Is MMT Real? #4: J.W. Mason
RABBITHOLE
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The Bond Market Is a Complex Thing
Bond vigilantes don't hold the government hostage. Paul Volcker and Alan Greenspan did in the 90s. The Clinton administration was basically being hoodwinked by a demand from Alan Greenspan with a cover story about the bond market well I think it's a little bit tricky because there probably were many people within the administration who were happy to get that message but one thing we can say for sure is it was not the bond markets.
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