Wall Street's 'Bond King' Jeffrey Gundlach says Modern Monetary Theory, increasingly popular with progressives, is a 'crackpot' idea
- Jeffrey Gundlach, the chief executive of DoubleLine Capital and Wall Street’s Bond King, called the increasingly popular Modern Monetary Theory backed by progressives a “crackpot” idea.
Modern monetary theorists argue government spending, and deficits as needed, should be used to meet the full employment and inflation mandates currently tasked to the U.S. Federal Reserve. Taxes may not be needed to support all spending since the government can create more money and inflation is the main restraint on government spending, according to the theory.
“What happens when the economy turns down?” he asked. Gundlach added that the “ridiculous” MMT is a way of monetizing debt and could lead to a significant boycott of long-term bonds. The ideas could gain popularity if the United States enters a recession in 2020, ahead of the next presidential election.
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