51�Թ�

Simply put, MMT says that a “monetary sovereign” government, such as the United States, does not need to worry about budget deficits given that it prints its own currency.

Mr. Daniels wrote this about MMT: “The suggestion was that a government could borrow unlimited amounts of money in its own currency and repay it without risk simply by printing more of that currency.”

What he did not do, however, was explain why MMT fails as an economic theory.

MMT died a quicker death in the public square than its predecessors in quackery, or so it seemed.

Krugman, attacking MMT more than once, has called it “indefensible” and “the cryptocurrency of macroeconomics.”