• Baritone Holmes is staring down 15 years in the clink and $800mn in restitution for defrauding Theranos investors
• According to the UN, our floating space rock now has 8 billion humans
• Big Bad Goldman Sachs paid millions in hush money to keep toxic workplace complaints out of the spotlight
• Biden’s get-outta-debt free card for college grads has been blocked for now by a federal appeals court

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MMT Is Dead

In hindsight, the growing popularity of Modern Monetary Theory (MMT) during the epic bull run of the 2010s should’ve been a clear sign that things were way too frothy.

In a nutshell, MMT posits that governments with a commanding economic position on the global stage can print their own fiat currency as much as they want. They’ve ascended above what logic would state, which is that at some point, the debts would spiral out of control, and the whole thing would collapse.

The resulting inflation from a money printing binge basically put that theory to bed.

• Financial planning 101 states that you should save during good times so that you have a cushion during the bad
• Name a large economy that’s done that in the last century. In real life, the temptation to flit away any surplus during good times has gotten the better of many a politician, leaving countries penniless when the downturn inevitably comes
• Liz Truss tried to fit the Keynesian model for running an economy by cutting taxes and boosting subsidies during tough times, yet markets swiftly rejected her ideas

Collective belt-tightening across an economy, also called austerity, is obviously unpopular. People gravitate towards politicians that promise them stimmies and goodies, not fiscal responsibility.

The U.K. will be an interesting case study of how a modern economy deals with a range of bad options.

• New PM Rishi Sunak can fire up the money printer, but that would likely exacerbate inflation
• He could also zag the Truss proposals and raise taxes while cutting government spending. Have fun telling your people taxes are going up while they’re suffocating from inflation.

Regardless, the obituary for MMT has been written. What replaces it is up for debate.

Source

Chinese Stocks ($MCHI) ↑ 5.01% ↑

• Robust October retail numbers catapulted a broad basket of Chinese stocks, which have been heading in the wrong direction since early 2021
• Online shopping is accelerating—one estimate showed retail sales grew 15% last month, compared to -10% in the prior quarter

Shopify ($SHOP) ↑ 4.22% ↑

• Despite living in the red all year, $SHOP has been laying the groundwork for a dominant future through investments in logistics and point-of-sale software
• Easing inflation could reignite the e-commerce boom, and investors like the value they’re seeing after a 70% YTD decline