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Thoughts on government deficits


Cullen- Interesting Post on Twitter today with the chart of household debt.    We basically just swapped a bunch of Private Debt out for Public Debt.    So the risk of default now shifts from the individual to the government (who has an unlimited supply of money).    Doesn’t that imply that there is almost Zero Chance of deflation.    On principle, this should be a very inflationary thing if anything.    Are people wrong in assuming interest rates are headed lower?    Are you bearish on fixed income here?