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Manipulating the World Economy: The Rise of Modern Monetary Theory & the Inevitable Fall of Classical Economics — Is there an Alternative?

Penned By Martin Armstrong
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Manipulating the World Economy: The Rise of Modern Monetary Theory & the Inevitable Fall of Classical Economics — Is there an Alternative?

Penned By Martin Armstrong
4.85 47,454 Ratings
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Editor's Note:
The economic theories that dominated the field during the 20th century have failed us and empowered government to believe they can manipulate the business cycle. Every economic theory presented post-Marxism has assumed that the complexity of the business cycle can be reduced to a single cause and effect. To date, no attempt to manipulate the cycle has prevented a recession or financial crisis. We now face a truly monumental crisis. Central banks around the world are trapped. Their attempt to stimulate the economy through Quantitative Easing and rate manipulation has disastrously failed. The central banks have primarily purchased government debt, effectively keeping governments on life support by allowing them to issue new debt at substantially lower rates. In addition to catastrophic Quantitative Easing policies, political fiscal spending on various programs and agencies has burdened governments with a debt that they can never repay. The future crisis is one created by government. This time, we are not likely to fix the problem without major political reform, which all governments will resist. These policies have led many to assume that government can freely create money without inflation. After creating trillions of dollars to buy government debt with no appreciable inflation, many conclude that everything has changed. They are calling this the Modern Monetary Theory. If they are correct, then why bother to have taxes or borrow money continuously with no intention of paying off national debts? Governments, in modern theory, can simply create an endless supply of money to create a new modern version of Utopia. Can we throw away all economic history for an experiment that could unravel civilization if the theory proves to be wrong? What are the risks? Can it really be that easy? Are there any examples from the past that we can look to for answers?

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Martin Armstrong

Martin Armstrong writes contemporary fiction and has always been fascinated by character-driven stories. They hold a degree in English Literature and previously worked as an editor before transitioning to writing their own books. Martin Armstrong lives with their spouse and a very vocal rescue cat.

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Eric Green
Eric Green November 10, 2024
"Not entirely to my refined tastes. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Perhaps more aligned with a different audience's tastes."
Christopher Turner
Christopher Turner August 10, 2025
"I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
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Barbara Torres
Barbara Torres December 13, 2024
"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading."
Thomas Taylor
Thomas Taylor December 25, 2025
"Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
Mary Wright
Mary Wright May 20, 2024
"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading."
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"A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. A solid 4 stars from me."
Michael Scott
Michael Scott December 27, 2024
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars."
Kimberly Walker
Kimberly Walker October 19, 2025
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Mark Harris November 01, 2024
"Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
Edward Wilson
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"Excellent, though slightly flawed. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
Edward Edwards
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"Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel."
Patricia Perez
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"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
Donald Ramirez
Donald Ramirez September 17, 2024
"Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author."
Kimberly Lopez
Kimberly Lopez June 24, 2025
"A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers."
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"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author."
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Eric Taylor May 19, 2025
"Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
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"A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend."
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"I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
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"Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
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"Took a moment to build, but the payoff was spectacular. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers."
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"I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. A very distinguished novel."
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"Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
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"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
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