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Martin Wolf — States create useful money, but abuse it

Summary:
Useful critique of MMT. Martin Wolf at least took the time to read Randy Wary's Modern Money Theory. His areas of agreement with MMT are mostly factual, whereas his criticisms appear to be mostly opinion. In addition, he is unaware of what some of the other MMT economists have written about his areas of concern. Most seriously, his solution is more technocracy, which ignores the agency problem. But worth a read. Financial TimesStates create useful money, but abuse it Martin Wolf

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Useful critique of MMT. Martin Wolf at least took the time to read Randy Wary's Modern Money Theory. His areas of agreement with MMT are mostly factual, whereas his criticisms appear to be mostly opinion. In addition, he is unaware of what some of the other MMT economists have written about his areas of concern.

Most seriously, his solution is more technocracy, which ignores the agency problem.

But worth a read.

Financial Times
States create useful money, but abuse it
Martin Wolf
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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