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Are We Running Out of Other People’s Money?

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QUESTION:  I thought big police forces are malinvestment just like big government. doesn’t returning to hard money reduce malinvestments?


ANSWER: These people can no longer fund themselves by borrowing. I have been advising in Europe that the Euro could never become a major reserve currency without a single debt. They are now looking at that option and the European Commission is expected to sell consolidated debt into the bond market this month for the first time on a large scale to fund its coronavirus-relief programs. Meanwhile, the European Central Bank on Friday took a step closer to issuing a digital version of the euro. Even Goldman Sachs admits that Biden’s tax plan will hurt the economy. We already have the IRS being investigated for using your location data to tack you for possible hidden assets. Do you really think these people would EVER return to hard money that they cannot spend whatever they want? Socialism would have to end under hard money. This is not a rational expectation from people embracing MMT because they are running out of other people’s money to spend.

We have run out of other people’s money. They are hunting money like a starving animal. They see Modern Monetary Theory as the answer – create money at will under the new theory that there will never be inflation.