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Bond Market Vigilantes vs Central Banks

By Nithin Sasikumar in BFO #241, 12 Mar, 21

A vigilante is a regular citizen who decides to take law enforcement into their own hands without any legal authority. Like most comic book superhero characters, really. 

But what about bond market vigilantes?

They’re regular citizens, too, but ones who decide to punish law enforcement (read central banks—the authorities on most of the money related stuff in a country), for being too profligate with their spending (courtesy borrowing).