. . . and fiat butthex for everyone.
The Federal Reserve now buys about a third of debt issuance in the US.
The major economies of the world are racing to de-value their currencies as much as possible. The Japanese central bank is buying stocks and real estate. The Fed may be forced to follow.
If this isn’t a Ponzi scheme, what is?
The problems with running a central bank and a fiat currency are the same problems faced by any central planners, only more so. Is it really easier to figure out how many dollars are needed in the modern global economy than it was to figure out how many blue jeans were needed in the USSR? I think not . . .