Begun, the MMT Wars have

[Bloomberg]( Today’s Agenda - [Begun](, the [MMT]( [wars]( [have](. - Trump’s business is under [many microscopes](. - Don’t buy [Facebook’s promises]( of change. - The [EU]( is like [herding cats](. The Very Model of a Modern Monetary Theory Economists fight, often and viciously, like it’s not just their job but their true calling, and sometimes you can ignore them by simply muting Economics Twitter. But other times you have to pay attention, such as with that whole [Mint the Coin]( thing. The latest fight is even more significant. It’s over Modern Monetary Theory, the idea that as long as inflation is low and you can print your own currency, government budget deficits really don’t matter (I look forward to your angry emails!). Household names are getting involved; today, BlackRock CEO Larry Fink [called MMT “garbage](,” while former Pimco guru Paul McCulley called it intriguing. Bloomberg Opinion’s own Stephanie Kelton, an MMT proponent, has been fighting about it with Nobel Prize winner Paul Krugman (not an MMT fan), installments of which you can read [here](, [here]( and [here](. Fresh off this battle, she today begins a series of columns using MMT to debunk widely held myths about federal budget deficits. In the first, she argues [a deficit is not a sign]( of “overspending.” It’s fitting this fight is happening in the middle of Twitter’s [Neoliberal Shill tournament]( (whose Sweet 16 includes Bloomberg Opinion’s Noah Smith, the defending champion, who [calls MMT]( “hubris”). Brad DeLong, a high seed in that tourney, [suggests]( it’s time to let the Ocasio-Cortezans of the left — who use MMT as a basis for more government intervention — take the wheel of the Democratic Party for a while. Jonathan Bernstein disagrees, saying [most Democrats don’t identify with the far left]( and that centrists dominated the midterms, even if the left got more airtime. But Conor Sen sympathizes with DeLong’s argument, noting mainstream neoliberal economics have mostly let workers down in recent decades, while outside-the-box ideas such as quantitative easing have been effective in a way that flummoxed the normies. [Maybe it’s time to give MMT a chance](, Conor writes. Trump’s World of Hurt It’s pretty bad when your ex-lawyer suing you for millions is only like your 23rd-worst legal problem. Michael Cohen, former fixer for President Donald Trump, [sued]( the Trump Organization today, just a week after calling Trump a racist and a crook in Congress. In that testimony, he accused Trump of fudging asset values for insurance purposes, which reminds Tim O’Brien of the time [Trump got millions in insurance payments for hurricane damage]( to Mar-a-Lago, of which the Associated Press was unable to find proof. That’s just one line of investigation Cohen introduced, and even that is just part of a swarm of probes buzzing around Trump, involving an array of prosecutors and congressional committees, many targeting the one thing Tim says Trump most wants to protect: his business. Read the [whole thing](. Facebook’s Promises When the going gets tough, the tough write manifestos. Facebook Inc. CEO Mark Zuckerberg, for example, has had to write five in just the past two years, addressing the many controversies besetting his social-media behemoth. In the latest missive, delivered yesterday, he wrote thousands of words about how Facebook will protect privacy better and make the user experience more intimate. But Shira Ovide is [far from convinced](. Facebook is working on merging all of its platforms, raising questions about how much more user data it can accumulate. And what if “more intimate” really means abuse is hidden from view? Read the [whole thing](. Further Big Tech reading: Not even foldable phones can [prevent Peak Smartphone](. – Shira Ovide European Disunion It's not just Brexit; the EU is having all kinds of trouble keeping itself together. For example, it could have formed a unified front against money laundering, notes Lionel Laurent, but today it rejected a dirty-money blacklist, [crumbling under the slightest pressure from Saudi Arabia](. Meanwhile, Italy apparently plans to take some of China’s Belt and Road money, over EU objections. Ferdinando Giugliano writes this shows how [hard it is for the EU to have one China policy]( — but also how Trumpian nationalism cuts both ways for America. Meanwhile, the ECB today jumped back into monetary easing with both feet, just months after ending QE. This is not a good look, though it’s at least [a good first step that Draghi & Co. admitted their error](, writes Marcus Ashworth. But the dramatic flip-flop is also a sign the ECB and other central banks are still [caught in a policy trap](, warns Mohamed El-Erian. Telltale Charts Apple Inc. deserves props for [cleaning up some of its labor problems](, writes Tim Culpan. Gender-balanced startups are more successful, but [private equity withholds cash from women]( and doesn’t include them in its upper ranks, writes Anjani Trivedi. Further Reading With measles resurgent, state governments across the country must [crack down on anti-vaxxers](. – Bloomberg’s editorial board [Bibiism will likely survive]( in Israel, even if Bibi Netanyahu’s political career doesn’t. – Eli Lake Ilhan Omar’s rhetoric [isn’t helping the Palestinian cause](. – Hussein Ibish India’s think tanks and bored armchair generals keep [pushing for a dangerous war with Pakistan](. – Pankaj Mishra Vladimir Putin plans to [turn much of Russia]( into Flyover Country. – Leonid Bershidsky While rebuilding its electric grid, Puerto Rico has a chance to [upgrade and climate-change-proof it]( by investing heavily in green energy. But leadership is dropping the ball. – Jeffrey Tannenbaum You should definitely [stop listening to Michael Jackson](. – Ramesh Ponnuru ICYMI Alex Trebek [has stage 4 pancreatic cancer](. Elon Musk’s [security clearance]( is under review. Rich people are being [scammed in private jets](. Tim Cook is [Tim Apple now](. Kickers An [ice wall keeps Fukushima]( radiation at bay. (h/t Joel Brill) Here’s how we’ll know [an AI is conscious](. Meet the people who [eat the same thing for lunch]( every day. Meet the Instagram account [mocking Wall Street’s vest-wearers](. Note: Please send lunch and complaints to Mark Gongloff at mgongloff1@bloomberg.net. New to Bloomberg Opinion Today? [Sign up here]( and follow us on [Twitter]( and [Facebook](. [FOLLOW US [Facebook Share]]( [Twitter Share]( SEND TO A FRIEND [Share with a friend] You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022