One obvious interpretation was that the monetization of giant stimulus spending was the belated and long overdue triumph of radical Keynesianism, a return to the logic of so-called functional finance first spelled out in World War II.55 The zealous new school of Modern Monetary Theory rode to prominence on the coattails of Bernie Sanders and his revival of the American left.56 In the UK, there was talk in the circles around Jeremy Corbyn’s Labour Party of “People’s QE” and radical experiments with helicopter money.
