Posted by WARREN MOSLER on August 25th, 2012
Jim Lacey apparently knows, and so did a couple of economists that helped the USA prosecute and win WW2: Robert Nathan and Simon Kuznets.
Keep from All Thoughtful Men: How U.S. Economists Won World War II
I got to page 34.
“Orthodox economic thinking at the beginning of World War II held that taxes should finance wars on a pay-as-you-go basis.”
A fascinating book about what looks to be how MMT won the War. I’m still reading.
And I’m betting that we didn’t need to use all of Great Britain’s gold that they shipped to New York at the start of the war….