Op-ed: Pandemic moves Modern Monetary Theory from the fringes to actual US policy — Robert Greifeld

Summary:
The total amount of government economic aid in response to the coronavirus downturn is expected to exceed trillion. Our actions today resemble Modern Monetary Theory, a belief that sovereign governments with sovereign currencies can “print” or “coin” money to support full employment or essentially any government program. As we enter the post-pandemic world, do we stay with the MMT-based philosophy of spending, or do we transition to a philosophy that deficits are dangerous? CNBCOp-ed: Pandemic moves Modern Monetary Theory from the fringes to actual US policy Robert Greifeld

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