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MMT, Grantham, 1930s mm.

Everyone is talking about the massive disparity between stock prices and fundamentals right now. To paraphrase Jeremy Grantham, we now find ourselves in the top 1% of stock market valuations and the bottom 1% of economic outcomes.

It's easy to dismiss MMT out of hand, but the impulse to create something from nothing resides deep in the human psyche.

The Left continues to attack classical liberalism (although they now call it "neoliberalism") precisely because it's the liberal ideology that continues to provide the most consistent opposition to the leftist program. If liberalism had failed, the Left wouldn't bother mentioning it.

Central bank policies that rely on ultralow interest rates have been shown to bring economic stagnation. Unfortunately, central bankers don't seem to have any other ideas.

Might is the power to direct the actions of others. Rule is the exercise of might in the political arena. Even though a ruler relies on violence to punish dissenters, it is ultimately ideology rather than guns that keeps a particular person or party in power. Without a group who voluntarily obey his orders, the tyrant would be a lone individual who at most could harm a few dozen people. In this loose sense, all governments rest on popular opinion. (Mises)

Like during the 1930s, governments are turning to new programs and schemes that will only prolong the crisis and makes things worse.

The division of labor promotes peaceful exchange and continues peace. But this can all break down when governments intervene to prevent peaceful interaction and when government incompetence promotes violence.

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