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The ideological bankruptcy of modern monetary theory

There’s nothing new about ‘new monetary theory’

19 December 2020

9:00 AM

19 December 2020

9:00 AM

If you can’t explain something, try an abbreviation. The latest in economics is MMT — Modern Monetary Theory or, in other words, a magic money tree. It’s a simple idea. It costs almost nothing to print money: the cost of printing banknotes is negligible compared with their face value, and even lower when the Bank of England creates money electronically through its so-called ‘quantitative easing’ programme (QE).

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