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The Sovereign Individual - with Su Zhu and Hasu
Uncommon Core 2.0
The Only Natural Buyer of Bonds, Right?
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The only natural buyer of bonds is really the pensions. Aside from them, you don't have any other natural buyers. The central bank has ended up being the biggest buyer of bonds in many different nations now. And that is actually extremely scary long term, because what it means is that the government is basically lending to itself,. Its money to then lend to itself. This really only works if we are in secular deflation long-term.
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