New Arthur, 'nother banger.
"A Fed sanctioned economist publishing a paper on the Fed’s website just told you the future, are you fucking listening????!!!!"
The quote in question: 'Fiscal dominance leads governments to rely on inflation taxation by “printing money” (increasing the supply of non-interest-bearing government debt). To be specific, here is how I imagine this occurring: When the bond market begins to believe that government interest-bearing debt is beyond the ceiling of feasibility, the government’s next bond auction “fails” in the sense that the interest rate required by the market on the new bond offering is so high that the government withdraws the offering and turns to money printing as its alternative.'