James Montier on Modern Monetary Theory and fiscal policy

MMT is aligned with functional finance, which simply says fiscal policy should aim to generate full employment rather than a balanced budget. There’s this fallacy that what’s true for a household is true for government. So you hear from all sorts of policy wonks that the U.S. and XYZ nation are running out of money. Well, that’s just not possible.

~ James Montier, strategist, GMO, "In Defense of Modern Monetary Theory," Barron's, July 27, 2019