NB – About 10 years ago I wrote an MMT primer after first being introduced to the theory. I initially thought the theory was coherent and operationally sound, but it [ … ]
Category: Most Recent Stories
Is Government Debt “Equity”?
I’ve noticed a trend in some economic circles that seems to stem from the Positive Money and MMT people – this idea that government “debt” is “equity”. While the taxonomy [ … ]
Reconciling Krugman vs Kelton
Warning – This is going to be another nerdy one. I apologize in advance.
MMT’s True Colors Appear
Modern Monetary Theory, aka MMT, has hit the mainstream and some Liberal politicians like AOC are giving it full-throated endorsements. I need to stop playing Mr. Politically Correct with this [ … ]
Three Things I Think I Think – Buffett Letter Edition
The 2018 Berkshire Hathaway letter to shareholders is 14 pages of the usual goodness, but I wanted to skip right to the end and all the best stuff. Over pages [ … ]
Banning Stock Buybacks is Stupid
(I did a quick hit on Bloomberg TV yesterday discussing buybacks, but I wanted to dive in in a bit more detail. You can see my brief comments here at [ … ]
How The Patient Investor Sees the World More Clearly
One of my favorite things to think about in investing is the theoretical investor who slept through 1987. We all know about “Black Monday”, the crash of 1987, when stocks [ … ]
MMT – The Good, the Bad and the Ugly
Modern Monetary Theory (MMT) is in the news a lot lately. And that has resulted in a number of “critiques”. Most of these critiques are, to be blunt, trash. You [ … ]
The Best Investment – Travel
Sometimes it feels like our world is becoming more closed off despite the fact that we’re more interconnected than we’ve ever been. This interconnectedness is new and scary in ways. [ … ]