Printability Matters
Mark Thornton explains the Fed’s real problem: the power to paper over debt, deficits, war, and market cracks until the bill hits consumers.
Source: Mises Institute
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DW NOTE
The Fed held rates steady at 3.65% while the deficit ran 3% higher than last year and oil fell 26% despite the Strait of Hormuz closure. Thornton is correct: printability isn't monetary policy, it's the mechanism by which the state transfers the cost of war and deficit spending to savers through deferred inflation.