Thinking About Macro
The Memo by Howard Marks
The Fed's Rescue Actions Have Been Essential and Appropriate
Fiscal discipline, budget surpluses and debt repayment seem to have gone out the window. Traditional economics asserts that this will be inflationary. But as mentioned earlier, the deficits of the 20 tenths didn't bring on substantial inflation. Perhaps they merely helped support an economy that would have been even weaker in their absence. Regardless, we've now entered into a time of testing....
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