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The Consequences of Negative Real Rates
i like i like the free is wacky because that's weird at average cost of capital isn't it so it's in the right it's all in there somewhere. Hong Kong has a currency board system which means it gets us nominal interest rates but it gets whatever the domestic level of inflation is. Gerald Ford decided to mail these to Americans now whip inflation now is what this means wia and whip inflation now. It can get quite a long time before we say enough of the wacky, says Paul Volcker.