My friend and colleague, Chris Powell, Treasurer of GATA, wrote a compelling essay on Modern Monetary Theory. MMT has been in operation by the western Central Banks since Bretton Woods. The “QE” program that began in 2008 is the most recent and blatant implementation of MMT. This is a must-read if you are interesting in understanding the hidden mechanism at work that is destroying the United States. Modern Monetary Theory, which has been getting much attention lately, is so controversial mainly because it is misunderstood. It is misunderstood first because it is not a theory at all but a truism. That is, MMT holds ... (full story)