# The danger of ‘unlimited government bond issuance’: Historical lessons on yen depreciation, inflation and fiscal collapse after the MMT boom

https://mins.news/en/item/11865

- Toyo Keizai, 2026-08-01 22:00 UTC
- Economy
- Original: https://toyokeizai.net/articles/-/952928?utm_source=rss&utm_medium=http&utm_campaign=link_back

> Modern Monetary Theory, or MMT, focuses on unlimited money creation by central banks and government budget deficits. While the approach may support economic growth, it also carries risks of inflation and national fiscal collapse. Looking back at historical examples, the article asks whether issuing money without limit is truly a rescue measure—or a path toward severe consequences. The discussion places the promise of MMT alongside the dangers highlighted by history.