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#47: David Hay On Balancing Risk Management With Timely Opportunism
Superinvestors and the Art of Worldly Wisdom
The Fed's Fiscal Dominance in the Fed Is Taking Over
The central banks, not just the Fed, are trapped at trying to be able to normalize interest rates. And I think whether they're doing it intentionally or unintentionally, I think they're in a game of pretend and try to pretend like they still are anti-inflation when they really want inflation. It's my feeling that the central bank is now what we're seeing: fiscal dominance in the Fed is not running discretionary monetary policy anymore. They're being forced to monetize the debt because fiscal is taken over. To me, there's just no question, MMT debt monetization isn't going away.
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