1/3 I would say that the main problem with MMT *is* the theory. They& #39;re basically right about their most controversial point—i.e. governments don& #39;t have to balance their budgets.

But they& #39;re wrong about so much other stuff that it& #39;s going to be hard to use MMT constructively. https://twitter.com/ngpsu22/status/1298389374829199360">https://twitter.com/ngpsu22/s...

2/3 I& #39;d add though that the power is *already* in the hands of Congress. The Fed has to do whatever it takes to keep prices stable. They don& #39;t have much control.

The fiscal authority is in the driver& #39;s seat. The Fed& #39;s response is fairly automatic.

3/3 If the government (Congress) issued a #BasicIncome calibrated to the productive capacity of the economy, the Fed would have no choice but to tighten (raise interest rates). https://youtu.be/lTwim8TK_cg ">https://youtu.be/lTwim8TK_...