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Unpublished Opinions
Larry Kazdan has undergraduate degrees in history and sociology, is a retired Chartered Professional Accountant and runs the website
Modern Monetary Theory in Canada.
The federal government owns a central bank and can't run out of Canadian dollars.
Re: Party leaders are making big promises without discussing how they’ll pay the tab,
Heather Scoffield, Sept. 17, 2019
What is Modern Monetary Theory, or “MMT”?
http://neweconomicperspectives.org/2013/03/what-is-modern-monetary-theor...
"The essential insight of Modern Monetary Theory (or “MMT”) is that sovereign, currency-issuing countries are only constrained by real limits. They are not constrained, and cannot be constrained, by purely financial limits because, as issuers of their respective fiat-currencies, they can never “run out of money.” This doesn’t mean that governments can spend without limit, or overspend without causing inflation, or that government should spend any sum unwisely. What it emphatically does mean is that no such sovereign government can be forced to tolerate mass unemployment because of the state of its finances – no matter what that state happens to be."
Virtually all economic commentary and punditry today, whether in America, Europe or most other places, is based on ideas about the monetary system which are not merely confused – they are starkly and comprehensively counter-factual.
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