[162][163], However, QE is a very different form of money creation than it is commonly understood when talking about "money printing" (otherwise called monetary financing or debt monetization). Transportation. No amount of mollification, that central banks can never go bust, will cover up this problem. It was directed and choreographed by Robbins, with the book scenes co-directed by Gerald Freedman; produced by Gladys Nederlander and Tom Abbott; Lee Theodore assisted in the choreography reproduction. [101] QE also helped reduce bank lending cost. Now its time to pay for it, either with loss of purchasing power or with taxation. Chino brings the news that Tony has killed Bernardo, then leaves. The public debate would risk spiralling out of control, with possibly fatal consequences for the entire euro system. Im trying to think of a poor mans carry trade, doable through a discount US brokerage. If you have something to say, just say it. And all the pension funds using LDI schemes faced calls at the same time, which crashed the gilt market. Quantitative easing has also been criticized for raising financial asset prices, contributing to inequality. ", "Britain's richest 5% gained most from quantitative easing Bank of England", "QE Halt Would Be 'Too Violent' for Market: Fed's Fisher", "Transcript of Monetary Dialogue, 15 June 2015", "Monetary policy and household inequality", "Economists find ECB stimulus shrank eurozone inequality", "How The ECB Boosts Inequality And What It Can Do About It", "BRICs attack QE and urge Western leaders to be 'responsible', "Bernanke's 'Cheap Money' Stimulus Spurs Corporate Investment Outside U.S", "Critics of quantitative easing should consider the alternative | Barry Eichengreen", "'Helicopter Ben' confronts the challenge of a lifetime", Speech, Bernanke -Deflation- 21 November 2002, "How about quantitative easing for the people? Normally, governments issuing additional debt see their borrowing costs rise, which discourages them from overdoing it. So on that portion of the debt, it doesnt matter what the interest rate is. The leverage between replacement values and notional amounts means that the banks exposure to rising interest rates could rapidly drive it into insolvency. Not only is he intransigent, he is also totally tone-deaf. its difficult to make a profit on something that is unaffordable. The spreads between German and highly indebted PIGS government bonds are bound to widen dramatically, causing a new funding crisis for ever more highly indebted PIGS on a scale far larger than seen in the past. Rising interest rates are also a sea-change for derivatives, and particularly for the banks exposed to them. In February 2022 the Bank of England announced its intention to commence winding down the QE portfolio. Ive written Cobol but never cobalt. Furthermore, capital flight out of Eurozone investments generally is confirmed by the collapse in the euros exchange rate against the US dollar. If, say, the Banca dItalia accepts the collateral it is no longer a concern for the local regulator. But the overriding reason is that the Japanese consumer continues to place unshakeable faith in the yen. This wont end well. He told the Japanese people, when they were getting restless about the rising prices, that their tolerance for higher prices was rising. The tomboy Anybodys, who stubbornly wishes that she could become a Jet, tells Tony to flee from the scene at the last moment and flees with the knives. How can he be this intransigent? The original 1957 Broadway production, directed and choreographed by Robbins, marked Sondheim's Broadway debut. WebAs of September 2022, the Japanese public debt is estimated to be approximately 9.2 trillion US Dollars (1.28 quadrillion yen), or 266% of GDP, and is the highest of any developed nation. This is designed as a direct stimulus. At the dance, after introductions, the teenagers begin to dance; soon a challenge dance is called ("Dance at the Gym"), during which Tony and Maria (who aren't taking part in the challenge dance) see each other across the room and are drawn to each other. As a JSDF Army Renger qualified Captain once told me, the Japanese Army is more like a boy scout outfit playing with dangerous toys. The cast starred Larry Kert as Tony, Carol Lawrence as Maria, Chita Rivera as Anita and David Winters as Baby John. [67], The New York City Center Light Opera Company production played for a limited engagement of 31 performances from April 8 to May 3, 1964. As a result, by opening night on Broadway, none of his collaborators were talking to him. Unfortunately, due to quantitative easing the central banks themselves also have bond losses to contend with, wiping out the values of their balance sheet equity many times over. The spread between Germanys bond yields and those of Italy along with those of the other PIGS is increasingly being deemed by investors to be insufficient to compensate for the enhanced risks in a rising interest rate environment. I understand the idea behind central bank independence, but its difficult to justify if central bankers are more clueless than your average politician. Well, because