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Both political parties have managed to dodge the bullet. Government deficit spending, borrowing, and money creation by the Fed have gone relentlessly up with no repercussions in either inflation or interest rates. In fact, those skyrocketing deficits and money creation have been rewarded with little inflation and historically low-interest rates. Lefties have even concocted Modern Monetary Theory (MMT), a formalized economic theory that says that the US can create all the money it wants with impunity. Feel free to spend away!
But interest rates have recently increased (dragging down the stock market) and I’m afraid that’s just the beginning. This article from AIER makes a convincing argument that the chickens have finally come home to roost.Published in