The poster girl of the voguish crankdom that is Modern Monetary Theory (“MMT”) – Stephanie Kelton, has been out pimping her new book – “The Deficit Myth” – with a great deal of help from the unofficial PR department which she seems to have, nestled within the House Organ of Davos, the execrable FT.
Here, Professor Kelton – for all the puffery about how fearless and radical is her approach – is pushing at an open door: a gaping aperture in the last bastion of economic rationality that is being held open by no less than Fed Chairman Jerome Powell, a man who recently went on record to boast: “We will never run out of money.”