The MMT Crowd Is Back

When rates are lower and cash is free, it's not the lower and middle class that gets helped. It's the upper class. And you know who gets helped on the way out in inflation? All the people that own assets. I don't think we're learning. I think it's a liquidity game for them. You look at the S&P over M2 or one of those. They're not great Absolutely. It's not great for us to have a chart crime but it gets to the point that if you print 40 percent of all U.S. dollars ever created in the last two years, it's really hard for equities to come off.

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