WE DON'T NEED WAR BONDS TO FINANCE THE WAR
In today's @Markets newsletter, I wrote about why war bonds are not only unnecessary for the fight against COVID-19, but would actually be harmful.
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In today's @Markets newsletter, I wrote about why war bonds are not only unnecessary for the fight against COVID-19, but would actually be harmful.
Sign up here to get it in your inboxes link.mail.bloombergbusiness.com/join/4wm/marke…
@markets Unlike some I don't hate the war metaphor, as this involves national, centralized planning, a demand of individual sacrifice on virtually everyone, the repurposing of certain private resources, and a tremendous amount of anguish. But economically it's not at all like WWIII
@markets And my colleague @BChappatta also wrote about the pointlessness of War Bonds! Read here. bloomberg.com/opinion/articl…
@markets @BChappatta No offense to @rinsana but the last thing we need is people encouraged to limit their spending (during a time when so much of the economy is hurting) to give their money to the government, which is capable of creating money at will cnbc.com/2020/04/07/war…
@markets @BChappatta @rinsana Anyway, even though the crisis is extraordinary and unusual, we don't war bonds, helicopter money or any special tricks. Just straightforward monetary policy to keep credit available, and aggressive fiscal policy to repair the damage being done to private sector balance sheets.
@markets Inbox:
Read @NathanTankus, with a more sophisticated take on the same general question. nathantankus.substack.com/p/how-to-pay-f…
