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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Investor2 who wrote (7741)8/13/1999 9:46:00 PM
From: JF Quinnelly  Read Replies (1) of 15132
 
I believe the prohibition against monetizing the debt was enacted into law by Congress, although it may simply be a policy decision. The Fed must now purchase Treasury debt in the secondary market, after it first has been purchased by individuals or private institutions. What was happening before was that the Fed was buying issues directly from the Treasury, which is much more inflationary. At some times in the 70s the money supply was increasing by as much as 14%.
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