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What's my favorite food besides pancakes? I guess it would be flapjacks, followed closely by hotcakes. After that, crepes... but thick crepes. Y'know, like, pancake-thick.
All the central banks are doing is substituting one form of debt with another form of debt. They're issuing short term debt and using it to buy long term debt. In finance, we tend to think that's a neutral activity, even though those stimulus programs are huge.
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