,,iii  #aaf? ,,congress  #a/ ,session   
,s4 ,,res4 #ahb  ,,9 ,,! ,,s5ate ,,( ,,!
 ,,unit$ ,,/ates  ,may #a1 #bjai,mr4    
,p]due 7= himself1 ,mr4 ,braun1 ,ms4    
,ern/1 ,mr4 ,moran1 & ,mr4 ,tillis7     
submitt$ ! foll[+ resolution2 :i* 0     
ref]r$ to ! ,committee on ,bank+1 ,h\s+1
 & ,urban ,affairs  ,,resolution        
,recogniz+ ! duty ( ! ,s5ate to condemn 
,mod]n ,monet>y ,!ory & recogniz+ t !   
implem5tation ( ,mod]n ,monet>y ,!ory   
w\ld lead to high] deficits & high]     
inflation4  ,:]eas not$ economi/s f     
across ! political spectrum h w>n$ t !  
implem5tation ( ,mod]n ,monet>y ,!ory   
7ref]r$ to 9 ?is preamble z ,,mmt7 w\ld 
pose a cle> dang] to ! economy ( !      
,unit$ ,/ates2 ,:]eas1 on ,m>* #d1      
#bjai1 =m] ,secret>y ( ! ,treasury      
,lawr5ce ,h4 ,summ]s said t-- 7#a7 ,,mmt
 is fallaci\s at multiple levels2  7#b7 
pa/ a c]ta9 po9t1 ,,mmt leads to        
hyp]9flation2 &  7#c7 a policy ( rely+  
on a c5tral bank to f9ance gov]nm5t     
deficits1 z advocat$ by ,,mmt !ori/s1   

w\ld likely result 9 a collaps+ ex*ange 
rate2 ,:]eas1 on ,febru>y #bf1 #bjai1   
,j]ome ,p[ell1 ,*air ( ! ,bo>d (        
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1    
said3 ,! idea t deficits don't matt] =  
c\ntries t c borr[ 9 _! own curr5cy ,i  
?9k is j wrong2 ,:]eas1 on ,m>* #be1    
#bjai1 ,janet ,yell51 =m] ,*air ( !     
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em1 disagre$ ) ^? individuals       
promot+ ,,mmt :o sugge/ t y don't h to  
worry ab\t int]e/-rate paym5ts because !
 c5tral bank c buy ! debt1 /at+3 ,t's a 
v wrong-m9d$ !ory because t's h[ y get  
hyp]-inflation2 ,:]eas ! ,m>* #bjai     
report entitl$ ,h[ ,reliable is ,mod]n  
,monet>y ,!ory z a ,guide to ,policy8 by
 ,scott ,sumn] & ,patrick ,horan ( !    
,m]catus ,c5t] at ,george ,mason        
,univ]sity f\nd t-- 7#a7 ,,mmt-- 7,a7   
has a flaw$ model ( inflation1 :i*      
ov]e/imates ! importance ( economic     
slack2  7,b7 ov]e/imates ! rev5ue t c be
 e>n$ f ! creation ( money2  7,c7       
ov]e/imates ! pot5cy ( fiscal policy1   

:ile und]e/imat+ ! effectiv5ess (       
monet>y policy2  7,d7 ov]e/imates !     
ability ( fiscal au?orities to control  
inflation2 &  7,e7 conta9s too few      
safegu>ds aga9/ ! risks ( excessive     
public debt2 &  7#b7 an ,,mmt ag5da (   
hav+ fiscal au?orities manage monet>y   
policy w\ld run ! risk (-- 7,a7 v high  
debts2  7,b7 v high inflation2 or  7,c7 
v high debts & v high inflation1 ea* (  
:i* may be v h>mful to ! broad] economy2
  ,:]eas ! ,janu>y #bjai report entitl$ 
,mod]n ,monet>y ,!ory & ,policy by ,/an 
,veug] ( ! ,am]ican ,ent]prise ,in/itute
 w>n$ t hyp]9flation becomes a real risk
 :5 a gov]nm5t attempts to pay = massive
 sp5d+ by pr9t+ money2 & ,:]eas !       
,septemb] #bjah report entitl$ ,on      
,empty ,purses & ,,mmt ,rhetoric by     
,george ,selg9 ( ! ,cato ,in/itute w>n$ 
t-- 7#a7 :5 x comes to ! ability (      
,congress to rely on ! ,treasury to cov]
 exp5ditures1 ,congress is1 9 #a crucial
 respect1 m con/ra9$ ?an an ord9>y      
h\sehold or bus9ess is :5 t h\sehold or 

bus9ess relies on a bank to cov]        
exp5ditures because1 if ,congress is to 
avoid runn+ out ( money1 ,congress _c   
write *ecks 9 am\nts exce$+ ! balances 9
 ! g5]al acc\nt ( ! ,treasury2 &  7#b7  
,,mmt !ori/s succe$ 9 turn+ o!rwise     
banal tru?s ab\t ! work+s ( contempor>y 
monet>y sy/ems into novel policy        
pron\ncem5ts t1 al?\gh tantaliz+1 are   
false3 ,n[1 !re=e1 be x  ,t ! ,s5ate--  
7#a7 realizes t deficits are            
unsu/a9able1 irresponsible1 & dang]\s2 &
  7#b7 recognizes-- 7,a7 t !            
implem5tation ( ,mod]n ,monet>y ,!ory   
w\ld lead to high] deficits & high]     
inflation2 &  7,b7 ! duty ( ! ,s5ate to 
condemn ,mod]n ,monet>y ,!ory4