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Activist #MMT - podcast

Activist #MMT - podcast

Jeff Epstein

Welcome to Activist #MMT. A podcast about real-world economics including Modern Money Theory, and how life changes when you discover it.
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Top 10 Activist #MMT - podcast Episodes

Goodpods has curated a list of the 10 best Activist #MMT - podcast episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Activist #MMT - podcast for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Activist #MMT - podcast episode by adding your comments to the episode page.

Here's the original video from where this audio came.

Here's a list of links to John reading every chapter (released so far) in his 2021 book Contending Perspectives.

Note the original video is unedited, but the audio has been edited to eliminate obvious mistakes, coughs, interruptions, and etc.

Audio chapters

Use the below timestamps to navigate to each major section and occurrence in this section:

  • 1:35 - Page 8: Chapter 2: Economics as a scientific discipline
  • 3:25 - Page 8: Section: What is science?
  • 4:40 - Page 9
  • 10:03 - Page 10: A realistic version of science
  • 17:39 - Page 13
  • 30:13 - Page 17: Economics: Training and apprenticeship
  • 44:01 - Page 22
  • 58:38 - Page 27: Economics: Schools of thought
  • 1:06:32 - Page 30: Economics: Primary and secondary standards of behavior
  • 1:09:30 - Summary of table 2.1 on 32 (then skipping page 31, paragraph 2 through page 34, paragraph 2 – all of which is covered in future chapters)
  • 1:10:43 - Page 34, paragraph 2
  • 1:13:10 - Page 35: Conclusions
  • 1:14:55 - Final comments
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Welcome to episode 134 of Activist #MMT. Today's part two of my two-part conversation with Charles Hayden. In part one, Charles described how he created at least three important milestones in MMT history, and how Warren Mosler played a integral role his journey to understanding and accepting MMT. Today in part two, we discuss some of the many varied realistic views of inflation, and how each of them is connected by the fact that the national government is the monopoly price setter for the entire economy – whether they know it or not. This is one of the unique contributions of Modern Money Theory.

The first realistic view of inflation is how it's not a disease or a symptom, but rather a measurement of some prices going up somewhere in the economy for some reason. It's not possible to know what the problem is without going out into the real world and discovering them for yourself. If you address those real-world problems, then those prices will naturally go down, which will in turn result in a lower measurement of inflation.

This is not unlike how a thermometer measures the temperature of a sick person. The rabid desire to "lower inflation" is not unlike dunking the thermometer into a cup of ice, and ignoring the actual sickness of the actual patient, and doing nothing to help them. This is the idea behind lowering inflation by raising interest rates – if we lock all the starving people out of the kitchen, then we can truthfully say that "everyone who enters this kitchen gets a good meal." These are all examples of how real costs are pushed by those with the most onto those with the least – and subsequently onto the families and communities in which those people exist.

A second realistic view is the class conflict theory of inflation. This is as originated by Marx and adopted by MMT. Inflation is essentially a battle between business owners and their workers, where one side fights to increase their profits, and the other fights to increase their wages. A wage-price spiral can only happen if we allow it to happen. The only way it can stop is if one side is empowered enough to prevent the other from pushing back.

More broadly, this is a centuries-long battle between rich and poor to increase their power over the other. In all the above cases, outside of natural catastrophe, the government must be complicit in order for the inflation to persist. Currently, the government is essentially entirely on the side of the rich, business owners, and capitalists. So, in almost all cases, all real and financial costs are borne by workers and the poor.

The idea that the government is the monopoly price setter, essentially means to me that: We as a collective are in control of our own destiny. The government is us as a collective. We have let it decay into the morass that it currently is. We've let the leash out way too far and now it's going to take a whole lot of effort in order to reign it back in. Regardless, no matter how unlikely or even impossible that task may be, if we are to survive, there is a no alternative.

Outside of natural disaster, everything we do and don't do is a choice. We are choosing to go extinct. We could choose to not do that.

And now, let's get right back to my conversation with Charles Hayden. Enjoy.

