Economics
Paul McCulley Sees Value in MMT; Larry Fink Calls It ‘Garbage’
- Ex-Pimco economist who coined ‘Minsky Moment’ backs MMT logic
- BlackRock’s Fink joins Powell, Summers in slamming theory
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Paul McCulley and Modern Monetary Theory go way back.
The former Pimco chief economist says he’s “not a card-carrying MMTer.’’ But he has a lot of sympathy for the doctrine that’s burst into the debate about America’s public finances -- and is drawing a barrage of criticism from mainstream economists and the financial world. BlackRock Chief Executive Officer Larry Fink became one of the latest to weigh in on Thursday, calling the theory “garbage.”