“The #IMF’s #Monetarist models have been maintained only by the most rigorous censorship of the history of economic thought, making the institution closer to the medieval #Inquisition than to medicine.” - non-anarchist #MichaelHudson, in his book #TradeDevelopmentAndForeignDebt. Ⓐ
“It is no coincidence that the working assumptions of bad [economic] theories are laid out more clearly by their antagonists than by their originators.” - non-anarchist #MichaelHudson (while he was criticizing #Monetarist theories), in his book #TradeDevelopmentAndForeignDebt. Ⓐ
Inflation in the US, then, followed from fiscally created demand in excess of supply, financed by the necessary additional money. That's the very point about deficient #monetarist thinking: It's money supply following demand, not some exogenous supply pressed into the market.
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