Patricia and Christian talk to author and MMT scholar Phil Armstrong about inflation, hyperinflation, the gold standard, John Maynard Keynes’ Bancor plan and more.

Phil’s recent presentation - The Post-Covid Economy: https://www.patreon.com/posts/40249996

Phil’s book, Can Heterodox Economics Make a Difference? will be available in November: https://www.e-elgar.com/shop/gbp/catalogsearch/result/?q=armstrong

Our other episodes with Phil: https://www.patreon.com/posts/36619334 

https://www.patreon.com/posts/36846931

Phil talks about the Ruhr Valley, the industrial region of Germany which was invaded and occupied by French and Belgian troops from 1921 to 1925 as a reprisal for Germany failing to fulfil World War I reparation payments. More here: https://en.wikipedia.org/wiki/Occupation_of_the_Ruhr

Phil talks about the ERM (European Exchange Rate Mechanism), which locked together the various currencies of what were to become the Eurozone member nations at fixed or semi-pegged exchange rates. More here: https://en.wikipedia.org/wiki/European_Exchange_Rate_Mechanism

Warren Mosler on Paul Volcker (from 13:25) : https://youtu.be/6WSQ20I1Jv4?t=809

Transcript for opening monologue: https://www.patreon.com/posts/40672579