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← The tradeoff between government borrowing cost and interest-rate risk…
17 connected korrents · 12 moments on record from 1 Jun 2022 to 19 Sept 2026. Nearly all of them are about interest rates .
Everything filed under government
government
Everything filed under America
America
Everything filed under fiscal policy
fiscal policy
Everything filed under inflation
inflation
Everything filed under public debt
public debt 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 Same subject Same subject Same subject Same subject Read this korrent: The tradeoff between government borrowing cost and interest-rate risk should rest with the politically accountable Treasury, not the independent Fed. The tradeoff between government borrowing cost and interest-rate risk should rest with the politically accountable Treasury, not the independent Fed. Last stated yesterday
19 Sept 2026
JC
John H. Cochrane — holds since 2026-09-19 — tap for who they are
Same subject: A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending. — tap to centre the map on it A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending. Last stated 4 weeks ago
21 Aug 2026
RD
Ray Dalio — holds since 2026-08-21 — tap for who they are
Same subject: A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases. — tap to centre the map on it A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — 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
Same subject: The late stage of the Big Debt Cycle shows itself as long rates leading rates up, the currency falling against gold, and the treasury shortening maturities. — tap to centre the map on it The late stage of the Big Debt Cycle shows itself as long rates leading rates up, the currency falling against gold, and the treasury shortening maturities. Last stated 4 weeks ago
21 Aug 2026
RD
Ray Dalio — holds since 2026-08-21 — tap for who they are
Same subject: There is no universal debt-to-GDP threshold beyond which government debt becomes unsustainable; sustainability depends on factors like the real interest rate. — tap to centre the map on it There is no universal debt-to-GDP threshold beyond which government debt becomes unsustainable; sustainability depends on factors like the real 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: 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 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: A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. — tap to centre the map on it A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. Last stated 6 months ago
1 Apr 2026
TP
Thuan Pham — holds since 2026-04-01 — tap for who they are
Same subject: Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. — tap to centre the map on it Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. Last stated 4 years ago
25 Jul 2022
NS
Noah Smith — holds since 2022-07-25 — tap for who they are
Same subject: Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did. — tap to centre the map on it Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did. Last stated 11 months ago
10 Oct 2025
AM
Andy Masley — holds since 2025-10-10 — tap for who they are
Same subject: Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster. — tap to centre the map on it Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them. — tap to centre the map on it Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Friedman's universal minimum income went nowhere precisely because it was pure and free of moral judgment, which made it beautiful and politically impossible. — tap to centre the map on it Friedman's universal minimum income went nowhere precisely because it was pure and free of moral judgment, which made it beautiful and politically impossible. Last stated 2 years ago
19 Jan 2025
JB
Jennifer Burns — holds since 2025-01-19 — tap for who they are
Same subject: A Chinese crewed landing on the Moon before America returns would be a defeat for the free world. — tap to centre the map on it A Chinese crewed landing on the Moon before America returns would be a defeat for the free world. Last stated a month ago
18 Aug 2026
CH
Casey Handmer — holds since 2025-10-31 — tap for who they are
EB
Eric Berger — holds since 2026-08-18 — tap for who they are
Same subject: A city's first rail line comes in at a reasonable cost and every line after it does not, because the follow-up outgrows the in-house team that oversaw the pilot. — tap to centre the map on it A city's first rail line comes in at a reasonable cost and every line after it does not, because the follow-up outgrows the in-house team that oversaw the pilot. Last stated 2 years ago
7 Dec 2024
AL
Alon Levy — holds since 2024-12-07 — tap for who they are
Same subject: A country cannot have radical technological breakthroughs and also refuse to tolerate uncomfortably rich people, because the financial system it resents is what funds the innovation. — tap to centre the map on it A country cannot have radical technological breakthroughs and also refuse to tolerate uncomfortably rich people, because the financial system it resents is what funds the innovation. Last stated a year ago
13 Aug 2025
KJ
Keyu Jin — holds since 2025-08-13 — tap for who they are
At the centre
The tradeoff between government borrowing cost and interest-rate risk should rest with the politically accountable Treasury, not the independent Fed.
Holds Read this korrent →
A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending.
Holds
A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases.
Holds
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
The late stage of the Big Debt Cycle shows itself as long rates leading rates up, the currency falling against gold, and the treasury shortening maturities.
Holds
There is no universal debt-to-GDP threshold beyond which government debt becomes unsustainable; sustainability depends on factors like the real interest rate.
Holds
A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it.
Holds
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
A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost.
Holds
Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022.
Holds
Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did.
Holds
Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster.
Holds
Fiscal multipliers vary across time and place but are generally nonzero, positive for spending, negative for taxes, and larger when monetary policy cannot offset them.
Holds
Friedman's universal minimum income went nowhere precisely because it was pure and free of moral judgment, which made it beautiful and politically impossible.
Holds
A Chinese crewed landing on the Moon before America returns would be a defeat for the free world.
Holds
A city's first rail line comes in at a reasonable cost and every line after it does not, because the follow-up outgrows the in-house team that oversaw the pilot.
Holds
A country cannot have radical technological breakthroughs and also refuse to tolerate uncomfortably rich people, because the financial system it resents is what funds the innovation.
Holds