And that the government has no money of its own when by a stroke of a key it can however much it needs to deliver all the economic activity the economy is capable of sustaining.
We have known that for more than a century. And still we suffer from the myths. It’s time they were laid to rest.
In 1948, in “A Monetary and Fiscal Framework for Economic Stability,”
he proposed that the government run a countercyclical budget policy with
monetization of deficits and demonetization of surpluses with budget balance
over the cycle.
Yes, they are talking about the same thing.