Ransom is one the most reliably conservative writers out there, and few understand math or finance better than him.
The “trillion dollar checks” he talks about refer to the “quantitative easing” approach under Obama’s fed - the reserve, for all intents and purposes, with QE1, QE2, QE3 and QE ad inifinitum is essentially printing money electronically, which serves mostly to provide free money to the big banks and prop up the stock market. Far from being an Occupy butthead, Ransom recognizes that Obama’s policy simply steals from *everybody* in the middle class and lower class (for example, through inflation, which officially is disguised by not including food and fuel costs in the official indicators) so that Obama’s (and the DNC’s) high roller donors don’t get upset with his abysmal economic policies.
Whether Ransom thinks throwing money at the inner city is good policy is another question, but I kind of doubt that’s what he’d propose, given what he’s written in the past - although I’m sure he’d concede beefing up police coverage in the ghetto is going to cost some serious bucks.
I guess only one of those was written, since there was maybe $1T net of QE before tapering.
When the government pays you $101.25 for a liquidly traded bond that you can sell anywhere else for $101.21, are they giving you $101.25, or are they giving you $0.04, remembering that they are just buying back their own debt?
Ransom recognizes that Obama’s policy simply steals from *everybody* in the middle class and lower class (for example, through inflation
So refinancing government debt at lower rates increases inflation? How does that work, exactly?
BTW, the policy predates this administration.
although I’m sure he’d concede beefing up police coverage in the ghetto is going to cost some serious bucks
Why would you need to? Chicago already has about one officer for ever 200 residents. NYC has lower crime rates, and only has one officer per 250 residents.