“收益率曲線控制”來了 - Shiny黃金白銀交易所

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2021-07-20 “收益率曲線控制”來了

“Yield Curve Control”is Coming

By Graham Summers
July 19, 2021
Over the last few days, we’ve outlined why the U.S. needs to devalue the U.S. Dollar ($USD) in order to “inflate away” its massive $28 trillion debt load.
在過去的幾天裡,我們概述了為什麼美國需要讓美元 ($USD) 貶值以“膨脹”其 28 萬億美元的巨額債務負擔。
However, the Fed doesn’t want bond yields to spike based on the inflation that this would unleash. Consequently, we believe the Fed will soon adopt a policy called “yield curve control” through which it would simply print money to buy U.S.
Treasuries anytime their yields rise above a certain level.
If this idea sounds insane to you, consider that Japan has been doing it for the better part of the last 5 years (since September 2016). Any time yields on 10-Year Japanese Government Bonds (JGB) rise above 0%, the Bank of Japan (BoJ) prints new money and uses it to buy them.
如果這個想法對您來說聽起來很瘋狂,請考慮一下日本在過去 5 年(自 2016 年 9 月以來)的大部分時間裡一直在這樣做。每當 10 年期日本政府債券 (JGB) 的收益率升至 0% 以上時,日本銀行 (BoJ) 就會印製新貨幣並用它來購買。
As you can see, this campaign has been relatively successful with yields hovering around the BoJ’s goal or trading well below it.

So why would the Fed do this?
Because it allows the Fed to technically run an open-ended Quantitative Easing (QE) program without committing to a certain amount like its current QE program of $120 billion per month.
因為它允許美聯儲在技術上運行開放式量化寬鬆 (QE) 計劃,而無需像目前每月 1200 億美元的量化寬鬆計劃那樣承諾一定數額。
While both methods of QE are technically open-ended, yield curve control appears to involve printing less money. As such it is seen as less inflationary.
Additionally, yield curve control makes the Fed’s policies appear to be focused on keeping bond yields at certain levels which, with $28 trillion in U.S. public debt, would be seen as an issue of systemic importance.
Put simply, yield curve control has a “goal” in mind and doesn’t appear to be simply printing billions of dollars mindlessly every month.
It is clear that the Fed has realized its policies are politically toxic. For one thing, they’ve generated massive wealth inequality as the wealthy can leverage up to take advantage of the bubbles the Fed has created in stocks and real estate.
And, of course, there’s also the fact that the Fed’s monetary interventions to benefit big business are over $2.5 trillion, while it barely spent $7 billion on Main Street and small businesses.
當然,還有一個事實是,美聯儲為使大企業受益而採取的貨幣干預措施超過 2.5 兆美元,而它在大街和小企業上的支出僅為70億美元。
Put simply, yield curve control allows the Fed to continue printing money and cornering the bond market without the political consequences of traditional QE programs. For this reason, it is highly like the Fed will launch it in the next six to twelve months.
This is particularly true with inflation heating up.
Graham Summers
Editor, Money & Crisis

炫麗 Shiny黃金白銀交易所
引用: Money & Crisis