The St Louis Fed discusses how entirely fucked the system is in “Fiscal Dominance and the Return of Zero-Interest Bank Reserve Requirements”
Worth a read to understand the type of policies they’re likely to try in order to mitigate disintegration and kick the can a bit further.
https://files.stlouisfed.org/files/htdocs/publications/review/2023/06/02/fiscal-dominance-and-the-return-of-zero-interest-bank-reserve-requirements.pdf
this is fine :/
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