Godfather of MMT is now conceding to fiscal dominance

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🚨 Godfather of MMT is now conceding to fiscal dominance ⚠️

It's hilarious bc Modern Monetary Theory says gov borrowing and spending has no negative effects.

BUT now that rates are higher and gov has to borrow to pay UST yield to people who can spend it…

NOW all of the… https://t.co/PhzgVX2vU3 pic.twitter.com/0WsWuazInm

— CJK (@CJKonstantinos) July 10, 2024

More Powell testimony BS today before we get the inflation numbers tomorrow.

CPI is what’s going to move the tape this week. We have bank earnings and PPI on Friday too.

A back loaded week this week.

— QE Infinity (@StealthQE4) July 10, 2024

See also US public debt hits $36.17 trillion, rising at $9.5 billion daily. Yellen expresses concern over fiscal responsibility, urges reduction in deficits.

See also Yellen's tenure racked up $7.41 trillion in deficits, pushing national debt up by $8.29 trillion, marking a legacy of fiscal failure, then boldly declaring, 'Deficits need reducing.' Pure irony.