144 – Peter Stella on Debt, Safe Assets, and Central Bank Operations
Macro Musings with David Beckworth
00:00
The Safe Asset Shortage Problem
When the crisis was happening, I was still at the IMF. And basically any other country in the world, if the genesis of the crisis is your financial markets, you have kind of a banking collapse. But in this situation, right, people ran for the safest assets around, which is US Treasuries. So we're very good at producing lots of safe assets and having a big debt actually is not so bad.
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