Big Money for Big Government: the MMT Debate Continues

Are there any constraints on the power of the federal government to create money? Not the paper and metal money that we lug around in our pockets, but the digital money, the money that exists only as ones and zeros on the electronic storage devices of computers, the money that can be created merely by typing, are there any constraints on creating that kind of money? Of course, there’s the constraint (one hopes) of “common sense.” Surely the feds would never, say, create $328,993,000M so they could dole out a million bucks to every American for the sake of, you know, equality, fairness, or something. Even the proponents of Modern Monetary Theory, a.k.a. MMT, might balk at that. In October of 2018, American Thinker ran an article of mine that touched on MMT. Since then, AT has run two more that have dealt with MMT: an article in February by William Sullivan and an article in April by John Horvat. Elsewhere this year, there’s been quite a spate of articles...(Read Full Article)
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