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Let's see, it is wrong that secondary-market purchase finance budget deficits. Now, even though it might raise fears because investors are ignorant or because of concern trolling.

As to purchases of government debt in the secondary market might interfere with the market's risk pricing mechanism, the market's "risk pricing mechanism" consists of secondary-market purchases. And a blind belief in the market's risk pricing mechanisms is precisely what brought on the crisis.

I'd like to see some statement by someone in a position of responsibility which is not framed in market worship.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Sat Feb 13th, 2010 at 07:16:19 AM EST
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