Paul Krugman responds to Steve Randy Waldman, noting that perhaps they are having a failure to communicate. I hope I can bridge that gap (I suppose we can't discount the risk that I make it wider).Tim Duy's Fed Watch
Money and Debt, Continued
Tim Duy
1 comment:
It's all so easy if you just consolidate the balance sheet of the Treasury and the Central Bank using standard IFRS rules and work on that.
Then you realise that government *is* a bank - the only one in the system that isn't capital constrained.
Why do these people struggle so much with 2D thinking when the solution is to look at the problem in 3D - with some structure.
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