Is MMT Real? #4: J.W. Mason
RABBITHOLE
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Is There a System That Doesn't Create Money?
There's a long tradition of monetary reformers and different points in the political spectrum who are really uncomfortable with the fact that private institutions can create money. They would like a system that works more like there's a fixed amount of money that is created by the government and that's all that can be used to spend. I think it's just I think that the fantasy that we can create this sort of rigid stable public money system is just that a fantasy but also let's be clear that doesn't preclude some some of the other claims about fiscal policy being correct.
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