Princes of the Dollar: Why QE Is Over, Tested Against Our Own Thesis
A piece that ran on The Mesh Point, then on Bombthrower, then on ZeroHedge under the house byline Tyler Durden argues that quantitative easing is over and that the state must now direct credit rather than let the bond market allocate it. This examination tests it against our own published debasement thesis and is candid where the argument cuts against us: directed credit is the one form of money creation that could plausibly raise output enough to meet an existing debt stock, and if it works, our debasement arithmetic loses its middle term. What it cannot do is tell the reader how to know: its headline arrives with no measure, no date and no mechanism, and its theory of credit sits awkwardly beside a claim about the central bank's balance sheet. The verdict, the three tensions, and the markers that would confirm the article or falsify us.