Episode 107: Modern Monetary Theory The Government as Referee, Player, and Scorekeeper
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The Differences Between Keynesianism and Modern Monetary Theory
The political system has some insidious feedbacks like the whole campaign finance thing, which tends to self-perpetuating sources of corruption. I think that could be our undoing. The government itself with large public debts is a large net payer of interest. When you raise rates, the government is increasing its interest payments to the economy. It's like basic income or welfare for people who already have money.
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