They also inhibit real wealth in terms of cash on hand while elevating the likelihood of using junk bonds as instruments of solvency, a dangerous premise.
Government bonds and T-bills are considered as good quality loans whereas junk bonds, corporate credits to low credit score firms etc. are bad quality loans.
In some sense, he's like those boy geniuses of the eighties and nineties who invented new financial instruments -- junk bonds and derivatives and whatnot.
