Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless… — Alan Greenspan
Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless pose a big dilemma for the Fed. Our primary lever of monetary policy was buying and selling treasury securities-Uncle Sam's IOU's. But as the debt was paid down, those securities would grow scarce, leaving the Fed in need of a new set of assets to effect monetary policy.
p. 214Source: Wikiquote · CC BY-SA 4.0
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