I deficit pubblici si autofinanziano solo con tassi alti
Quando i tassi sono bassi, le banche centrali devono comprare il debito per contenere l'inflazione: la dinamica ECB, BOJ e BOE.
@dampedspring @jameslavish ..the deficit generates private sector deposits and self finances the issuance....if the interest rate is high enough.. but if you want zero or below inflation rates you have ECB and BOJ that buy all the debt issuance or BOE that has to come back and buy Guilt. So, Japanese and…