duck on Nostr: 7% full employment deficit, we are in an era where fiscal deficits are structurally ...

7% full employment deficit, we are in an era where fiscal deficits are structurally larger than the rate of bank lending and are set to grow in perpetuity, and so fiscal details tend to matter more than monetary ones.

Since the GFC, the US has substantially had Federal government-driven credit growth, yet many investors still operate from a first-principles basis of “the US is fundamentally capitalist.”

Wisdom is seeing things for what they are, not for what they are called.