In 1943, the chairman of the NY Fed backed Modern Monetary Theory: "Taxes for Revenue Are Obsolete"

Modern Monetary Theory is the latest incarnation of chartalism, the economic theory that holds that government spending -- and a federal jobs guarantee -- doesn't create inflation, so long as the spending is on things that the private sector isn't buying: if a factory can produce ten widgets but is only producing five because that's all the public sector wants to buy, the government can put in an order for five more widgets, putting more workers to work, without driving up the price of widgets. Read the rest