Op-ed: Pandemic moves Modern Monetary Theory from the fringes to actual US policy — Robert Greifeld

• The total amount of government economic aid in response to the coronavirus downturn is expected to exceed $10 trillion.
• Our actions today resemble Modern Monetary Theory, a belief that sovereign governments with sovereign currencies can “print” or “coin” money to support full employment or essentially any government program.
• As we enter the post-pandemic world, do we stay with the MMT-based philosophy of spending, or do we transition to a philosophy that deficits are dangerous?

CNBC
Op-ed: Pandemic moves Modern Monetary Theory from the fringes to actual US policy

Robert Greifeld