L. R. Wray’s Appearance on “From Alpha to Omega” Podcast

By L. Randall Wray

I recently appeared on the “From Alpha to Omega” podcast. You can access the episode via the web using the link below:


12 responses to “L. R. Wray’s Appearance on “From Alpha to Omega” Podcast

  1. Wow. From Chartalism to commodities bubbles! Thank you!!

  2. I would like to listen to this but it seems to be playing two different things at the same time, and is impossible to understand.

    • You may want to listen a little further into the podcast. The introduction to the podcast is an audio montage and at times sounds as if multiple streams are playing simultaneously.

    • Yep. About 3.5 minutes in, the background music fades and the interview begins in earnest.

  3. Very nice except for the confusing audio montage. I’d like to see Randall or another of the MMT team on the Max Keiser Show. Yes, Max is a bit of a gold-bug but he is open to new money ideas (He’s had Steve Keen on a couple of times.)

  4. Is there a downloadable version?

  5. Your description of bond auction settlements at 26:20 to 26:50 seems to include the idea of banks requiring reserves in order to make direct credits to TTL accounts.

    I’m sure it’s not easy to get everything perfect in an interview setting, but are you fully comfortable with the way you explained that? If so, why do they require reserves?

    I know Stephanie Kelton described the use of T accounts in bond auction settlements in an older paper, and I think it was consistent with your description here, at least insofar as the TTL component is concerned. I can’t recall if Scott Fullwiler or anybody else in MMT has written something more recently on this. And I’ve always assumed that what I understood to be Warren Mosler’s description of Fed repo activity on bond settlement day (presumably pre-crisis, pre-QE) implied that settlement occurred through the TGA account at the Fed.

    Do you or the others know if an up to date Fed publication exists that describes bond auction settlement procedures in a way that covers the full banking system arrangements? I’ve seen a few things from them on TTL accounts, but I couldn’t seem to find references there regarding the use of TTLs in bond settlements.

  6. Will the book
    “Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems”
    be available as e-book?

    A very convenient format for international buyers.

    The interview was great, easy to understand the logics of how money may work.

  7. “Understanding Modern Money: The Key to Full Employment and Price Stability”
    Should also be nice if it was available as e-book.
    I’m sure it is excellent but the hard cover price at Amazon seems a little steep, “New from $500.26“.
    Do they print an exclusive copy.
    Paper back $34.19 at Amazon is a little more reasonable.

  8. Great interview

    Really loved that version of the Beatles “Money Money” in the middle of the podcast

  9. The Dork of Cork

    Wray did not really deal with the role of Gold to manage physical trade defecits & surplus.
    Both the US and even more so the UK remain in massive trade defecit.
    The eurozones function it seems is to inject these “sovergin”. economies with surplus oil….it appears the euro boys are really one of the FEDs backroom offices.

    I find the MMT position on the now symbiotic relationship between the treasuary & the Central Bank depressing but true – the key is to seperate these functions again.
    A goverment need not go begging to a central bank for anything – central bankers are well…. bankers.
    Goverment money (fiscal) needs to become Base money again rather then a earning usury vehicle.
    Also finally Wray did not deal with the Role of China & the other BRICs in the present oil train crash……I believe their rise is directly related to the rise of the Euro …so it follows if the Euro goes down in flames these guys will follow & the $ will rise as a default. – speculation has really nothing to do with it over long time periods.
    China has experienced the greatest Industrialisation the world has ever seen – dwarfing the 19th century european experience – it follows that oil will enter orbit if little new stuff comes on the market.

    Energy is defined as the ability to do work.
    MMTers always seem obsessed with work programmes – you would think they would understand the most basic of functions.