of inheritance tax, which tops out at 55%, the worlds highest. The BOJ has been an outlier amid a global wave of central banks tightening monetary policy, even as rising raw material prices push core consumer inflation above its 2 per cent target. It wasnt a large amount, but large enough to defend the yield peg: Though they got ballyhooed extravagantly in the Western financial media and financial blogosphere, those purchases were relatively small. With a spread of perhaps 0.25% over that, the pension fund would be taking 0.9% and paying 0.107%, for a turn of 0.793%. They tend to occur when people lose trust in assets, institutions, or people they had thought trustworthy. But clearly, it is not in the Bundesbanks interest to involve ignorant politicians in monetary affairs. The stock markets dropped by approximately 4.3% over the three trading days following Bernanke's announcement, with the Dow Jones dropping 659 points between 19 and 24 June, closing at 14,660 at the end of the day on 24 June. The latter, as a side benefit it might lower the deficit. That restricts who can buy the land and makes it cheap. The BOJ must start worrying about the possibility of inflation accelerating more than expected.. Commercial banks are over-leveraged, with notable weak spots in the Eurozone, Japan, and the UK. [17], The show was nearly complete in the fall of 1956, but almost everyone on the creative team needed to fulfill other commitments first. The American theatre took a venturesome forward step when the firm of Griffith & Prince presented West Side Story at the Winter Garden last evening. In August 2022 the Bank of England reiterated its intention to accelerate the QE wind down through active bond sales. ", "Better ways to boost eurozone economy and employment", "Climate mitigation policy as a system solution: addressing the risk cost of carbon", "Hypothesis for a Risk Cost of Carbon: Revising the Externalities and Ethics of Climate Change", "Central Banks' Role in Responding to Climate Change: Monetary Policy and Macroprudential Regulation". The production subsequently toured the UK for a second time.[40]. 5) Sept 2020 high was not touched. [18][19], A policy similar to quantitative easing had been implemented within the Roman Empire as a response to a financial crisis on 33 A.D.[20], The US Federal Reserve belatedly implemented policies similar to the recent quantitative easing during the Great Depression of the 1930s. Gagnon, Joseph, et al. Credit Bubble It might be helpful to explain briefly how repos are used in the LDI context. In 1960, Bernstein prepared a suite of orchestral music from the show, titled Symphonic Dances from West Side Story. Maybe up to 1% for less than 12 months at most. [73], The European Central Bank engaged in large-scale purchase of covered bonds in May 2009,[74] and purchased around 250 billion worth of sovereign bonds from targeted member states in 2010 and 2011 (the SMP Programme). Therefore, the losses on the bond element alone are about 100,000 times greater that the banks slender equity. [24][25][26], A policy termed "quantitative easing" (, ryteki kin'y kanwa) was first used by the Bank of Japan (BoJ) to fight domestic deflation in the early 2000s. A fuller description of how these repo schemes blew up is described later in this article. West Side Story is a musical conceived by Jerome Robbins with music by Leonard Bernstein, lyrics by Stephen Sondheim, and a book by Arthur Laurents. Recent Fed internal research concluded that $2T of QT only has the effect of the Fed raising rates only ~.25%, and at the $60B/mo QT rate it will take the Fed well over 2 years to even do that, and inflation is monetary, so until they drain the $2-4T they dumped into the mid/low end of the consumer economy, inflation will not go down to the prior population growth rate. But the crisis for it will surely come if one or more of its three G-SIBs needs supporting. So the question becomes, how long can the central banks tighten before it all collapses? This is due to the fact that if interest rates continue to decline, banks will lose customers and less money will be invested back into the economy. However, if the US treasury uses QE to a higher degree, as evidenced in the increased purchase of securities during an economic crisis, but India does not, then the value of the USD will decrease relative to the Indian rupee. Otherwise, the dividend yield wouldnt be 7.23%. Delivery to Milan against payment occurs with the settlement going through TARGET2, the settlement system through which cross-border settlements are made via the NCBs. From the March 2020 Survey, "(Reference) The Average of Enterprises' Inflation Outlook" of TANKAN (Summary of "Inflation Outlook of Enterprises") is integrated into TANKAN(Summary) and TANKAN (Outline). Just like the rest of the world! [136][137], Quantitative easing (QE) policies can have a profound effect on Forex rates, since it changes the supply of one currency compared to another. Robbins directed and choreographed, and it was co-choreographed by Peter Gennaro, with scenery by Oliver Smith. Maybe this century, the stress test moves