Wikipedia Definition
Modern monetary theory or modern money theory (MMT) is a heterodox[1]macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires.[2]According to MMT, governments do not need to worry about accumulating debtsince they can pay interest by printing money. MMT argues that the primary risk once the economy reaches full employment is inflation, which acts as the only constraint on spending. MMT also argues that inflation can be controlled by increasing taxes on everyone, to reduce the spending capacity of the private sector.[3][4][verification needed][5]
