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I've never heard of Jared Bernstein, but he inspires all the confidence of a chiropractor jumping out of a humvee in a combat zone. Which is to say, less than zero. MMT people always seem a bit perplexed by their own subject matter, as if they never expect to be asked to explain it. One glaringly obvious question: If the Fed can print money forever, why do we have to pay taxes?

I'm also not convinced that Keynes was one of the good guys; his legacy indicates otherwise. I'll admit that his description of how the govt imposes hidden taxes by monetary dilution is right on the money. But he was a savvy socialite; I think the key to his success in life was in showing govt bureaucrats how to pull the wool over on the rubes, which they have done enthusiastically.

Trump's achilles heel is using tariffs indiscriminately. I'll admit that he might have some success when threatening tariffs against weaker nations, but it's going to be a hard push with China, just as Biden's oil sanctions did nothing to Russia. There won't be much straight talk from DC for a long time, I'm afraid; we're too far into the hole, and few have the stomach to discuss the coming austerity economists have been warning about. Fiscal and monetary shenanigans are back at 2006 levels globally. But at least the neo-marxists have been shoved aside in America; hopefully wiser counsel will prevail...

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