Corrente

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MMT for Austrians

I was going to title this quick hit on Ed Harrison "Three reasons Austrians are teh suxx0r" but the sun is shining, there's kittens 'n' stuff...

Plus, this paragraph situates MMT perfectly:

MMT isn’t really a theory. It is a description of how the fiat monetary system works. MMT explains what is different about fiat currency in terms of monetary or fiscal constraints. A lot of people are still anchored to a gold standard mentality and its inherent constraints 40 years later. Part of the objection to the phrase "money printing" comes from this – it is anchored in the gold standard. And, for the record, I have problems with fiat money but this is the system in which we operate.