@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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So, could Fed inflate another bubble? Won't be the first time. Could Congress continue to mess up recoveries by not challenging rate setters to overshoot (not just undershoot) targets? Sure. Could Republicans continue fiscal-performance-art antics? They surely will.
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The extent to which that melts down society seems, to me, to be much more tied to the fortunes of the folks suffering most rather than anything to do with short-run Fed market interventions (all of which can be retracted w/ understood mechanisms).
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