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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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  • The total amount of government economic aid in response to the coronavirus downturn is expected to exceed $10 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?
CNBC
Op-ed: Pandemic moves Modern Monetary Theory from the fringes to actual US policy
Robert Greifeld
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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