Dienstag, 5. Juli 2011

Yves Smith zu Ron Pauls Vorschlag

"Paul’s gambit is also a clever way to hoist the banks on their own petard. The deficit hysteria has in no small measure been driven by the banks as part of a desire to enforce their new program of insulating bondholders from losses, including those of inflation. State support for policies like that amounts to socialism for rentiers, since the reason bonds pay more interest that Treasury bills is interest rate risk and credit risk. If investors want a premium yield, they should expect to bear the hazards which go with them.

I hope Paul prevails. When a Congressman who has often been depicted as a wingnut has the best idea in the room, you know a serious house cleaning is in order".


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