‘Magic money’ easy to conjure, but its spell could haunt us
In theory, modern monetary theory appears to offer a way for SA to escape its current economic pain
A patient requires open-heart surgery. Treatment for the underlying condition has thus far been unsuccessful. Now bold measures are required to keep the patient alive. Miscalculations could prove fatal. Yet there is a lack of consensus among the attending physicians on which procedure to attempt.
The patient in ICU is SA. The disease is the country’s chronic decade-long economic malaise, compounded by the acute shock of Covid-19. The sparring consultants are the economists and politicians fiercely contesting the economic policy required to keep the country from sliding into a terminal decline...