Modern monetary theory: the rise of economists who say huge government debt is not a problem
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John Whittaker, Lancaster University
There is no limit to the quantity of money that can be created by a central bank such as the Bank of England. It was different in the days of the gold standard, when central banks were restrained by a promise to redeem their money for gold on demand. But countries moved away from this system in the early part of the 20th century, and central banks nowadays can issue as much money as they like.
This observation is the root of modern monetary theory (MMT)...
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