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Date Posted: 18:53:37 4/15/23 Sat
Author: Jasper
Subject: From the Credit Bubble Bulletin.

.
I began warning about the emerging “global government finance Bubble” in 2009, after contemplating the incredible reflationary monetary and fiscal policy responses to the 2008 crisis. I had zero confidence that the right lessons had been learned. Never, however, did I imagine chronicling this Bubble in 2023 – with the Fed’s balance sheet at $8.6 TN and outstanding Treasuries at $27 TN – both having inflated about four-fold.

I worry most about a mounting systemic crisis of confidence in monetary policy, government debt, market structure, and finance more generally. I see hopelessly dysfunctional markets, distorted from years of low rates, interminable liquidity excess, and habitual market interventions and bailouts. I fear a stock market, incapable of adjustment, increasingly vulnerable to dislocation and panic. I see a Treasury market where yields are completely divorced from an unending massive supply of new debt securities. Devoid of market discipline, Washington politicians will continue to bankrupt the country in debt and inflation.

https://creditbubblebulletin.blogspot.com/2023/04/weekly-commentary-perilous-money.html

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