by John Rubino
This is a time of almost supernaturally-easy money. US financial conditions, in fact, have never been this accommodative, which is why junk bonds, CLOs, NTFs, cryptos, and meme stocks have been able to attract so much hot money.
[…] But the velocity of money – i.e., how often a given dollar is spent in a given span of time – has cratered. Consumers, it seems, aren’t nearly as enthusiastic as speculators.
[…] This raises (at least) two questions:
1) Can the government force its citizens to spend money even when they’re terrified and/or depressed?