; Whereas, on May 17, 2019, Joel Griffith, a research fellow at The Heritage Foundation, wrote in an article entitled The Absurdity of Modern Monetary Theory the following: There is no free lunch. We will pay either through the visible burden of direct taxation, the hidden tax of inflation, or higher borrowing costs (as the government competes with businesses for available capital). Such realities might not make for a great stump speech, but facing them squarely now can save us a lot of headaches down the road. ; Whereas, on March 25, 2019, Janet Yellen, former Chair of the Board of Governors of the Federal Reserve System, disagreed with those individuals promoting MMT who suggest that you don’t have to worry about interest-rate payments because the central bank can buy the debt , stating: That’s a very wrong-minded theory because that’s how you get hyper-inflation. ; Whereas former Secretary of the Treasury and Director of the National Economic Council Lawrence H. Summers— (1) on March 5, 2019, wrote in an opinion piece in the Washington Post entitled The left's embrace of modern monetary theory is a recipe for disaster that, contrary to the claims of modern monetary theorists, it is not true that governments can simply create new money to pay all liabilities coming due and avoid default. As the experience of any number of emerging markets demonstrates, past a certain point, this approach leads to hyperinflation. ; and (2) on March 4, 2019, said that— (A) MMT is fallacious at multiple levels; (B) past a certain point, MMT leads to hyperinflation; and (C) a policy of relying on a central bank to finance government deficits, as advocated by MMT theorists, would likely result in a collapsing exchange rate; Whereas, on February 26, 2019, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, stated: The idea that deficits don’t matter for countries that can borrow in their own currency I think is just wrong.