Opinion | Modern Monetary Theory Has a New Friend in Congress

Opinion | Modern Monetary Theory Has a New Friend in Congress


Representative Alexandria Ocasio-Cortez, Democrat of New York, has spoken positively about M.M.T., as have a number of of her fellow House progressives. Senator Brian Schatz, Democrat of Hawaii, has additionally expressed sympathy with Modern Monetary Theory and its cousin, the Green New Deal. The Times has reported that Kelton has been a common participant in convention calls on pandemic reduction organized by Senate majority chief Charles Schumer, Democrat of New York.

Yarmuth says M.M.T.’s visibility in Congress is lower than its affect. “There aren’t many people who are willing to be out front about it because it doesn’t resonate with what the average person thinks,” he stated. He told The Louisville Courier-Journal in August that many members of Congress are extra open to deficit spending than you’ll guess from their anti-deficit public statements: “Ultimately I think that’s for home base consumption and not necessarily for the vote at the end of the day.”


The former head of Afghanistan’s central financial institution has tweeted that $7 billion of its roughly $9 billion in reserves is being held on the U.S. Federal Reserve. The conquering Taliban forces haven’t been given entry to these funds. For now, that is smart, says Warren Coats, who suggested the central financial institution, referred to as Da Afghanistan Bank, as an official of the International Monetary Fund. “Until there’s an agreement on who has the authority to operate those accounts, they rightly should remain frozen,” Coats, who retired from the I.M.F. in 2003 and has stayed in contact with Afghan central bankers since, informed me this week.

But Coats says that after that verification course of is full, the funds ought to be launched as a result of {dollars} are the lifeblood of the Afghan financial system. The central financial institution acknowledged in 2019 that an “overwhelmingly large” share of the inhabitants saves and borrows in {dollars}, and that “almost all” large transactions are finished in {dollars}. The U.S. hasn’t made its intentions for the reserves identified.


“They are casting their problems on society, and who is society? There’s no such thing! There are individual men and women, and there are families.”

— British Prime Minister Margaret Thatcher, interview in Women’s Own journal, Sept. 23, 1987

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