144 – Peter Stella on Debt, Safe Assets, and Central Bank Operations
Macro Musings with David Beckworth
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The Unintended Consequences of QE
The Fed began this large-scale asset purchase program or QE. And in Ewan, Manlohan did a number of pieces I referenced earlier about the adverse side effects or consequences of that. Tell us why that those purchases create strain on the financial system. Okay. Let's consider bank reserves as part of US debt. So liability of the Fed. If we want to talk about why I never used the term QE to refer to the US, that's another long story.
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