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Can Modern Monetary Theory Really Save Us From The Next Downturn?

It is somewhat disconcerting that despite all the years of free money over the past decade, and after a brief shift towards normalizing interest rates, both sides of the Atlantic are now back to talk of lowering rates and quantitative easing once again. Despite ten years of financial repression which severely punished savers with very low rates, the underlying problem of too much debt is a bigger issue than ever. More concerning, in light of a potential upcoming economic slowdown, proponents of all types are indicating that the solution is to pile on even more government debt, based on the concept of Modern Monetary Theory (MMT). Prior to the financial crisis in 2008, the western world beli

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