Moving forward
As I drove home from the gym last night, I passed by hundreds of homes. In every window I saw a glimpse of the same image: a family huddling around a television, glued to the Presidential debate.
This newsletter has covered the upcoming election (a lot). It’s an important macroeconomic event that has divided the US, and it’s become difficult to ignore.
That said, questions remain from many of our readers…
Will things actually go back to normal after the election?
How much influence do politicians really have?
Will a 2nd wave (currently happening in Europe) cause widespread lockdowns again?
When the election concludes and we head into 2021, you’ll read a lot of predictions about how some parts of this crazy year may continue in perpetuity, while some other aspects, will return to “normal” post covid19. (e.g. remote work will continue, online shopping will grow, etc).
One thing is for certain on policy: regardless of who wins, we’ll see incredible amounts of fiscal stimulus. The money printer will keep BRRRRR-ing, as both presidents have promised extensive assistance.
Nobody’s talking about the deficit anymore, since the politicians know we’ll just print our way out of it. Dollar weakness isn’t their problem - they’re focused on ensuring they’ll be reelected.
If you haven’t noticed, we’re officially in the world of Modern Monetary Theory.
Quote of the Day:
“MYTH #3: One way or another, we’re all on the hook.
REALITY: The national debt poses no financial burden whatsoever.”
― Stephanie Kelton, The Deficit Myth