ET In Brief:
We asset owners and allocators (rightfully) obsess about alignment, but too often that obsession becomes an outward one, motivated by our rights and entitlements instead of our ultimate best interest.
Today it’s Morgan Stanley, the price of rice, Morgan Stanley, the art of AI and a bit more Morgan Stanley.
Modern Monetary Theory is neither modern nor a theory. It’s a post hoc rationalization of politically expedient policy that makes us feel better about all the bad stuff we’ve done with money and debt in service to Team Elite.
And all the bad stuff we’re going to do in the future.