in an opposite direction, from China (capturing trade and technology, not land and materials as Japan did with Manchukuo) and the Koreas (trade in the case of South Korea, nuclear blackmail with North Korea) as turning winds toward Japan. The radioactive fallout from West Side Story must still be descending on Broadway this morning. [35] Robbins won the Tony Award for Best Choreographer, and Oliver Smith won the Tony for Best Scenic Designer. [119] In the third season of the series Glee, three episodes feature characters auditioning, rehearsing and performing a school production of West Side Story. Our friend Grant Williams. In Canada, the central bank undertook quantitative easing during the COVID-19 pandemic, but not after the 2008 financial crisis. These are institutions that have been failing economically for *decades* (that is exactly how the astronomical debts got piled up in the first place). [158] The only effective way to determine whether a central bank has monetized debt is to compare its performance relative to its stated objectives. Wolf, [49], On 19 June 2013, Ben Bernanke announced a "tapering" of some of the Fed's QE policies contingent upon continued positive economic data. [113] A new Black character, Abe, makes the cast "more representative of 1950s New York". [50][51] He also suggested that the bond-buying program could wrap up by mid-2014. However, if a recession or depression continues even when a central bank has lowered interest rates to nearly zero, the central bank can no longer lower interest rates a situation known as the liquidity trap. [The French Bank, Groupe BPCEs shares are unlisted so omitted from the table]. [17] The Bank of Japan however only introduced QE from March 19, 2001, until March 2006, after having introduced negative interest rates in 1999. With the help of Oscar Hammerstein, Laurents convinced Bernstein and Sondheim to move "One Hand, One Heart", which he considered too pristine for the balcony scene, to the scene set in the bridal shop, and as a result "Tonight" was written to replace it. It returned to the Winter Garden Theater in New York in April 1960 for another 249 performance engagement, closing in December.[37]. It then becomes a very large and hard-to-deal-with number as well. Bernstein was despondent, but Sondheim convinced his friend Hal Prince, who was in Boston overseeing the out-of-town tryout of the new George Abbott musical New Girl in Town, to read the script. [89] This policy has been named Abenomics, a portmanteau of economic policies from Shinz Abe, the former Prime Minister of Japan. WebThis is a fact sheet intended for health professionals. Central banks purchases of government securities artificially depress the cost of borrowing. As sales of Govt securities begin in size, yields will rise and BOJ losses and Japan economy spiral out of control. Juvenile delinquency is seen as an ailment of society: "No one wants a fella with a social disease!" [39], November 2010: QE2. Bernstein wanted to present the material in operatic form, but Robbins and Laurents resisted the suggestion. Cobalt Programmer, tell Scott why you picked your name. But surely the most egregious sin from a reputational point of view was a spying scandal, where the bank spied on its own employees. However, in contrast to normal policy, quantitative easing involves the purchase of riskier or longer-term assets (rather than short-term government bonds) of predetermined amounts at a large scale, over a pre-committed period of time.[4][5]. [11] Meanwhile, Laurents had written a new draft of the book changing the characters' backgrounds: the male lead, once an Irish American, was now of Polish and Irish descent, and the formerly Jewish female lead had become Puerto Rican. In 99.9999999999% of the cases you cant. That developer either: A) divides the plot into tiny multiple plots for tiny multiple new houses, all at about half a million dollars each or more, 2) make tiny, one-room, one-person 1DK apartments to rent to young single workers to hide in alone, or 3) convert it into a parking lot (really popular strategy right now in residential areas). [81], The SNB's balance sheet has increased massively due to its QE programme, to the extent that in December 2020, the US treasury accused Switzerland of being a "currency manipulator". [16] Columbia Records initially declined to record the cast album, saying the score was too depressing and too difficult. My theory is that developed countries have outsourced most of their production to third world countries and as a result have so hollowed out the economies that they require massive deficit spending and monetary stimulus for growth. So both of them suck! All gilts bought under the QE programmes are held in a special purpose vehicle on the Banks balance sheet, guaranteed by the Treasury and therefore valued at cost. The mechanism required the Bank of England to purchase government bonds on the secondary market, financed by the creation of new central bank money. Jobs Because the Great Unwind is so sudden, it promises to become a far larger crisis than anything seen before. [38] By March 2009, it held $1.75 