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Man, this argument is ridiculous. Each new article is even less helpful than the last. Not only can economists not agree on anything, they can't explain anything either.
I didn't understand TC's comments on the matter either, fwiw.
What all these arguments are missing of course is the 'I' of last resort - central bank reserves.And as usual the problem is that the equation is being read as an time based implication, not an equality at a point in time.So really I = S (ie I => S).
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