You can apply MMR to the gold standard. You end up with a clear reason to start wars over and over again. Your country can’t grow at it’s full potential because you’ve artificially constrained liquidity, and your private sector can’t create enough trust to expand credit large enough. The people get mad, and war starts to look pretty good. We talked about this in the comments a bit – greg was this you?
This looks like a classic book on how to think well. It’s about trading, but it could be anything. Remember our goal isn’t to be “right”, it’s to get the economy operating well. It’s no surprise MMR was founded by two traders and a lawyer – two professions where being “right” isn’t all that important.
I was out this weekend and the roads were packed. I haven’t seen this much traffic in years. I think we’re heading into a strong summer. Oil prices are low enough for there to be significant consumer spending.