This feels all so top top topy!!!
Happy birthday stool
Printing is an act of default.
Inflating the money supply is a defaltory act.
Bondholders dont get back the real value of what they lent.
Shareholders benefit greatly from the inflationary default.
Owning stocks is a free ride on inflation so long as the stock, ie. the company has fixed rate debt attached which is below the inflation rate.
The future value of this benefit is discounted back to a net present value and incorporated into stock prices.
I call this the "J Sum Number".