Why does is gold needed to back the Fed liabilities 100%? I would have thought the Fed had other assets not only gold.
Genuinely curious. Not well-informed enough to understand.
Here’s another question - at a time of prolonged repression of economic activity (“second peak”, local lockdowns, distancing, masks in shops and restaurants, empty cities, quarantines, travel restrictions, other confected bollox etc,) combined with massive monetisation of debt (EC borrowing the funds for €350 billion of grants - definition of unsecured debt!) surely stagflation is a certainty in the short term?