Heterodox
In the medium term, the U.S. government has now joined other countries in putting Modern Monetary Theory into operation. The lines between fiscal and monetary policy have been blurred: the Department of the Treasury is providing $450 billion in seed capital for the Federal Reserve to use as leverage to buy loans and investments. These purchases will be designed to help the economy and the financial markets recover. Reciprocally, the Fed will undertake open-ended quantitative easing, which...
Read More »