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Stephen Mihm: American Colonists Had a Modern Monetary Theory of Their Own
In the 1600s, Massachusetts solved a dire liquidity problem by issuing the first fiat currency in the Western world. Hell hath no fury like an economist provoked by Modern Monetary Theory. Paul Krugman, Ken Rogoff, Larry Summers, and many others have attacked MMT, calling it “fallacious,” “nonsense,” and for good measure, “wrong.” Federal
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Posted: March 15, 2019 Friday 10:00 AM