Dismiss MMT at Your Peril

Modern Monetary Theory (MMT) informs today's progressive policy agenda, even though many prominent economists consider it flawed, nonsense, or just plain wrong. Expect mainstream stocks and bonds to fare poorly in the high and volatile inflation and interest rate environment that would likely accompany adoption of MMT. Real assets, such as TIPS, commodities, and REITs provide some protection against inflation, but presently provide paltry real yields.