Peter Stella on the Quasi-Fiscal Implications of Central Bank Crisis Intervention
Macro Musings with David Beckworth
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The Fed's Balance Sheet Is Offset by the Gain
Peter Navarrette: The $800 billion unrealized loss on the Fed's balance sheet is offset by the gain. It's with treasury in terms of a lower debt liability going forward, he says. Most places will use just regular par value over GDP, but other countries do a marked market for foreign reserves. Navarrette said it made sense to him intuitively and when he read your article, I felt validated.
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