Audio chapters
  • 6:23 - Inflation- first thoughts
  • 7:24 - Inflation is to the real world like a thermometer is to sickness (also, inflation the boogeyman)
  • 12:34 - Government is the monopoly price setter. This is behind every other (valid) view of inflation
  • 20:10 - Government is dog walker
  • 24:07 - Foreign demand for a currency
  • 26:40 - The government passively delegates its price setting powers (plus neglect and suppression)
  • 38:29 - Inflation affects peoples lives
  • 40:54 - Fortunate to learn MMT directly from Warren Mosler
  • 42:34 - The language of Warren, versus other academics, versus activists, versus
  • 46:08 - Warren's extreme examples as thought experiments
  • 47:21 - MMT was all over TV (trying to do to MMT what they did to CRT)
  • 49:43 - Dennis Kucinich and my monetary reform article
  • 50:54 - Inflation is an area of concern MMT
  • 53:33 - The first MMT Activist
  • 56:24 - Inflation and the real world, grades and children, temperature and sickness
  • 1:01:46 - Raising interest rates (to 100%!)
  • 1:04:03 - Street protester (there's power in protest)
  • 1:08:30 - MMTers in Texas
  • 1:09:45 - Campaigning
  • 1:13:18 - Vote blue no matter who
  • 1:14:59 - Goodbyes
  • 1:18:44 - Duplicate of introduction, with no background music (for those with sensitive ears)
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Activist #MMT - podcast - Ep125[1/3,1/6] John Harvey: MMT, the UK, and pound sterling
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07/03/22 • 56 min

Welcome to episode 125 of Activist #MMT. Today's the first in a six-part series with Texas Christian University (TCU) economics professor and Cowboy Economist, John Harvey. The first three parts are hosted by me, the final three by MMT researcher, Texas lawyer, and my previous guest, Johnathan Wilson. Jonathan and John talk about how MMT can apply to nations outside the US, using Russia as an example, and also some of the core theoretical and ideological differences between MMTers and mainstream economists, focusing on a recent critique of MMT by Drumetz and Pfeister. (You can hear my own interview with Jonathan in episodes 106 and 107.)

(A list of the audio chapters in this episode can be found at the bottom of this post. Here's a link to all six parts in this series: parts two and three with me, and parts four, five, and six with Jonathan. For a link to every Activist #MMT interview with John – plus the full audio of every Cowboy Economist video (!) – go here.)

Regarding parts one to three, John and I talk about his chapter in the upcoming book called Modern Monetary Theory: Key Insights, Leading Thinkers. The book will be published by the UK-based Gower Institute for Modern Money Studies, or GIMMS; it's edited by L. Randall Wray and GIMMS; and is scheduled for January 2023 release. John is one of 15 authors.

John's chapter is called "Modern Monetary Theory, the UK, and pound sterling". He was asked to write the chapter for two major reasons: First because there is not enough MMT-specific analysis on exchange rate determination, and second, to address the reality of the so-called sterling crisis in the United Kingdom. John and I don't specifically discuss the latter topic, but it is addressed in the paper.

It addresses the following criticism of MMT (this is a quote from the chapter): "MMT-inspired policies will cause high rates of price inflation which will, in turn, lower the international value of a domestic currency – perhaps catastrophically." Importantly, the critique is based on the following three assumptions:

  1. The false idea that we are already, or soon will be, at full employment
  2. A fantastical theory of exchange rate determination
  3. A terrible and lazy mischaracterization of MMT

John and I spend most of our time discussing the reality of these three assumptions. Surprisingly, however, the main insight I take from this conversation is a much clearer understanding of inflation in general. I'm going to describe that insight in the introduction to part two.

The heart of our conversation is on the above three assumptions, but we start and end with mostly unrelated subjects. Part one begins with John describing his experience as chair of the economics department at TCU, he discusses the Russian-Ukrainian conflict only as it relates to exchange rate determination, and he also answers a question from an Activist #MMT patron, regarding his opinion of our possibility of experiencing a recession. At the end of part three, we talk about how, for most of those that most of us directly interact with, mainstream economic theory is not, in fact, a big conspiracy. We end by discussing the good and bad of math in economics.

