The case against Modern Monetary Theory

Financial Times/Stephen King/10-21-2020

“Giving elected representatives the keys to the printing press is the equivalent of giving a gambling addict the keys to the casino.”

USAGOLD note:  HSBC’s Senior Economic Advisor addresses the consequences of running the money printing at full tilt. “Governments without access to tax revenues,” he says, “can instead debase the coinage.”  How likely is it that the United States will be faced with such a choice?  A chart we ran here a few days ago offers a clue as to where we might be headed.

overlay line chart showing U.S. government revenue and spending

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