With the COVID-19 crisis showing no signs of abating in the United States, central banks around the world have deployed financial airbags in the form of quantitative easing, and they plan to do a lot more. Modern Monetary Theory has taken center stage, and we are witnessing it in action. It’s a sight that will leave you awestruck: like witnessing the financial version of the first atomic explosion of Los Alamos and the Manhattan Project.
What is going on with the world’s economy is unprecedented. We are entering completely new and uncharted territories, and all bets are off with respect to inflation/deflation. How will different asset classes react to the stimulus? Will we see price inflation, price stability or chaos? No one knows. One thing is certain: More absurdity is surely in store, and one should keep their wits about them and pay close attention.
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