美元流动性

When it comes to the abundance of US dollar liquidity, the first thing we think of is often the Federal Reserve, interest rate cuts and balance sheet expansion. But in fact, in addition to the control of the Federal Reserve, the Treasury Department also plays an important role in the control of liquidity. At this moment, its status is more important than ever before, because the US public debt has once again hit a new high. The scale of debt is larger than the total economic volume, and the growth rate of interest is even faster than the growth rate of GDP. The scale, time and term of the issuance of treasury bonds are all decided by the Ministry of Finance alone, and the Federal Reserve can only stare blankly. The Ministry of Finance, which controls the supply of bonds, has become the most powerful department in the country. The Ministry of Finance has issued treasury bonds without any bottom line, creating a false prosperity driven by debt (or maintaining the illusion of a soft landing). The final result can only be to force the central bank to start the printing press again to clean up the country's huge debt.