Central bank's funding for fiscal purposes drops from 36% to 10%! Bonds are still issued, who is printing money? Banks! Repurchase agreements with a term of 184 days are now standard, the central bank's books show no government bonds, government bonds are creating deposits, the central bank has become a shadow market maker, this is fiscal-neutral monetization.

A tough person releases a video: Central bank's funding for fiscal purposes drops from 36% to 10%! Bonds are still issued, who is printing money? Banks! Repurchase agreements with a term of 184 days are now standard, the central bank's books show no government bonds, government bonds are creating deposits, the central bank has become a shadow market maker, this is fiscal-neutral monetization.

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