Taxation in the Age of Endless Money Creation
Joe Biden says he wants to unite the country. In fact, just yesterday the Biden camp said it was willing to bend on its infrastructure proposal. Instead of the 28% corporate tax hike they originally asked for, they’ll settle on 25%. And in return, they’ll happily cut spending on… uh, nothing? Wait a minute. Today, Jim Rickards explains why policymakers think Modern Monetary Theory will cover the gap — letting the Treasury print new money to existence. But what does that mean for bondholders… or taxpayers? You may not like the answer.