Trump: The First MMT President

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I have become fascinated by the MMT (Modern Monetary Theory). Sure, you can crap all over it, but I am not so sure there isn’t much to learn by opening your mind to the idea that some of the ways we think about economic theory might be wrong.

Too many pundits look at provocative headlines emanating out of the likes of Alexandria Ocasio-Cortez and simply chalk up MMT as socialism-disguised-as-economic-theory that needs to be quickly squashed before we end up like Venezuela.

A few decades of trading has taught me that what many people know “for sure” can sometimes be way more off base than they ever imagine. I am not advocating MMT as a policy prescription by any means, but as some of my more pro-MMT readers remind me, MMT is more of a framework for economic thinking than an actual policy guideline.

Instead of dismissing MMT as the playground for foolish young people who want to change the world for the better (the nerve of them!), I have decided to learn everything I can about this novel way of thinking about economics.

In doing so I have immersed myself in Warren Mosler’s writings and interviews. And I must admit, I have come to like the guy. Like, really like him.

Firstly, for all you hard-money-right-wing-Russ-Roberts-type-disciples who throw up in your mouth whenever MMT is mentioned, Mosler is still a capitalist at heart. He’s an ex-hedge fund manager for Pete’s sake! This guy isn’t some ivory-tower-bearded professor who spouts crazy theories from the safety of his tenured professorial position. No, Warren has played the investing game for decades and been extraordinarily successful.

Along the way, he has also done some crazy entrepreneurial things - from creating a world-class supercar (Motor Trend video) to designing a new type of ferry whose passengers are less prone to sea-sickness (see this video).

“I have a car disease” - Warren Mosler

Back in 1985 Warren Mosler revealed the Consulier GTP and from the onset it broke many so-called industry rules. It may have been ugly, but it was ridiculously fast and extremely light, weighing just 1,900 lbs. It had over 1g of grip on the skidpad, returned 30 mpg and was quite safe due to its composite body. Unfortunately, hardly anyone took notice and it wasn’t until the 2001 reveal of the MT900 Photon did Mosler finally gain more recognition and respect for what his vision of a high-performance sports car should be.

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