. Randall Wray

Stephanie Kelton

Steven Hail

Robert Hockett

Bill Mitchell

Cory Doctorow

OwlTail

Stuart Medina

Patricia &amp; Christian talk to Stuart Medina Miltimore, economist and founder of the Spanish advocacy group Red MMT about his chapter (co-written with Bill Mitchell) in the major new academic collaboration “Modern Monetary Theory - Key Insights, Leading Thinkers”, which lays out how the euro has driven austerity and the depoliticisation of European democracies.   Whether they know it or not, currency union members (and prospective members) have a choice: status quo, reform, or exit? Understanding modern money - as a policy tool designed to mobilise resources, rather than as an inert medium of exchange - is key to understanding the human stakes of that choice.   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” (2023):  https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html     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   All our episodes with Stuart Medina Miltimore: https://www.patreon.com/posts/44400459 Stuart Medina Miltimore on Twitter: https://twitter.com/SMiltim   The website of Stuart’s organisation, Red MMT (contains many MMT resources in Spanish, and site can also be translated into other languages using browser functions): https://www.redmmt.es/   Red MMT YouTube Channel: https://www.youtube.com/@redmmt5253   Relevant to this episode: For more on Eurozone Job Guarantee proposals: “Maximizing Price Stability in a Monetary Economy” by Warren Mosler &amp; Damiano Bruno Silipo:  https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2775400 “Completing the Euro: The Euro Treasury and the Job Guarantee” by Esteban Cruz Hidalgo, Dirk Ehnts and Pavlina R. Tcherneva:  https://www.researchgate.net/publication/334226761_Completing_the_Euro_The_Euro_Treasury_and_the_Job_Guarantee For more on the MMT Job Guarantee in general : 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 Pavlina Tcherneva’s Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/ Curried EMU - the meal that fails to nourish by Wynne Godley:  https://www.concertedaction.com/2011/11/07/curried-emu/ Our episode 103 - with Ndongo Samba Sylla on The CFA Franc &amp; The Movement For Monetary Sovereignty In Africa: https://www.patreon.com/posts/51864583 Warren Mosler tells the “Dogs &amp; Bones” story: https://youtu.be/2vTjLwYCi24 Overview of automatic stabilisers: https://en.wikipedia.org/wiki/Automatic_stabilizer We talk about what caused the pension fund crisis during the Truss government (or mini-government?) here: Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/72906421?pr=true     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 On government debt: “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 MMT founder 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 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    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   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     MMT Events And Courses In 2023 Apply for Professor Bill Mitchell’s short, free online course in Modern Monetary Theory (February 15th - March 14th) here:  https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century More information about Professor Mitchell’s MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Tickets to the very first Scotonomics festival (online or in-person, Dundee, Scotland 24th-26th March) are available here: https://scotonomics.scot/live-events/ 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/       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/79507827?pr=true