Thanks to the recommendation of a patron, with every episode of Activist #MMT as of several months ago, you can pinpoint any part of this interview by referring to the full list of audio chapters, which can be found at the bottom of the show notes. So, for example, if you wanted to skip over this introduction and go right to the beginning of the interview proper, now you can know exactly what timestamp to go to.

And now, on to my conversation with John Harvey. ...

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Activist #MMT - podcast - Ep120[1/2]: Sean McCoy: Student debt horror story 2
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05/08/22 • 57 min

Welcome to episode 120 of Activist #MMT. Today's student debt horror story number two, with Sean McCoy. Sean's a Virginia-based filmmaker who, outside his professional career, donates his skills and footage to progressive candidates and nonprofits. As a teenager, he was a professional actor who applied to theater programs at eleven different universities. He settled on Boston University, which is a private institution that offered to cover fifty percent of his costs through various grants and scholarships.

(Here's a link to part two. A list of the audio chapters in this episode can be found at the bottom of this post.)

Despite the deep discount, Sean left school with nearly $150,000 in student debt. Now it's five years later and he's paid more than required each month, which has reduced it to around $120,000. At this rate, he will have fully paid off his loans around the year 2042. That's not a joke.

Sean describes in detail how debt is a lever of power, and how that in turn is a tool used by the rich to enslave their workers. This despite the obvious fact that, even though chained down by debt, these workers create well more in value for the economy – for society – for these rich people! – than the amount they owe in debt. In the case of my previous student debt horror story, Dalton is a high school teacher who's spread that education to hundreds of students in his seven years' of teaching experience. Like all teachers, Dalton has created many times more in value for society than the $47,000 society has chosen to burden him with.

Even if "our individual tax dollars" really were needed to pay for the education of others, not burdening teachers with student debt would obviously be a good investment. How much more would they benefit society if they were let loose by never burdening them with student debt to begin with?

Student debt is nothing more needless future punishment for daring to aspire above your station.

In part two, Sean responds to some of the common criticisms of those who argue against canceling student debt; arguments almost entirely based on the false assumption that "our individual tax dollars" are required to pay for the education – and debt – of others.

To learn more about Sean and his work, you can visit his website at seancmccoy.com.

And now, onto our conversation. Enjoy.

Resources Audio chapters
  • 4:43 - Where do you live? Viral tweet.
  • 5:42 - Sean introduces himself
  • 8:14 - Ilhan Omar shared his video.
  • 9:19 - That's how you live. How do you survive?
  • 10:47 - Back to the beginning. Planning on going to college.
  • 14:53 - What would you say now to that person who said all of this was normal?
  • 17:22 - Assuming false economics is true, would you do things differently if you could go back and start again?
  • 20:24 - How did you minimize or costs while in college?
  • 24:42 - The current state of all of his loans.
  • 35:50 - Why won't Biden cancel student debt?
  • 40:04 - tinfoil hat
  • 43:23 - Wage-price spiral. Only poor people cause inflation.
  • 45:24 - Larry Summers and the shiny ball. (John Harvey and the price of cotton.)
  • 50:58 - Milton Friedman and short-term thinking FOR WHO?
  • 54:59 - Duplicate of introduction, but with no background music
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Welcome to episode 117 of activist. Today's part two of my three-part conversation with author, financial analyst, and applied mathematician, Brian Romanchuk. Last week in part one, we talked about his journey to MMT, and his 2021 book, Modern Monetary Theory and the Recovery. Today, and next week in part three, we talk about the various techniques used by bad-faith critics of MMT. More broadly, these are some of the things simple bullies do, when they'd like their followers to think they're not bullies. This interview was inspired by chapter five of Brian's book, his recent appearance on MMT Podcast, and my own post of good-faith critiques.

(A list of the audio chapters in today's episode can be found at the bottom of this post.)

This interview inspired me to write a new post summarizing the techniques Brian and I discuss today, plus my own definition of a good-faith critique. These techniques are not exclusive to MMT, of course, but Brian and I share several anecdotes, and link them to actual MMT critiques and critics.

