The Currency-Commodities Nexus of the Big Eight
- Currencies of Canada, Norway, Russia, Colombia have weakened with oil.
- Will cuts to oil output help offset lost demand, bolster these currencies?
- Russia’s low debt level, large foreign reserves have underpinned ruble.
- Australia faces first economic downturn since 1990s as exports take a hit.
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Modern Monetary Theory Makes Back-Door Entry into Policies
- Governments, centrals banks spending trillions to mitigate pandemic damage.
- Modern Monetary Theory (MMT) is a fusion of monetary and fiscal policy.
- MMT advocates new government spending measured by return on investment.
- If projects are worth undertaking, they can be financed with debt.
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