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Why do some people seem so afraid of modern monetary theory?
Some central bankers feel threatened by the theory, as it shows that good economics and sound policy do not have to be shrouded in obscurantist cant
By James Galbraith
As anyone who has ever been responsible for legislative oversight of central bankers knows, they do not like to have their authority challenged. Most of all, they will defend their mystique that magical aura that hovers over their words, shrouding a slushy mix of banality and baloney in a mist of power and jargon.
As a result, tormenting central bankers is great fun. John Maynard Keynes famously tormented Montagu Norman, the governor of the Bank of England (BOE) from 1920 to 1944. ....

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