Uh oh, I ask for a comeuppance by the MMTers in this new piece at The American Conservative:
Lately there has been growing interest in what might be called the modern Greenbacker movement, in homage to the historical political party. The new movement deplores the current system under which the government issues interest-bearing debt to commercial and central banks. Instead, the modern Greenbackers want the government to create new fiat money directly to cover its fiscal deficit. The movement has backing from mature authors as well as glib 12-year-olds. But there are dangers in this approach — it could be a cure worse than the disease.
BTW I know that Gary North has written extensively on this topic, but I was on a deadline and didn’t have time to sift through his critiques to properly cite him. But hey, here ya go, if you want to see an example of what I mean.