@ErrataRob Money printing and inflation led to Zimbabwe needing super large bank note denomintion for utility. The U.S. is similarly printing a lot of money, and arguably we already needed notes large $100 to be useful, but there is systemic resistance. Where does this lead?
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The essential difference here is (the perception of) prudence. Zimbabwe got itself into trouble by doubling down on policy that had the (predicted and) predictable effect of destroying economic output. Diametrically opposed to situation where you're issuing to *support* output.
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We can disagree about the likelihood of prudent us govt policy in a recovery -- R behavior '09-now is *not* inspiring; see sequester, debt default, etc. -- but market signals that it trusts policy will be prudent...which is what you need to make expansion low-cost in short run.
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