“The BOJ says it just wants to get inflation to 2%. It says it will buy assets with money that didn’t exist previously…and keep buying…until inflation reaches 2%. Then what? Well, we guess it will stop. And then what? Then, it will have an economy that has come to expect 70 billion yen in new money every month. And an economy with a monetary base of BOJ assets maybe twice what it is today. People make radical gambles now and then. Businessmen might take a chance now and then. Gamblers might go for long odds. Lovers might hope to get lucky. For a central bank to make a ‘radical gamble’ bespeaks desperation and lunacy.”
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