Just about a year ago, I was reading about Modern Monetary Theory (or MMT). I know, quite out of character for me. But the Washington Post ran a big story about MMT, and it was being widely shared on the interwebs. I found it fascinating.
Right around the same time, listener Sefantiza suggested I interview Warren Mosler on the show. Mosler, featured prominently in the Washington Post article, is an economist, president and founder of Mosler Automotive, and co-founder of the Center for Full Employment And Price Stability at the University of Missouri-Kansas City. He briefly ran for President of the United States as a member of the Democratic Party in the 2012 election before dropping out to run for U.S. Senate from Connecticut . The more I read about him, the more intrigued I became.
He joined me on the show on Feb. 29, and our conversation was, indeed, fascinating.
Fast forward to this year and the discussions of the “fiscal cliff” or crossroads, and the discussions surrounding the idea of a Trillion Dollar Coin to avoid the nonsense that’s coming in the fight over raising the debt ceiling. I couldn’t stop thinking of Warren Mosler and how this idea sounded like something he would likely endorse.
So, it was not a big surprise when, through a little research, I discovered that the idea originated on his blog!
The path of the trillion-dollar coin, as [the Georgia lawyer known online as] “Beowulf” described it to Wired, began with a “silly question” in a “pointless … online bull session” in the comments section of financier Warren Mosler’s blog. Anonymous supporters helped spread the concept to the comments of other economics blogs and ultimately into posts on such sites. The idea soon attracted attention from more prominent liberal economists like James Galbraith and Paul Krugman, and then from writers like Matthew Yglesias and Ezra Klein. From there it was a short hop into the center mainstream. NBC’s Chuck Todd hammered a White House spokesman about the coin possibility on Wednesday.
So, Mr. Mosler makes a return appearance on the show this morning, in the first hour!
In hour two, following a news updated from the Talk Radio News Service, we’ll get another Fabulous Female Fact from cultural HERstorian Amy Simon, creator of She’s History: The Most Dangerous Women in America, Then and Now.
And finally, no, I haven’t forgotten about guns today. President Obama will announce his gun safety recommendations this morning just as the show ends. We’ll deal with it tomorrow on the show…