This Year’s Underground Sensation: Modern Monetary Theory ...Middle East

At the close of 2020, it’s hard to think of another year in living memory that has forced such a radical rethinking of our politics and social life. The Covid-19 pandemic will be remembered as a dire time in American life, but its disruption may yet open us up to new ideas and social possibilities, especially when it comes to the power of the government to spend. Modern Monetary Theory posits that a governing body like the United States federal government, which borrows and spends in the same currency it issues, can never run out of money and that taxes serve to take excess money out of circulation rather than to fund the government. MMT was considered fringe a few short years ago. It’s edge

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