I’ll discuss an fascinating corollary of the circumstance that fiat currencies trade at discounts to par; namely, that any expansion in the balance sheet of (affirm) the Fed necessarily entails ‘dollar dilution’. That is, each dollar becomes ‘excellent for’ less stuff.
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April 10, 2011
Fiat Currencies Trade at Discounts to Par: Expansions of the Fed’s Balance Sheet Dilutes the Dollar
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