Endgame
Everyone has a cost of capital. Households have one. Corporations have one. Sovereigns have one. Whether they admit it or not, it determines what they can build, fund, finance, and forego. The current monetary regime distorts this price signal across the entire structure of capital users, in a hierarchy almost nobody questions. This hierarchy is not a function of true credit risk. It is a function of distance from the central bank's spigot.
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