A central bank that starts to become the sole buyer of its government’s debt quickly reaches the same fate as FTX/FTT and Terra/UST. Stack accordingly.
BoJ has somehow not failed yet and I always wonder why.
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They’re on their way.
They’re backed by a pile of US treasuries because they’re the US’s bitch. When they start to wind those down in order to buy an even higher % of their own bonds, they’re cooked.
