Henry Chan: Adieu to Modern Monetary Theory--Ending Illusory Unlimited Government Q.E. Power Takes Skill and Luck
By Henry Chan
May 1, 2023
The September financial market worldwide experienced one of the most volatile months since the Covid lockdown of March 2020. The U.S. dollar exchange rate surged more than 5% based on DXY, and the S&P index dropped more than 5% until September 27. The exchange rate & interest rate transmission mechanism from the global anchor currency, the USD, had caused spillover effects worldwide. The U.S. macroeconomic uncertainty today can be traced to the excesses caused by the unorthodox Modern Monetary Theory.
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