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@roysebag @GreekFire23 @fleckcap I’ll deal w/international question 2nd, hard to manage twitter thread! ..yes push back is they can always sell bonds to pay IOER & fight inflation. But this seems illogical. How would they manage inflation expectations when credit &/or inflation risk pricing now dumped on mkt?
@roysebag @GreekFire23 @fleckcap A t-bond has either no credit risk (just print) or no inflation risk (expectations anchored), it can’t lack both risk premiums together in an inflationary environment, only in a “disinflationary” environment
@roysebag @GreekFire23 @fleckcap That’s why they should have reversed balance sheet when they “could” (turns out they never could anyway). ..as for international q...remember energy & hard assets become an interesting piece of the puzzle here.
@roysebag @GreekFire23 @fleckcap Energy is what really links global game theory of fiat currency system. And as you know, currency is just an information system for stock & flow of energy: managing the time preference of energy flow (consume) vs energy stock (gold, PP&E assets/energy in place). When devalue..
@roysebag @GreekFire23 @fleckcap When they manage devaluation against gold, energy assets (flow & stock) revalue similarly to golden constant, though transition will be turbulent/chaotic. ..so balances w/China, Russia, Mid East etc change, but maybe not as much as one might think as energy is real game anyway
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