Periodic downturns help to cleanse the economy of companies that do not deserve to live on, according to the Tesla CEO.
Source: Elon Musk predicts recession could last until spring 2024, but sees a brutal silver lining | Fortune
Mistake #1: Excessive monetary policy flooding the market for too long.
Mistake #2: Giving economic controls to public health “experts” who cratered supply chains without stopping Covid.
Mistake #3: Fixing the mistakes of #2 through “stimulus” checks long after the unemployment rate was back to low levels, coupled with excess business tax deals, both leading to excess demand.
Everything the “experts” could do wrong, they did wrong.
And:
Noninflationary economic growth is largely a function of productivity, and cannot be achieved through sustained money printing (although “modern monetary theory”—until recently fashionable in some circles—did attempt to argue there was such a thing as a free lunch).
MMT has always been a nonsensical joke. Yet it’s been promoted by many politicians.
