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In the Bowels of Government Finance: US Government Defecates – Fed May Lose Control

The US Treasury daily tax data showed weak revenue and soaring outlays in October. The deficit is soaring, but the Fed is monetizing every penny of it and then some, leaving the Primary Dealers with plenty of cash.

Here’s why this is like the Fed piloting a Boeing 737 Max 800. It is exactly the same thing.

No. I mean it.


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