Uploaded April 2026 | Updated September 2026, 5 days ago
Carlos García Hernández, author of Fiat Socialism: Achieving the Goals of Socialism Through Modern Monetary Theory, joins Steve to revisit their discussion of topics covered in his earlier visits to the podcast.
Their dialogue wrestles with a deceptively simple question: if we already have the monetary capacity to guarantee jobs, housing, and public goods, why does capitalism still dominate? Through a sharp exchange, Steve and Carlos explore whether Modern Monetary Theory can be a pathway to socialism or whether deeper structural barriers rooted in class power and imperial dominance stand in the way.
While there’s broad agreement on the failures of neoliberal capitalism and the need to subordinate economic power to political control, tensions emerge around strategy and theory. Carlos leans toward a vision of “fiat socialism” centered on access to goods and services and the transformative potential of monetary sovereignty, while Steve pushes harder on the limits of education alone, emphasizing class struggle, ideology, and the near-impossibility of reform within existing institutions.
The result is less a blueprint and more an investigation that forces us to confront not just what’s possible, but why it isn’t happening.
Carlos García Hernández is the founder and director of Lola Books, a publishing house that has introduced MMT to Spanish and German readers. He is the author of Fiat Socialism: Achieving the Goals of Socialism Through Modern Monetary Theory.
@Carlos_G_H_ on X
#FiatSocialism #LearnMMT #culturalhegemony #oligarchy #china #brics #nato #lenin #classstruggle
Chapters:
0:00 — Intro (Music/Graphics)
0:46 — Steve's Solo Introduction & Book Overview
3:36 — Carlos Joins: The Main Barrier to Socialism
5:47 — Understanding Money: MMT as the Key
6:47 — Gramsci, Hegemony & Structural Power of the Oligarchy
8:24 — MMT Knowledge vs. Structural Barriers
9:18 — BRICS, Leaving NATO & Looking Beyond the West
10:37 — Baseline Communism & Redefining Socialism Through Access
12:01 — Marx's Falling Profit Rate, Commodity Money & Why MMT Changes Everything
14:57 — China's Model: State Control Over Private Enterprise
17:13 — Media Ownership, Brainwashing & Barriers to Knowledge Transfer
23:12 — Why Taxes Don't Fund Spending: The Core Misunderstanding
25:53 — Class Interests, the Working Class Siding with Their Masters
30:27 — Working with BRICS, Russia, China & the Global South
36:47 — Presenting MMT to Marxists: Lenin's Central Bank Strategy
39:33 — Revisionism & the Watering Down of MMT / Neo-MMT Danger
43:05 — Nationalizing Strategic Sectors & Flexible Socialism
56:11 — Steve's Solo Outro & Macro N Chill Community
Weaponize Knowledge with Modern Monetary Theory (MMT)
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#mmt
Weaponize Knowledge with Modern Monetary Theory (MMT)
Please help our Real Progressives efforts in spreading and become a monthly donor!
At PayPal
paypal.me/RealProgressives/25
At Patreon
patreon.com/realprogressives
Write for Real Progressives
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Visit our website:
realprogressives.org
Listen to our podcast:
realprogressives.org/macro-n-cheese-podcast
We believe all materials used in this video fall under Fair Use as defined in Section 107 of the Copyright Act of 1976.
Carlos García Hernández, author of Fiat Socialism: Achieving the Goals of Socialism Through Modern Monetary Theory, joins Steve to revisit their discussion of topics covered in his earlier visits to the podcast.
Their dialogue wrestles with a deceptively simple question: if we already have the monetary capacity to guarantee jobs, housing, and public goods, why does capitalism still dominate? Through a sharp exchange, Steve and Carlos explore whether Modern Monetary Theory can be a pathway to socialism or whether deeper structural barriers rooted in class power and imperial dominance stand in the way.
While there’s broad agreement on the failures of neoliberal capitalism and the need to subordinate economic power to political control, tensions emerge around strategy and theory. Carlos leans toward a vision of “fiat socialism” centered on access to goods and services and the transformative potential of monetary sovereignty, while Steve pushes harder on the limits of education alone, emphasizing class struggle, ideology, and the near-impossibility of reform within existing institutions.
The result is less a blueprint and more an investigation that forces us to confront not just what’s possible, but why it isn’t happening.
Carlos García Hernández is the founder and director of Lola Books, a publishing house that has introduced MMT to Spanish and German readers. He is the author of Fiat Socialism: Achieving the Goals of Socialism Through Modern Monetary Theory.
@Carlos_G_H_ on X
#FiatSocialism #LearnMMT #culturalhegemony #oligarchy #china #brics #nato #lenin #classstruggle
Chapters:
0:00 — Intro (Music/Graphics)
0:46 — Steve's Solo Introduction & Book Overview
3:36 — Carlos Joins: The Main Barrier to Socialism
5:47 — Understanding Money: MMT as the Key
6:47 — Gramsci, Hegemony & Structural Power of the Oligarchy
8:24 — MMT Knowledge vs. Structural Barriers
9:18 — BRICS, Leaving NATO & Looking Beyond the West
10:37 — Baseline Communism & Redefining Socialism Through Access
12:01 — Marx's Falling Profit Rate, Commodity Money & Why MMT Changes Everything
14:57 — China's Model: State Control Over Private Enterprise
17:13 — Media Ownership, Brainwashing & Barriers to Knowledge Transfer
23:12 — Why Taxes Don't Fund Spending: The Core Misunderstanding
25:53 — Class Interests, the Working Class Siding with Their Masters
30:27 — Working with BRICS, Russia, China & the Global South
36:47 — Presenting MMT to Marxists: Lenin's Central Bank Strategy
39:33 — Revisionism & the Watering Down of MMT / Neo-MMT Danger
43:05 — Nationalizing Strategic Sectors & Flexible Socialism
56:11 — Steve's Solo Outro & Macro N Chill Community
Weaponize Knowledge with Modern Monetary Theory (MMT)
Please help our Real Progressives efforts in spreading and become a monthly donor!
At PayPal
paypal.me/RealProgressives/25
At Patreon
patreon.com/realprogressives
Donorbox
donorbox.org/each-one-teach-one-3
Write for Real Progressives
realprogressives.org/submit-an-article
Visit our website:
realprogressives.org
Listen to our podcast:
realprogressives.org/macro-n-cheese-podcast
Subscribe to our Substack:
realprogressives.substack.com
We believe all materials used in this video fall under Fair Use as defined in Section 107 of the Copyright Act of 1976.
#mmt
Weaponize Knowledge with Modern Monetary Theory (MMT)
Please help our Real Progressives efforts in spreading and become a monthly donor!
At PayPal
paypal.me/RealProgressives/25
At Patreon
patreon.com/realprogressives
Write for Real Progressives
realprogressives.org/submit-an-article
Visit our website:
realprogressives.org
Listen to our podcast:
realprogressives.org/macro-n-cheese-podcast
We believe all materials used in this video fall under Fair Use as defined in Section 107 of the Copyright Act of 1976.
