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Comments On Palley’s MMT Critique — Brian Romanchuk

Summary:
Thomas Palley is one of the more persistent MMT critics. His article “What’s wrong with Modern Money Theory: macro and political economic restraints on deficit-financed fiscal policy” was published just as I was finishing up this manuscript. Although I am not greatly impressed with the quality of the criticism, it covers many of the topics discussed in this chapter. If one wanted a summary critique (and not rely on my summaries) of major points of dispute, this might be the briefest summary.Bond Economics Comments On Palley's MMT CritiqueBrian Romanchuk

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Thomas Palley is one of the more persistent MMT critics. His article “What’s wrong with Modern Money Theory: macro and political economic restraints on deficit-financed fiscal policy” was published just as I was finishing up this manuscript. Although I am not greatly impressed with the quality of the criticism, it covers many of the topics discussed in this chapter. If one wanted a summary critique (and not rely on my summaries) of major points of dispute, this might be the briefest summary.
Bond Economics
Comments On Palley's MMT Critique
Brian Romanchuk
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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