Don’t be fooled by the bond market. Banks are holding prices down because they can buy Treasurys with free money from the Fed.
The United States is headed toward a new financial crisis. History gives many examples of countries with high actual and expected money growth, unsustainable budget deficits, and a currency expected to depreciate. Unless these countries made massive policy changes, they ended in crisis. We will escape only if we act forcefully and soon.
Allan Meltzer: Preventing the Next Financial Crisis – WSJ.com
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