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The Negative Real Rates of the Fed
In the 1970s when you had high inflation the Fed was able to raise rates super high because debt as a percentage of GDP was very low. The problem now is that debt levels are so high including public debts that if you were to raise rates to levels that exceed inflation and hold them there for a long period of time you would have absolutely massive fiscal deficits. So I think overall we're kind of in a period of financial oppression that I think is more sophisticated than the 40s from the 40s it was kind of this ham-fisted yield curve control approach.