Episode
Jon Referees an Economist Battle
1:22:07
Published: Thu Feb 24 2022
Description
When economist and Fed exec Thomas Hoenig told Jon on this podcast that printing money was a bad idea, economists Stephanie Kelton and Rohan Grey took to the internet to start an Economist Battle (it’s more fun than it sounds). Now they’re here to tell Jon about a new approach to economics called Modern Monetary Theory, and why printing money maybe isn’t so bad after all. But first, Jon discusses trespassing bears and the current situation in Ukraine with staff members Tocarra Mallard, Alexa Loftus, and Deniz Cam.CREDITSHosted by: Jon StewartFeaturing, in order of appearance: Alexa Loftus Tocarra Mallard, Deniz Cam, Stephanie Kelton, Rohan Grey, Rob ChristensenExecutive Produced by Jon Stewart, Brinda Adhikari, James Dixon, Chris McShane, and Richard Plepler.Lead Producer: Sophie EricksonProducers: Caity Gray, Robby SlowikAssoc. Producer: Andrea BetanzosSound Designer & Audio Engineer: Miguel CarrascalSenior Digital Producer: Kwame OpamDigital Coordinator: Norma HernandezSupervising Producer: Lorrie BaranekHead Writer: Kris AcimovicElements: Kenneth Hull, Daniella PhilipsonTalent: Brittany Mehmedovic, Haley DenzakResearch: Susan Helvenston, Andy Crystal, Anne Bennett, Deniz Çam, Harjyot Ron SinghTheme Music by: Gary Clark Jr.The Problem with Jon Stewart podcast is an Apple TV+ podcast, produced by Busboy Productions. https://apple.co/-JonStewart
Chapters
The host introduces new guests from the research department, Alexa and Takara, to the economics podcast.
00:00 - 02:04 (02:04)
Summary
The host introduces new guests from the research department, Alexa and Takara, to the economics podcast. They are known to provide critical insight and correct any misinformation presented on the program.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The podcast discusses the idea of having "F*** You Money" and how it could change the way people approach their lives and careers.
02:04 - 06:37 (04:33)
Summary
The podcast discusses the idea of having "F*** You Money" and how it could change the way people approach their lives and careers. They also interview Thomas Honig, former president of the Federal Reserve Bank of Kansas City, about monetary policy.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The pursuit for nuclear weapons by Turkey could lead to a global contagion of other countries seeking to become imperialistic and own nuclear weapons; autocratic rulers have expressed their nostalgia for empires from the 1900s.
06:37 - 10:06 (03:28)
Summary
The pursuit for nuclear weapons by Turkey could lead to a global contagion of other countries seeking to become imperialistic and own nuclear weapons; autocratic rulers have expressed their nostalgia for empires from the 1900s.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The current strong opposition in Russia is a sign that people have access to information and that there is pushback against alleged corruption.
10:06 - 14:23 (04:16)
Summary
The current strong opposition in Russia is a sign that people have access to information and that there is pushback against alleged corruption.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The bailout of 2008 was given to corporations rather than homeowners, even though the crisis was caused by derivatives of mortgages.
14:23 - 21:33 (07:10)
Summary
The bailout of 2008 was given to corporations rather than homeowners, even though the crisis was caused by derivatives of mortgages. If the federal government focused on homeowners instead of corporations, it would have been less expensive and more effective.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
In this podcast, the hosts discuss how Goldman Sachs and other banks have come to view treasury debt as equivalent to cash, and explore the complex relationship between the Treasury and the Federal Reserve when it comes to printing money to buy up the Treasury's debt.
21:33 - 26:28 (04:55)
Summary
In this podcast, the hosts discuss how Goldman Sachs and other banks have come to view treasury debt as equivalent to cash, and explore the complex relationship between the Treasury and the Federal Reserve when it comes to printing money to buy up the Treasury's debt.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The idea of the national debt and creating money out of thin air is discussed, with the suggestion of creating multiple trillion-dollar coins, with one given to China and another to Europe, to avoid thinking of green paper as debt.
26:28 - 29:47 (03:18)
Summary
The idea of the national debt and creating money out of thin air is discussed, with the suggestion of creating multiple trillion-dollar coins, with one given to China and another to Europe, to avoid thinking of green paper as debt.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The federal government's debt is guaranteed by full faith and credit as the US dollar, while state and local government debt cannot run a deficit in the way the federal government can.
29:47 - 34:41 (04:54)
Summary
The federal government's debt is guaranteed by full faith and credit as the US dollar, while state and local government debt cannot run a deficit in the way the federal government can. Federal Reserve could buy bonds at zero interest rates and facilitate financing for the local government, making it more impactful.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The current system has a negative impact on savers, retirees, and the economy as a whole, as it favors the wealthy and perpetuates inequality.
34:42 - 39:27 (04:45)
Summary
The current system has a negative impact on savers, retirees, and the economy as a whole, as it favors the wealthy and perpetuates inequality.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
Addressing the underpayment of workers in corporations such as Walmart and Amazon requires the creation of alternative workplaces.
39:27 - 50:50 (11:23)
Summary
Addressing the underpayment of workers in corporations such as Walmart and Amazon requires the creation of alternative workplaces. A federal job guarantee can help, giving everyone a job at a good wage, with decent benefits, and putting pressure on corporations to make structural changes.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The cost of higher education has increased to the point where pursuing necessary degrees in fields such as education and nursing can result in lifelong debt.
50:50 - 57:40 (06:49)
Summary
The cost of higher education has increased to the point where pursuing necessary degrees in fields such as education and nursing can result in lifelong debt. This financial burden puts pressure on individuals to take on any means necessary to obtain a higher education.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The Bank of England's governor stated that workers should ask for less wages to keep inflation down.
57:40 - 1:04:47 (07:07)
Summary
The Bank of England's governor stated that workers should ask for less wages to keep inflation down. The conversation highlights the relationship between wages, unemployment and inflation.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The central bank's ability to print trillions of dollars in bailouts after the financial crisis highlights its power, but it only unleashes this power in one direction, printing money for billionaires and banks instead of the people.
1:04:47 - 1:09:06 (04:19)
Summary
The central bank's ability to print trillions of dollars in bailouts after the financial crisis highlights its power, but it only unleashes this power in one direction, printing money for billionaires and banks instead of the people. Connecting macroeconomic monetary policy with micro antitrust and macro full employment could help ensure public goods for all.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
This episode unpacks the dark side of nostalgia and how it can gloss over negative aspects of the past, particularly in the context of American individualism.
1:09:06 - 1:16:46 (07:39)
Summary
This episode unpacks the dark side of nostalgia and how it can gloss over negative aspects of the past, particularly in the context of American individualism. The hosts also discuss the impact of the Pentagon's control on the US government's decision-making process.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The speaker praises New York City as the greatest city in the world despite the prevalence of dog urine on its sidewalks and prefers it to Los Angeles, which has more human urine.
1:16:46 - 1:21:10 (04:24)
Summary
The speaker praises New York City as the greatest city in the world despite the prevalence of dog urine on its sidewalks and prefers it to Los Angeles, which has more human urine. He humorously comments on the social and economic diversity in the city through the shared experience of having dogs urinate on his car.
EpisodeJon Referees an Economist Battle
PodcastThe Problem With Jon Stewart
The episode features Stephanie Kelton and Rowan Gray discussing MMT, along with Alexa, Takara, and Dennis as guests.
1:21:10 - 1:22:05 (00:54)
Summary
The episode features Stephanie Kelton and Rowan Gray discussing MMT, along with Alexa, Takara, and Dennis as guests. The podcast is available on Apple TV Plus and produced by Busboy Productions.