Economics professor Stephanie Kelton discusses Modern Monetary Theory (MMT) on this episode of the Majority Report. Kelton explains why the world didn’t explode moments after leaving the gold standard, and why we need to update the way we think about money in a post-gold economic system. Kelton explains that when the government spends money on something (like a plane) they don’t go get dollars from somewhere, they just create new ones and ship them out of the Treasury and into the economy. She also explains why taxes are crucial (and should be higher!) in a modern economy.
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