The Importance of Monetary Policy

MMT used the tax system more than the interest rate system. Their idea was if inflation takes off raised taxes, that will reduce dramatically the rate of inflation and Bob's your uncle. So those guys, because inflation took off, MMT has been re-examined, re-interrogated. And it'll be interesting to see what they now say. But very, very clear, once inflation takes off, this idea that inflation really isn't a problem is key.