11-24-2020, 05:15 AM
** 24-Nov-2020 World View: Janet Yellen
If your core belief is MME ("modern monetary theory"), which says that
the government can borrow an infinite amount of money and never have
to pay it back, then this isn't nutty at all.
Milton Friedman planted the seed for MME, it was taken up and expanded
by Ben Bernanke, and Janet Yellen is simply driving it to its natural
conclusion. As I've written many times, Milton Friedman has been
proven wrong, but nobody wants to believe that. There's nothing
deadlier than when a conservative icon promotes a liberal idea that's
wrong. It's the worst of all possible worlds. You can't blame Yellen
for having a "crack pipe," when the crack pipe is Milton Friedman.
Higgenbotham Wrote:> You can see how seriously goofy Yellen is when she said during the
> coronavirus crisis that it's not time for the Fed to buy stock
> just yet, but we should get everything set up to do it when she
> takes the helm. She wants to be the first to go down the road of
> buying stock - that's how nutty she is. She really thinks she can
> make a name for herself that way. "Just get the crack pipe ready
> so I can be the first Treasury Secretary to take a hit of
> crack."
If your core belief is MME ("modern monetary theory"), which says that
the government can borrow an infinite amount of money and never have
to pay it back, then this isn't nutty at all.
Milton Friedman planted the seed for MME, it was taken up and expanded
by Ben Bernanke, and Janet Yellen is simply driving it to its natural
conclusion. As I've written many times, Milton Friedman has been
proven wrong, but nobody wants to believe that. There's nothing
deadlier than when a conservative icon promotes a liberal idea that's
wrong. It's the worst of all possible worlds. You can't blame Yellen
for having a "crack pipe," when the crack pipe is Milton Friedman.
