It is so nice when someone replies without being defensive.

Sorry about missing the satire, etc. Sadly, I am not always understanding of such.

I think much of MMT is not new or different it is just about how the economic environment has changed.

Yes, we are about to see how the Western Government’s borrowing and easing work out.

You mention your anecdote about inflation being manifest by shrinkage. It is just one more nuance in the whole, nobody really understands inflation story.

Reported numbers often do not reflect a persons experiences and while Volcker did bring down inflation in the U.S. when it was getting out of hand, he caused a recession doing it. That actually was coincident with the beginning of the decline of the U.S. middle class.

I was a deficit hawk and now take a more moderate view of deficits. I think they need to me managed not eliminated.

The idea that a tax cut could pay for itself is something I can believe, the last tax cut in the U.S. made that claim but it was not believable.

Back to inflation. I seems to me that even large amounts of Helicopter money will only lead to modest increases in inflation because the supply of the things that the poor would spend it on is almost unlimited.

Sentiment seems to be as important as supply and demand regarding inflation.

TEK