And now, let's get right back to my conversation with Brian Romanchuk. Enjoy.

Audio chapters
  • 3:17 - Trillion dollar coin, needle in a haystack, institutionalism
  • 6:43 - Good-faith critique- a definition
  • 12:26 - Critiques come from the overwhelmingly dominant school (hrespecs)
  • 14:48 - "MMTers ignore X"
  • 21:39 - An MMT supporter was wrong (or a jerk)
  • 27:40 - Newbies and "taxes don't fund spending".
  • 30:12 - MMTers are deliberately deceitful and they keep changing their positions. (Calvinball)
  • 39:42 - I will only view a child through their report card.
  • 42:09 - Thomas Palley's household analogy
  • 44:23 - MMT is wrong, because if it were right, it would be bad. (Just don't like the politics.)
  • 48:28 - Duplicate of introduction, but with no background music
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Welcome to episode 113 of Activist #MMT. Today I introduce MMT to author, journalist, radio talker, podcaster, and friend, Gregg Stebben. Gregg is co-author of the 1999 book Everything You Need to Know about Economics, which is part of a four-book series called The Pocket Professor, on the topics of economics, physics, philosophy, and religion. Among several other books, Gregg also co-wrote the 2017 The Little Red Book of New York Wisdom with former mayor Ed Koch.

(Here's a link to part two. A list of the audio chapters in this episode can be found at the bottom of this post.)

This two-part episode is an unscripted conversation, but our starting-off point is a short introductory post I wrote for the purpose of this discussion. In part one, I give Gregg a broad introduction to MMT, its basic policy implications, and some of the major myths it shatters. In part two, we branch out to a wide-ranging conversation about the state of the world and how MMT does and does not relate to it.

This episode is also another step in my journey to creating a general introduction to MMT. It's actually my second recording with Gregg. The first, in May of last year, was never released. I ran through my introduction presentation, which I had been working on for several months. Although I got a lot out out of the experience, including some important analogies and insights, as a whole it just never came together. It was overwhelming. Even though only an hour, it probably contained somewhere between five hours and four years of information. After my experience with Gregg, I abandoned the presentation entirely. This was most upsetting to me because of how so many gave their time and feedback to improve it. As Gregg says, however, it was all a part of how I got to where I am today. The information is still there, just in a different form. Speaking of which, before listening to today's episode, you might want to consider reading my post. It's called A political introduction to real-world economics.

If you like what you hear, then I hope you might consider becoming a monthly patron of Activist #MMT. Patrons have exclusive access to several full-length episodes, right now. A full list is here, each with a brief highlight. Patrons also get the opportunity to ask my academic guests questions, such as my recent episode with Warren Mosler. They also support the development of my large and growing collection of learn MMT resources. To become a patron, you can start by going to patreon.com/activistmmt. Every little bit helps a little bit, and it all adds up to a lot. Thanks.

And now, onto my conversation with Gregg Stebben. Enjoy.

Resources Audio chapters
  • 5:17 - Adam Smith
  • 5:35 - Macro automation software
  • 10:09 - Gregg introduces himself
  • 12:59 - My abandoned presentation
  • 19:04 - MMT is a map
  • 24:53 - It is imposs...
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Activist #MMT - podcast - Modern Money Doughnuts, Ep7 with Steven Hail
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03/01/22 • 43 min

Welcome to episode seven of Modern Money Doughnuts (MMD), hosted by Steven Hail and Gabrielle Bond. MMD is an international show about modern monetary theory and ecological economics.

(All episodes of Modern Money Donuts can be found on this page by Modern Money Labs.)

This week Gabie interviews Steven about his reasons for leaving an 'Ivy League' university and what he and Phil Lawn are planning to do to further MMT and ecological economics education at Torrens University.

This week we are one step closer to being able to offer postgraduate courses including Masters and PhD qualifications in MMT and ecological economics: the two essential elements needed to create a sustainable and prosperous future for people and the planet.

