MMT has emerged in recent times as a supposedly feasible alternative to modern economic conventions, some proclaiming it as the answer to our economic ills. Conceded or not, what MMTers advocate is what every Marxist, socialist, or big government adherent relishes – a further loosening of the unwieldy, insatiable government beast from its financial moorings - in effect, a Soviet style monetary system and its unproductive, squandering sham of an economy.
The mystical tenets of MMT are partially plausible and partially absurd. MMT is essentially Keynesian economics with a frightening twist. The grand claims are that money is wealth, that deficits do not matter, and that government, if possessed of a sovereign currency, may borrow all that it requires from the central bank.
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