Ann Saphir and Howard Schneider:

“In this environment, large-scale asset purchases by central banks in response to a large government spending increase have undesirable public finance implications,” they wrote. “These purchases, which provide temporary price support, destroy value for taxpayers but subsidize bondholders” and may also encourage governments to overestimate their true fiscal capacity, they wrote.

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Notes on the upcoming $607,000,000 (!) Madison k-12 tax & $pending increase referendum – achievement?

More.