Swiss Economicblogs.org
Modern monetary theory, or MMT, has been getting a lot of attention lately, often celebrated as a revolutionary breakthrough. However, there is absolutely nothing new about it. The very basis of the theory, the idea that governments can finance their expenditures themselves and that therefore deficits don’t matter, actually goes back to the Polish Marxist economist Michael Kalecki (1899–1970). MMT as a Centralization Tool MMT says that the national debt means that...
Read More »Modern Monetary Theory Is an Old Marxist Idea
