Medicare for all, full employment, and a complete overhaul of American infrastructure can all be achieved simply by printing more money, according to a new generation of Democrats.
As Kelton explains the new theory, governments can create money according to their needs because a state cannot go bankrupt.
Philip's failure did not prevent future governments from succumbing to the temptation to create money heedlessly.
Contemporary American proponents of MMT acknowledge that money creation can spark inflation, but they appear not to recognize how serious a disease inflation is.
The solution to the problem of unchecked inflation, according to MMT advocates, is to transfer the power to print money from the Federal Reserve to Congress.
Why keep any private sector, when Congress can simultaneously appropriate money for any program and create the money to pay for it?
Governments should save money in times of growth and spend it in times of recession, Keynes believed.
https://www.city-journal.org/modern-monetary-theory
As Kelton explains the new theory, governments can create money according to their needs because a state cannot go bankrupt.
Philip's failure did not prevent future governments from succumbing to the temptation to create money heedlessly.
Contemporary American proponents of MMT acknowledge that money creation can spark inflation, but they appear not to recognize how serious a disease inflation is.
The solution to the problem of unchecked inflation, according to MMT advocates, is to transfer the power to print money from the Federal Reserve to Congress.
Why keep any private sector, when Congress can simultaneously appropriate money for any program and create the money to pay for it?
Governments should save money in times of growth and spend it in times of recession, Keynes believed.
https://www.city-journal.org/modern-monetary-theory
No comments:
Post a Comment