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News Link • Economy - Economics USA

The Irresistible Allure of Stephanie Kelton and Modern Monetary Theory

•, Peter Diekmeyer

The assembled crowd warmly greeted Sanders's plans for increased government spending on infrastructure, subsidized college tuition, and medical care.

With Americans taxed to the hilt and refusing to finance greater deficits, Sanders's vulnerability remains his inability to address how those initiatives will be paid for.

No problem, says Stephanie Kelton, a professor at Stony Brook University; the U.S. government can simply print the money.

As strange as it may seem, Kelton's idea, broadly known as Modern Monetary Theory—which has been called "The biggest idea in Washington"—has broad appeal. That's particularly true of interest groups that are well-positioned to benefit from government largesse.

However, bypassing traditional monetary policy distribution channels has huge implications for gold and, more importantly, for productivity and for freedom itself. We'll get to that in a second.

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