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A good place to start is with a simple description that you can carry in your pocket: MMT proposes that a country with its own currency, such as the U.S., doesn’t have to worry about accumulating too much debt because it can always print more money to pay interest. So the only constraint on spending is inflation, which can break out if the public and private sectors spend too much at the same time. As long as there are enough workers and equipment to meet growing demand without igniting inflation, the government can spend what it needs to maintain employment and achieve goals such as halting climate change.

Today's inflation manifests itself, not in consumer price increases, but in asset bubbles. Asset bubbles always pop, usually uncontrollably.

The last major asset bubble nearly took out the US economy with it. The next one may finish the job.

Debt matters because the only politically palatable cure for the aftermath of a debt-fueled bubble is more debt. And more bubbles.

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