Modern Monetary Theory (MMT), is an economic theory that allows unlimited government spending financed by deficits and debt. However, MMT leads to high taxes, high-interest rates and lower growth. High government debt crowds out private investment, which is critical to production and growth. MMT and related policies of the federal government have also led to bank failures such as the Silicon Valley Bank.

In this lecture, Bob Luddy explained the financial and economic underpinnings of MMT and why this economic theory causes more disastrous consequences the more we act on it.

Bob Luddy is the founder of Thales Academy and the President of CaptiveAire Systems, a leading manufacturer of commercial kitchen ventilation equipment. In 2007, Bob opened Thales Academy, a network of private schools offering a high-quality Pre-K-12 education at affordable tuition. The Luddy Schools are quickly growing, with over 5,000 students enrolled throughout North Carolina, Tennessee, and Virginia.

Bob is an avid supporter of entrepreneurs and the free market system, and published his book, “Entrepreneurial Life: The Path from Startup to Market Leader,” in 2018. This lecture was delivered live at the Fall Classical Summit, a regional classical conference held at Thales Academy Rolesville Junior High-High School on October 6, 2023.

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