Modern Monetary Nonsense

Kenneth Rogoff | Harvard University | 10 March 2019

Just as the US Federal Reserve seems to have beaten back blistering tweets from President Donald Trump, the next battle for central-bank independence is already unfolding - and this one could potentially destabilise the entire global financial system.

Several leading US progressives - who may well be in power after the 2020 elections - advocate using the Fed's balance sheet as a cash cow to fund expansive new social programs, especially in vie...