Read in December 2021. In this episode, Noel explores the intellectual and political revolution of Modern Monetary Theory (MMT), tracing its origins from the dominance of neoliberal thought shaped by elite institutions like the Chicago School, Harvard Business School, and France’s École Nationale d’Administration. Economist William Mitchell, a key architect of MMT, offers a powerful critique of the myths surrounding government spending, debt, and deficits. Noel delves into how MMT reframes fiscal capacity, challenges orthodox assumptions about inflation and employment, and presents a transformative vision for economic justice—especially for those excluded by the status quo. From buffer stocks of wool to a universal job guarantee, this is a story about economic truths long hidden, and the need to rethink the purpose of public policy.