From Gabie: "If you're thinking about postgrad studies in #MMT or ecological economics or both, have a listen! We will be offering online courses via Torrens University from September this year fingers crossed."

Here's the video from which this audio comes from. (The audio is unedited.)

MMD is hosted by KRTD Media, and the audio podcast is, for now, hosted by Activist #MMT. So if you'd like to be automatically notified of each new MMD episode, then subscribe to Activist #MMT on your favorite podcast platform.

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This snippet comes from episode EPISODENUMBERJONATHANPART3 of Activist #MMT, which is part three with Jonathan Wilson which is called Historical Context for Real-World Economics (new online course!). It starts at around the 18-minute, 30-second mark of the interview proper.

This snippet documents my first impressions of (the 2001 edition of) Karl Polanyi's 1944 book, The Great Transformation, after having read only the forward, introduction, and first chapter. More importantly, this is before talking about the book with Asad Zaman, who is a PhD with many lectures, papers, and posts on the topic (which we do in episodes 111 and 112).

(Part three with Jonathan is delayed, but the next four episodes of Activist #MMT are dedicated to Polanyi's book.)

Important note

The idea that "you can't overthrow capitalism because something that doesn't exist can't be overthrown" is, at best, a highly misguided way to say it. The primary reason is that many potential allies believe passionately that "capitalism" does indeed exist and must be (for lack of a better term) defeated or overthrown. A more accurate and much less inflammatory version of my statement can be found in an upcoming post that will accompany my upcoming episodes with Asad Zaman. It's a full general summary of the book, approved by Professor Zaman.

However, there is another aspect of this argument from a very different point of view, as discussed in the February, 2022 episode of Superstructure (of Money on the Left) entitled, no less, Capitalism Does Not Exist. I am pretty sure our (final, corrected) views are roughly compatible, but I'm not going to be foolish enough to attempt to summarize the precise differences :).

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Welcome to episode 106 of Activist #MMT. Today I talk with lawyer and independent economics researcher Jonathan Wilson, on the reality of the petrodollar or reserve currency, focusing especially on his unique and easy-to-understand "Cool Stuff" hypothesis. Jonathan's article on the topic can be found on pmpecon.com. Here's a direct link: The Cool Stuff Hypothesis Versus the Petrodollar

(A list of the "audio chapters" in this episode can be found at the bottom of this post. Here's a link to parts two and three.)

Links to snippets from this three-part episode with Jonathan Wilson:

The Cool Stuff hypothesis is a realistic look at how and why a country's currency is desired, spent, and saved – by people both in and out of that country. The playful phrase "Cool Stuff" was inspired by Stephanie Kelton and her 2020 book The Deficit Myth, which takes twenty-five years of MMT academic scholarship and boils it down for a popular, non-academic audience. Aside from the academic concepts, what most impressed me about the book is how Stephanie successfully and simultaneously teaches these concepts to those who know nothing, and also teaches me, who at the time had been studying the topic for two-and-a-half years, things I never knew. I compare this to how the best movies and kids' music can appeal to both adults and kids.

Now, regarding the Cool Stuff hypothesis. A gallon of 2% milk is not Cool. You can go into one of many stores and reliably and inexpensively find a decent gallon of milk. The stores that sell these Un-Cool products products are Un-Cool stores. They're a dime a dozen. On the other hand, some products are Cool. They're unique and more difficult to get, and you can only find them at a select number of stores, or maybe only one. These stores are, therefore, Cool. We go out of our way to shop there because we want their Cool Stuff.

It's no different on the international scale. Most countries sell Un-Cool stuff, and some sell very Cool Stuff that can't be obtained anywhere else. An example of Un-Cool Stuff is a customer-support call center or website and content creators. An example of Cool Stuff is the airplanes and airplane parts sold in the United States, such as by Lockheed Martin. A distant second are those sold by Airbus in France.

