What this means, in effect, is that the Japanese government broadly conceived (the central bank, central government and GPIF) has been printing money and buying U.S. Treasury bonds. Which is so very convenient, considering that the U.S. Fed itself stopped buying these bonds through its own QE program just as Japan’s GPIF said it would step up its U.S. Treasury buying, and the BOJ said it would step up its money-printing. What a string of coincidences. It’s almost as if someone planned it that way.
And so we see the “helicopter money and debt cancellation endgame” coming into view, despite the fact that expectations of increasing inflationary pressures have been wrong over the past couple years.
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