, Columnist
Economics Needs New Theories About Stimulus and Inflation
The field is stuck with dogma that says prices should be soaring.
What happens when money is inflated to death.
Photographer: Guillermo Legaria/Getty Images South AmericaThis article is for subscribers only.
The coronavirus pandemic has raised deficit spending to new heights. Federal debt held by the public is expected to reach 100% of gross domestic product this year, effectively returning to the levels of World War II:
The Federal Reserve, meanwhile, has also taken unprecedented action, increasing its total assets from about $4 trillion at the start of the pandemic to about $7 trillion now: