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Phil Armstrong — All MMT advocates recognise constraints exist

Summary:
Mr Davies’s attempt to caricature MMT falls flat. No MMT advocate supports spending beyond full capacity. All MMT advocates recognise that constraints exist. Any suggestion that they don’t is purely misrepresentation. It is true that MMT is no panacea. It provides a description of how the monetary system works. It highlights policy opportunities but points to constraints; for countries with their own currencies these constraints are real and not, as Mr Davies and his mainstream colleagues incorrectly suggest, monetary.... Financial Times — Letters to the EditorAll MMT advocates recognise constraints existPhil Armstrong, University of Southampton Solent and York College, UK

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Mr Davies’s attempt to caricature MMT falls flat. No MMT advocate supports spending beyond full capacity. All MMT advocates recognise that constraints exist. Any suggestion that they don’t is purely misrepresentation. It is true that MMT is no panacea. It provides a description of how the monetary system works. It highlights policy opportunities but points to constraints; for countries with their own currencies these constraints are real and not, as Mr Davies and his mainstream colleagues incorrectly suggest, monetary....
Financial Times — Letters to the Editor
All MMT advocates recognise constraints exist
Phil Armstrong, University of Southampton Solent and York College, UK
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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