The only interesting thing is why Gundlach so badly misses the mark. Two possible explanations appear to be.
The other possibility is that he is just not that bright and can't think out of the box. 😮
- He watched the wrong videos. The concepts of MMT were presently either incorrectly, or in a fashion that would be misunderstood by someone with a conventional mindset.
- It is part of a deliberate strategy to push MMT outside the acceptable bounds of discourse. (For example, it is a signal that nobody working for Gundlach should mention MMT in internal meetings.) Although that sounds like a bit of far-fetched conspiracy theory, it was certainly how the mainstream economics profession historically reacted to things like Marxism. Certainly this explanation seems to be behind some of the misrepresentations of MMT by some mainstream economists (a popular pastime about a year ago now)....
Conventional thinkers adapt everything to their existing frameworks ("the box") and then are guided by their cognitive biases, especially confirmation bias. The bonds box is all about inflation, which those in the box think they understand — even though the Fed admits it has no good theory of inflation that accords with data over time.
Bond Economics
On Gundlach's Misrepresentation Of MMT
Brian Romanchuk
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