At what point are deficit spending and debt monetization tantamount to Modern Monetary Theory, which effectively posits that ‘deficits don’t matter’ for reserve currency issuers? Will the push to leverage major central banks for purposes well beyond exchange rate and price stability finally revive long-dormant inflation once COVID-19’s deflationary impact abates?
The Dow Jones Industrial Average has waned in usefulness as a benchmark for investors. Yet, for many investors, the Dow is the market. That’s why, despite its fading utility, the history of the DJIA is fascinating.
