As Greenspan explained, "the federal [government] can essentially finance any amount of deficit that they want merely by printing bonds and making sure they sell in the market ... and we are involved in that financing of the federal budget." youtube.com/watch?v=Bcai-9…
Asked about the fiscal outlook and whether the Fed would ever get involved in financing deficits, Powell responds, "Absolutely not." Apparently, we're pretending this isn't already standard practice.
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