WARREN MOSLER: I've described myself as a long time insider of monetary operations.
I was isolated at the time with that opinion, it was entire trading desk. I'd been there a year, everybody else dismissed it. Just a basic understanding of the logic behind the currency was something I was interested in very early.
The currency itself is a simple public monopoly. So, if somebody says to me, how do we pay for the Green New Deal? I said, well, Congress appropriates the money. And then the Treasury instructs the Fed to credit the appropriate accounts. And that's how it's paid for. And then the Green New Deal people go, yeah, that.
The cause of unemployment by design is taxation, for the further purpose of the government provisioning itself.
ED HARRISON: I'm really excited for this next interview with Warren Mosler, who I would call the godfather of modern monetary theory. He's really the individual who started the whole movement. The question is, is this economics theory, what is it? I know that Warren Mosler has described it as monetary operations, but what is it really? What can we do with it in terms of policy? What can we do with it in terms of investing? That's what we hope to get out of this next segment. We hope you'll like it. Let's get right to Warren.
Warren Mosler, it's very good to have you here at our studios in Real Vision, been trying to talk to you about MMT for a very long time, I think we're going to end up calling you the godfather of MMT for this particular video. And I wanted to start with, because MMT is a really hot topic now. And you were the progenitor of MMT? Are you very excited about the fact that it's been getting a lot of press? Or do you think that it's been misrepresented in the press, and that's giving you a difficult time?
WARREN MOSLER: Yeah. Well, I'm very pleased that it's gotten there at all. And yes, it gets misrepresented around the edges. And that's always going to happen, I can imagine Marx and Keynes feel much the same way about what's happened to it. But they've said and that's the way things are, that's the way the world works. But we've got a lot of good MMT proponents, they're called, people like Stephanie Kelton, Randy Ray, and Bill Mitchell, Carson or probably somebody else I should be naming but who've been with me for over 25 years, trying to get the word out, doing the research, writing the papers, and they're out there doing the best they can to keep the message on message and just very pleased with the way it's been going.
ED HARRISON: I was telling you before that