Michael Every
@TheMichaelEvery
London, Bratislava, Moscow, Sydney, Bangkok, Hong Kong, Haifa, Singapore,… Luton.
“I wish it need not have happened in my time,” said Frodo.
参加 May 2014
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For those who recall why the Bank of England was set up, how cheap government borrowing was needed to win physical control of supply chains via war to keep inflation low and national power high, what happened to the former BOJ governor and then finance minister in 1936, and to the Fed in both WW1 and WW2, what @ctindale and @SantiagoAuFund are saying makes perfect sense.
Indeed, it’s long been a when not an if this would happen in the U.S. - I flagged it would be necessary as part of economic statecraft the day Trump was reelected.
Now we need people brave enough to say *how* it will happen rather than just speculating on precisely how many basis points of rate cuts or hikes fit on the head of next year’s pin without asking “What is a central bank *for*?”
Kudos to those doing it! 👏 👏 👏
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The 1951 Treasury / Fed Accord was the divorce. It ended the wartime rate peg and put Fed policy back on its own side of the street from Treasury financing.
Warsh has asked for a successor on the balance sheet. Bessent has already named the long-end buybacks a “Treasury twist,” after the 1961 operation in which Treasury issued short debt and the Fed bought long bonds.
What do they say about history and rhymes ?
Brent and Michael’s Disparate Housewives treats that coordination, plus the bill purchases and the cash account, as a wedding between the two houses, willingly or with a shotgun.
Those who criticise either Bessent or Warsh haven’t sat the table and looked at their cards they’ve been dealt .
2027 is going to be crazy
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