By James Dorn, includes “… His goal was to dispel the ‘narrative’ that, with massive federal debt and fiscal deficits, the Fed may become subservient to the Treasury. Large-scale debt monetization could then lead to inflation and a loss of Fed independence. … the reality is that it has already crossed the line into fiscal policy and credit allocation. By doing so, the Fed has incentivized politicians to use its power to create money and credit as a substitute for the democratic processes and fiscal responsibility that properly belong to Congress.”
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