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No, just no incentive to. High value on liquidity + safe Fed interest payments juicier than anything available elsewhere.

Covid is the nice counterpart: like then, QE 1 could have leaked into real economy, didn't.

That looks like hodled/lost coins to me

Ok, so it’s more like the way hoarding is deflationary.

Either way, I think it’s about supply in the normal economic sense rather than the stock sense.

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