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October 1, 2020

The Deficit Myth

Stephanie Kelton

In case you’re looking for a book to follow Munger’s advice, “any year that passes in which you don’t destroy one of your best-loved ideas is a wasted year,” this may be the one for you. Given eight years since the inception of the 2% inflation target and a decade of unprecedented monetary policy, we have been amazed at the United States’ inability to consistently reach this achievable target. The author presents a compelling case that forced us to re-think basic assumptions about monetary sovereignty and the role of government in our financial system. The book explains in plain English how a more active fiscal policy could be helpful and eases our traditional concerns about “spending money we don’t have.” The book is timely as Modern Monetary Theory arguments increasingly seep into the broader economic discussion as the nation seeks policy tools to offset pandemic-induced economic weakness.

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