Of course, a store can be cool because it genuinely makes Cool Stuff. It can also be cool by killing off all its competitors so it's the only game left in town. An example is an international conglomerate entering a local market, charging below cost for as long as it takes to kill off every local competitor, and then using its monopoly power to price gouge. On the international level, as illuminated by the work of Fadhel Kaboub and others, a common example is a less-powerful country being deceived into a predatory loan by a more powerful country. This foreign-denominated debt puts the less-powerful nation into debt peonage, and a perpetual cycle of doing what's best to pay off that short-term debt at the cost of its citizens' daily, and long-term, survival. It also makes it impossible for that country to ever become Cool.

What's unique in the international context, however, is that the products from a country can only be purchased with that country's currency. This is because the companies therein must pay taxes in that currency, and also must pay their employees and suppliers in that same currency, because they too have that tax obligation. It means that anyone who wishes to buy a product from a country, whether a citizen of or not, must obtain that currency. Just like a national deficit is the only thing that can give citizens wealth, a trade deficit is the only thing that can give foreigners the money with which to buy their Cool Stuff – both now and in the future. The former by spending, the latter by saving.

This interview with Jonathan is in three parts. In part one, he describes how he discovered MMT starting with Sam Levey at the University of Southern California, where they were both in the marching band from 2009-2012. The first MMT book Jonathan purchased was Clint Ballinger's 1,000 Castaways ...

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Welcome to episode 154 of Activist #MMT. Today's part two with German MMT economist Dirk Ehnts.

(Here's a link to part one.)

Above is the episode in audio form. Below is the episode in video form:

In addition to talking about Dirk's books, we discuss two major concepts. First is the idea that a major characteristic of human beings is they really don't like saying "I want to" do something horrible. They want to instead be able to say "I must." Conversely, instead of saying "I don't want to" do something good and necessary they will do whatever it takes to say "I can't."

A simple example is when you ask a friend to join you for lunch. Today they just don't feel like going out. They don't want to say something like "I just don't want to go out with you today. I still like you a whole lot, but I'm just feeling like staying at home and vegging with my TV." They'd rather say "I can't", such as due to a family obligation or sickness ("I'm really not feeling well today").

A bigger example is those in power denying healthcare to the masses. They want to profit, but even more, they want the power. "If you quit, you'll lose healthcare for not just you, but your entire family." Instead of admitting this, they would rather be able to point to the taxpayer myth and say "I must deny you healthcare because how're you gonna pay for it?".

Understanding how the economy actually works makes it impossible to use these kinds of excuses.

The other concept we discuss is how value is decided on by those in power. I'm a full-time singer is senior centers. It disgusts me to have to discuss money. When asked what my fee is, I always respond "the best you can do, such that I can keep returning in the long term." I never give a specific number.

Some facilities have small budgets, some have large. I don't want to take advantage of them, they (at least, the activities director whom I know personally) doesn't want to take advantage of me. All I ask for is the best you can do. It's worked out well enough. I maintain good relationships and it's turned out to be financially viable, if not lucrative.

The real value of singing for seniors is far removed from money. But because I must pay taxes and bills in order to survive, that non-financial value must be translated into financial terms. The very fact that I must do this negotiation with every activities director at every facility, and that I must use great effort to confirm I've received payment after every performance (which sometimes takes a couple months to arrive), is a testament to the fact that my job makes no rich person richer. If it did, there would be systems in place to greatly reduce these burdens.

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FAQ

How many episodes does Activist #MMT - podcast have?

Activist #MMT - podcast currently has 105 episodes available.

What topics does Activist #MMT - podcast cover?

The podcast is about Mmt, How To, Podcasts, Economics and Education.

What is the most popular episode on Activist #MMT - podcast?

The episode title '[Mostly-not MMT] 2019 interview: Keith Errol Benson: The black experience *is* the American experience.' is the most popular.

What is the average episode length on Activist #MMT - podcast?

The average episode length on Activist #MMT - podcast is 46 minutes.

How often are episodes of Activist #MMT - podcast released?

Episodes of Activist #MMT - podcast are typically released every 4 days, 23 hours.

When was the first episode of Activist #MMT - podcast?

The first episode of Activist #MMT - podcast was released on Jan 4, 2022.

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