No high inflation or fiscal crisis in the US but …

A Furious activity is no substitute for understanding —H H Williams The US is now all set to have yet another fiscal stimulus; this one is worth $1.9 trillion. The public debt-to-gross domestic product ratio has shot up from about 60 per cent before the global financial crisis (GFC) in 2007 to about 130 per cent in 2020. And, yet there is no sign of a fiscal crisis or even high yields on government securities. The monetary base issued by the Fed had jumped from less than $1 trillion before the GFC to more than $3 trillion by early 2020 and then to about $5 trillion by the end.....

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