trillion of bank debt, mortgage-backed securities, and Treasury notes; this amount reached a peak of $2.1 trillion in June 2010. The production's national tour was launched on July 1, 1959, in Denver and then played in Los Angeles, San Francisco, Chicago, Detroit, Cincinnati, Cleveland, Baltimore, Philadelphia, and Boston. Gradually, all the members of both gangs assemble on either side of Tony's body, showing that the feud is over. Compared to the rest of the world, they are very strong. [150], Economists Mark Blyth and Eric Lonergan argue in Foreign Affairs that this is the most effective solution for the Eurozone, particularly given the restrictions on fiscal policy. Not so, however, when the central bank acts as bond buyer of last resort and is prepared to purchase government securities without limit. [75], The first Australian production opened in October 1960 at the Princess Theatre in Melbourne, before touring to the Tivoli Theatre in Sydney in February 1961. They meet the rest of the gang. The Bank of Japan first started quantitative easing over twenty years ago and has accumulated a mixture of government bonds (JGBs), corporate bonds, equities through ETFs, and property trusts. In the hierarchy of Swiss banking, Credit Suisse used to be regarded as very conservative. // BB#2 : Jan 14/18 2022 Thats probably a polite way of saying the bank needs rescuing. [130][132], In May 2013, Federal Reserve Bank of Dallas President Richard Fisher said that cheap money has made rich people richer, but has not done quite as much for working Americans. Total assets on the BOJ balance sheet as of September 30, released on October 7, plunged by 24 trillion from the prior month, after having plunged by 16 trillion in August, by 7.4 trillion in July, by 3.8 trillion in June, and by 2.2 trillion in May. Obtaining euro cash through repos is cheap finance, as Figure 2 illustrates, which is of rates earlier this week. For example, if a nation's economy were to spur a significant increase in output at a rate at least as high as the amount of debt monetized the inflationary pressures would be equalized. He liked it but decided to ask Abbott, his longtime mentor, for his opinion, and Abbott advised him to turn it down. In modern times, it is widely referred to as printing money. [35] Carol Lawrence received the 1958 Theatre World Award. This is especially so when the house and land is basically worthless or worth so little that it would never find a buyer. Granted, its all moot, since neither can actually go bankrupt. Is it Imminent?". And even picked up couple of Jan 24 calls in Verizon and Intel. Stephanomics: Is quantitative easing really just printing money? After defeating Russia Stalin was afraid that Japan will In the last fortnight, it has become obvious that Credit Suisse, one of Switzerlands two major banking institutions, faces a radical restructuring. Maria counters by telling Anita how powerful love is ("I Have a Love"), and Anita realizes that Maria loves Tony as much as she had loved Bernardo. In particular, Schnabel argued that "In the presence of market failures, market neutrality may not be the appropriate benchmark for a central bank when the market by itself is not achieving efficient outcomes"[126], Since 2020, several central banks (including the ECB, Bank of England and the Swedish central banks) have announced their intention to incorporate climate criteria in their QE programmes. In exchange for posting collateral, a bank receives cash. But given the sheer size of derivative markets and the likely consequences of counterparty failures, it will be an enormous task requiring global cooperation and the abandonment of the bail-in procedures agreed by G20 member nations in the wake of the Lehman crisis. [107] Inflationary risks are mitigated if the system's economy outgrows the pace of the increase of the money supply from the easing. The other party will be active in wholesale money markets, securing a small spread over floating rate payments received from the pension fund. While in Hollywood, he contacted Bernstein, who was in town conducting at the Hollywood Bowl. The first is simple capital flight within the Eurozone, where cash balances gained through repos are deployed to buy bonds and other assets lodged in Germany and Luxembourg. In the European Union, World Pensions Council (WPC) financial economists have also argued that artificially low government bond interest rates induced by QE will have an adverse impact on the underfunding condition of pension funds, since "without returns that outstrip inflation, pension investors face the real value of their savings declining rather than ratcheting up over the next few years". Those ill effects are now impacting financial markets by undermining the purchasing power of all fiat currencies at an accelerating rate. That didnt go over well with them at all. Other than losses from rising bond yields, instead of pushing liquidity into markets it is withdrawing it through reverse repos. Fargo, ND, USA / The Mighty 790 KFGO | KFGO. The two contacted Robbins, who was enthusiastic about a musical with a Latin beat. 1. The European