The trouble with modern monetary theory

Financial News/James Grant

cartoon graphic of bomb with lit fuse market MMT - Modern Monetary Theory“You can boil down MMT, as James Montier did in Barron’s last week, to a few handy precepts. The first is that money is the government’s creation, not society’s. It derives its value from the fact that you can pay your taxes with it. Right away, you understand the political foundation of the body of ideas associated with Lerner, an avowed Marxist. But MMT is a big tent, and there’s plenty of room for Republicans.”

USAGOLD note:  Grant, in his inimitable way, makes the point that MMT is not on the way.  It is here – “the description of Republican fiscal policy in this living moment.”

Re-post from 8-6-2019

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