January 2021

Q4 2020 Commentary

Have We All Now Embraced Modern Monetary Theory (MMT)?

One of our company’s founders spent five formative years of his life in West Germany during the 1970s. During that time, he learned about the German citizens’ dread of inflation. And for good reason. The experience of hyperinflation in 1922-1924 is seared into the collective German soul. On a prominent wall in his office in our headquarters in Hartford is a framed German Reichsbanknote in the amount of 10,000 Marks. The reason for the display in his office is to remind us at Bradley, Foster & Sargent what can happen when a wealthy, developed country like Germany runs the printing presses day and night in order to fund its deficit. Many have heard about the hyperinflation that occurred there following World War I, but it bears repeating here.

Robert H. Bradley

Chairman

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