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In Financial Repression Back to Stay, Carmen Reinhart spells out her thinking tonight on Bloomberg.com. The entire piece is worth reading, along with several graphs. Here are the intro and conclusion: As they have before in the aftermath of financial crises or wars, governments and central banks are increasingly resorting to a form of “taxation” [...] Last year, on June 26, when the 10-year Treasury traded at 2.87%, already far down in yield from its peak, I indicated that the yield could go a lot lower because the U.S. was developing a “yotai gap” in Japanese fashion. The post was titled Yotai Gap to Provide Fuel to the Treasury Bond Bull? [...] |
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