COVID-19 is a one-of-a-kind virus that has triggered a one-of-a-kind policy response globally.
The depth and magnitude of the economic drop-off took modern monetary theory—or the
direct monetization of massive fiscal spending—from the theoretical to practice without any debate. It
has happened globally with such speed that even a market veteran like myself was left speechless. Just
since February, a global total of $3.9 trillion (6.6% of global GDP) has been magically created through
quantitative easing. We are witnessing the Great Monetary Inflation (GMI)—an unprecedented
expansion of every form of money unlike anything the developed world has ever seen.