From Ancient Rome to Argentina under Peron to the U.S. over the past two decades, extreme spending unmoored to tax revenue has a hoary history ill befitting the title “Modern” Monetary Theory. This podcast (7:42) argues that MMT is not a theory awaiting adoption but rather a description of the bipartisan policy of the United States for some time now, though never more so than under its current “go big” moniker. But will “go big” become “go bankrupt?” 
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