Bill Mitchell — In a few minutes you do not learn much

Bill responds to the quote attributed to Mark Thoma in the NYT article on MMT, "They're just nuts," by taking Professor Thoma apart.

As I recall, Greg attempted to set up a debate between Bill and Mark Thoma some time ago, to which Bill agreed. Mark Thomas refused to debate, as I remember saying that he would not debate with someone that rejected the money multiplier, i.e., the basis of monetary policy in the minds of monetarists. Looks like subsequent events have settled that, with the Fed having exploded HPM only to see itself still fighting disinflation that threatens to be slip into deflation.

BTW, I learned in the comments at Bill's that Annie Lowrey is the wife of Ezra Klein, for what it's worth — he a political and economic columnist with the Washington Post and she with the New York Times. Talk about a bully pulpit.

Bill Mitchell – billy blog
In a few minutes you do not learn much
Bill Mitchell

My comment at Bill's:

The NYT coverage was a huge coup for MMT, even through it was “fair and balanced” in the sense of Faux News. Regardless, its millions of $ worth of free PR.

Of course, those who objected legitimately were right to do so. That provides the opportunity to set the record straight and garner even more free PR. 

So huge net positive for MMT and more evidence that the last mile is closing. Keep up the good work and don’t relax the pressure.