it's important to know the difference between M1, M2, M3 etc. https://t.co/o1Xand3Q0Q
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8/ imagine that households in the PRC are more interested in hoarding gold and US dollars than before. So of the NEW M1 that's been printed recently, is 40% going overseas ... or is it higher? 80% wouldn't surprise me.
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9/ On a tangent, seignorage (USG ability to turn worthless ink and paper into $$$$) is amazing. 40% of $6T in currency is overseas, or ~$2T what a glorious scam - foreigners purchased that paper with $2T of REAL THINGS. [ not really a scam, of course ; USN pays those checks ]
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Since M1 includes checking accounts, a lot of that increase is going to be the pandemic-related helicopter drops of money. With people being more worried about losing jobs, and no outside entertainment to spend on, that money is going to stay in checking accounts longer.
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