Money, Money, Money In the Rich Man’s World

(1) Lots of fun and high-octane punch at the Fed’s MMT Ball. (2) Markets dancing to Prince and Abba songs. (3) The two wealthiest men in the world have all the money in the world, and can print more of it. (4) The Treasury has a big account at the Fed. (5) The Fed has a big pile of the Treasury’s securities. (6) Commercial banks have a pile of deposits, lots of loans, and rapidly mounting loan losses. (7) Not keen on Financials that lend money. (8) We are all monetarists now, or at least we are all watching the monetary aggregates again. (9) Powell as Daddy Warbucks. (10) Party poopers: Gold and Dollar Vigilantes.