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Lou Crandall & Joseph Wang: A Monetary Plumbing Masterclass

Forward Guidance

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The Public Policy Benefits of Treasury Bills

The world is a safer place when there's an adequate supply of Treasury bills or Treasury bill equivalents. The private sector has demonstrated decade after decade, that it's just really bad at creating safe liquid instruments. But I think the stability benefits of having that money someplace safe where it's not going to be runnable investment vehicle are very great.

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