Can the Fed continue to print money and will it work this time? The short answer is no.
There is 2 problem with printing money.
One Fed is a bank. It would have no desire to buy up more worthless portfolio and debasing its reserve to zero unless it is force by the government.
Second, the thought of reflate the economy is another myth. It only aggravate deflation. It give bondholders to panic, hence causing nervous bondholders not to renew or repurchase the expire debt, causing the value of the debt to reduce i.e. deflate.
MyView
Fed cannot save the system, period. Fed will collapse itself. So in the end, it most debt created assets will deflate.
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