Commentary MMT Policy (Modern Monetary Theory), the grand experiment, was tried following the pandemic-driven shutdown of the economy. It failed miserably. However, before we get to its failure, we need to review the policy to understand why it failed to work as anticipated. According to Investopedia: “The central idea of MMT is that governments with a…
The New World Order of Economic Policy
Commentary I’m not one to subscribe to conspiracies. But it sure seems strange how we got here. Just over a decade ago, Hank Paulson went to Congress and asked for a “bazooka-sized” bailout to calm global financial markets. They came up with a $700 billion price tag. At the time, a number of that size…
The New Anti-Economics
Commentary Economics is about human action and choice within the context of scarcity. The problem facing economists is how to understand and explain human betterment, which is another way of saying production. The critical question, posed correctly by economist Per Bylund, starts with scarcity as the default point for understanding purposive human behavior: Anti-economics, by…
Inflation’s the Nail in the Coffin of Biden’s Spending Plans
June 30, 2021
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Commentary Inflation is accelerating—every consumer in the country feels it every day. If there is any economic sense left in Washington, the rising inflation threat should grind President Biden’s big-government spending plans to a halt. Federal Reserve officials have called inflation “transitory,” but what if they are wrong? The public is clearly worried. According to a new Harvard CAPS/Harris poll released…
Biden’s Greatest Mistake Would Be to Start a Currency War
Commentary The biggest mistake the Biden administration can make is to follow the siren calls of its competing economies to massively devalue the U.S. dollar, print money endlessly, and go full-MMT (Modern Monetary Theory), which is neither modern nor a theory. Destroying the currency’s purchasing power to finance bloated government spending has been used for…
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