{"id":55467,"date":"2021-02-08T08:36:59","date_gmt":"2021-02-08T08:36:59","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=55467"},"modified":"2021-02-08T10:19:52","modified_gmt":"2021-02-08T10:19:52","slug":"an-economic-crisis-after-the-pandemic-is-over-is-nigh-in-certain-unless-modern-monetary-theory-dictates-policy-at-that-time","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2021\/02\/08\/an-economic-crisis-after-the-pandemic-is-over-is-nigh-in-certain-unless-modern-monetary-theory-dictates-policy-at-that-time\/","title":{"rendered":"An economic crisis after the pandemic is over is nigh on certain unless modern monetary theory dictates policy at that time"},"content":{"rendered":"

The Guardian has a heavily pro-MMT editorial<\/a> this morning, albeit offering a pragmatic mix of Randy Wray and QE in a way I entirely approve of.<\/p>\n

I recommend it be read, but thought the conclusion worth sharing:<\/p>\n

The inequality, financial instability and ecological crises have multiple causes, but their existence is built on radical, free-market economics. It is not the case that the government\u2019s ability to spend is temporary while interest rates remain low<\/a>, as Mr Sunak claimed. Bond-purchasing programmes can control yields. A system that benefits private finance but subordinates the state and threatens to expose it, post-pandemic, to austerity and elevated levels of unemployment must be resisted. Only those unable or unwilling to believe the evidence of their own eyes would say otherwise.<\/p><\/blockquote>\n

I, of course, agree with this. I read it after writing another post this morning<\/a>, in which I suggest that the risk of downturn after the pandemic itself is over is very real without government intervention.<\/p>\n

There is not the slightest shred of evidences \u00a0to suggest that markets will drive any post-coronavirus recovery. MMT shows that governments can. This has to be our direction of travel.<\/p>\n

But where is the political party that will say this?<\/p>\n","protected":false},"excerpt":{"rendered":"

The Guardian has a heavily pro-MMT editorial this morning, albeit offering a pragmatic mix of Randy Wray and QE in a way I entirely approve
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96,35,174,106],"tags":[],"class_list":["post-55467","post","type-post","status-publish","format-standard","hentry","category-conservatives","category-economics","category-modern-monetary-theory","category-politics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/55467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=55467"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/55467\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=55467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=55467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=55467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}