A flea sat on the axle of the chariot and thought "Oh what a mighty dust I raise" -a very old saying. The flea is MMT -It's the economy that actually raises the dust i.e. Trade index, GDP and so on. USA household debt was around 140% of income when theirs overstretched and, in these terms alone, was predicted (and went) belly up (GFC). Ours is over 200% and climbing. The govt (and us punters) continue to stretch the housing 'rubber band' beyond its stretch point. I get MMT (Uni economics here), but don't let it provide a false sense of security. The hard part is the timing -there is no reason it couldn't be staved off for 5 years, or could happen at 2:10 pm this tuesday. We will think it out-of-the-blue regardless, if we talk about MMT etc and not about what household spending levels are sustainable, speculation or Ponzi based. I don't understand why we stay on the treadmill anyway, other than in the word's of The Hunters and Collectors song "Where Do You Go" I'd like to say no, to the cold hard cash But starving just would not make sense
