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The MMT Podcast with Patricia Pino & Christian Reilly

Aug 31, 2022

Part 4: Patricia and Christian continue their conversation about Stephanie Kelton’s best-seller The Deficit Myth. In this conversation: the government’s red ink is our black ink, and how the notion that government bond issuance “crowds out” private sector investment is inapplicable to a floating exchange rate currency.


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Patrons get early access to all episodes and patron-only episodes:


For an intro to MMT:

Our first three episodes:

Episode 126 - Dirk Ehnts: How Banks Create Money:


Our “Unpacking The Deficit Myth” series:


All our episodes in chronological order:


Quick MMT reads:

Warren’s Mosler’s MMT white paper:

Steven Hail’s quick MMT explainer:

On government debt: “Some Numbers Are Big. Let Me Help You Get Over It”:


Other things that came up in this conversation:

Bill Mitchell on Britain’s 1976 IMF loan:

Episode 49 - Phil Armstrong: Where Does Money Come From? (Part 1):

Episode 50 - Phil Armstrong: Where Does Money Come From? (Part 2):

Episode 110 - L. Randall Wray: Are We Living In An MMT World?:


Episodes on monetary operations:

Episode 20 - Warren Mosler: The MMT Money Story (part 1):

Episode 126 - Dirk Ehnts: How Banks Create Money:

Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask:

Episode 43 - Sam Levey: Understanding Endogenous Money:

Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1):

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


Episodes on inflation:

Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings:

Episode 65 - Phil Armstrong: Understanding Inflation:

Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation:

Episode 123 - Warren Mosler: Understanding The Price Level And Inflation:

Episode 128 - L. Randall Wray & Yeva Nersisyan: What’s Causing Accelerating Inflation? Pandemic Or Policy Response?:


Job Guarantee episodes:

Episode 4 - Fadhel Kaboub: What is the Job Guarantee?:

Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee:


Links to MMT scholarship by New Economic Perspectives:


MMT Academic Resources - compiled by The Gower Initiative for Modern Money Studies:


For online grad and postgrad courses MMT, visit Modern Money Lab:



Economics of Sustainability graduate courses zoom Q&A sessions (16th / 17th August, 25th August, 2nd / 3rd September):


Updates about Professor Bill Mitchell’s MMT 101 course will be posted here (we think!) - due to restart mid-September 2022:


Sign up for alerts from The Gower Initiative For Modern Money Studies about their forthcoming MMT book:


A list of MMT-informed campaigns and organisations worldwide:


We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel:


Transcript for opening monologue:


Show notes: