Ang 10-Year Treasuries ay Hindi Isang Mahalaga na Asset, Ito ay Isang Bunga
Pananalapi Ang 10-Year Treasuries ay Hindi Isang Mahalaga na Asset, Ito ay Isang Bunga 26 minuto ang nakalipas Balita ng Ethereum ng Bitcoin In a recent opinion piece former Federal Reserve Board Member Kevin Warsh asserted that the “benchmark Treasury rate” (for the 10-year) is “the most consequential price of the most important asset anywhere in the world.” The view here is that Warsh could be convinced he overstated things a bit. He might agree. Why would a government income stream be so important？ The latter implies essential, that the health of the global economy and its markets rides on a government bond. This is hard to take seriously. It implies that functioning capital markets require substantial amounts of central planning to function. Think about it. Wealth never, ever sits idle, which means government spending (whether as a consequence of taxes or borrowing) is the economy-sapping scenario whereby information-bereft politicians substitute themselves for information-pregnant markets in the allocation of precious resources. Applied to the U.S., the central planning is immense. As Warsh knows well, total U.S. debt is something north of $33 trillion. In which case we could likely fill Texas with all of the technological, health, and transportation advances that did not take place as a
