Modern Monetary Theory: The Fundamentals (Ft. L. Randall Wray)

Get access to The Backroom Exclusive episodes on Patreon: ⁠⁠⁠https://www.patreon.com/OneDime.⁠In this episode of 1Dime Radio, I am joined by Professor L. Randal Wray, a heterodox economist and a Pioneer of Modern Monetary Theory. In this episode, we demystify the history of money, what money is, and how modern money works in the economy today (how it is created and how the mechanics of government spending work, and the REAL function of Taxes. Most importantly, we discuss why MMT economists tend to prefer the "L. Randall Wray" over a Universal Basic Income (UBI). In The Backroom, Randy and I discuss tariffs, degrowth, reindustrialization, and get into the "tough questions" when it comes to the transition to a socialist society.  Become a Patron at ⁠Patreon.com/OneDime⁠ if you haven’t already!Timestamps: 00:00 Trump Tariffs (The Backroom Preview)02:47 Discovering Modern Monetary Theory (MMT)07:14 The Basics of MMT Explained 14:26 Central vs Private Banks17:44 Historical Context of Money and Banking30:03 The Evolution of Money and Markets44:49 Gold, Cryptocurrency vs Fiat Money01:01:17 The History of Central Banking01:14:22 Inflation, the 1970s Stagflation, and the rise of Neoliberalism01:39:33 The Job Guarantee vs. Universal Basic Income02:01:55 Transition to The Backroom segmentCheck out L.Randal Wray's "MMT for beginners" book: https://www.amazon.ca/Money-Beginners-Illustrated-Randall-Wray-ebook/dp/B0BXQS7SS6?ref_=ast_author_mpbFollow me on X: https://x.com/1DimeOfficial: Follow me on Instagram: ⁠instagram.com/1dimeman⁠Check out my main channel videos on MMT: https://youtube.com/playlist?list=PLyytc2-LIrN7kIRyPXghWjeb4MV_DDqBK&si=JyWw9QWw5TK_3LVOOutro Music by Karl CaseyGive 1Dime Radio a 5-star Rating if you enjoy the show!