I thought that modern monetary theory ( MMT) sounded more like a magical money tree, but this book did turn my thinking on its head.

The main premise is that if you have a powerful government that can print an unlimited amount of its own currency (fiat currency), the "household budget" rules that individuals and businesses need to follow do not apply.

By branding itself, as a "modern" theory, it implies that other ideas about governments living within their means are outdated and old-fashioned. I can't decide whether this is correct or insane. By the end of the book I was convinced that this is certainly how the US currently works and it seems like it might be sustainable.

I also read from somebody else that whether you agree with this idea or not, it is how the US government is currently being run so you might as well understand it. After all, we always seem to have enough money for war, and we never have to ask to finance it.

According to the author, very few politicians understand how the US government spending works. Politicians, especially many with business backgrounds, try to run the government like a business or household and that makes sense to most voters. According to MMT that is backwards.