Patricia &amp; Christian talk to Stuart Medina Miltimore, economist and founder of the Spanish advocacy group Red MMT about his chapter (co-written with Bill Mitchell) in the major new academic collaboration “Modern Monetary Theory - Key Insights, Leading Thinkers”, which lays out how the euro has driven austerity and the depoliticisation of European democracies. Whether they know it or not, currency union members (and prospective members) have a choice: status quo, reform, or exit? Understanding modern money - as a policy tool designed to mobilise resources, rather than as an inert medium of exchange - is key to understanding the human stakes of that choice. 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” (2023): <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> 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> All our episodes with Stuart Medina Miltimore: <a href="https://www.patreon.com/posts/44400459" rel="nofollow" target="_blank">https://www.patreon.com/posts/44400459</a> Stuart Medina Miltimore on Twitter: <a href="https://twitter.com/SMiltim" rel="nofollow" target="_blank">https://twitter.com/SMiltim</a> The website of Stuart’s organisation, Red MMT (contains many MMT resources in Spanish, and site can also be translated into other languages using browser functions): <a href="https://www.redmmt.es/" rel="nofollow" target="_blank">https://www.redmmt.es/</a> Red MMT YouTube Channel: <a href="https://www.youtube.com/@redmmt5253" rel="nofollow" target="_blank">https://www.youtube.com/@redmmt5253</a> Relevant to this episode: For more on Eurozone Job Guarantee proposals: “Maximizing Price Stability in a Monetary Economy” by Warren Mosler &amp; Damiano Bruno Silipo: <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2775400" rel="nofollow" target="_blank"> https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2775400</a> “Completing the Euro: The Euro Treasury and the Job Guarantee” by Esteban Cruz Hidalgo, Dirk Ehnts and Pavlina R. Tcherneva: <a href="https://www.researchgate.net/publication/334226761_Completing_the_Euro_The_Euro_Treasury_and_the_Job_Guarantee" rel="nofollow" target="_blank"> https://www.researchgate.net/publication/334226761_Completing_the_Euro_The_Euro_Treasury_and_the_Job_Guarantee</a> For more on the MMT Job Guarantee in general : 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> 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> Curried EMU - the meal that fails to nourish by Wynne Godley: <a href="https://www.concertedaction.com/2011/11/07/curried-emu/" rel="nofollow" target="_blank"> https://www.concertedaction.com/2011/11/07/curried-emu/</a> Our episode 103 - with Ndongo Samba Sylla on The CFA Franc &amp; The Movement For Monetary Sovereignty In Africa: <a href="https://www.patreon.com/posts/51864583" rel="nofollow" target="_blank">https://www.patreon.com/posts/51864583</a> Warren Mosler tells the “Dogs &amp; Bones” story: <a href="https://youtu.be/2vTjLwYCi24" rel="nofollow" target="_blank">https://youtu.be/2vTjLwYCi24</a> Overview of automatic stabilisers: <a href="https://en.wikipedia.org/wiki/Automatic_stabilizer" rel="nofollow" target="_blank">https://en.wikipedia.org/wiki/Automatic_stabilizer</a> We talk about what caused the pension fund crisis during the Truss government (or mini-government?) here: Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: <a href="https://www.patreon.com/posts/72906421?pr=true" rel="nofollow" target="_blank">https://www.patreon.com/posts/72906421?pr=true</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> On government debt: “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 MMT founder 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> 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> 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> 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> MMT Events And Courses In 2023 Apply for Professor Bill Mitchell’s short, free online course in Modern Monetary Theory (February 15th - March 14th) here: <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> More information about Professor 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> Tickets to the very first Scotonomics festival (online or in-person, Dundee, Scotland 24th-26th March) are available here: <a href="https://scotonomics.scot/live-events/" rel="nofollow" target="_blank">https://scotonomics.scot/live-events/</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> 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/79507827?pr=true" rel="nofollow" target="_blank"> https://www.patreon.com/posts/79507827?pr=true</a>

