This is a good article to read in conjunction with this one: [https://www.bloomberg.com/news/articles/2019-05-22/economics-reinvents-itself-every-few-decades-it-s-happening-now](https://www.bloomberg.com/news/articles/2019-05-22/economics-reinvents-itself-every-few-decades-it-s-happening-now) Seems like there might not be too much room to go back to the way things were before in case another recession hits. Interestingly both articles point to the fact inflation hasn't been a big threat, at least when it comes to goods in services. All the extra money seems to be getting getting pumped into stocks bonds and real estate, sending their prices soaring. I can see how this can potentially lead to ever-greater bubbles... I think if the government was able pull off infrastructure projects ala Roosvelt's New Deal without raising taxes (at least for lower & middle class earners) it could spur growth and reduce income inequality. But whether gov can actually do this effectively is questionable. Spending money for whatever the trending political agenda without any checks and balances does seem problematic. Curious what the MMT folks think of this.

"In short, the Fed’s willingness to stay stuffed to the gills with government debt and its new inflation control procedures risk converting it from the banking system’s lender of last resort to the government’s piggy bank of first resort."

"Whether the aim is suppressing illegal immigration or reducing carbon emissions, politicians’ growing tendency to see quantitative easing as a pain-free alternative to taxation or unassisted government borrowing threatens to short-circuit the traditional democratic appropriations process" I would add that it also threatens to hyperinflate the U.S. dollar.