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BCB039_PRESTON PYSH & GREG FOSS, Part 1: Macroecon Armageddon

Blue Collar Bitcoin

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Can the Bank of Canada Save the Bond Auction?

Fos: A failed bond auction requires the central bank to buy all the bonds that the international bond investor has decided not to, essentially roll over. Fos: In a debt, in a debt balloon or a debt spiral, there's no debt that actually matures. The only bondholder that gets money back is by the new bonds that fund thethe rolling or the maturity of the old bonds, plus the amount of the deficit that is required. That's when you shovel currency to the side of the road, like you've seen in venezuela.

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