A reader asked a real question. It deserved a real answer. So I am cracking open tomorrow’s paper, giving you a fast hit of what is rattling around my head. Consider this a teaser from the lab. A clean read, no fluff, just the signal I am working with. The full drop lands Tuesday. For now, here is the slice that demanded a post.
Q: So if it is impossible to inflate away the debt does that mean interest rates have to be zero into perpetuity? Does debt not really matter? That feels like a setup for something catastrophic but I couldn’t tell you what that is.