MMT: The Latest Liberal Economic Fantasy

A good definition of a liberal might be someone who tries to ignore the actual nature of reality. Thus, many politically correct formulations distort reality even to the point of denying the differences between the sexes. Ignoring the nature of reality can get particularly dangerous when applied to economics. The nature of money calls for having sufficient control over the money supply to prevent the breakdown of the system. It calls for keeping debt levels low.  Some liberals are now trying to turn conventional economy policy upside down by changing all the rules. The new economics is called Modern Monetary Theory or MMT for short. MMT is gaining traction among high-profile Democrats and other liberals that are looking for ways to finance social and ecological programs that they hope to implement in the future. The present monetary system with its $22 trillion-and-growing debt is too rigid and constraining. Something new is needed to provide more flexible and...(Read Full Article)
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