tag:blogger.com,1999:blog-2277215496195926573.post5911172856170632638..comments2024-01-01T07:41:51.347-08:00Comments on RALPHONOMICS: Summers makes speech. MMTers yawn.Ralph Musgravehttp://www.blogger.com/profile/09443857766263185665noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2277215496195926573.post-42692218118497566142014-05-10T17:43:12.722-07:002014-05-10T17:43:12.722-07:00Thats some good sarcasm.
Even issuing bonds is ne...Thats some good sarcasm.<br /><br />Even issuing bonds is necessarily "printing" as bonds can only be "bought" with reserves. Before QE, there was less than $1T in reserve balances and yet $12T is securities balances, well then how did people deposit $12T worth of reserves into securities accounts?<br /><br />Obviously, the Fed had to print the reserves in the first place.<br /><br />Mosler also has at the top of his blog "the money to pay taxes and buy bonds comes from govt spending" Anonymoushttps://www.blogger.com/profile/15433129947896088098noreply@blogger.com