Palisades Gold Radio · Wednesday, August 26, 2026
Matthew Piepenburg criticizes Modern Monetary Theory (MMT) as a 'myth' that suggests printing money can solve debt crises without inflation. He also questions the Federal Reserve's true mandate, suggesting it prioritizes bank liquidity for 'too big to fail' institutions over Main Street.
“We've looked at various fantasies, modern monetary theory, that was a myth many years ago. Uh, Kelton and others that you can print money out of thin air to monetize debt and solve a debt crisis with more debt and have no inflationary effect. That was a very credible theory out of DC. It was pure nonsense.”
“I've joked that even the name Federal Reserve is nonsensical. It's neither federal nor a reserve. And I've written about that.”
“And I know their real mandate is bank liquidity, uh, and keeping the two big to fail banks, which are the shareholders of the Fed, liquid. At the expense of Main Street.”