OK I have decided that this MMT (Modern Monetary Theory) doctrine/worldview needs a thorough refuting, much more than my good friend’s quick thoughts. I have seen our frequent guest “AP Lerner” make numerous claims in the comments of this blog that seem almost self-evidently false to me.
However, I can’t very well write a Mises.org article quoting some guy from the comments of my blog. So, MMT supporters, please point me to canonical expositions, so that you can’t accuse me of attacking a strawman or a weak exposition of it.
Unfortunately, my time is scarce. I can’t devote a weekend to this. So please just send me things that are (a) authoritative but (b) succinct.
In particular, I think it is crazy when people say that if the federal government runs a budget surplus, then by simple accounting the private sector can’t save. So if you can point me to a big gun who says that and gives the logic behind it, I would appreciate it.