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I wouldn't for a moment say central bank debt doesn't matter. What I would say that there's not a massive economic difference between money created as central b
by sjwright 8y ago
I wouldn't for a moment say central bank debt doesn't matter. What I would say that there's not a massive economic difference between money created as central bank debt and money invested by the uber-wealthy.
Remember, Apple's excess money isn't in a mattress; they will have invested it in various boring and sensible things like corporate securities. This investment has a comparable impact to central bank activity.
- pjc50 8y agoSorry, should have written "government debt" rather than "central bank". The thing is that investments aren't just a "stock" they're a "flow"; they don't just sit there they cause a real transfer of income in the form of dividends, bond coupons, and "rent" generally.