What is valid about Modern Monetary Theory isn't modern, and what is different about it is, and has always been, whack. Modern Monetary Theory is a heterodox theory arguing that the deficit is a shibboleth. With fiat money, there should be no fear of deficit spending. If the economy is underperforming, just have the government spend ...

Many people have heard of U-shaped and V-shaped recessions; but, what about W-shaped, K-shaped, and L-shaped recessions? A U-shaped recession is maybe the normal recession. The economy falters, falls into a recession, stays in recession for a while, and then begins a recovery. How long is "a while?" According to people who claim to know, ...