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This was a fascinating discussion. Reminds me of how Americans have built an edifice of idolization for George Washington, when in reality the man was a shallow, insecure, incompetent, greedy, viscous, violent, bigot.

Anyhow, I've been toying with an idea I think of as neo-MMT where governments unlock resources by unilaterally controlling the cost of commercial capital for identified bottlenecks that the private economy can't make work commercially. This as opposed to what they do currently which is essentially to inefficiently usurp and spend private capital. Lend to commercial competitors under terms that can make them profitable where they otherwise wouldn't be, rather than deleting market signals entirely. What do you think?

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Menachem, thanks for the thoughts. This is the "most hopeful" interpretation I can muster for the Fed's hiking cycle. Raise rates to the level that it "liberates" resources and then utilize targeted financing to drive strategic activities. To emphasize, I think this is a terrible approach -- basically akin to suggesting the US government caused the Great Depression to finance WW2 -- and requires a degree of conspiratorial thought that I believe is unlikely to exist.

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Soll owes you a nickel. This pod led to my purchasing and enjoying his book. Figures, the often worshipped lowercase "g" god of markets is frequently misquoted and therefore mostly misunderstood.

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