Interview With L. Randall Wray on Modern Money Theory


New Economic Perspectives has the article Entrevista a Randall Wray.

The full interview with NEP’s Randy Wray by EKO de Público TV in Spain. This is the complete interview. Questions from the interviewer are in spanish. Randy’s responses are subtitled in spanish.

If you don’t understand Spanish, you won’t understand the questions, but the answers are very understandable. Even if you know Modern Money Theory as much as I do (and that is not saying how much I do), you can learn a lot more from hearing this interview.

I have to imagine that the interviewer is asking very intelligent questions based on the responses the questions elicit. I cannot imagine any interviewer in the USA being able to ask these sorts of questions, let alone actually asking them.

It does help to know that the current account balance means the foreign trade balance. This is the amount a country earns from foreign trade minus how much it spends in foreign trade. In this country we talk about our trade deficit, because our current account balance is negative. Being negative means that we earn less from foreign countries than we spend with them. (We buy more from them than they buy from us.)

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