Very Important (Short) Video For Understanding How Money Works

This is the great Richard Eskow interviewing economist Stephanie Kelton for his radio/internet/video/podcast show The Zero Hour. (Click here for The Zero Hour’s YouTube channel.)

This video helps you understand that the country is not “broke” but has PLENTY of money to hire people, fix infrastructure, etc., just like how we had enough money for two wars and then trillions to bail out the banks. PS It’s called “Modern Monetary Theory.”

From her website: Stephanie Kelton, Ph.D. is Associate Professor and Chair of the Department of Economics at the University of Missouri-Kansas City. She is also Editor-in-Chief of the top-ranked blog New Economic Perspectives and a member of the TopWonks network of the nation’s best thinkers. Her book, The State, The Market and The Euro (2001) predicted the debt crisis in the Eurozone, and her subsequent work correctly predicted that: (1) Quantitative Easing (QE) wouldn’t lead to high inflation; (2) government deficits wouldn’t cause a spike in U.S. interest rates; (3) the S&P downgrade wouldn’t cause investors to flee Treasuries; (4) the U.S. would not experience a European-style debt crisis.

If you want more, Stephanie Kelton has also participated in a number of Virtually Speaking episodes.

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