In this week’s Bloomberg BusinessWeek
(5/12, p12), Michael Metcalf, head of “cross
- asset strategies” (what’s that?) at State Street Global Markets in
"Printing Money To Help The Poor" suggests pulling poor countries out
of poverty by governments issuing zero coupon perpetual bonds purchased by
their central banks and giving the money to poor people in the third world. After all, U.S., U.K., and Japan have issued
$3.7 trillion without any problem, he points out. This idea came to him when his five-year-old
daughter, not having any money to give to a homeless man, simply drew a picture
of a $5 bill.
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