I was reading Is Financial Repression the Answer? via Mark Thoma today. This paragraph sits in my sick mind:
Ms Reinhart and Ms Sbrancia argue the world has forgotten that the widespread system of financial repression “played an instrumental role in reducing or ‘liquidating’ the massive stocks of debt accumulated during World War II”. ...
Well, I just thought - what are real negative rates we have seen so often recently, and are "enjoying" right now? Probably the negative real interest rates is the true, but not obvious, financial repression managed by central banks in order to collect the "Greenspan's brownies" for splendid growth story, but leads to unsustainable credit/debt accumulation and Minsky moments? Debt destruction in this context would not be repression, but liberation ...
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