Yves here. This short post is significant because it shows that some figures whose views are generally classified as right of center (although Paul Craig Roberts shouldn’t be so easily pigeonholed) are recognizing the validity of MMT as a description of how a fiat currency works and its implication. Roberts has also embraced the view that private sector debt is a negative for growth and economic stability. By Michael Hudson and Paul Craig Roberts. Originally published at Paul Craig Roberts’ website Out of habit, American economists worry about federal debt. But federal debt can be redeemed by the Federal Reserve printing the money with which to retire the bonds. The debt problem rests with individuals, companies, and state and local governments. They have no printing press.