Michael Lebowitz — Modern Monetary Theory and its Fictional Discipline

Michael Liebowitz makes up his own theory of inflation to criticize MMT and the inflation constraint.

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Modern Monetary Theory and its Fictional Discipline
Michael Lebowitz

Tom Holland — Even in China, there's no magic money tree. Modern monetary theory is an illusion

Tom Holland is a geologist by training and journalist by profession. Although he has written on business for 25 years, he displays little knowledge of finance, economics or MMT in this article. Why do people that are not qualified to speak on an important subject get a platform to criticize for reasons that are patently wrong.

In the first place, the author doesn't realize that China is not sovereign in its currency since it pegs the renminbi to the dollar. (The Chinese currency is the renminbi (RMB) and the unit of account is the yuan (CNY). The US dollar (USD) is used to denote both the currency and the unit of account.) So from the start the assumption that the currencies are the same is wrong on MMT terms.

It heads downhill from there.

It’s not much of a choice is it? Venezuela or the Soviet Union? But that’s what the proponents of MMT are offering....

South China Morning Post
Even in China, there's no magic money tree. Modern monetary theory is an illusion

Tom Holland