In several countries, allowing for some positive bias in popular inflation measures, zero inflation itself is now close to being the status quo. That is a great accomplishment in its own right. But its full benefits will not be grasped unless we recognize it as a stepping-stone towards something even better.
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George A. Selgin
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Monetary economist George Selgin agrees with Bob on the flaws with MMT, but then the two continue their debate (started at the Soho Forum) on fractional reserve free banking.
In a free market economy from which fiduciary media are excluded, economic progress will be limited, perhaps severely, by the high cost and correspondingly limited supply of small-denomination money
Recorded at the Mises Circle at Furman University on November 13th, 2010. PPT
References
Institute of Economic Affairs, 1997
