Authored by Daniel Lacalle via The Mises Institute,
In this era of monetary fiction, one tends to read all types of undocumented and misguided views on monetary policy. However, if there is one that really is infuriating: MMT science fiction.
One of its main principles is based on a fallacy: “A country with monetary sovereignty can issue all the debt it needs without default risk.”
First, it is untrue. A report by David Beers at the Bank Of Canada has identified 27 sovereigns involved in...