The head of the International Monetary Fund on Thursday panned an idea gaining c...
WASHINGTON - The head of the International Monetary Fund on Thursday panned an idea gaining currency in U.S. left-wing circles that Washington could borrow much more aggressively without harming the economy.
The theory, known as modern monetary theory, has drawn rebukes from fiscal conservatives and many Democrats as well. Lagarde said there might be a few situations in which vastly expanding debt would make sense, such as when a country gets stuck in a deflationary spiral. Proponents of modern monetary theory hold that the U.S. government’s monopoly over dollar issuance - the printing press - gives it the power to spend as much as needed to meet the full employment and inflation mandates currently tasked to the country’s central bank.
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