To explain: inflation comes from too much money chasing too few goods. In QE, money doesn't chase goods but assets. In government spending (military, infra, etc.) money --> produces goods <-- . Converting everyone's 401k to cash at face value? What do you think will happen???
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In QE money is created but doesn't rly chase goods, as it's largely kept in a financial loop. In government spending money is increased but goods are too. But if all equities are converted to cash with no concomitant increase in production? That is a seismic inflationary shift
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