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The causal story is ass about face. Regulatory capture by looters causes the high levels of public debt (net of monetization - the rising levels of public debt gross of monetization is more probably caused by demographics, but also doesn't much matter). Not the other way around.

If the state wanted to, it could simply fix the treasury yield curve where it wanted it fixed. The fact that the state does not do so is a consequence, not a cause, of rentier regulatory capture.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Aug 25th, 2014 at 10:59:02 AM EST
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