{"id":45715,"date":"2019-04-28T16:24:06","date_gmt":"2019-04-28T21:24:06","guid":{"rendered":"https:\/\/olduvai.ca\/?p=45715"},"modified":"2019-04-28T16:24:11","modified_gmt":"2019-04-28T21:24:11","slug":"not-modern-not-about-money-and-not-really-much-of-a-theory","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=45715","title":{"rendered":"Not Modern, Not About Money, and Not Really Much of a Theory"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/blog.evergreengavekal.com\/not-modern-not-about-money\/\">NOT MODERN, NOT ABOUT MONEY, AND NOT REALLY MUCH OF A THEORY\t<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/blog.evergreengavekal.com\/wp-content\/uploads\/2019\/04\/reign-of-terror-hero.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cIgnoring MMT\u2019s rising popularity would be about as smart (and effective) as a dog barking at the waves in the ocean.\u201d<\/em><br>\u2013KEVIN MUIR, author of the avant garde financial newsletter,&nbsp;<em>The Macro Tourist<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cI believe that all good things taken to an extreme become self-destructive and that everything must evolve or die. This is now true for capitalism.\u201d<\/em><br>\u2013RAY DALIO, founder of hedge fund behemoth, Bridgewater Associates<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>INTRODUCTION<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The final lap.&nbsp;<\/strong>It\u2019s hard to believe that as recently as February, when I first brought up the concept of a new economic model that was poised to radically alter the world we\u2019re living in, MMT was as obscure as an extra in an old Cecil B. DeMille bible film. Yet, a mere two months later, you have to try extremely hard to ignore Modern Monetary Theory and its swelling number of disciples.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perhaps at this point, some of you who have read the three previous installments of our month-long series on MMT wish I\u2019d never brought it your attention. You might even think it\u2019s such a zany idea that it will never see the light of day. If so, you could be right\u2014but I doubt it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prior issues of this series have made the point that ultra-low and, even, negative interest rates have led to a boom in asset prices at the expense of the real economy. This has created the most lop-sided income distortion since 1929.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/blog.evergreengavekal.com\/wp-content\/uploads\/2019\/04\/TTMYGH-Chart.jpg\" alt=\"\" class=\"wp-image-9246\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Grant Williams, TTMYGH (2\/10\/2019)<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even after 10 years of a long and sluggish expansion\u2014which happily has driven unemployment down to 50-year lows&#8211;there is an unmistakable whiff of outrage in the air. The non-1% or, perhaps more accurately, the non-5%, are coming to believe they\u2019ve been stiffed by the reality revealed in the above chart.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NOT MODERN, NOT ABOUT MONEY, AND NOT REALLY MUCH OF A THEORY \u201cIgnoring MMT\u2019s rising popularity would be about as smart (and effective) as a dog barking at the waves in the ocean.\u201d\u2013KEVIN MUIR, author of the avant garde financial newsletter,&nbsp;The Macro Tourist \u201cI believe that all good things taken to an extreme become self-destructive [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[15653,24488,12584,431,24043,536],"class_list":["post-45715","post","type-post","status-publish","format-standard","hentry","category-economics","tag-charles-gave","tag-evergreen-gavekal","tag-government-spending","tag-interest-rates","tag-mmt","tag-money"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45715"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45715\/revisions"}],"predecessor-version":[{"id":45716,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45715\/revisions\/45716"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}