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Steve’s guest is L. Randall Wray, a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. In this 2017 interview, Wray looks at the Global Financial Crisis from both sides now. The celebrated economist tells Steve how the rise of shadow banking led to banking deregulation, opening the door for massive fraud, leading to the global financial crisis. He then explains in detail how globalism affected average Americans, suppressing their wages for 40 years and forcing them to amass unsustainable personal debt. These two threads led to the GFC.
Wray compares the federal government’s response to the banking crisis with the reaction to the real economy’s crisis, the jobs crisis, and the consumer spending crisis. Is it any wonder that Wall St recovered, but the rest of the economy did not?
He maintains that only a federal job guarantee will prevent more pain. Manufacturing jobs are not coming back to the US any time soon. He goes on to address both the myths and reality of Social Security and Medicare. And finally, he offers a simple but truthful description of the relationship & interaction between the central bank, or Federal Reserve, and the Treasury.
Coming Soon
Steve’s guest is L. Randall Wray, a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. In this 2017 interview, Wray looks at the Global Financial Crisis from both sides now. The celebrated economist tells Steve how the rise of shadow banking led to banking deregulation, opening the door for massive fraud, leading to the global financial crisis. He then explains in detail how globalism affected average Americans, suppressing their wages for 40 years and forcing them to amass unsustainable personal debt. These two threads led to the GFC.
Wray compares the federal government’s response to the banking crisis with the reaction to the real economy’s crisis, the jobs crisis, and the consumer spending crisis. Is it any wonder that Wall St recovered, but the rest of the economy did not?
He maintains that only a federal job guarantee will prevent more pain. Manufacturing jobs are not coming back to the US any time soon. He goes on to address both the myths and reality of Social Security and Medicare. And finally, he offers a simple but truthful description of the relationship & interaction between the central bank, or Federal Reserve, and the Treasury.
Coming Soon
Episode 103 - Anatomy of a Job Guarantee with Fadhel Kaboub
Episode 102 - The Global Scourge of Neoliberalism with Patricia Pino
Episode 101 - Beat Back Better: Organizing in 2021 with Emma Caterine
Episode 100 - Flying with Sara Nelson
Episode 99 - A Modern Debt Jubilee with Steve Keen
Episode 98 - Imminent Collapse with L. Randall Wray
Episode 97 - Solidarity with Joe Burns
Episode 96 - Treasury's Gift To The Fed with Robert Hockett
Episode 95 - The Land Value Tax with Joshua Vincent and Rich Nymoen
Episode 94 - Political Sobriety with Rohan Grey
Episode 93 - The Public Banking Act with Rohan Grey
Episode 92 - Propaganda and the Vortex of Centrism with Esha Krishnaswamy
Episode 91 - Crisis Management with Warren Mosler
Episode 90 - The MMT Sequence with Warren Mosler
Episode 89 - Juxtapositions with Bill Mitchell
Episode 88 - Debt Deflation and the Neofeudal Empire with Michael Hudson
Episode 87 - A Just Transition Through Participatory Governance with Cindy Banyai
Episode 86 - 2020 with Margaret Kimberley
Episode 85 - Shadow Banking with Robert Hockett
Episode 84 - African Sovereignty and a Global Green New Deal with Fadhel Kaboub
Episode 83 - Mutual Credit and the War on Cash with Brett Scott
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