Parliament has also joined the criticism by adopting several resolutions on the matter, and has repeatedly called on the ECB to reflect climate change considerations in its policies. Some were wonderful singers but couldn't dance very well, or vice versa and if they could do both, they couldn't act. [86], A Japanese production ran from November 2019 to January 2020, at the IHI Stage Around Tokyo, featuring a double cast with Mamoru Miyano and Shouta Aoi as Tony, and Kii Kitano and Rena Sasamoto as Maria, with Suzuko Mimori as Anita, Ryuji Kamiyama as Riff, and Masataka Nakagauchi as Bernardo. Helicopters]" Guide. In the headlights of an oncoming gilt market crash, the Bank of England acted promptly to avert a crisis centred on pension fund liability driven investment involving interest rate swaps. Along those lines, this is one of my favorite, related quotes: BOJ officials used to be cautious about purchasing ETFs, worried that it could distort market activities and put the central banks own financial health at risk. The equity ETF portion, at 36.9 trillion on September 30, accounts for the majority. The risk to the pension fund comes from rising bond yields. There are two reasons for these repo transactions. Prices didnt rise much in Japan in the past, but thats changing, Hoshi said. The film was nominated for eleven Academy Awards and won ten, including Best Picture. It allows European pension and insurance funds to finance geared bond positions through liability driven investment schemes. The effectiveness of quantitative easing is the subject of an intense dispute among researchers as it is difficult to separate the effect of quantitative easing from other contemporaneous economic and policy measures, such as negative rates. 2. the government can raise taxes by a bunch. If it is lucky, Zimbabwe would revert to a hunter-gatherer society if it werent for outside influence. Oxford economist John Muellbauer has suggested that this could be legally implemented using the electoral register. farmers, Dec 2003. After Riff is killed, Ice takes control of the Jets, rather than Action. How are they defending the yield cap but running down the balance sheet? WebWest Side Story is a musical conceived by Jerome Robbins with music by Leonard Bernstein, lyrics by Stephen Sondheim, and a book by Arthur Laurents.. [116] The film received seven nominations at the 94th Academy Awards, including Best Picture,[117] winning one Oscar for DeBose's performance. The full list is shown in Table 1 below, ranked [80] An international tour (20052010), directed and choreographed by Joey McKneely played in Tokyo, Paris, Austria, Switzerland, Germany, Singapore, So Paulo, France, Taiwan, China, Italy, Rotterdam and Spain. This was an attempt to push down the value of the yen against the US dollar to stimulate the domestic economy by making Japanese exports cheaper; however, it was ineffective. [130], Those criticisms are partly based on some evidence provided by central banks themselves. [110], A 2021 film adaptation, written by Tony Kushner, directed by Steven Spielberg and choreographed by Justin Peck, is based more closely on the Broadway musical than the 1961 film. [57], The Federal Reserve began conducting its fourth quantitative easing operation since the 2008 financial crisis; on 15 March 2020, it announced approximately $700 billion in new quantitative easing via asset purchases to support US liquidity in response to the COVID-19 pandemic. The Banca dItalia has a liability to the Bundesbank, and a matching asset to the Italian bank acting for the buyer of the Italian bond. Copyright 2011 - 2022 Wolf Street Corp. All Rights Reserved. The collapse is baked in. Tony initially refuses, but Riff wins him over. It is a means of injecting fiat liquidity into the commercial banking system. 3. Police officers Krupke and Lt. Schrank warn them to stop fighting on their beat. But they do seem to go together. Since then, they have increased to a total of 1,844,815 million, with Germany owed the most, followed by Luxembourg, which in August was owed 337,315 billion. Accordingly, the German bank records a matching credit (asset) with the Bundesbank. Most western central banks adopted similar policies in the aftermath of the great financial crisis of 2008. The translations are by Tony Award winner Lin-Manuel Miranda. The U.S. Federal Reserve System held between $700 billion and $800 billion of Treasury notes on its balance sheet before the recession. Total holdings at the end of September of Stock ETFs, corporate bonds, commercial paper, and J-REITs all combined accounted for just 7% of the BOJs total assets. Then, Detroit has a culture different from Japan. Agree, Wolf. From our analysis of the underlying causes of TARGET2 imbalances, we can see that repos play an important role. Indeed.the BOJ started all this central banking magic of ZIRP and NIRP, and as I recall, Krugman was one of the advisors to the BOJ . In essence, both of these banks have not been able to control inflation. WebIn 2013 the G7's Financial Action Task Force issued the following statement in guidelines which may be applicable to companies