What a great summary! Spot on.
Now I'm no economist but this all said my brother ( who was ) was telling me yesterday that increasingly countries are moving towards the "Modern Monetary Theory", which allows countries to literally print money at infinitum and target this into specifc areas to provide stimulus to their economies ( without driving up inflation) . If all countries do this in unison, then the subsequent devaluation of their currencies won't matter. But it's a way of injecting huge amounts of money into a countries economy, with no pay back. Perhaps this is where our Chancellor's head is?
Like I said I am no expert other than looking it up on google but apparently more and more of the big economies are talking about this approach to avoid bankrupting countries who are having to intervene with massive financial intervention packages.
MMT eh.
Interesting isn't it, because the OMT (old monetary theory) was perfectly good as long as countries, corporations and individuals lived within their means. Unfortunately, under the encouragement from bankers and politicians who thought it prudent to issue debt on a massive scale (pays the bonuses and gets you elected doesn't it) we're now fecked.
The solution, MMT simply says lets add more and more debt to that (together, collectively, globally) and we'll all be fine.
WMT (Watties monetary theory) says this is total bo11ocks. Those in charge are clearly making this up as they go along....this is just another lets shift the blame, lets move the goalposts and try this -it might work ( load of sh1t).
Under Mmt, forget telling kids to be prudent with money. No point, it'll be worthless as those responsible for ensuring inflation remains in check will have fecked it again.
Just, like they did the last 10 years for example, which has just gone boom.
Tomorrow’s solution should not in any shape or form involve those responsible for today’s debacle.