Money for nothing

Book review of The Deficit Myth: Modern Monetary Theory and How to Build a Better Economy

This somewhat overwritten book has a message from Modern Monetary Theory (MMT) for all governments that they will love like — to use Harry Belafonte’s immortal words — a pig loves a pool of mud.

The message is: Spend what it takes by printing notes, and if inflation comes to bite you in the backside, tax away the extra money in circulation to suck it out of the system. 

That’s what we have been doing in India since 1957. But then who cares about our ways?

The book, however, doesn’t say where all that money will go if you don’t