Bill Mitchell says: Public debt ratios do not scare me. Rising budget deficits do not scare me. But the job destruction rates in Ireland really scared me when I started to dig into the data.
MMT does not consider it feasible to run a national economy in a way that advances public purpose at all times if the national government has surrendered currency sovereignty in any way.
One of the great paradoxes is that the periphery’s generally left-wing governments adopted so enthusiastically the ECB’s ultra-right wing economic nostrums – austerity is an appropriate response to a great recession.