Many countries are incurring record ratios of sovereign debt to GDP. Yet many economists profess little concern, on the grounds that the stock of debt matters far less than the net flow of funds, that low real interest rates testify to lender optimism about long-term sustainability, and that the...

Modern Monetary Theory (MMT) advocates fiscal control of money supply, with a view toward assuring full employment and robust growth without inducing high inflation. Successful implementation requires a strong, determined state that commands a relatively self-sufficient economy and refuses to...