Here are three things I think I am thinking about this week: 1) Is QE Debt “Monetization”? It’s been 15 years since I first said that the Fed wasn’t “monetizing the debt”. My original work on this caused a huge uproar as hyperinflation fears were rampant during the financial crisis. I’d spent years studying Japan’s stimulus programs following their 1990s bubbles and knew that QE involves the Fed printing a deposit into your account and removing a money-like instrument from your account. You sell a T-Note and get a bank deposit. Back when rates were 0% this meant that you were selling a AAA rated higher yielding ... (full story)