@bswud Looks like the next CB move of desperation will be to buy IG corporates and eventually equity shares directly, but that won’t work if
@bswud And the CB share of government securities is very high now—Fed QE took off in 2012, after your graph ends, & is much higher in EU&JP
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@bswud The money created by QE has mainly sat on bank balance sheets (NIRP is supposed to deal with that), or used for share buy-backs, or > -
@bswud to the extent invested, mainly malinvested. Most seems to have gone into Chinese construction (due to PBOC distortion, SOEs, etc) - 14 more replies
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