Martin Armstrong:FRB バランスシート改善策は金利支払いの急増を招くリスク

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・読者からの質問が…

QUESTION #2: What will Fed Balance Sheet Shrinkage do to Gold?


・Martin Armstrong の返答が…

ANSWER: The opposite of what people think. Shrinking the Balance Sheet will be anti-inflationary to the standard reasoning and thus gold should collapse with deflation. However, the Fed has turned away from QE because pension funds are at serious risk. They have run off to emerging markets and bought very long-term paper desperately trying to get their yields up. As the stock market rises because there is no alternative, the Fed politically will be forced to raise rates. They will end up creating inflation with rising rates that will blow interest expenditure through the roof.


Ref: https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/the-confusion-in-gold/

(2017-09-17)
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