An important point made by Modern Money Theory (MMT)1 is that a sovereign government thatcontrols its currency and works with a flexible exchange rate has no financial limits on itsspending. That combination allows the government to lower interest rates and increase publicspending in ways that favor growth. If the government does so, it can spend on anything sold inits own currency, as long as it does so without exceeding the level of spending needed for fullemployment. Hence, public spe
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