#56: Joseph Wang On How The Fed Forever Altered The Investing Landscape
Superinvestors and the Art of Worldly Wisdom
The Fed's Monetization of the Debt
I think of it as changing the composition of liquid assets in the financial system. Ben Bernanke's own definition then this has been monetization of the debt. But on a legal sense, I think that distinction between whether or not the Fed is actually monetizing treasuries is silly. Yes, totally agree with you when the Fed is buying Treasury debt. They are essentially funding the US government but that doesn't necessarily mean they're separate from having the financial and macro impacts.
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