Individual recipients don’t even have to work on a farm; people getting these payments can be “city slickers.”
Trillions flying by so fast, it’s hard to even count them. But somebody had to buy these Treasury securities. And it wasn’t just the Fed. Here’s who.
“Rapid growth is no longer possible” and “inflation is not going to be tolerated” in societies with slow wage growth: head of central bank of Singapore. It has been said out loud.
Someone had to buy the Incredibly Spiking US National Debt. Here’s who.
Foreign holders, US banks, and US government funds all dumped. But two big players gorged on it – and one of them was the Fed.
US National Debt Spiked by $1 trillion in 5 weeks to $26 trillion. Fed monetized 65%. Business debts spike to high heaven.
I’d never imagined I’d ever see this sort of spike, though in recent years I added an upward arrow with “Debt out the wazoo” to my charts, not realizing just how factually accurate this technical term would become.
Treasury securities are hot. The Fed backed up the truck. US banks & others bought too. But China dumped.
The Fed opened the vault in September. But others bought too.
Paying the University-Corporate-Financial Complex and the big bifurcation.