YouTube has the video “MMT Insights for the Ukrainian Economy,” Speech for the Ukrainian Society of Financial Analysts by Fadhel Kaboub.
In this presentation, I introduce the basics of Modern Monetary Theory (MMT) and highlight some red flags for the Ukrainian economy with regards to inflation, exchange rate stability, food prices, real estate speculation, and external debt.
Watch the video to see how Kaboub comes to these conclusions.
This is a video that the USA and the EU would rather the Ukraine not hear. When the USA overthrew the elected regime and installed one favorable to the west, they gave the Ukraine an economic deal that is the antithesis of what Kaboub would recommend. I bet the first question being asked is motivated by the debts owed to the IMF and the EU. This deal was intended to limit The Ukraine’s monetary sovereignty. This facilitated the ability of the western powers to strip the assets from The Ukraine.
If you can make it through the Q & A part of this video, Prof. Kaboub makes the above point, but perhaps too diplomatically. Since I have no need for diplomacy, I can come right out and explain that this trap for The Ukraine was purposely set by the USA and the EU. The current build up of hostilities between Russia and The Ukraine may be motivated by the West’s need to distract The Ukraine from understanding the damage we in the West are doing to them.
I realize that this presentation is the answer to my complaint about how the leading lights of MMT discuss inflation. I have often heard them bat down complaints of inflation, by saying “See, inflation is not a problem now.” I complain that is not enough of an answer. You have to look at why inflation has not been a problem and what could change to make it a problem in the future. Prof. Kaboub’s response “Look for the actual sources of inflation in the real economy” is exactly the answer I would like to hear from the other proponents of MMT.