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The idea, in brief, argues that nations that issue their very own currencies can never “run away from cash” the way in which people or organizations can. But exactly what ended up being as soon as an obscure “heterodox” branch of economics has become an important subject of debate among Democrats and economists with astonishing rate.
For that, we could thank Rep. Alexandria Ocasio-Cortez (D-NY), whom told company Insider in that MMT “absolutely” has to be “a bigger element of our discussion. January” which was probably the most vocal main-stream help MMT had gotten, which for years was indeed championed by economists like Stephanie Kelton (a previous adviser to Bernie Sanders), L. Randall Wray, Bill Mitchell (whom coined the title contemporary Monetary Theory), and Warren Mosler — along with progressively more economists at Wall Street institutions.
A wave of denunciations from mainstream economists and others followed with AOC on board. Fed seat Jerome Powell, Bill Gates, previous Treasury Secretary Larry Summers, and previous IMF chief economist Kenneth Rogoff all attacked the idea. Continue reading