Good analysis. I suspect we are heading into a "balance sheet depression/recession" and MMT will face economic gravity so wont work. It is riddled with unintended consequences to the trained eye, but looks like a stimulus to the average Joe. There are, and never be any free lunches unless you are talking about photosynthesis-The only free lunch ...
The problem with balance sheet depressions/recessions is that people become technically insolvent and as a result, no longer borrow and spend, but pay down debt..The worst outcome for a consumption driven , debt enabled economy... This causes a stagnation and slow down in all economic activity with the exception of war making
Do not under estimate the competencies of central banks, they know all of this, but their mandates are more political than economic. Therefore I suspect the current state of affairs will continue until they don't continue. What I mean is that economic catalysts will be like a light switch. And as anyone with investment experience know, sentiment can change OVERNIGHT!!!
Now ask yourself this simple question, If you lost trust in the currency ( for whatever reason) you would also loose trust in the State.
What do you want to own now?
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Good analysis. I suspect we are heading into a "balance sheet...
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