The End Of The Free Money Era

  • Some argue that the MMT-like pandemic response showed it was a failure. We disagree, if anything, it showed its incredible power.
  • It was hugely effective, actually producing way too much bang for the buck, and ill-timed in the face of supply constraints. There is a time and a place for everything.
  • A decade earlier, when there was much more slack in the economy and money was basically free and could have been used to address a host of structural problems.
  • That was a missed opportunity when we worried about phantom problems that only now come back to bite us as the slack disappeared from the economy.
  • We don’t actually need MMT, there is a framework that can easily explain all these things.
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The End Of The Free Money Era | Seeking Alpha