It is neither new or modern and every society/civilization that has tried it has collapsed. The USA has been employing it since the 2007-2008 recession and the USD is worth about 2 cents (it was about 3 cents before China virus).
It's actually been official policy since Nixon took the US off the gold standard in 1971. But before that FDR took the US off the gold standard in 1933 when he confiscated gold from private citzens (they don't teach you THAT in history class). Unless you're trading actual gold, all paper ends up being turned into government counterfeit money (fiat). MMT is just a recognition that yes, we DO have fiat currency as an official policy.
They weren't printing crazy amounts of money before the 2007-2008 recession though.
Yeah, they were. It's just even more crazy now. Every new crazy makes the old crazy seem tame.
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