The trillion-dollar woman

A conversation with the economist Stephanie Kelton about the "deficit myth," Modern Monetary Theory for dummies, and why the age of capital may finally be ending

Joe Biden is president of the United States, but he lives in Stephanie Kelton’s world.

An economist and champion of so-called Modern Monetary Theory, Kelton has long agitated against what she calls “the deficit myth,” which is also the title of her bestselling book on the subject.

At the most basic level, Kelton believes the United States government is ca…