When I was growing up in the 1980s, no Friday night was complete without an episode of "Fantasy Island."
If you're of a certain age, you remember the runaway ABC hit: Ricardo Montalban as the mysterious "Mr. Roarke" and Hervé Villechaize as his diminutive sidekick "Tattoo."
The white-suited Mr. Roarke would graciously hoist a goblet of white wine and, in a suave Mexican accent, intone "Welcome… to Fantasy Island" to planeloads of arriving tourists – folks who'd forked over mega-bucks in a (usually desperate) bid to make their fantasies come true… with a catch, of course.
It was pure escapism – pretty good TV, too.
If only it had stayed on television…
Turns out, "Fantasy Island" makes for lousy politics, and it's downright terrible for the markets.
Unfortunately, that's what's happening with the "modern monetary theory" craze. It's the favorite "show" of politicos, bond peddlers, traders, pundits, and armchair economists from coast to coast.
I never thought I'd see the day, but here we are. The fact that MMT is gaining traction in our debate speaks to how desperate the folks at the top are in the United States.
Let me show you what's really going on here; you're not likely to get this anywhere else…