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In the U.S. context, modern monetary theory begins with the observation that the currency itself is a simple public monopoly. From the earliest stages of the project (mid-1990s), MMT held that currency regimes matter. MMTers argued that governments cannot become insolvent when they borrow in their own non-convertible currencies and that the currency issuer never has to accept “market-determined” interest rates.
We explained that Social Security faces no long-term financial crisis and warned that the budget surpluses in the Bill Clinton administration were unsustainable. We warned of the housing bubble before it burst. We explained that quantitative easing wouldn’t be inflationary. We knew Reinhart and Rogoff were wrong about deficits and growth even before the Excel spreadsheet error was discovered.
We warned that the euro was susceptible to a debt crisis. And, once the crisis occurred, we insisted that the U.S. could never end up like Greece.
We explained that Social Security faces no long-term financial crisis and warned that the budget surpluses in the Bill Clinton administration were unsustainable. We warned of the housing bubble before it burst. We explained that quantitative easing wouldn’t be inflationary. We knew Reinhart and Rogoff were wrong about deficits and growth even before the Excel spreadsheet error was discovered.
We warned that the euro was susceptible to a debt crisis. And, once the crisis occurred, we insisted that the U.S. could never end up like Greece.
