I am aware that Heather Stewart's article in the Guardian, in response to Zack Polanski's speech yesterday, has grossly misrepresented modern monetary theory. That would be a significant shift, and might cause market anxiety, but steers well short of modern monetary theory, which Polanski has previously been accused of flirting with, and which suggests governments can simply print money. Apart from Heather Stewart clearly misinterpreting the speech by conflating these two issues, she is also grossly wrong in her representation of MMT. I have sent a letter to the Guardian this morning pointing this out. There is, of course, no guarantee that the Guardian will publish my letter.

Source: The Guardian March 19, 2026 20:39 UTC