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← The real price of debt is paid in options and flexibility, which is the asset that matters most.
13 connected korrents · 10 moments on record from 5 Sept 2010 to 28 Aug 2026.
Everything filed under interest rates
interest rates
Everything filed under public debt
public debt
Everything filed under government
government Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: The real price of debt is paid in options and flexibility, which is the asset that matters most. The real price of debt is paid in options and flexibility, which is the asset that matters most. Last stated 2 years ago
30 Apr 2024
MH
Morgan Housel — holds since 2024-04-30 — tap for who they are
Same subject: Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital. — tap to centre the map on it Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital. Last stated 2 years ago
30 Apr 2024
MH
Morgan Housel — holds since 2024-04-30 — tap for who they are
Same subject: A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement. — tap to centre the map on it A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement. Last stated 2 weeks ago
21 Aug 2026
RD
Ray Dalio — holds since 2026-08-21 — tap for who they are
Same subject: Government borrowing through the financial crisis and the pandemic was a good trade, because it repaired household balance sheets. — tap to centre the map on it Government borrowing through the financial crisis and the pandemic was a good trade, because it repaired household balance sheets. Last stated a week ago
28 Aug 2026
BC
Ben Carlson — holds since 2026-08-28 — tap for who they are
Same subject: An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell. — tap to centre the map on it An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell. Last stated 3 years ago
20 Feb 2024
BA
Bill Ackman — holds since 2024-02-20 — tap for who they are
Same subject: A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. — tap to centre the map on it A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: During post-2008 fiscal consolidation, the costs of high public debt were overestimated and fiscal multipliers were underestimated, understating the output costs of austerity. — tap to centre the map on it During post-2008 fiscal consolidation, the costs of high public debt were overestimated and fiscal multipliers were underestimated, understating the output costs of austerity. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Germany's constitutional debt brake will not be reformed. — tap to centre the map on it Germany's constitutional debt brake will not be reformed. Last stated 2 years ago
4 Mar 2025
FM
Friedrich Merz — holds since 2025-02-25 — tap for who they are
FM
Friedrich Merz — no longer holds since 2025-03-04 — tap for who they are
Same subject: A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it. — tap to centre the map on it A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it. Last stated a year ago
16 Jul 2025
JD
Jamie Dimon — holds since 2025-07-16 — tap for who they are
Same subject: A fiscal expansion when the economy is already at potential output prompts monetary tightening that dampens or eliminates its effect on output. — tap to centre the map on it A fiscal expansion when the economy is already at potential output prompts monetary tightening that dampens or eliminates its effect on output. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: A persistently low safe interest rate signals that capital is not very productive at the margin, an underlying economic problem rather than a policy variable. — tap to centre the map on it A persistently low safe interest rate signals that capital is not very productive at the margin, an underlying economic problem rather than a policy variable. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. — tap to centre the map on it Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. Last stated 16 years ago
6 Sept 2010
SS
Scott Sumner — holds since 2010-09-05 — tap for who they are
SS
Scott Sumner — no longer holds since 2010-09-06 — tap for who they are
Same subject: Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. — tap to centre the map on it Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total. — tap to centre the map on it Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
At the centre
The real price of debt is paid in options and flexibility, which is the asset that matters most.
Holds MH Morgan HouselRead this korrent →
Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital.
Holds MH Morgan Housel
A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement.
Holds
Government borrowing through the financial crisis and the pandemic was a good trade, because it repaired household balance sheets.
Holds BC Ben Carlson
An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell.
Holds BA Bill Ackman
A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate.
Holds
During post-2008 fiscal consolidation, the costs of high public debt were overestimated and fiscal multipliers were underestimated, understating the output costs of austerity.
Holds
Germany's constitutional debt brake will not be reformed.
No longer holds
A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it.
Holds JD Jamie Dimon
A fiscal expansion when the economy is already at potential output prompts monetary tightening that dampens or eliminates its effect on output.
Holds
A persistently low safe interest rate signals that capital is not very productive at the margin, an underlying economic problem rather than a policy variable.
Holds
Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them.
No longer holds SS Scott Sumner
Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government.
Holds
Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total.
Holds