![]() It is an idea that was forged, and put to something of a test, during a low-inflation era. Real-world resources and political priorities determine how much lawmakers can and should spend. ![]() view of the world, “How will you pay for it?” is a vapid policy question. Kelton, 52, is the most familiar public face of Modern Monetary Theory, which posits that if a government controls its own currency and needs money - to make sure its citizens have food and places to live when, say, a global pandemic pushes many out of work - it can just print it, as long as its economy has the ability to churn out the needed goods and services. What Stephanie Kelton sounds like, circa early 2022, is the star architect of a movement that is on something of a victory lap. At one point, she muttered, “That sounds like Stephanie.” ![]() ![]() Kelton, who bantered energetically with the producers she was hearing through noise-blocking headphones, sang a Terri Gibbs song and made occasional edits to the script. The setup was meant to keep out noise as she recorded the podcast she co-hosts, a MarketWatch production called the “Best New Ideas in Money.” The room was hushed except for Ms. ![]() The sun was sinking low over Long Island Sound as Stephanie Kelton, wearing the bright red suit jacket she had donned to give a virtual guest lecture to university students in London that morning, perched before a pillow fort she had constructed atop the heavy wooden desk in her home office. ![]()
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