@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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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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This is a leveraged bet: the govt is saying "we think we can outrun the cost of borrowing w/ growth". The terms of 10 and 30 year borrowing suggest participants (including foreign govts) agree this is prudent.
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