Over the past three months, the public debt has fattened by $2.5 trillion. Lots of money creation and heavy public spending may or may not guarantee rising consumer prices, but wouldn't we feel silly if a big inflation did come along and we had to tell the grandchildren that they were inheriting long-dated bonds denominated in the very paper that the government had pledged to devalue?
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Grant's Interest Rate Observer, June 12, 2020
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| Hank Blaustein, 2012 |
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