The Phaserl


Modern Monetary Theory is the winner…at least for now

“…MMT is to me the 21st century re-incarnation, in monetary policy, of Cardinal Richelieu’s raison d’état concept. If I am correct, it will bring the same serious consequences it brought in the 17th century…”

by Martin Sibileau, Sibileau:

If I have to summarily describe the events of the past week, I will say that it was the week Modern Monetary Theory won over any other school of thought…(I promise you this: Today’s letter will not be a rant…)

Brief introduction to Modern Monetary Theory

I suggest you do your own research on this topic, because what I will say here is by no means exhaustive. But it is important to be aware of a new reality. I, for one, found a fair summary of it here. Below is a list of some theses held by this school, from L. Randall Wray’s Modern Monetary Theory: A Primer on Macroeconomics for Sovereign Monetary Systems”(From chapter 18, edited by me):

“Statements that do NOT apply to a currency-issuer:

-Governments have a budget constraint (like households and firms) and have to raise funds through taxing or borrowing

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