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Cory Doctorow / 11:37 am Tue, Dec 3, 2019

MMT: when does government deficit spending improve debt-to-GDP ratios?

Modern Monetary Theory (MMT) (previously) is an alternative to neoclassical economics that holds that sovereign states that issue their own currency can't default on debts denominated in that currency (if you are the sole source of Canadian dollars and all your debts are in Canadian dollars, you can always pay those debts), and that deficit […]
Cory Doctorow / 5:27 am Wed, Aug 17, 2016

Europe's banks want to store billions in cash to fight back against negative interest

The economic orthodoxy of austerity means that governments facing recession can't just spend their way out of it by creating New Deal-like stimulus that gets the economy moving again: instead, they handed trillions to banks and then watched in dismay as the banks failed to lend any of that out to small businesses and entrepreneurs.