Not too long ago, we wrote about the so called Modern Monetary so called Theory (MMT). It is not modern, and it is not a theory. We called it a cargo cult. You’d think that everyone would know that donning fake headphones made of coconut shells, and waving tiki torches will not summon airplanes loaded with cargo. At least the people who believe in this have the excuse of being illiterate.
You’d think that everyone would know that printing fake money and waving bogus theories around will not create new wealth. The excuse is that so called the wealth effect is so pleasant. Like drugs provide a happiness effect.
There is an old joke about a guy who talks to a psychologist about his crazy brother.
The guys says, “Doc, my brother thinks he’s a chicken.”
The psychologist says, “You should make sure he gets therapy for this delusion.”
“I would, but the eggs are good!”