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Whitney Baker Profile picture
@TotemMacro
Apr 11 • 1 tweets • 1 min read • Read on X
Larry a few months back for posterity 👇

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More from @TotemMacro

Whitney Baker Profile picture
May 18
@PauloMacro
After watching this it’s much worse than just the rate cuts advice…line by line it’s almost entirely the opposite of true. Low income wages are rising the fastest not the slowest. Floating rate consumer debt is a tiny fraction of overall income and debt, not a large one. High rates of debt service due to rates largely get paid to foreigners given the huge gross external debts (therefore not impacting domestic spending much at all). The fiscal deficit didn’t blow out due to rates. It blew out because of a lack of capital gains in 2023 after the bubble bust.
“But like, definitely buy a tidy portfolio of US credit assets at 6%. The spreads are only at all time lows because the treasury yields are too high and the fed is too tight. But well, yeah …actually…there is a voluminous amount of debt supply, and we can’t really fund it and things…auctions are going to fail and other stuff.”
Read 4 tweets
Whitney Baker Profile picture
Dec 9, 2022
Gonna do a little thread here (will not use the emoji to suppress gag reflex) about US money printing and deposits...a couple misconceptions are bugging me.
1) When the Fed buys a bond from a commercial bank, no deposit is created. It's an asset switch. One fewer bond, one more reserve asset (base money).
2) When the Fed buys a bond from private sector (intermediated by banks), the asset switch is in the private sector.They have one fewer bond, one more deposit. The bank that facilitates has one more reserve asset (base money) and a new liability - a deposit for the private seller
Read 8 tweets

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