There's no free lunch. Someone will have to Pay the Piper...
"The monetary data are striking. Between March and November, the measure of broad-based money supply, M2, jumped by a sharp 24 per cent. Shockingly, the money supply surge in 2020 exceeded any in the one-and-a-half centuries for which we have data."
...
"The multi-trillion dollar war on Covid-19 was not paid for by higher taxes or bond sales to the public. But there is no such thing as a free lunch. It will be the Treasury bondholder, through rising inflation, who will be paying for the unprecedented fiscal and monetary stimulus over the past year."
Jeremy Siegel writes in the FT: https://www.ft.com/content/6536113f-f509-41e2-bee0-597ed90843b6
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