It’s 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’re 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.
Say what? It’s my suspicion that many, if not most, EVA readers have heard the term secular stagnation without quite fathoming what it means. It could be that the comprehension problem lies in that highfalutin word “secular”.
One of the predictions from last week’s EVA on the economic concept that is suddenly dominating America’s financial discourse—Modern Monetary Theory or MMT—was that it would soon become front page news.
At the beginning of 2018, we initiated a new EVA series titled “Bubble 3.0” with excerpts from David Hay’s upcoming book titled “Bubble 3.0: How Central Banks Created the Next Financial Crisis”.