www.southofwallstreet.com
Richard Koo's latest note points out that Europe has entered a Balance Sheet Recession (ZH primer).
As he has long argued, adding liqudity during a balance sheet recession is necessary and not inflationary;
When the private sector as a whole is trying to minimize debt
despite ultra-low interest rates, the money multiplier for the private
sector turns negative at the margin, which means the money supply will
not increase no matter how much quantitative easing the
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