#160 Stuart Medina Miltimore: The Euro Is The Problem

Stuart Medina is a founder and current president of Red MMT Spain. He joins Steve this week to talk about conditions in Spain after two years of the pandemic, more than two decades as a member of the eurozone, and nearly half a century since the death of General Franco, dictator from 1939 to 1975, when Spain became a parliamentary monarchy. In the 1960s and 70s Spain had a fairly successful state-led industrialization policy. Franco’s death coincides with the ideological victory of neoliberalism. The elites turned to deregulation (“let the market decide”) and shut down all the public banks.  When asked to summarize the situation in Spain today, Medina brings up the astounding unemployment figure of 15%, which doesn’t begin to reflect the reality. In 2011 it was as high as 27%, a rate which the US hasn’t seen since the Great Depression.  But we are suffering those unemployment rates currently, as we speak. And when you look at the details, when you look at the youth unemployment rate there, we're talking of close to 40% unemployment. It's a tragedy because it's just such a waste of potential, of human dignity, I think, is the right word. It's just lives that are cut short. In some cases, people not being able to develop a career, a project, a life, getting married, having children, buying homes. It's a tragedy that is basically what is going on.  Greece’s treatment at the hands of the notorious “Troika” is well known, as are the results of the harmful fiscal choices they were forced to make. Stuart tells us how Spain, too, was virtually blackmailed in 2011, pressured by the European Central Bank, Germany, and the Obama administration to amend the Spanish constitution and adopt impossible austerity measures.  Stuart provides a thoughtful critique of the EU and discusses the kind of flexibility required to put a population back to work. He and Steve talk about Mosler’s assertion that imports are a net benefit and exports are a net loss, and how an export-led growth model has affected other economies.  It can be difficult for a foreign audience to understand why countries like Spain and Italy joined the EU. Stuart suggests the European Union can be considered a surrogate imperial project to replace the old one.  There's also the fact that the elites of Italy and Spain somehow needed or wanted some tool to control the restless trade unions, the industrial unrest of the 1970s and early 1980s. And let's face it, these elites are not doing badly.  Those in the section of the ruling class with an export-led growth model are doing extremely well. They are, of course, interested in keeping their access to the European markets, among other benefits.  They're interested in repressing wage growth. They're interested in fiscal rectitude because it helps to discipline the workforce and either consciously or unconsciously, they know it's in their best interest to enter into the arrangements of the European Union. The European Union is a neoliberal project. It is the project of the European elites, and they control the media. And they have convinced most of the population, I would say, (to be) in agreement that the European Union has been good for Spain.  **Don’t forget to check out the transcript and “extras” page accompanying every episode of Macro N Cheese. Find them at realprogressives.org/macro-n-cheese-podcast**  Stuart Medina is an economist and a founding member of Red MMT Spain, of which he is currently the president. He is an advisor to Parliamentarians of the Progressive political movement Elkarrekin Podemos in the Basque Country. He has developed his professional career in the biotechnology sector where he has held management positions such as controller and director of business development. He also founded the consulting firm Metas Biotech and the biopharmaceutical company ProRetina Therapeutics. He is the author of two books on modern currency theory: El Leviatán Desencadenado and La Moneda del Pueblo.  @SMiltim on Twitter  @RedMMT

Stuart Medina is a founder and current president of Red MMT Spain. He joins Steve this week to talk about conditions in Spain after two years of the pandemic, more than two decades as a member of the eurozone, and nearly half a century since the death of General Franco, dictator from 1939 to 1975, when Spain became a parliamentary monarchy. In the 1960s and 70s Spain had a fairly successful state-led industrialization policy. Franco’s death coincides with the ideological victory of neoliberalism. The elites turned to deregulation (“let the market decide”) and shut down all the public banks. When asked to summarize the situation in Spain today, Medina brings up the astounding unemployment figure of 15%, which doesn’t begin to reflect the reality. In 2011 it was as high as 27%, a rate which the US hasn’t seen since the Great Depression. <blockquote>But we are suffering those unemployment rates currently, as we speak. And when you look at the details, when you look at the youth unemployment rate there, we're talking of close to 40% unemployment. It's a tragedy because it's just such a waste of potential, of human dignity, I think, is the right word. It's just lives that are cut short. In some cases, people not being able to develop a career, a project, a life, getting married, having children, buying homes. It's a tragedy that is basically what is going on.</blockquote> Greece’s treatment at the hands of the notorious “Troika” is well known, as are the results of the harmful fiscal choices they were forced to make. Stuart tells us how Spain, too, was virtually blackmailed in 2011, pressured by the European Central Bank, Germany, and the Obama administration to amend the Spanish constitution and adopt impossible austerity measures. Stuart provides a thoughtful critique of the EU and discusses the kind of flexibility required to put a population back to work. He and Steve talk about Mosler’s assertion that imports are a net benefit and exports are a net loss, and how an export-led growth model has affected other economies. It can be difficult for a foreign audience to understand why countries like Spain and Italy joined the EU. Stuart suggests the European Union can be considered a surrogate imperial project to replace the old one. <blockquote>There's also the fact that the elites of Italy and Spain somehow needed or wanted some tool to control the restless trade unions, the industrial unrest of the 1970s and early 1980s. And let's face it, these elites are not doing badly.</blockquote> Those in the section of the ruling class with an export-led growth model are doing extremely well. They are, of course, interested in keeping their access to the European markets, among other benefits. <blockquote>They're interested in repressing wage growth. They're interested in fiscal rectitude because it helps to discipline the workforce and either consciously or unconsciously, they know it's in their best interest to enter into the arrangements of the European Union. The European Union is a neoliberal project. It is the project of the European elites, and they control the media. And they have convinced most of the population, I would say, (to be) in agreement that the European Union has been good for Spain.</blockquote> **Don’t forget to check out the transcript and “extras” page accompanying every episode of Macro N Cheese. Find them at <a href="http://realprogressives.org/macro-n-cheese-podcast**" rel="nofollow" target="_blank">realprogressives.org/macro-n-cheese-podcast**</a> Stuart Medina is an economist and a founding member of Red MMT Spain, of which he is currently the president. He is an advisor to Parliamentarians of the Progressive political movement Elkarrekin Podemos in the Basque Country. He has developed his professional career in the biotechnology sector where he has held management positions such as controller and director of business development. He also founded the consulting firm Metas Biotech and the biopharmaceutical company ProRetina Therapeutics. He is the author of two books on modern currency theory: El Leviatán Desencadenado and La Moneda del Pueblo. @SMiltim on Twitter @RedMMT

