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Because that requires a central bank that accommodates such a stance. As long as the CB pretends (and is allowed to pretend) that it's not a part of the government, bonds become fiscal instruments as much as interest rate instruments.

Of course, they could always issue Greenbacks...

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Dec 22nd, 2010 at 06:11:59 AM EST
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