involved in transmitting bitcoin and other currencies, "Internet-based payment services that allow third party funding from anonymous sources may face an increased risk of [money laundering/terrorist financing]." Robbins then announced he did not want to choreograph the show, but changed his mind when Prince agreed to an eight-week dance rehearsal period (instead of the customary four), since there was to be more dancing in West Side Story than in any previous Broadway show,[16] and allowed Robbins to hire Peter Gennaro as his assistant. As far as the international seller and the buyer through the Italian market are concerned, settlement has occurred. Average Rates of Issuance for Short-Term Corporate Bonds, etc. Web4) The Feds balance sheet will start growing again in 2020. [53] In July 2010, the producers reduced the size of the orchestra, replacing five musicians with an off-stage synthesizer. He plans to make the challenge to Bernardo, the Sharks' leader, that night at the neighborhood dance. As it is owned by a dead person it can not be bought by another entity either. Wow! The BOJ came up with a policy to purchase index ETFs as part of the 2010 Comprehensive Monetary Easing program, which initially placed a cap of 450 billion shares with a termination in December 2011. The Everything Bubble was the biggest bubble ever. In this article I have put to one side all the economic concerns of a downturn in the quantities of bank credit in circulation and focused on the financial consequences of a new long-term trend of rising interest rates. One year ago, when the Bank of England suppressed its bank rate at zero percent, one-month sterling LIBOR was close to 0.4% percent to borrow, while the yield on the 20-year gilt was 1.07%. It also gobbles up government bonds and risky assets as part of efforts to sustainably achieve 2 per cent inflation. The Fed's revised goal became to keep holdings at $2.054 trillion. He was outvoted on other issues: he felt the lyrics to "America" and "I Feel Pretty" were too witty for the characters singing them, but they stayed in the score and proved to be audience favorites. wage gains, and Fed will lose credibility if that goes on for over 1 year, which cuts against your thesis. 2, 2000 Adding New Sample Enterprises to the All Enterprises Tankan Sep. 3, 1999 But when a central bank is not answerable to any government, that route cannot be taken. And it should be noted (See Table 1) that all three of them have balance sheet gearing measured by assets to shareholders equity of over twenty times, with Mizuho as much as 26 times, and they all have price to book ratios less than 50%. We shall see how big his cojones are. In 1949, Jerome Robbins approached Leonard Bernstein and Arthur Laurents about collaborating on a contemporary musical adaptation of Romeo and Juliet. Use our advanced search page; Browse our curated A-Z index of terms and topics or see our automated list of website topics; Search frequently asked questions or submit a question; Go to the EPA home page It is likely that a central bank is monetizing the debt if it continues to buy government debt when inflation is above target and if the government has problems with debt financing. John B. Taylor, The Fed's New View is a Little Less Scary, 20 June 2013 blog post, John Taylor, Stanford, 2012 testimony before House Financial Service Committee, page two, Papoutsi, M., Piazzesi, M. and Schneider, M., (2021), . Japan- time to pay the check for the Abenomics dinner. Scenic and lighting design were by Jan Versweyveld, with costumes by An d'Huys. [83] A French language adaptation, translated by Philippe Gobeille, opened in Montreal, Quebec, in March 2008. We can be sure that this situation is ringing alarm bells in the ECBs headquarters in Frankfurt, as well as in all the major commercial banks around Europe. Where they get in trouble is with inflation. Right-click on a sheet tab and choose the Select All Sheets option. If only it were so simple. The month-to-month changes of the BOJs balance sheet are captured in the chart below, in trillion yen, per month compared to the prior month. Anita makes Maria a dress to wear to the neighborhood dance. [127] The Network for Greening the Financial System has identified different possible measures to align central banks' collateral frameworks and QE with climate objectives. Since the peak in March, the loan balances have been slashed by 71 trillion, or by nearly half, unwinding a majority of the pandemic stimulus: As part of its pandemic stimulus, the BOJ increased its government securities holdings by 48 trillion less than half the increase in loans. It is, to me, extraordinarily exciting the manner of telling the story is a provocative and artful blend of music, dance and plot and the music and the dancing are superb. It was staged by Gerald Freedman with choreography re-mounted by Tom Abbott. Just cant help some people I guess. Like bonds, loans mature, and if they dont get rolled over, they are to be paid back. Because of its opening date, it was not eligible for 2020 Tony Award consideration. 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