Red MMT España with Stuart Medina Miltimore

Economist and founder of Spanish activist network Rete MMT (Red MMT) Stuart Medina Miltimore talks with the team at Modern Money Australia about the implications of MMT for the future of progressive reform in Europe and beyond, at a webinar which took place on the 20th March 2021.   Slides for this event: attached   Video of this event:  https://www.youtube.com/watch?v=AelJ3zugax8&amp;ab_channel=ModernMoneyAustralia   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast Support Modern Money Australia: https://modernmoneyaustralia.org/ Find out more about Stuart’s organisation, Rete MMT (Red MMT): http://www.redmmt.es/ 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 Stuart Medina Miltimore: https://www.patreon.com/posts/44400459 Our episode 43 with Sam Levey on endogenous money: https://www.patreon.com/posts/35073683 A quick read describing MMT:  https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 Fadhel Kabouob on Monetary Sovereignty:  https://inthesetimes.com/article/united-states-venezuela-modern-monetary-theory-trade-deficits-sovereignty Sign up for Professor Bill Mitchell’s 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/49105385   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/49105309

Economist and founder of Spanish activist network Rete MMT (Red MMT) Stuart Medina Miltimore talks with the team at Modern Money Australia about the implications of MMT for the future of progressive reform in Europe and beyond, at a webinar which took place on the 20th March 2021. Slides for this event: attached Video of this event: <a href="https://www.youtube.com/watch?v=AelJ3zugax8&amp;ab_channel=ModernMoneyAustralia" rel="nofollow" target="_blank"> https://www.youtube.com/watch?v=AelJ3zugax8&amp;ab_channel=ModernMoneyAustralia</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> Support Modern Money Australia: <a href="https://modernmoneyaustralia.org/" rel="nofollow" target="_blank">https://modernmoneyaustralia.org/</a> Find out more about Stuart’s organisation, Rete MMT (Red MMT): <a href="http://www.redmmt.es/" rel="nofollow" target="_blank">http://www.redmmt.es/</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 Stuart Medina Miltimore: <a href="https://www.patreon.com/posts/44400459" rel="nofollow" target="_blank">https://www.patreon.com/posts/44400459</a> Our episode 43 with Sam Levey on endogenous money: <a href="https://www.patreon.com/posts/35073683" rel="nofollow" target="_blank">https://www.patreon.com/posts/35073683</a> A quick read describing MMT: <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> Fadhel Kabouob on Monetary Sovereignty: <a href="https://inthesetimes.com/article/united-states-venezuela-modern-monetary-theory-trade-deficits-sovereignty" rel="nofollow" target="_blank"> https://inthesetimes.com/article/united-states-venezuela-modern-monetary-theory-trade-deficits-sovereignty</a> Sign up for Professor Bill Mitchell’s 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/49105385" rel="nofollow" target="_blank">https://www.patreon.com/posts/49105385</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/49105309" rel="nofollow" target="_blank">https://www.patreon.com/posts/49105309</a>

#93 Stuart Medina Miltimore & Modern Money Australia: The Battle For A Progressive Europe