o now there is only The One – Joe Biden. (Who, like Bernie, one could believe if uttering the words "I am Connor MacLeod of the Clan MacLeod. I was born in 1518 in the village of Glenfinnan on the shores of Loch Shiel." - for the wrong reasons.)

Earlier in the year we had written a Through The Looking Glass report imagining what a Sanders presidency might look like – that is not going to happen. Yet we already have multi-trillion USD fiscal deficits and the Fed and Treasury inserting themselves into the very middle of every economic pie in what looks a lot like the MMT we suggested Bernie would be open to: we even have cheques being sent out to virtually everyone – as the smaller part of the bailout. Bernie, like Moses, led the US to the Holy MMT Land but didn't get to go in.

As to the US election in November, will Bernie voters back Biden, or Trump, or Bern Out completely? And what position is Biden going to take on de facto MMT? 'Let's get back to small government' or 'we do big government better'? Of course, he's also got another decision to make: does he cede the China card to Trump, or go the same way? A Washington Post survey yesterday showed that 77% of respondents blame China for the coronavirus, including 67% of Democrats; 71% say US firms should pull back manufacturing from China; 69% support Trump's tough trade policies; and 54% say China should pay reparations(!) This is not a backdrop that suggests US-China tensions are going to be easing any time soon.