The seven deadly sins of Christianity are serious “capital” sins because they spawn sinful behavior in general. The seven economic sins of economic policy destroy capital, undermine wage rates, and lower the standard of living. They actually kill people via poverty, malnutrition, suicide, and the like.

According to much mainstream economic thinking, the definition of money is of a flexible nature. Sometimes it could be M1 and, at other times, it could be M2 or some other M. M1 includes currency and demand deposits. M2 includes all of M1, plus savings deposits, time deposits, and money market funds. According to such thinking, what determines the money supply definition is whether M1, M2, or some other M has a high correlation with key economic data, such as the gross domestic product (GDP).

In the midst of significant weakness in the job market, liquidity issues in money markets, and increased scrutiny of certain capital market bubbles, it has become apparent to all that an affordability crisis exists.

Lately, “affordability” has been the buzzword du jour driving political discourse. Essentials like food, housing, and healthcare cost more than most younger working people can afford to pay, leaving them to struggle without hope of being able to start their own families or purchase single-family homes in decent neighborhoods. In other words, for younger generations the American Dream is dying.